Cash flow generation remains inconsistent, as evidenced by the OCF/NI ratio fluctuating from 57.00 in 2023Q4 to a negative 29.92 in 2025Q1, complicating the sustainability of capital allocation strategies like share repurchases.
| 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 |
|---|
| Cash from Operations | 28M | 16M | 40.3M | 125.3M | 134.5M | 196.9M | 173.5M | 70.3M | 18.5M | 8.1M | 74.4M | 107.1M | 93.9M | 175.1M |
| Operating CF Margin % | - | 1.38% | 3.72% | 9.2% | 10.11% | 15.35% | 20.89% | 5.82% | 1.15% | 0.61% | 8.56% | 9.68% | 5.61% | 12.68% |
| Operating CF Growth % | 480.25% | -60.3% | -67.84% | -6.84% | -31.69% | 13.49% | 146.8% | 280% | 128.4% | -89.11% | -30.53% | 14.06% | -46.37% | - |
| Net Income | 2.9M | -1.2M | 1.3M | 69.4M | 65.1M | 171M | -61.9M | -84.6M | -10M | -43.8M | -105.5M | -45M | 46.1M | 89.5M |
| Depreciation & Amortization | 56.6M | 56.6M | 54.1M | 56.9M | 58.3M | 63.1M | 70M | 70.7M | 73M | 74.9M | 74.9M | 73.4M | 58M | 50M |
| Stock-Based Compensation | 14.6M | 14.7M | 14M | 11.5M | 8.8M | 7.3M | 6.6M | 7.4M | 7.3M | 6.5M | 6.7M | 7M | 6M | 2.8M |
| Deferred Taxes | 2.9M | 3.7M | 500K | -9.7M | 24.9M | 1.2M | 0 | -16.6M | 800K | -300K | -36.8M | 0 | 0 | 0 |
| Other Non-Cash Items | 11.7M | 12.8M | -20.6M | 53.7M | -200K | -31.6M | 8.3M | 29.6M | 267.7M | 254.6M | 215.9M | -125.2M | 75.5M | 11.7M |
| Working Capital Changes | -60.7M | -70.6M | -9M | -56.5M | -22.4M | -14.1M | 150.5M | 63.8M | -83.3M | -55.2M | 39.2M | 196.9M | -91.7M | 21.1M |
| Change in Receivables | -21.3M | -34.7M | 21.7M | -33.4M | 21.3M | -37.2M | 14.2M | 85.9M | -13.6M | -58.2M | -10.7M | 86.2M | -17.7M | -11.8M |
| Change in Inventory | -48.5M | -22.9M | 7.3M | -34.9M | 18.8M | -41.6M | 103.5M | 92.6M | -94.5M | -59.8M | 9.7M | 122.7M | -69.6M | 29.2M |
| Change in Payables | 31.4M | 29.1M | -19.2M | 15.3M | -33.2M | 53.5M | 23.1M | -87.7M | 24.4M | 45.7M | 37.5M | 0 | 0 | 0 |
| Cash from Investing | -81.1M | -75.2M | -10.8M | -49.9M | -21.7M | -4.8M | -6M | -38M | -39M | -33M | -42.7M | -77.8M | -129.6M | -183.6M |
| Capital Expenditures | -106.2M | -109M | -64.3M | -51.6M | -27.1M | -12.2M | -16.9M | -38M | -40M | -33M | -42.7M | -78.2M | -129.6M | -182.8M |
| CapEx % of Revenue | 8.95% | 9.41% | 5.93% | 3.79% | 2.04% | 0.95% | 2.03% | 3.14% | 2.48% | 2.48% | 4.91% | 7.07% | 7.74% | 13.24% |
| Acquisitions | 0 | 0 | 0 | 0 | 5.4M | 6.2M | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 25.1M | 33.8M | 53.5M | 1.7M | 0 | 1.2M | 10.9M | 0 | 1M | 0 | 0 | 400K | 0 | -800K |
| Cash from Financing | -24M | -25.2M | -68.9M | -51.9M | -114.6M | -35.3M | -91.8M | -26.8M | 17.6M | 23.8M | -48.5M | -21.4M | 70.2M | 8.5M |
| Debt Issued (Net) | -9.5M | -9.5M | -17.2M | -18.7M | -67.6M | -38.9M | -90M | -26M | 18.1M | 25M | -43.7M | 15M | 155M | 0 |
| Equity Issued (Net) | -11.5M | -13.1M | -53.1M | -36M | -54M | -500K | -600K | -1M | -700K | -1.4M | 0 | -17.3M | -34.7M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.7M | -62.7M | 0 |
| Share Repurchases | -11.8M | -13.1M | -53.1M | -36M | -54M | -500K | -600K | -1M | -700K | -1.4M | 0 | -17.3M | -34.7M | 0 |
| Other Financing | -3M | -2.6M | 1.4M | 2.8M | 7M | 4.1M | -1.2M | 200K | 200K | 200K | -4.8M | -400K | 12.6M | 8.5M |
| Net Change in Cash | -77.1M | -84.4M | -39.4M | 23.5M | -1.8M | 156.8M | 75.7M | 5.5M | -2.9M | -1.1M | -16.8M | 7.9M | 34.5M | 0 |
| Free Cash Flow | -78.2M | -93M | -24M | 73.7M | 107.4M | 184.7M | 156.6M | 32.3M | -21.5M | -24.9M | 31.7M | 28.9M | -35.7M | -7.7M |
| FCF Margin % | -6.59% | -8.03% | -2.21% | 5.41% | 8.08% | 14.4% | 18.85% | 2.67% | -1.33% | -1.87% | 3.65% | 2.61% | -2.13% | -0.56% |
| FCF Growth % | 26.5% | -287.5% | -132.56% | -31.38% | -41.85% | 17.94% | 384.83% | 250.23% | 13.65% | -178.55% | 9.69% | 180.95% | -363.64% | - |
