Cash flow generation is highly erratic, evidenced by an OCF/NI ratio of -56.42 in 2026Q1, which underscores the volatility inherent in the firm's working capital and production 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 | Jul'97 | Jul'96 |
|---|
| Cash from Operations | 4.22B | 3.66B | 3.63B | 3.15B | 2.1B | 2.94B | 3.28B | 3.96B | 3.72B | 3.33B | 3.39B | 2.33B | 2.79B | 2.57B | 2.21B | 1.21B | 1.87B | 527M | 1.05B | 1.59B | 1.6B | 1.7B | 1.41B | 1.22B | 1.46B | 1.03B | 655M | 750M | 184M | 496.4M | 216.1M |
| Operating CF Margin % | - | 8.56% | 8.48% | 7.36% | 5.54% | 8.11% | 10.04% | 10.04% | 9.11% | 8.55% | 9.29% | 7.26% | 7.62% | 7.37% | 7.15% | 4.21% | 7.77% | 3.03% | 4.45% | 6.11% | 6.6% | 7.44% | 6.81% | 7.92% | 11.26% | 9.33% | 6.23% | 8.01% | 5.42% | 8.9% | 5.07% |
| Operating CF Growth % | 783.22% | 0.74% | 15.4% | 50.31% | -28.74% | -10.31% | -17.22% | 6.51% | 11.69% | -1.68% | 45.2% | -16.48% | 8.77% | 16.36% | 82.31% | -35.36% | 255.22% | -50% | -33.84% | -0.19% | -6.01% | 20.77% | 15.63% | -16.71% | 41.89% | 57.1% | -12.67% | 307.61% | -62.93% | 129.71% | -31.61% |
| Net Income | 671.15M | 843.51M | 1.1B | 1.29B | 641M | 1.55B | 677M | 1.63B | 2.33B | 2.25B | 2.07B | 1.94B | 1.88B | 1.54B | 1.43B | 1.01B | 973M | -493M | 71M | 663M | 528M | 639M | 692M | 589M | 554M | 580M | 598M | 430M | 137M | 437.8M | 224.9M |
| Depreciation & Amortization | 1.8B | 1.69B | 1.93B | 1.75B | 1.42B | 1.51B | 1.37B | 1.34B | 1.28B | 1.17B | 1.06B | 802M | 890M | 1.06B | 801M | 686M | 661M | 737M | 873M | 872M | 790M | 711M | 598M | 505M | 445M | 425M | 392M | 362M | 126M | 168.4M | 138.5M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40M | 40M | 42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -68.31M | 0 | -110M | -261M | -202M | -76M | 17M | 7M | 31M | -3M | 22M | -7M | 94M | -100M | -46M | -76M | 0 | 56M | -131M | -123M | -92M | -12M | 79M | 63M | 9M | 39M | 52M | 7M | 12M | 16.4M | 10.6M |
| Other Non-Cash Items | 1.09B | 777.37M | 39M | 155M | 559M | 140M | 593M | 624M | 123M | 61M | 162M | -39M | 184M | 327M | 104M | 230M | 61M | 1.11B | 535M | 171M | 226M | 199M | 110M | 27M | 125M | 48M | 26M | 19M | 6M | -100K | 5.9M |
| Working Capital Changes | 712.2M | 353.07M | 681M | 221M | -322M | -189M | 625M | 352M | -153M | -232M | 81M | -344M | -245M | -127M | 72M | -631M | 177M | -94M | -275M | -94M | 157M | 158M | -95M | -82M | 248M | 6M | -336M | -79M | -97M | -4.2M | -163.6M |
| Change in Receivables | -688.85M | 0 | 454M | -819M | -913M | 114M | -42M | 629M | -351M | -297M | -446M | -410M | -767M | -584M | -46M | -909M | -611M | -40M | 0 | 0 | 0 | 0 | -313M | 0 | -215M | -116M | -126M | -161M | 0 | 0 | 0 |
| Change in Inventory | 69.39M | 0 | 153M | -196M | -448M | -653M | 37M | 104M | -92M | -362M | -159M | -241M | -343M | -141M | -315M | -282M | -178M | 17M | -124M | -97M | 60M | -83M | -82M | -37M | 83M | -104M | -135M | 4M | -20M | -66.7M | -36.2M |
| Change in Payables | 61.56M | 0 | -357M | 609M | 812M | 160M | 274M | -519M | 265M | 494M | 562M | 139M | 677M | 329M | 249M | 475M | 579M | 241M | 0 | 0 | 0 | 0 | 308M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.58B | -1.73B | -2.59B | -4.5B | -2.04B | -2.28B | -1.4B | -434M | -2.28B | -2.13B | -4.27B | -1.29B | -1.62B | -1.21B | -1.81B | -1.27B | -744M | -876M | -1.06B | -868M | -1.11B | -1.05B | -1.27B | -1B | -1.18B | -514M | -403M | -987M | -547M | -607.4M | -350.3M |
| Capital Expenditures | -1.43B | -1.84B | -2.18B | -2.55B | -1.68B | -1.41B | -1.15B | -1.44B | -1.65B | -1.86B | -1.81B | -1.59B | -1.59B | -1.17B | -1.27B | -1.24B | -784M | -629M | -739M | -741M | -793M | -848M | -859M | -801M | -898M | -525M | -653M | -873M | -528M | -524.2M | -240.7M |
