Cash generation is currently strained, as evidenced by a negative 8.4% FCF margin and an OCF/NI ratio of negative 0.40 in 2026Q1, highlighting a disconnect between reported earnings and actual cash inflows.
| 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 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Jun'97 |
|---|
| Cash from Operations | 886.1M | 824.8M | 1.3B | 2.41B | 3.94B | 2.19B | 1.58B | 1.1B | 1.45B | 935.5M | 1.27B | 1.81B | 2.29B | 1.56B | 1.89B | 2.71B | 2.43B | 1.36B | 1.24B | 2.55B | 707.9M | 279.5M | 333.7M | 39.4M | 6.8M | -156.8M | 363.4M | 458.4M | 269.1M | 563.4M | 342M |
| Operating CF Margin % | - | 6.84% | 11.68% | 17.58% | 20.58% | 17.7% | 18.23% | 12.3% | 15.13% | 12.63% | 17.68% | 20.32% | 25.33% | 19.14% | 18.92% | 24.36% | 24.42% | 20.06% | 12.07% | 25.95% | 12.26% | 5.27% | 7.59% | 1.8% | 0.33% | -8.01% | 17.34% | 19.35% | 9.98% | 18.85% | 11.47% |
| Operating CF Growth % | -37.7% | -36.51% | -46.03% | -38.84% | 79.96% | 38.19% | 44.48% | -24.49% | 55.06% | -26.11% | -29.96% | -21.19% | 46.66% | -17.14% | -30.24% | 11.5% | 78.96% | 9.13% | -51.21% | 259.74% | 153.27% | -16.24% | 746.95% | 479.41% | 104.34% | -143.15% | -20.72% | 70.35% | -52.24% | 64.74% | 0% |
| Net Income | 726.7M | 575.4M | 202M | 1.16B | 3.61B | 1.63B | 665.6M | -1.09B | 469.9M | -104.2M | 301.2M | 1B | 1.03B | 582.86M | 1.89B | 1.93B | 2.51B | 831.5M | 2.35B | 2.08B | 419.7M | -121.4M | 165.6M | -135.4M | -110.2M | -66.5M | -345M | -766.3M | -12M | 87.8M | 144.3M |
| Depreciation & Amortization | 1.37B | 1.05B | 0 | 960.6M | 933.9M | 810.1M | 948.5M | 1.5B | 883.9M | 665.5M | 711.2M | 739.8M | 750.9M | 699.09M | 604.8M | 508.1M | 447.4M | 445M | 359.7M | 356.5M | 313.3M | 270.2M | 180.7M | 171.9M | 173.7M | 165.6M | 171.6M | 232.5M | 251.7M | 183.2M | 168.6M |
| Stock-Based Compensation | 31.7M | 30.7M | 31.8M | 37.8M | 27.9M | 29.5M | 17.8M | 27.9M | 27.5M | 28M | 30.5M | 41.3M | 54.3M | 43.03M | 29.2M | 21.1M | 21.1M | 0 | 0 | 0 | 0 | 8.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -74.9M | 0 | -142.9M | -261.2M | 344.4M | 98.8M | -684M | -261.3M | -101.8M | 612.4M | -182.6M | 47.4M | -153.8M | 0 | 200M | 245.8M | 196.6M | 51.1M | -138.9M | 140.7M | 46.7M | -38.9M | 33M | -3.3M | -69.7M | -36.1M | -21.1M | 136.4M | 2.9M | 58.4M | 300K |
| Other Non-Cash Items | -57.4M | -229.5M | 1.19B | 103.4M | 7.9M | 243.4M | 107.8M | 943.6M | 192.8M | 50.7M | 91.6M | 141.2M | 310.7M | 126.69M | 93.6M | 108.4M | -643.3M | -34.5M | -83M | -19.3M | -11.9M | 298.5M | -26.2M | -104.9M | 87.3M | -96.4M | 289M | 788.3M | 245.6M | 214.1M | 243M |
| Working Capital Changes | -450.7M | -601.7M | 21.1M | 401.7M | -992.5M | -629.7M | 526.9M | -19.4M | -21.7M | -316.9M | 314.2M | -163.9M | 301.2M | 112.29M | -931.9M | -108.4M | -108.6M | 67.3M | -1.25B | -14.1M | -59.9M | -137M | -19.4M | 111.1M | -74.3M | -115M | 268.9M | 67.5M | -219.1M | 19.9M | -214.2M |
