Free cash flow generation is highly inconsistent, as demonstrated by a negative 39.2% FCF margin in 2025Q1 and capital expenditures that reached 15.5% of revenue during the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 |
|---|
| Cash from Operations | 104.31M | 84.2M | 103.94M | 102.63M | 93.21M | 46.25M | -68.55M | 141.48M | 137.39M | 109.04M | 82.66M | 67.31M | 80.45M | 66.44M | 63.2M | 69.03M | 61.5M | 52.74M | 69.44M | 57.77M | 64.86M | 39.57M | -12.99M | 91.86M | 71.57M | 73.07M | 52.83M | 67.33M | 60M | 71.7M | 61.1M |
| Operating CF Margin % | - | 11.1% | 14.13% | 14.07% | 13.76% | 10.09% | -28.84% | 17.24% | 19.43% | 17.51% | 15.2% | 13.79% | 16.48% | 14.83% | 15.31% | 16.68% | 16.31% | 13.91% | 18.11% | 15.57% | 19.8% | 13.68% | -4.76% | 22.45% | 18.03% | 18.74% | 13.93% | 21.35% | 18.03% | 21.35% | 21.67% |
| Operating CF Growth % | 65.88% | -18.99% | 1.28% | 10.11% | 101.53% | 167.47% | -148.46% | 2.98% | 26% | 31.92% | 22.81% | -16.34% | 21.09% | 5.12% | -8.44% | 12.24% | 16.61% | -24.05% | 20.2% | -10.93% | 63.89% | 404.6% | -114.14% | 28.35% | -2.06% | 38.32% | -21.53% | 12.21% | -16.32% | 17.35% | 46.17% |
| Net Income | 14.15M | 0 | -7.79M | 14.79M | -9.1M | -43.29M | -124.87M | 42.12M | 53.47M | 64.48M | 37.54M | 39.53M | 23.64M | 20.9M | 23.33M | 22.73M | 13.56M | 16.11M | 17.2M | 20.49M | 33.3M | 28.27M | 99.22M | 24.61M | 20.56M | 22.46M | 21.78M | 22.62M | 23.1M | 28.4M | 30.9M |
| Depreciation & Amortization | -1M | 0 | 67.96M | 67.3M | 67.07M | 72.13M | 75.05M | 72.28M | 61.68M | 52.05M | 42.17M | 39.95M | 39.14M | 34.18M | 34.16M | 34.86M | 33.52M | 32.31M | 32.69M | 31.6M | 26.92M | 27.25M | 28.94M | 46.81M | 46.54M | 45.22M | 44.3M | 41.48M | 38.3M | 32.9M | 28.9M |
| Stock-Based Compensation | 2.67M | 0 | 8.21M | 6.39M | 8.17M | 9.32M | 4.38M | 3.52M | 2.69M | 2.41M | 1.9M | 1.67M | 2.56M | 1.77M | 2.61M | 2.75M | 1.79M | 1.61M | 1.22M | 1.22M | 1.33M | 120K | 107K | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 11.29M | 0 | -3.98M | 5.56M | 7.03M | -15.84M | -38.84M | 9.11M | 3.25M | -6.44M | 3.02M | -1.08M | 5.61M | -451K | -1.15M | 1.15M | 5.09M | 7.81M | -3.03M | 2.26M | 7.41M | -3.6M | -15.16M | 1.25M | 460K | 5.98M | 176K | 1.2M | 4.9M | 4.1M | 2.4M |
| Other Non-Cash Items | 28.65M | 85.85M | 30.94M | 3.3M | -3.19M | 7.59M | 31.88M | 5.97M | 6.56M | -1.41M | 2.89M | 49.04M | 9.15M | 3M | -2.77M | 3M | 755K | 4.13M | 3.94M | 3.34M | -10.35M | -9.86M | -121.97M | -431K | 3.73M | 1.73M | -8.39M | -2.06M | 100K | 900K | 1.1M |
| Working Capital Changes | 29.66M | -1.65M | 8.6M | 5.28M | 23.23M | 16.35M | -16.17M | 8.48M | 9.75M | -2.07M | -4.86M | 17.46M | 1.4M | 7.04M | 7.86M | 5.28M | 6.78M | -9.87M | 13.17M | -1.13M | 6.26M | -2.62M | -4.13M | 18.2M | 281K | -2.32M | -5.03M | 4.09M | -5.8M | 5.4M | -2.2M |
| Change in Receivables | -738K | 2.47M | -1.75M | 1.89M | 6.84M | -22.05M | 23.11M | -3.78M | 1.55M | -8.85M | -1.49M | 2.97M | 2.97M | -877K | -42K | -42K | -185K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -377K | -5.07M | 3.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 19.69M | -3.46M | 10.43M | 4.23M | -3.26M | 21.5M | -32.13M | 9.73M | -4.23M | 15.02M | -1.98M | -665K | 2.35M | 748K | 5.73M | -2.89M | 871K | -2.22M | 3.82M | -7.3M | 4.71M | 4.39M | -1.32M | -3.21M | -3.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -55.22M | -71.37M | -81.9M | -36.75M | -346K | 10.88M | -12.07M | -93.95M | -59.27M | -100.24M | -128.59M | -32.08M | -78.17M | -57.71M | -22.56M | -35.95M | -32.86M | -21.39M | -35.4M | -60.19M | -72.28M | -20.46M | 302.44M | -46.3M | -19.72M | -52.67M | -70.13M | -84.01M | -106.7M | -106.1M | -104.5M |
