Free cash flow remains volatile, ranging from a low of $6 million in 2024Q2 to $199 million in 2025Q2, while stock-based compensation continues to act as a substantial non-cash drag, reaching $80 million in 2026Q1.
| Cash from Operations | 579.23M | 602M | 400M | 394M | 546M | 599M | 271M |
| Operating CF Margin % | - | 31.78% | 24.18% | 18.95% | 29.21% | 43.22% | 28.02% |
| Operating CF Growth % | 572.24% | 50.5% | 1.52% | -27.84% | -8.85% | 121.03% | - |
| Net Income | -4.11B | -392M | -3.09B | -27M | -82M | -75M | -196M |
| Depreciation & Amortization | 391M | 517M | 506M | 513M | 567M | 526M | 463M |
| Stock-Based Compensation | 221M | 277M | 279M | 252M | 174M | 97M | 85M |
| Deferred Taxes | -81.11M | -15M | -101M | -14M | -9M | -29M | -53M |
| Other Non-Cash Items | 3.94B | -9M | 2.69B | 22M | 34M | 20M | -4M |
| Working Capital Changes | 211.51M | 224M | 112M | -352M | -138M | 60M | -24M |
| Change in Receivables | -4.48M | 81M | 124M | -88M | -114M | -62M | 7M |
| Change in Inventory | 66.97M | 89M | -24M | -278M | -16M | 31M | -25M |
| Change in Payables | 77.43M | 26M | -29M | 10M | 58M | 59M | -14M |
| Cash from Investing | -767.15M | -91M | -120M | -98M | 1.19B | -157M | -965M |
| Capital Expenditures | -97.03M | -79M | -81M | -98M | -111M | -143M | -91M |
| CapEx % of Revenue | 4.82% | 4.17% | 4.9% | 4.71% | 5.94% | 10.32% | 9.41% |
| Acquisitions | -591M | 0 | 0 | 0 | 0 | 0 | -745M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 1.3B | -14M | -129M |
| Cash from Financing | -110.25M | -106M | -66M | -100M | -1.32B | 91M | 732M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -105.58M | -100M | 0 | 0 | 1.03B | 0 | -15M |
| Dividends Paid | 0 | 0 | 0 | 0 | -337M | 0 | 0 |
| Share Repurchases | -105.58M | -100M | 0 | 0 | 0 | 0 | -15M |
| Other Financing | -4.67M | -6M | -66M | -100M | -2.01B | 91M | 747M |
| Net Change in Cash | -293M | 422M | 212M | 191M | 410M | 532M | 38M |
| Free Cash Flow | 482.2M | 523M | 319M | 296M | 435M | 456M | 180M |
| FCF Margin % | 23.94% | 27.61% | 19.29% | 14.24% | 23.27% | 32.9% | 18.61% |
| FCF Growth % | 21.77% | 63.95% | 7.77% | -31.95% | -4.61% | 153.33% | - |
| FCF per Share | 0.59 | 0.64 | 0.39 | 0.37 | 0.54 | 0.57 | 0.23 |
| FCF Conversion (FCF/Net Income) | -0.12x | -1.54x | -0.13x | -14.59x | -6.66x | -7.99x | -1.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 6M | 0 | 0 |
| Taxes Paid | 4M | 0 | 21M | 64M | 57M | 44M | 42M |
High R&D Burn Rate
As reported in financial statements, Mobileye's operating cash flow consistently exceeds net income, with OCF/NI ratios frequently reaching negative values, such as the -3.18 observed in 2025Q2, highlighting a significant divergence between accounting losses and the actual cash generated from core operations.
The persistent gap between net income and operating cash flow suggests that non-cash charges, particularly stock-based compensation and depreciation, are heavily distorting the bottom line. Investors should monitor whether this cash-generative capacity can persist if R&D intensity continues to scale without a corresponding increase in high-margin software revenue.
Based on recent SEC filings, free cash flow has demonstrated extreme volatility, swinging from a low of $6 million in 2024Q2 to a peak of $199 million in 2025Q2, underscoring the company's sensitivity to automotive production cycles and inventory management at the Tier-1 level.
The erratic FCF trajectory suggests that the company's cash flow profile is not yet stabilized, likely due to the lumpy nature of automotive design wins and supply chain inventory digestion. This inconsistency warrants caution, as it implies that cash flow generation remains highly dependent on external OEM production schedules rather than predictable, recurring software streams.
According to quarterly data, working capital changes have fluctuated significantly, ranging from a $134.3 million outflow in 2023Q4 to a $90.5 million inflow in 2025Q2, indicating that the company's ability to manage its cash conversion cycle is currently tied to volatile OEM order patterns.
The sharp swings in working capital suggest that Mobileye is frequently forced to absorb the impact of supply chain imbalances, which may indicate limited leverage over its Tier-1 partners. Analysts should investigate whether these fluctuations are temporary inventory adjustments or a structural feature of the company's current go-to-market model.
As indicated by recent financial disclosures, the company has begun utilizing cash for strategic purposes, including a $591 million acquisition in 2026Q1 and periodic share repurchases, despite the ongoing need to fund heavy R&D investments in autonomous driving technologies.
The shift toward inorganic growth through acquisitions suggests that management is attempting to accelerate its technological roadmap, though this may strain liquidity if organic cash flow remains inconsistent. Investors should monitor the return on these investments, as the company's ability to self-fund its R&D pipeline remains a critical long-term concern.
Based on reported figures, stock-based compensation remains a substantial non-cash expense, consistently hovering around $60 million to $80 million per quarter, which effectively masks the true cost of talent retention required to maintain the company's competitive edge in computer vision.
By relying heavily on equity-based incentives, the company avoids immediate cash outflows but dilutes existing shareholders, which may not be fully captured in traditional cash flow metrics. This practice warrants further investigation to determine if the current level of SBC is sustainable or if it will eventually necessitate higher cash compensation to retain key engineering staff.
Quick answers to the most common questions about buying MBLY stock.
Mobileye Global Inc. (MBLY) generated $602.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mobileye Global Inc. (MBLY) generated $523.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Mobileye Global Inc. (MBLY) spent $79.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Mobileye Global Inc. (MBLY) spent $100.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.