| Change in Receivables | 74.5M | 75.7M | 59.2M | 526.3M | -215.2M | -683.6M | -153.6M | 125.4M | -342M | -114.9M | 249.2M | -413.8M | 261.6M | 692.74M | -355.1M | 116.3M | -67.7M | -425.5M | -189.2M | -423.4M | -63.2M | 72.9M | -126M | -15.8M | 38.6M | -135.1M | 0 | 88.4M | -18.2M | -12.3M | 0 |
| Change in Inventory | -606.5M | -761.5M | -275.6M | 1.06B | -749.6M | -1.07B | 191.4M | 128.1M | -497.4M | -155.7M | 263M | -53.7M | -129.7M | 52.8M | -315.5M | 6.5M | -244.7M | 92M | -178.7M | -547.1M | -19.3M | -16.8M | -78.2M | 37.3M | -56.8M | 40.3M | -8.4M | 68.8M | -81.4M | 3.9M | -55.4M |
| Change in Payables | -94.1M | -359.6M | 96.4M | -1.06B | 219.8M | 995.1M | 333.3M | -125.4M | 342M | -65.7M | -243.9M | 301.8M | 277.2M | 0 | -100.5M | -58.4M | 240.1M | 156.8M | -686.8M | 522.9M | 30.9M | -30.9M | 122.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.34B | -1.31B | -1.26B | -1.32B | -1.26B | -1.32B | -1.19B | -1.36B | -1.98B | -667.8M | -1.05B | -1.75B | -2.74B | -1.64B | -1.59B | -1.63B | -572.1M | -866.3M | -81.6M | -341.6M | -304M | -350.6M | -215.1M | -4.3M | -161.1M | 502.7M | -113.7M | 69.1M | -709.7M | -326.6M | -234.5M |
| Capital Expenditures | -1.38B | -1.36B | -1.25B | -1.4B | -1.25B | -1.29B | -1.17B | -1.27B | -993.3M | -820.1M | -843.1M | -1B | -929.1M | -1.37B | -1.59B | -1.64B | -1.26B | -910.6M | -781.1M | -372.1M | -292.1M | -389.5M | -255.2M | -120.3M | -140M | -123.1M | -118.1M | -257.5M | -760.9M | -244M | -172.7M |
| CapEx % of Revenue | 11.41% | 11.28% | 11.25% | 10.24% | 6.52% | 10.43% | 13.48% | 14.28% | 10.36% | 11.07% | 11.77% | 11.25% | 10.26% | 16.79% | 15.92% | 14.76% | 12.71% | 13.47% | 7.58% | 3.79% | 5.06% | 7.34% | 5.8% | 5.49% | 6.8% | 6.28% | 5.63% | 10.87% | 28.22% | 8.16% | 5.79% |
| Acquisitions | 0 | 0 | 0 | 117.4M | 0 | -24.1M | 1.17B | -55.1M | -986.8M | -112M | -413M | -124.8M | -1.8B | 0 | -15M | 0 | 56.4M | 17.6M | -17.3M | 7.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 99.6M | 76.4M | 19.4M | -32.2M | 7.2M | -7.2M | -1.19B | -20.5M | 12.3M | 282.5M | 836.7M | -623.3M | -11.4M | -269.49M | 13.5M | -332.5M | -10M | 26.7M | -28.9M | 6.1M | -10.5M | 39.3M | 40.1M | 116M | -21.1M | 625.8M | 4.4M | 313.8M | 51.2M | -82.6M | -73.4M |
| Cash from Financing | 443M | 452M | -131.9M | -1.48B | -2.68B | -682.1M | -283.8M | -82.2M | -724.8M | 1.2B | -888.6M | -893.4M | -2.34B | 2.88B | -397.8M | -1.06B | -585M | -710.6M | -224.9M | -709.8M | -173.2M | 12.6M | 106.3M | 24M | -76.7M | -181.7M | -246M | -557.3M | 441.5M | -190.4M | -301.6M |
| Debt Issued (Net) | 1.51B | 932M | 256.3M | 79.8M | -391M | -305.6M | -83.6M | -11.5M | -752.9M | 1.18B | -73.4M | -42.4M | 789.7M | 400K | 26.4M | 207.1M | -528.2M | -56.9M | -143.4M | -807.2M | -190.8M | -6M | 63.5M | -190.7M | -324.4M | 212.8M | -188M | -501.6M | 544.8M | 161.7M | 79.8M |
| Equity Issued (Net) | 0 | 0 | -235.4M | -756M | -1.67B | -410.9M | 0 | -149.9M | 0 | 0 | -75M | -709.5M | -2.76B | 0 | 0 | -1.16B | 0 | 0 | 0 | 57.2M | 48.1M | 28.9M | 26.4M | 133.1M | -226.6M | 0 | 0 | 2.4M | 5.8M | -182M | -98M |