| Capital Expenditures | -66.85M | -83.21M | -79.21M | -38.77M | -36.84M | -17.08M | -21.36M | -64.09M | -58.66M | -114.8M | -83.61M | -44.45M | -74.99M | -56.67M | -22.64M | -38.02M | -25.19M | -25.08M | -36.81M | -24.44M | -111.1M | -35.7M | -63.43M | -50.91M | -26M | -48.9M | -96.75M | -99.49M | -111.8M | -115.9M | -107.5M |
| CapEx % of Revenue | 8.75% | 10.97% | 10.77% | 5.31% | 5.44% | 3.73% | 8.99% | 7.81% | 8.3% | 18.44% | 15.37% | 9.11% | 15.36% | 12.65% | 5.48% | 9.19% | 6.68% | 6.62% | 9.6% | 6.59% | 33.91% | 12.34% | 23.26% | 12.44% | 6.55% | 12.54% | 25.52% | 31.55% | 33.6% | 34.51% | 38.13% |
| Acquisitions | 0 | 0 | 0 | 0 | 31.1M | -2.43M | -28K | -30.08M | -294K | 6.62M | -62.67M | 0 | -1.9M | -1.37M | -1.3M | 4.19M | 0 | -893K | 0 | -40.5M | -75.65M | -17.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.45M | 11.84M | -617K | 2.82M | 5.52M | 33.09M | 4.93M | 221K | -313K | 7.95M | 17.68M | 13.98M | -1.29M | 331K | 1.37M | -2.85M | -6.64M | 4.59M | 1.41M | 4.75M | 114.47M | 32.47M | 365.87M | 4.61M | 6.28M | -3.77M | 26.62M | 15.48M | 5.1M | 9.8M | 3M |
| Cash from Financing | -50.45M | -30.82M | -37.3M | -30.55M | -92.41M | -47.17M | 69.1M | -43.84M | -76.94M | 4.21M | 42.5M | -26.02M | -2.33M | -12.11M | -36.5M | -30.64M | -34.19M | -29.02M | -40.68M | 3.84M | -15.08M | -243.65M | -40.02M | -41.96M | -51.42M | -16.29M | 15.87M | 16.13M | 45.5M | 31.1M | 35.9M |
| Debt Issued (Net) | -42.19M | -3.13M | -37.37M | -15.29M | -85.95M | -47.34M | 98.86M | -25.16M | -64.99M | 16.71M | 57.66M | -7.18M | 6.82M | -2.19M | 22.59M | -11.03M | -21.44M | -18.94M | -31.23M | 27.67M | 178K | -21.76M | -40.2M | -38.49M | -46.36M | -8.56M | 25.79M | 27.58M | 58M | 38.2M | 41.3M |
| Equity Issued (Net) | -10.91M | -18.53M | -9.99M | -281K | -1.47M | -417K | -534K | -702K | -2.52M | -421K | -6.09M | -773K | -3.89M | -3.89M | -24.13M | -11.19M | -3.99M | -532K | -98K | -14.15M | -5.78M | 416K | 6.63M | 2.87M | 1.21M | 1.3M | -3.75M | -5.14M | -6.2M | -800K | 400K |
| Dividends Paid | -6.98M | -9.16M | -8.78M | -7.45M | -3.08M | 0 | -5.14M | -19.31M | -16.41M | -13.5M | -12.04M | -5.63M | -9.2M | -35.61M | -35.61M | -9.71M | -9.81M | -9.88M | -9.94M | -9.94M | -9.48M | -222.31M | -6.45M | -6.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -10.92M | -18.55M | -9.99M | -503K | -1.47M | -417K | -534K | -702K | -2.52M | -421K | -6.09M | -773K | -773K | -3.89M | -24.13M | -11.19M | -3.99M | -532K | -98K | -14.15M | -7.85M | -6.07M | -98K | -264K | -136K | 0 | -3.89M | -5.25M | -6.8M | -2.2M | 0 |
| Other Financing | 9.62M | 0 | 18.84M | -7.52M | -1.92M | 594K | -24.09M | 1.33M | 6.98M | 1.42M | 2.96M | -12.44M | 5.12M | 3.17M | 655K | 1.28M | 1.05M | 340K | 484K | 258K | 0 | 0 | 0 | 0 | -6.28M | -2.79M | 0 | 0 | 100K | 0 | -100K |
| Net Change in Cash | -1.37M | -18M | -15.26M | 35.33M | 452K | 9.97M | -11.53M | 3.69M | 1.18M | 13.01M | -3.43M | 17.91M | -57K | -3.38M | 4.14M | 2.44M | -5.55M | 2.34M | -6.64M | 1.42M | -22.51M | -224.53M | 249.43M | 3.59M | 425K | 4.12M | -1.44M | -564K | -1.2M | -3.3M | -7.5M |
| Free Cash Flow | 37.45M | 989K | 24.73M | 63.85M | 56.37M | 29.17M | -89.92M | 77.39M | 78.73M | -5.77M | -951K | 22.85M | 5.46M | 9.77M | 40.57M | 31.01M | 36.32M | 27.66M | 32.63M | 33.33M | -46.25M | 3.87M | -76.42M | 40.94M | 45.56M | 24.17M | -43.92M | -32.17M | -51.8M | -44.2M | -46.4M |
| FCF Margin % | 4.9% | 0.13% | 3.36% | 8.75% | 8.32% | 6.37% | -37.83% | 9.43% | 11.13% | -0.93% | -0.17% | 4.68% | 1.12% | 2.18% | 9.83% | 7.49% | 9.63% | 7.3% | 8.51% | 8.98% | -14.12% | 1.34% | -28.02% | 10.01% | 11.48% | 6.2% | -11.58% | -10.2% | -15.57% | -13.16% | -16.46% |
| FCF Growth % | 1321.59% | -96% | -61.27% | 13.29% | 93.24% | 132.44% | -216.18% | -1.7% | 1464.93% | -506.52% | -104.16% | 318.25% | -44.06% | -75.92% | 30.81% | -14.61% | 31.3% | -15.24% | -2.1% | 172.08% | -1294.37% | 105.07% | -286.66% | -10.14% | 88.51% | 155.03% | -36.54% | 37.9% | -17.19% | 4.74% | -10.74% |
