Free cash flow remains highly erratic, swinging from a $2.9 million outflow in 2025Q1 to a $897,000 inflow in 2025Q3, highlighting the difficulty in achieving sustainable cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 700K | -1.41M | -1.1M | -4.39M | -2.29M | -6.34M | -3.37M | 5.09M | 5.05M | 1.69M | -3.67M | 12.75M | 22.42M | 13.6M | 19.9M | 16.78M | 9.39M | 17.15M | 30.81M | 37.07M | 30.81M | 17.46M | 3.73M | 2.91M | 1.54M |
| Operating CF Margin % | - | -3.1% | -2.29% | -8.81% | -4.39% | -11.86% | -6.59% | 9.35% | 5.92% | 1.87% | -2.83% | 8.92% | 12.27% | 8.91% | 14.39% | 11.44% | 9.62% | 18.39% | 21.05% | 26.59% | 24.11% | 18.38% | 8.51% | 14.61% | 15.29% |
| Operating CF Growth % | 556.47% | -27.54% | 74.88% | -91.75% | 63.86% | -88.02% | -166.22% | 0.85% | 198.52% | 146.12% | -128.77% | -43.12% | 64.89% | -31.68% | 18.59% | 78.76% | -45.25% | -44.34% | -16.89% | 20.32% | 76.48% | 368.13% | 28.27% | 88.79% | - |
| Net Income | -4.98M | -5.24M | -4.95M | -9.91M | -8.24M | -4.39M | -42.02M | -9.73M | -2.68M | -6.09M | -84.07M | 4.53M | -19.51M | 325K | -35.2M | 2.96M | -3.04M | -2.06M | -443.64K | -1.51M | -443.64K | 3.91M | -733.09K | -2.17M | -89.78K |
| Depreciation & Amortization | 2.67M | 2.67M | 2.65M | 3.87M | 4.03M | 5.97M | 7.25M | 8.45M | 2.6M | 2.79M | 3.19M | 3.66M | 4.11M | 6.68M | 8.46M | 9.47M | 7.69M | 11.7M | 26.54M | 26.17M | 26.54M | 22.71M | 5.66M | 3.34M | 214.56K |
| Stock-Based Compensation | 1.93M | 2.39M | 1.71M | 2.39M | 2.65M | 2.67M | 3.83M | 0 | 3.04M | 4.6M | 10.18M | 10.03M | 11.9M | 9.26M | 15.7M | 15.14M | 10.83M | 9.6M | 11.35B | 0 | 12.79B | 1.97B | 890.52K | 0 | 0 |
| Deferred Taxes | 10K | 86K | 330K | 0 | 43K | -6K | -826K | -1.73M | -185K | 0 | 0 | 0 | 24.39M | 1.97M | 16.59M | 1.9M | 2M | 4.23M | -3.11M | -5.14M | -3.11M | -2.69M | -1.83M | -1.88M | -142.88K |
| Other Non-Cash Items | -249K | 811K | -147K | 819K | 906K | -4.19M | 23.48M | 1.99M | 1.54M | 226K | 64.99M | -1.18M | 1.46M | -2.11M | 12.14M | -8.16M | -4.68M | -3.6M | -11.34B | 9.26M | -12.78B | -1.97B | 1.81M | 2.57M | 1.14M |
| Working Capital Changes | 1.31M | -2.13M | -693K | -1.57M | -1.68M | -6.4M | 4.9M | 6.12M | 740K | 165K | 2.03M | -4.28M | 73K | -2.54M | 2.21M | -4.53M | -3.42M | -2.73M | -3.74M | 8.56M | -3.74M | -13.22M | -2.06M | 1.05M | 416.78K |
| Change in Receivables | 585K | 309K | 469K | 360K | -1.28M | -2.13M | -80K | 36K | 254K | 3.84M | 4.02M | 999K | 2.54M | -5.73M | 2.95M | -6.96M | -6.78M | 5.98M | -6.09B | 0 | -9.41B | -10.39B | -4.46M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -135K | -1.72M | 1.49M | -309K | -618K | -210K | 80K | 3.58M | 323.37K | -4.84M | 5.24B | 0 | 7.61B | 0 | 0 | 0 | 0 |
| Change in Payables | 1.28M | 1.85M | -566K | -1.25M | 675K | -1.05M | 1.79M | -218K | 618K | -1.96M | -2.61M | -4.08M | -2.2M | 3.51M | -550K | -1.54M | 2.49M | -3.66M | 850.36M | 0 | 1.8B | 1.56B | 2.85M | 0 | 0 |
| Cash from Investing | -1.44M | -1.32M | -429K | -1.31M | -2.87M | -951K | 981K | -9.68M | -36.56M | -1.58M | -1.22M | 21.82M | -3.18M | 1.65M | 3.32M | -10.39M | 3.22M | 2.54M | -23.52M | -27M | -23.52M | -208.9M | -12.52M | -17.11M | -334.29K |
| Capital Expenditures | -768K | -36K | -429K | -1.38M | -2.87M | -1.35M | -1.35M | -1.68M | -2.23M | -1.58M | -1M | -4.16M | -3.48M | -3.19M | -3M | -4.07M | -3.56M | -2.4M | -7.12M | -14.23M | -5.87M | -2.5M | -1.01M | -543.25K | -349.86K |