| Dividends Paid | -280.3M | -280.4M | -270.7M | -351.6M | -197.7M | -103.7M | -75.8M | -67.2M | -38.5M | -210.6M | -385.1M | -384.7M | -382.5M | -366M | -288.4M | -89.3M | 0 | 0 | 0 | 0 | 0 | -10.3M | 0 | -9.5M | -9.2M | -17.5M | -26.3M | -36.6M | -36.6M | -29.7M | -30.1M |
| Share Repurchases | 0 | 0 | -235.4M | -756M | -1.67B | -410.9M | 0 | -149.9M | 0 | 0 | -75M | -709.5M | -2.76B | 0 | -1.16B | -1.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -294.5M | 0 | 0 | 0 | -3.1M | -187.5M | -105.1M |
| Other Financing | -789.6M | -199.6M | 117.9M | -452.7M | -424.8M | 138.1M | -124.4M | 146.4M | 66.6M | 232.2M | -355.1M | 243.2M | 8.1M | 3.25B | 2.4M | 13.8M | 32.5M | 14.3M | 7.4M | 40.2M | -30.5M | 0 | 9.8M | 91.1M | 480.7M | -377M | -31.7M | -21.5M | -72.5M | -140.4M | -221.2M |
| Net Change in Cash | 20.3M | -6.4M | -55.8M | -393.3M | -32.2M | 191.9M | 62.1M | -338.7M | -1.32B | 1.48B | -603.2M | -1.1B | -2.92B | 2.74B | -113.9M | -95.4M | 1.38B | -180.2M | 742.5M | 1.54B | 247.3M | -71.7M | 234.9M | 59.1M | -231M | 164.2M | 3.7M | -29.8M | 900K | 46.4M | -194.1M |
| Free Cash Flow | -489.3M | -534.6M | 47.4M | 1B | 2.69B | 898.4M | 412M | -176.8M | 457.3M | 115.4M | 423M | 807.3M | 1.36B | 192.51M | 299.2M | 1.07B | 1.16B | 445.4M | 461.5M | 2.17B | 415.8M | -110M | 78.5M | -80.9M | -133.2M | -279.9M | 245.3M | 200.9M | -491.8M | 319.4M | 169.3M |
| FCF Margin % | -4.06% | -4.44% | 0.43% | 7.34% | 14.06% | 7.27% | 4.75% | -1.99% | 4.77% | 1.56% | 5.91% | 9.08% | 15.07% | 2.36% | 3% | 9.6% | 11.71% | 6.59% | 4.48% | 22.16% | 7.2% | -2.07% | 1.79% | -3.69% | -6.47% | -14.29% | 11.7% | 8.48% | -18.24% | 10.69% | 5.68% |
| FCF Growth % | -330.26% | -1227.85% | -95.28% | -62.63% | 199.25% | 118.06% | 333.03% | -138.66% | 296.27% | -72.72% | -47.6% | -40.84% | 608.83% | -35.66% | -71.95% | -8.34% | 161.23% | -3.49% | -78.78% | 422.97% | 478% | -240.13% | 197.03% | 39.26% | 52.41% | -214.11% | 22.1% | 140.85% | -253.98% | 88.66% | 0% |
| FCF per Share | -1.54 | -1.68 | 0.15 | 3.02 | 7.55 | 2.35 | 1.08 | -0.46 | 1.18 | 0.33 | 1.20 | 2.24 | 3.63 | 0.46 | 0.70 | 2.44 | 2.60 | 1.00 | 1.03 | 4.88 | 0.94 | -0.29 | 0.22 | -0.70 | -1.16 | -2.44 | 2.14 | 1.75 | -4.37 | 3.40 | 1.78 |
| FCF Conversion (FCF/Net Income) | -0.67x | 1.53x | 7.43x | 2.07x | 1.10x | 1.34x | 2.38x | -1.03x | 3.09x | -8.73x | 4.25x | 1.81x | 2.23x | 2.72x | 1.00x | 1.40x | 0.97x | 1.64x | 0.53x | 1.22x | 1.69x | -2.30x | 2.02x | -0.29x | -0.06x | 1.95x | -1.05x | -0.59x | -29.90x | 8.96x | 1.77x |
| Interest Paid | 101.6M | 0 | 186.4M | 169.5M | 169.6M | 189.9M | 199.5M | 0 | 0 | 0 | 0 | 162.3M | 155.9M | 0 | 52M | 76.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 163.6M | 0 | 337M | 385.6M | 1.11B | 208.6M | 6.2M | 0 | 0 | 0 | 0 | 193.3M | 113.2M | 0 | 299.9M | 516.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity price volatility exposure