| FCF per Share | 1.22 | 0.03 | 0.78 | 1.56 | 1.79 | 0.93 | -2.90 | 2.48 | 2.74 | -0.20 | -0.03 | 0.82 | 0.20 | 0.36 | 1.46 | 1.06 | 1.22 | 0.92 | 1.09 | 1.09 | -1.50 | 0.13 | -2.50 | 1.37 | 1.54 | 0.82 | -1.49 | -1.08 | -1.72 | -1.46 | -1.57 |
| FCF Conversion (FCF/Net Income) | 2.65x | 6.63x | -13.35x | 6.94x | -7.79x | -1.07x | 0.55x | 3.37x | 2.57x | 1.68x | 2.18x | 2.80x | 3.35x | 2.66x | 3.61x | 3.04x | 4.54x | 3.27x | 4.04x | 2.82x | 1.95x | 1.40x | -0.13x | 3.73x | 3.48x | 3.25x | 2.43x | 2.98x | 2.59x | 2.52x | 1.98x |
| Interest Paid | 5.36M | 10.72M | 8.68M | 9.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 119K | 244K | 1.43M | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Operating Leverage Sensitivity
As reported in recent financial filings, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio reaching an extreme 53.31 in 2024Q4, suggesting that reported earnings are frequently decoupled from the actual cash-generating capacity of the underlying theatre and hotel operations.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital swings heavily influence the bottom line. Investors should monitor this disconnect, as it implies that net income may be an unreliable proxy for the company's true liquidity position during periods of seasonal revenue contraction.
Based on the provided cash flow data, free cash flow margins have fluctuated wildly from a negative 39.2% in 2025Q1 to a positive 14.4% in 2024Q4, highlighting the company's vulnerability to the cyclical nature of film release schedules and regional hospitality demand patterns in the Midwest.
The inability to maintain consistent positive free cash flow suggests that the company's capital-intensive model requires precise timing of revenue inflows to cover fixed costs. This trajectory warrants further investigation into whether the current asset-heavy strategy can generate sustainable cash surpluses outside of peak blockbuster windows.
According to historical cash flow statements, capital expenditures have remained a significant drag on liquidity, peaking at 15.5% of revenue in 2025Q1, which underscores the ongoing maintenance requirements of owning and operating a large portfolio of physical theatre and hotel real estate assets.
The persistent level of capital spending appears to be a structural necessity rather than discretionary growth investment, given the age and nature of the company's physical footprint. This high capital intensity limits the company's flexibility to navigate downturns without impacting its cash position.
As indicated by the quarterly cash flow data, working capital changes have been a major source of volatility, swinging from a $31.3M outflow in 2025Q1 to a $26.1M inflow in 2024Q4, which suggests that the company's cash conversion cycle is highly sensitive to seasonal inventory and payables management.
These sharp reversals in working capital suggest that the company may be managing its cash position through the timing of payments to film studios and vendors. Investors should monitor whether these fluctuations are indicative of operational efficiency or merely a reaction to the company's thin operating margins.
Quick answers to the most common questions about buying MCS stock.
The Marcus Corporation (MCS) generated $84.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Marcus Corporation (MCS) generated $1.0M 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.
The Marcus Corporation (MCS) spent $83.2M 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, The Marcus Corporation (MCS) returned $9.2M to shareholders via cash dividends and spent $18.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.