| CapEx % of Revenue | 3.38% | 4.31% | 5.08% | 5.95% | 4.44% | 3.9% | 3.51% | 3.65% | 4.04% | 4.77% | 4.96% | 4.95% | 4.33% | 3.36% | 4.13% | 4.3% | 3.25% | 3.62% | 3.12% | 2.84% | 3.28% | 3.72% | 4.16% | 5.22% | 6.92% | 4.76% | 6.21% | 9.33% | 15.55% | 9.39% | 5.65% |
| Acquisitions | 193.49M | 122.1M | 133M | -1.38B | 121M | -449M | 208M | 1.39B | -145M | 332M | -1.79B | 359M | 144M | 154M | -419M | 48M | 181M | -20M | -158M | -46M | -284M | -187M | -338M | -41M | -135M | -40M | -68M | -211M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -240.67M | 0 | 82M | 0 | 6M | -31M | -108M | -416M | -223M | -283M | -332M | 104M | -167M | -163M | -106M | -84M | -141M | -227M | -166M | -81M | 65M | -16M | -77M | -160M | -184M | 0 | 0 | 0 | 0 | -338.6M | -124.1M |
| Cash from Financing | -2.08B | -1.56B | -989M | 1.34B | -1.73B | -1.11B | 81M | -2.95B | -1.44B | -1.55B | -1.02B | 741M | -1.38B | -1.3B | -216M | -457M | -355M | -1.16B | 89M | 44M | -386M | -426M | -255M | 2M | 33M | -222M | -240M | 400M | 164M | -42.1M | 626M |
| Debt Issued (Net) | -868.99M | -678.68M | -219M | 1.93B | -391M | -167M | 683M | -1.23B | 1M | 112M | 251M | 1.53B | 670M | -40M | 81M | 133.12M | -57M | -1.14B | 476M | -51M | -251M | -280M | -117M | 139M | -129M | -244M | -80M | 248M | 182M | -80M | 277M |
| Equity Issued (Net) | -438.66M | -142.45M | -207M | -13M | -780M | -517M | -203M | -1.29B | -1.85B | -1.27B | -904M | -515M | -1.78B | -1.02B | -40M | -348M | -285.07M | 2M | -247M | 245.79M | 28M | 21M | -274M | 58M | 83M | 211M | 4M | 275M | 0 | 45M | 331M |
| Dividends Paid | -543.26M | -553.52M | -539M | -522M | -514M | -514M | -467M | -449M | -448M | -400M | -385M | -354M | -316M | -284M | -252M | -236M | -100M | -21M | -140M | -131M | -163M | -166M | -161M | -147M | -143M | -137M | -123M | -90M | -18M | -65M | -50.8M |
| Share Repurchases | -525.51M | -144.49M | -207M | -13M | -780M | -517M | -203M | -1.29B | -1.85B | -1.28B | -913M | -515M | -1.78B | -1.02B | -40M | -407M | -334.82M | 0 | -247M | -1.33B | 0 | 0 | -300M | 0 | -2M | 0 | 0 | 0 | 0 | 0 | -100K |
| Other Financing | -229.21M | -184.17M | -24M | -54M | -48M | 92M | 68M | 17M | 851M | 5M | 18M | 76M | 51M | 44M | -5M | -6.12M | -1.93M | -1M | 0 | -19.79M | 0 | -1M | 322M | -22M | -27M | -42M | -41M | -33M | 0 | -19M | 63M |
| Net Change in Cash | 575.65M | 362.81M | 49M | -36M | -1.71B | -426M | 1.98B | 590M | -37M | -329M | -1.89B | 1.61B | -301M | 32M | 197M | -556M | 771M | -1.42B | -197M | 1.07B | 203M | 163M | -9M | 407M | 337M | 270M | -12M | 148M | -183M | -153.1M | 491.8M |
| Free Cash Flow | 2.79B | 1.82B | 1.46B | 601M | 414M | 1.53B | 2.13B | 2.52B | 2.07B | 1.47B | 1.58B | 741M | 1.21B | 1.4B | 932M | -26M | 1.09B | -102M | 315M | 852M | 803M | 850M | 547M | 415M | 562M | 504M | 2M | -123M | -344M | -27.8M | -24.6M |
| FCF Margin % | 6.6% | 4.25% | 3.4% | 1.4% | 1.09% | 4.21% | 6.53% | 6.39% | 5.07% | 3.78% | 4.33% | 2.31% | 3.29% | 4.01% | 3.02% | -0.09% | 4.51% | -0.59% | 1.33% | 3.27% | 3.32% | 3.73% | 2.65% | 2.7% | 4.33% | 4.57% | 0.02% | -1.31% | -10.13% | -0.5% | -0.58% |
| FCF Growth % | 86.57% | 24.81% | 142.26% | 45.17% | -72.89% | -28.41% | -15.32% | 21.81% | 40.58% | -6.84% | 113.09% | -38.56% | -13.73% | 50% | 3684.62% | -102.39% | 1166.67% | -132.38% | -63.03% | 6.1% | -5.53% | 55.39% | 31.81% | -26.16% | 11.51% | 25100% | 101.63% | 64.24% | -1137.41% | -13.01% | -175.69% |
| FCF per Share | 10.04 | 6.43 | 5.07 | 2.10 | 1.42 | 5.04 | 7.10 | 7.98 | 5.95 | 3.93 | 4.02 | 1.80 | 2.78 | 3.03 | 1.98 | -0.05 | 2.33 | -0.23 | 0.69 | 1.87 | 1.80 | 1.95 | 1.41 | 1.08 | 1.53 | 1.38 | 0.01 | -0.34 | -0.97 | -0.09 | -0.09 |
| FCF Conversion (FCF/Net Income) | 4.16x | 4.34x | 3.60x | 2.60x | 3.54x | 1.94x | 4.33x | 2.24x | 1.62x | 1.51x | 1.67x | 1.16x | 1.48x | 1.64x | 1.54x | 1.19x | 1.92x | -1.07x | 14.85x | 2.40x | 3.02x | 2.66x | 2.03x | 2.33x | 2.64x | 1.77x | 1.10x | 1.74x | 1.34x | 1.13x | 0.96x |