| FCF per Share | -1.81 | -2.22 | -0.54 | 1.54 | 2.09 | 3.36 | 3.48 | 0.72 | -0.48 | -0.56 | 0.72 | 0.65 | -0.78 | -0.17 |
| FCF Conversion (FCF/Net Income) | -26.97x | -13.33x | 31.00x | 1.81x | 2.07x | 1.15x | -2.80x | -0.64x | -1.85x | -0.18x | -0.71x | -2.38x | 2.04x | 1.96x |
| Interest Paid | 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 |
High fixed cost sensitivity
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a massive 57.00 in 2023Q4 to a negative 29.92 in 2025Q1, indicating that accounting profits frequently decouple from actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that net income is a poor proxy for the company's underlying cash-generating capability. Investors should monitor whether this divergence is driven by temporary timing differences in working capital or more permanent structural issues in revenue recognition.
Based on Metallus's reported figures, free cash flow has demonstrated significant instability, with quarterly results fluctuating from a peak of $58.7 million in 2023Q4 to a low of negative $66.4 million in 2025Q1, reflecting the company's difficulty in maintaining consistent cash flow margins.
The frequent swings into negative free cash flow territory suggest that the business model is highly sensitive to production volume and cyclical demand. This trajectory implies that the company may struggle to self-fund operations during periods of industrial contraction without relying on its existing cash reserves.
According to recent SEC filings, Metallus's capital expenditure as a percentage of revenue has reached as high as 13.2% in 2025Q4, highlighting a heavy reliance on continuous investment in its EAF and finishing facilities to maintain its specialized metallurgical production capabilities.
The elevated capital intensity suggests that the company must commit significant cash to maintain its competitive moat in high-integrity steel production. This ongoing requirement for reinvestment limits the company's ability to generate surplus cash, especially when top-line growth remains inconsistent.
As indicated by the provided data, working capital changes have been a major source of cash flow volatility, with a $56.7 million outflow in 2025Q1 followed by a $25.0 million inflow in 2023Q4, suggesting significant fluctuations in inventory management and customer collection cycles.
These sharp swings in working capital appear to be a primary driver of the company's inconsistent operating cash flow. The data suggests that management may be struggling to align production schedules with customer demand, leading to periodic inventory build-ups that tie up critical liquidity.
Based on the company's reported figures, Metallus has prioritized share repurchases, including a $20.2 million outflow in 2024Q3, despite the company's inconsistent ability to generate positive free cash flow, which warrants further investigation into the sustainability of this capital allocation strategy.
The decision to return capital to shareholders while operating cash flow remains volatile suggests a management focus on supporting the stock price. Investors should monitor whether this deployment strategy remains prudent if the company's cash reserves are depleted by sustained negative free cash flow cycles.
Quick answers to the most common questions about buying MTUS stock.
Metallus Inc. (MTUS) generated $16.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Metallus Inc. (MTUS) reported negative free cash flow of $93.0M in 2025, indicating capital requirements exceeded cash from operations.
Metallus Inc. (MTUS) spent $109.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Metallus Inc. (MTUS) spent $13.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.