Free cash flow volatility persists, with a decline to $109.7 million in 2026Q1 from a $267.9 million peak in 2025Q1, reflecting the company's sensitivity to commodity cycles.
| 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 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 663.19M | 832.29M | 737.18M | 660.27M | 987.35M | 994.37M | 461.08M | 409.45M | 980.21M | 787.74M | 249.93M | 296.95M | 801.02M | 585.8M | 458.28M | 479.71M | 152.88M | 110.26M | 325.05M | 527.34M | 468.84M | 363.05M | 335.62M | 360.96M | 190.11M | 376.46M | 215.8M | 7.5M | 71.4M | 346.4M | 196.2M |
| Operating CF Margin % | - | 23.19% | 19.82% | 17.73% | 22.9% | 22.52% | 17.4% | 12.47% | 21.87% | 25.74% | 12.51% | 13.34% | 24.85% | 19.37% | 18.02% | 18.39% | 7.77% | 9.2% | 14.05% | 23.27% | 22.24% | 21.9% | 19.52% | 25.89% | 18.85% | 32.76% | 20.33% | 1.08% | 9.9% | 26.66% | 20.75% |
| Operating CF Growth % | 45.67% | 12.9% | 11.65% | -33.13% | -0.71% | 115.66% | 12.61% | -58.23% | 24.43% | 215.19% | -15.83% | -62.93% | 36.74% | 27.83% | -4.47% | 213.78% | 38.66% | -66.08% | -38.36% | 12.48% | 29.14% | 8.17% | -7.02% | 89.87% | -49.5% | 74.44% | 2777.39% | -89.5% | -79.39% | 76.55% | -61.48% |
| Net Income | -44.85M | 81.27M | 250.25M | 284.12M | 462.29M | 555.91M | -125.33M | 89.81M | 657.98M | 375.1M | -28.23M | 202.35M | 506.31M | 377M | -34.58M | 228M | 101.73M | 738K | 172.3M | 375.67M | 482.95M | 165.75M | 236.44M | 7.51M | 26.41M | 71.42M | 144.86M | -149.9M | -68.4M | 202M | -7.9M |
| Depreciation & Amortization | 462.2M | 455.66M | 385.7M | 391.83M | 372.42M | 363.08M | 357.13M | 352.96M | 245.3M | 232.22M | 228.05M | 194.85M | 142.74M | 123.33M | 171.63M | 156.67M | 131.38M | 117.59M | 107.13M | 112.43M | 106.83M | 91.22M | 78.7M | 95.11M | 111.29M | 113.72M | 109.97M | 111.5M | 106.8M | 117.1M | 114.1M |
| Stock-Based Compensation | 53.37M | 0 | 23.97M | 34.5M | 15.4M | -1.16M | 55.25M | 0 | -6.29M | 78.82M | 33.49M | -21.99M | -15.8M | 130.87M | 35.91M | -4.89M | 31.5M | 12.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 28.83M | 42.24M | 29.84M | 1.49M | 119.86M | 110.43M | -62.1M | -35.13M | 153.49M | 95.79M | -9.28M | 11M | 155.34M | 65.68M | -83.72M | 55.92M | 7.36M | 1.32M | -39.41M | -13.32M | 20.84M | 65.54M | 46.66M | 45.24M | 8.45M | 22.16M | 26.41M | -28.1M | -1.4M | 40.8M | 4.2M |
| Other Non-Cash Items | 150.94M | 103.56M | 171.07M | 7.38M | -36.74M | 49.22M | 171.21M | -7.83M | -76.28M | 55.18M | 90.27M | 27.87M | -45.49M | -43.56M | 347.25M | 8.62M | -20.38M | -3.66M | -290K | 8.49M | 13.5M | 2.21M | 12.89M | 2.15M | 2.03M | 12.13M | 15.35M | -100K | 12.4M | -100K | 113.5M |
| Working Capital Changes | -3.7M | 149.55M | -123.66M | -59.06M | 54.12M | -83.11M | 64.92M | 9.65M | 6M | -49.37M | -64.38M | -117.13M | 57.93M | -67.53M | 21.77M | 35.39M | -98.71M | -18.25M | 82.53M | 33.4M | -154.08M | 38.33M | -39.08M | 28.41M | -56.52M | 157.03M | -80.79M | -8.5M | 22M | -24.1M | -27.7M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.6M | 20.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 123.23M | -74.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.38M | -15.56M | 552K | -23M | 41.16M | -65.5M | 1.9M | 21.4M | -26.6M | -2.3M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -134.05M | 61.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.38B | -1.38B | -99.74M | -508.58M | -553.14M | -253.05M | -278.06M | -256.52M | -306.35M | -105.52M | -88.21M | -426.25M | -681.02M | -526.43M | -228.41M | -142.56M | -119.13M | -380.33M | -526.15M | -280.41M | -18.53M | -118.39M | -161.7M | -355.82M | -170.51M | -82.72M | -63.31M | -138.1M | -251.1M | -108.9M | -192.1M |
| Capital Expenditures | -73.89M | -100.73M | -174.07M | -448.45M | -577.38M | -245.44M | -341.82M | -331.39M | -244.48M | -103.17M | -99.95M | -424.22M | -659.77M | -594.44M | -241.52M | -157.62M | -168.38M | -322.55M | -484.96M | -278.16M | -53.07M | -118.24M | -156.72M | -242.95M | -160.16M | -91.34M | -19.36M | -138.7M | -178M | -153.8M | -174.3M |