According to recent financial disclosures, Mosaic's OCF/NI ratio has fluctuated wildly, reaching a negative 0.40 in 2026Q1, which suggests that reported net income is currently failing to serve as a reliable proxy for the company's actual ability to generate cash from its core operations.
The significant divergence between net income and operating cash flow indicates that non-cash charges and accruals are heavily influencing the bottom line. Investors should monitor whether these accounting adjustments are temporary timing differences or a structural inability to convert earnings into realized liquidity.
As reported in quarterly filings, Mosaic's FCF margin has trended into negative territory, hitting -8.4% in 2026Q1, which highlights a concerning inability to sustain positive cash generation after accounting for the heavy capital requirements inherent in the company's mining and processing operations.
The consistent failure to generate positive free cash flow over the last several quarters suggests that the business model is currently consuming more capital than it produces. This trajectory warrants further investigation into whether the current cost structure is sustainable without a significant recovery in commodity pricing.
Based on Mosaic's reported figures, capital expenditures have remained elevated, consistently exceeding 10% of revenue, with a peak of 14.3% in 2024Q1, indicating that the company is locked into a high-maintenance cycle to sustain its aging phosphate and potash mining infrastructure.
The persistent level of capital intensity suggests that the company must continue to invest heavily just to maintain current production levels, leaving little room for discretionary cash flow. This high fixed-cost burden appears to be a primary driver of the company's current cash flow volatility.
Data from recent SEC filings shows that working capital changes have been highly erratic, swinging from a $431 million outflow in 2025Q3 to a $223.6 million inflow in 2025Q2, which suggests that inventory and collection cycles are highly sensitive to seasonal agricultural demand shifts.
The extreme swings in working capital indicate that the company's cash position is frequently tied up in inventory or receivables, complicating short-term liquidity management. This volatility appears to be a direct consequence of the company's reliance on cyclical agricultural markets and the timing of fertilizer application seasons.
Quick answers to the most common questions about buying MOS stock.
The Mosaic Company (MOS) generated $824.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Mosaic Company (MOS) reported negative free cash flow of $534.6M in 2025, indicating capital requirements exceeded cash from operations.
The Mosaic Company (MOS) spent $1.36B 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 Mosaic Company (MOS) returned $280.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.