| CapEx % of Revenue | 1.72% | 0.08% | 0.89% | 2.76% | 5.49% | 2.53% | 2.64% | 3.09% | 2.61% | 1.75% | 0.77% | 2.91% | 1.91% | 2.09% | 2.17% | 2.78% | 3.65% | 2.57% | 4.86% | 10.21% | 4.6% | 2.64% | 2.3% | 2.73% | 3.47% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 400K | 88K | -7.92M | -34.34M | 0 | -224K | 731K | 304K | 0 | 0 | -15.8M | 0 | 0 | -18.22M | -13.48M | -18.22M | -190.13M | -10.79M | -16.52M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -674K | -1.28M | 0 | 65K | 0 | 59K | 2.25M | -79K | -577K | -15K | -238K | 25.25M | 87K | 4.84M | 6.32M | 9.48M | 6.78M | 4.93M | 1.82M | 708.88K | 567.72K | -16.27M | -723.32K | -45.22K | 15.56K |
| Cash from Financing | -259K | -97K | -307K | -160K | -1.46M | 528K | -5.49M | 1.89M | -27.45M | 125K | -312K | -5.45M | 29.88M | -261K | -44.73M | -6.28M | -8.92M | -13.46M | -24.27M | -19.72M | -24.27M | 229.6M | 27.7M | 20.22M | 23.95K |
| Debt Issued (Net) | -293K | -397K | -310K | -185K | 0 | 0 | 5.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.16K | -38.98K | -47.74K | -25.08K | -12.37K | -8.49K | -4.38K | 0 | 0 |
| Equity Issued (Net) | -290K | 300K | 3K | 25K | 40K | 528K | -10.85M | 1.89M | -5.67M | 0 | -365K | -3.82M | 30.04M | -119K | -1.65M | -6.16M | -6.53M | -10.67M | -34.03M | -18.88M | -23.82M | 232.57M | 28.84M | 20.25M | 23.95K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21.91M | 0 | 0 | -1.69M | -3.33M | 0 | -9.38M | -2.94M | -2.82M | -2.9M | -2.9M | -3.36M | -2.9M | -2.06M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -10.85M | 0 | -5.67M | 0 | -365K | -3.82M | -2.49M | -119K | -1.65M | -6.16M | -6.53M | -10.72M | -34.03M | -22.85M | -26.01M | 0 | 0 | 0 | 0 |
| Other Financing | 324K | 0 | 0 | 0 | -1.5M | 0 | 245K | 0 | 136K | 125K | 53K | 55K | 3.17M | -142K | -33.71M | 2.82M | 434.76K | 148.43K | 922.11K | 2.55M | 2.46M | -907.06K | -1.13M | -29.88K | 0 |
| Net Change in Cash | -1M | -2.83M | -1.84M | -5.87M | -6.61M | -6.76M | -7.88M | -3.5M | -58.96M | 240K | -5.21M | 29.12M | 49.12M | 14.98M | -21.51M | 115K | 3.69M | 6.22M | -16.99M | -9.65M | -16.99M | 38.16M | 18.91M | 20.22M | 1.23M |
| Free Cash Flow | -386K | -1.44M | -1.53M | -5.77M | -5.16M | -7.69M | -4.73M | 3.41M | 2.82M | 115K | -4.67M | 8.6M | 18.94M | 10.4M | 16.9M | 12.71M | 5.83M | 14.75M | 23.69M | 22.83M | 24.94M | 14.95M | 2.72M | 2.36M | 1.19M |
| FCF Margin % | -0.86% | -3.18% | -3.19% | -11.56% | -9.88% | -14.39% | -9.23% | 6.26% | 3.31% | 0.13% | -3.6% | 6.01% | 10.37% | 6.82% | 12.22% | 8.66% | 5.98% | 15.82% | 16.18% | 16.38% | 19.52% | 15.74% | 6.22% | 11.88% | 11.82% |
| FCF Growth % | 80.33% | 5.81% | 73.44% | -11.93% | 32.97% | -62.64% | -238.67% | 20.83% | 2354.78% | 102.46% | -154.32% | -54.61% | 82.07% | -38.46% | 33% | 117.96% | -60.48% | -37.72% | 3.74% | -8.43% | 66.76% | 449.11% | 15.2% | 98.65% | - |
| FCF per Share | -0.01 | -0.03 | -0.04 | -0.14 | -0.12 | -0.18 | -0.10 | 0.08 | 0.06 | 0.00 | -0.10 | 0.19 | 0.41 | 0.23 | 0.39 | 0.28 | 0.13 | 0.33 | 0.65 | 0.45 | 0.63 | 0.41 | 0.12 | 0.18 | 0.09 |
| FCF Conversion (FCF/Net Income) | 0.08x | 0.27x | 0.22x | 0.44x | 0.28x | 1.44x | 0.09x | -1.26x | -1.89x | -0.28x | 0.04x | 0.48x | -1.17x | 7.48x | -0.57x | 5.67x | -3.08x | -8.32x | -0.24x | -24.63x | -69.44x | 4.47x | -5.09x | -1.34x | -17.15x |