| Interest Paid | 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 | 0 | 0 | 0 | 0 |
| Taxes Paid | 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 | 0 | 0 | 0 | 0 |
Cyclical OEM Production 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 -56.42 in 2026Q1, suggesting that accounting earnings are currently failing to capture the underlying cash-generating reality of the business.
The massive disconnect between net income and operating cash flow indicates that non-cash charges and working capital swings are significantly distorting reported profitability. Investors should monitor whether this volatility is a temporary byproduct of restructuring or a structural issue in how the company recognizes earnings versus cash receipts.
Based on the provided quarterly data, free cash flow margins have fluctuated wildly from a negative 1.9% in 2025Q1 to a peak of 11.9% in 2025Q4, illustrating that Magna's ability to generate surplus cash remains tethered to the volatile production cycles of its OEM partners.
The inability to maintain consistent positive free cash flow suggests that the company's high fixed-cost base leaves little room for error when production volumes soften. This trajectory implies that cash generation is likely to remain lumpy until the company can successfully scale its higher-margin Power & Vision segment.
According to the company's cash flow statements, capital expenditure as a percentage of revenue has ranged from 2.1% to 9.0% over the last ten quarters, indicating that the firm is maintaining a high level of investment to support its complex manufacturing and assembly infrastructure.
The persistent level of capital spending suggests that Magna is locked into a cycle of continuous reinvestment to keep its facilities competitive for new EV platforms. This capital intensity may limit the company's ability to return cash to shareholders during periods of industry-wide production stagnation.
Analysis of recent financial statements reveals that working capital changes are a primary driver of cash flow volatility, with swings as large as $1.0 billion in 2024Q4, suggesting that the company's cash position is highly sensitive to inventory management and OEM payment timing.
The significant reliance on working capital shifts to bolster operating cash flow may indicate that the company is struggling to optimize its cash conversion cycle. Investors should investigate whether these large swings are indicative of supply chain inefficiencies or aggressive efforts to manage cash during lean quarters.
As reported in the cash flow data, Magna has consistently prioritized dividends while utilizing share repurchases, such as the $433.9 million outflow in 2026Q1, which appears to be a strategy to support equity value despite the underlying volatility in the company's core operating cash flow.
The commitment to returning capital to shareholders during periods of negative net income warrants further investigation into the sustainability of these payouts. It appears that management is attempting to signal confidence in the long-term business model, even as the current cash flow profile remains inconsistent.
Quick answers to the most common questions about buying MGA stock.
Magna International Inc. (MGA) generated $3.66B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Magna International Inc. (MGA) generated $1.82B 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.
Magna International Inc. (MGA) spent $1.84B 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, Magna International Inc. (MGA) returned $553.5M to shareholders via cash dividends and spent $144.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.