| CapEx % of Revenue | 2.02% | 2.81% | 4.68% | 12.04% | 13.39% | 5.56% | 12.9% | 10.09% | 5.45% | 3.37% | 5% | 19.06% | 20.47% | 19.66% | 9.5% | 6.04% | 8.56% | 26.92% | 20.96% | 12.27% | 2.52% | 7.13% | 9.11% | 17.42% | 15.88% | 7.95% | 1.82% | 19.96% | 24.69% | 11.84% | 18.43% |
| Acquisitions | -1.29B | -1.28B | 12.64M | 0 | 0 | 644.28K | 9.07M | 0 | 0 | 8.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -74.13M | 0 | 0 | -31.73M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -19.6M | -7.27M | 61.69M | -60.13M | 24.24M | -8.26M | 63.75M | 11.78M | -61.88M | -2.35M | 11.74M | -2.04M | -21.25M | 68.02M | 13.11M | 15.06M | 49.25M | -57.78M | 591K | -2.25M | 34.55M | -152K | -4.98M | -38.74M | -10.35M | 8.62M | -12.23M | 600K | -73.1M | 44.9M | -17.8M |
| Cash from Financing | -15.96M | 73.09M | -203.55M | -551.42M | -508.53M | -643.09M | 234.06M | 11.49M | -793.26M | -530.64M | -192.76M | -567.36M | 98.87M | -54.02M | 165.03M | -180.23M | -9.74M | 111.43M | 41.3M | -113.76M | -254.01M | -295.95M | -251.73M | -138.67M | 69.66M | -187.55M | -78.5M | -5.2M | -24.9M | -129.1M | -19.8M |
| Debt Issued (Net) | 248.17M | 336M | 121.77M | -130.44M | -115.01M | -311.27M | 475.5M | 314.46M | -55.91M | -66.17M | 12.14M | -224.66M | 521.4M | -29.49M | 354.28M | -51.41M | 24.94M | 136.1M | 182.73M | 117.23M | -14.03M | -109.97M | -167.87M | 5.82M | 147.58M | -6.36M | -18.17M | -3.8M | -9.4M | -6.4M | -27.66M |
| Equity Issued (Net) | 990K | 0 | 216.1K | -86.39M | -252.99M | -62.9M | 214.78K | -53.94M | -444.41M | -293.24M | 0 | -146.28M | -252.64M | 0 | 18.89M | 11.39M | 9.24M | 425K | -145.78M | -195.21M | -179.26M | -120.34M | -41.07M | -69.47M | -45.29M | -181.19M | -60.32M | -1.4M | -15.5M | -122.8M | 948.63K |
| Dividends Paid | -55.72M | -54.49M | -49.87M | -49.38M | -43.95M | -24.63M | -37.91M | -110.38M | -105.68M | -101.5M | -98.8M | -97.22M | -89.91M | -74.94M | -68.08M | -61.91M | -57.2M | -57.09M | -56.83M | -55.05M | -52.52M | -47.99M | -33.4M | -58.54M | -12.51M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -86.39M | -252.99M | -62.9M | 0 | -54.03M | -444.41M | -286.12M | 0 | -146.28M | -252.64M | 0 | 0 | 0 | 0 | 0 | -149.86M | -204.73M | -186.78M | -130.96M | -85.72M | -88.65M | -55.97M | -187.62M | -60.99M | -1.4M | -16.4M | -125.6M | 0 |
| Other Financing | -209.4M | -208.42M | -275.66M | -285.21M | -96.58M | -244.29M | -203.75M | -138.64M | -187.25M | -8.14M | -82.84M | -99.2M | -79.97M | 50.41M | -127.41M | -78.3M | 13.28M | 41.79M | 65.2M | 19.27M | -8.2M | -17.64M | -9.39M | -16.47M | -20.12M | 0 | 0 | 0 | 0 | 100K | 6.91M |
| Net Change in Cash | -705.75M | -463.33M | 433.89M | -399.73M | -74.32M | 98.23M | 417.08M | 103.06M | -119.4M | 151.59M | -31.04M | -696.67M | 218.86M | 5.35M | 394.9M | 156.92M | 24.01M | -158.64M | -159.79M | 133.17M | 196.3M | -51.29M | -77.81M | -133.52M | 89.26M | 106.19M | 73.99M | -135.8M | -24.9M | -129.1M | -19.8M |
| Free Cash Flow | 589.3M | 731.56M | 563.11M | 211.82M | 409.97M | 748.93M | 119.27M | 78.06M | 735.73M | 684.57M | 149.98M | -127.27M | 141.25M | -8.65M | 216.76M | 322.08M | -15.5M | -212.29M | -159.9M | 249.17M | 415.76M | 244.81M | 178.9M | 118.01M | 29.95M | 285.11M | 196.45M | -131.2M | -106.6M | 192.6M | 21.9M |
| FCF Margin % | 16.07% | 20.38% | 15.14% | 5.69% | 9.51% | 16.96% | 4.5% | 2.38% | 16.41% | 22.37% | 7.51% | -5.72% | 4.38% | -0.29% | 8.52% | 12.35% | -0.79% | -17.72% | -6.91% | 10.99% | 19.72% | 14.76% | 10.4% | 8.46% | 2.97% | 24.81% | 18.51% | -18.88% | -14.79% | 14.82% | 2.32% |
| FCF Growth % | -16.13% | 29.92% | 165.85% | -48.33% | -45.26% | 527.95% | 52.78% | -89.39% | 7.47% | 356.43% | 217.85% | -190.1% | 1733.48% | -103.99% | -32.7% | 2177.83% | 92.7% | -32.76% | -164.17% | -40.07% | 69.83% | 36.84% | 51.59% | 294.02% | -89.5% | 45.13% | 249.73% | -23.08% | -155.35% | 779.45% | -93.31% |