| Interest Paid | 22K | 0 | 124K | 115K | 0 | 0 | 0 | 0 | 0 | 0 | 37K | 55K | 74K | 0 | 0 | 0 | 77K | 68.54K | 49.2K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 48K | 0 | 63K | 70K | 55K | 174K | 35K | 0 | 49K | 0 | 24K | 28K | 70K | 0 | 0 | 2.99M | 4.34M | 2.11M | 4.78M | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Revenue Erosion
As reported in financial statements, Marchex's operating cash flow frequently diverges from net income, with the 2025Q1 period showing a significant $2.6 million cash outflow despite a $2.0 million net loss, suggesting that accruals and working capital swings heavily influence the company's reported cash position.
The lack of a consistent, positive correlation between net income and operating cash flow suggests that the company's earnings quality is obscured by non-cash adjustments and volatile working capital requirements. Investors should monitor whether this disconnect persists, as it may indicate that the underlying business model struggles to generate cash even when accounting losses are minimized.
Based on MCHX's reported figures, free cash flow remains highly erratic, swinging from a $2.9 million outflow in 2025Q1 to a $897,000 inflow in 2025Q3, which highlights the difficulty in achieving a sustainable, positive cash trajectory amidst ongoing revenue contraction and high fixed operating costs.
The inconsistent FCF margins suggest that the company's cash generation is highly sensitive to timing differences in collections and payments rather than structural operational efficiency. This volatility warrants further investigation into whether the business can achieve a stable cash-flow-positive state without further eroding its competitive position through cost-cutting.
According to recent SEC filings, working capital changes have been a primary driver of cash flow variability, with a $2.1 million inflow in 2024Q3 followed by a $1.7 million outflow in 2025Q1, indicating that the company's liquidity is heavily dependent on the timing of customer payments.
These sharp fluctuations in working capital suggest that the company may be struggling to manage its cash conversion cycle effectively in a contracting revenue environment. Such instability may indicate that the firm is forced to rely on aggressive collection or payment deferral tactics to manage its cash runway.
Analysis of recent quarterly data reveals that stock-based compensation, which reached $920,000 in 2025Q3, consistently offsets non-cash expenses, potentially masking the true extent of the company's cash burn and the real cost of talent retention in a competitive AI-focused labor market.
The reliance on stock-based compensation as a significant non-cash add-back suggests that the company's reported operating cash flow may be artificially bolstered. Investors should consider the dilutive impact of this practice alongside the persistent cash burn to understand the true economic cost of the company's ongoing pivot.
Quick answers to the most common questions about buying MCHX stock.
Marchex, Inc. (MCHX) generated $-1.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Marchex, Inc. (MCHX) reported negative free cash flow of $1.4M in 2025, indicating capital requirements exceeded cash from operations.
Marchex, Inc. (MCHX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.