| FCF per Share | 7.62 | 10.08 | 8.33 | 3.12 | 5.72 | 9.82 | 1.57 | 1.02 | 9.10 | 7.88 | 1.67 | -1.39 | 1.47 | -0.09 | 2.31 | 3.41 | -0.17 | -2.29 | -1.68 | 2.44 | 3.80 | 2.07 | 1.45 | 0.96 | 0.24 | 1.85 | 1.13 | -0.76 | -0.61 | 1.05 | 0.10 |
| FCF Conversion (FCF/Net Income) | -13.14x | 10.42x | 4.50x | 3.79x | 2.79x | 2.06x | -2.94x | 4.67x | 1.72x | 2.49x | -19.92x | 1.48x | 1.76x | 1.78x | -6.73x | 2.38x | 1.59x | 149.40x | 1.93x | 1.40x | 0.97x | 2.19x | 1.42x | 48.08x | 7.20x | 5.27x | 1.49x | -0.05x | -1.04x | 1.71x | -24.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.88M | 52.77M | 47.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.09M | 6.36M | 78.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Methanol price volatility
According to the latest quarterly data, Methanex reported a net loss of $13.4 million while simultaneously generating $132.1 million in operating cash flow, highlighting a significant divergence that suggests non-cash charges and working capital fluctuations are currently the primary drivers of the company's reported financial performance.
The extreme OCF/NI ratio of -9.83 in 2026Q1 underscores the limited utility of net income as a proxy for operational health in this capital-intensive model. Investors should monitor whether this persistent gap reflects structural accounting distortions or an inability to translate top-line activity into sustainable bottom-line earnings.
As reported in financial statements, Methanex's free cash flow has exhibited high volatility, swinging from a peak of $267.9 million in 2025Q1 to $109.7 million in 2026Q1, which indicates that the company's ability to self-fund operations remains highly sensitive to cyclical commodity price shifts.
The contraction in FCF margins over the last four quarters suggests that the company's cash-generating capacity is struggling to keep pace with its fixed-cost obligations. This trend warrants further investigation into whether the current FCF profile can support ongoing dividend commitments without further straining the balance sheet.
Based on reported figures, working capital changes have been a major source of cash flow volatility, with a $102.8 million outflow in 2026Q1 following a $57.2 million inflow in 2025Q4, suggesting that inventory and receivables management are currently exerting significant pressure on the company's short-term liquidity position.
The erratic nature of these working capital movements appears to reflect the company's reliance on global supply chain optimization and the timing of methanol shipments. Such fluctuations may indicate that operational efficiency is being sacrificed to maintain market share during periods of softening global demand.
Data from the last ten quarters shows that Methanex's capital expenditure as a percentage of revenue has fluctuated significantly, reaching as high as 7.8% in 2023Q4, which implies that the company must continuously reinvest in its asset base to maintain its global logistical and production advantage.
The ongoing requirement for maintenance and growth capex appears to limit the company's financial flexibility during cyclical downturns. Analysts should monitor whether these capital outlays are effectively driving long-term returns or merely serving to sustain existing, high-cost production facilities in volatile regions.
Quick answers to the most common questions about buying MEOH stock.
Methanex Corporation (MEOH) generated $832.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Methanex Corporation (MEOH) generated $731.6M 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.
Methanex Corporation (MEOH) spent $100.7M 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, Methanex Corporation (MEOH) returned $54.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.