Cash generation is frequently decoupled from net income, as demonstrated by an OCF/NI ratio that dropped to 0.03 in 2025Q1, reflecting the impact of non-recurring charges and working capital fluctuations.
| 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 | 230.2M | 193.7M | 236.4M | 233.6M | 105.7M | 232.4M | 240.6M | 238.3M | 202.1M | 207.6M | 225.1M | 270M | 310.8M | 134.8M | 139.92M | 133.66M | 142.42M | 160.83M | 134.21M | 179.69M | 135.6M | 78.52M | 129.22M | 100.09M | 117.84M | 98.33M | 91.11M | 130.2M | 117M | 120.6M | 69.9M |
| Operating CF Margin % | - | 9.35% | 11.16% | 10.77% | 4.97% | 12.51% | 15.09% | 13.31% | 11.18% | 12.39% | 13.74% | 15.02% | 18.02% | 13.24% | 13.91% | 12.79% | 14.21% | 17.73% | 12.07% | 16.67% | 12.8% | 7.88% | 13.99% | 12.3% | 15.66% | 14.37% | 13.58% | 20.42% | 19.21% | 20.02% | 12.57% |
| Operating CF Growth % | 864.6% | -18.06% | 1.2% | 121% | -54.52% | -3.41% | 0.97% | 17.91% | -2.65% | -7.77% | -16.63% | -13.13% | 130.57% | -3.66% | 4.68% | -6.15% | -11.45% | 19.83% | -25.31% | 32.52% | 72.7% | -39.24% | 29.11% | -15.06% | 19.84% | 7.92% | -30.02% | 11.28% | -2.99% | 72.53% | 19.9% |
| Net Income | 161.7M | -18.4M | 167.1M | 84.1M | 122.2M | 164.4M | 112.4M | 132.7M | 169M | 195.1M | 133.4M | 107.9M | 90.3M | 86.07M | 74.15M | 67.52M | 66.87M | -20.64M | 55.01M | -25.67M | 56.13M | 52.67M | 58.56M | 63.22M | 53.75M | 49.79M | 54.21M | 62.1M | 57.2M | 50.3M | 43.1M |
| Depreciation & Amortization | 104.4M | 104.9M | 107.6M | 107.3M | 103.3M | 102.2M | 101.8M | 106.6M | 90.5M | 86.9M | 94.4M | 101.1M | 86.1M | 47.99M | 51.91M | 58.82M | 64.78M | 73.1M | 80.85M | 85.36M | 83.93M | 73.25M | 70.47M | 66.34M | 68.96M | 66.52M | 60.8M | 58.7M | 53.1M | 52.9M | 46.2M |
| Stock-Based Compensation | 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 |
| Deferred Taxes | -45.8M | -45.8M | -7.6M | -34.8M | -17.2M | 2.1M | -2.7M | -1.4M | 15.4M | -76.1M | -10.9M | -2.5M | -21.1M | 4.42M | 1.26M | 1.25M | 1.77M | -23.99M | -3M | -15.15M | 4.34M | 6.39M | -8.07M | 5.08M | 2.64M | -131K | 1.2M | 5.9M | 1.2M | 3.7M | 3.4M |
| Other Non-Cash Items | 38.3M | 250.8M | 33.2M | 98.7M | 35.8M | 31.8M | 38.8M | 39.3M | 29.3M | 34.5M | 38.9M | 58.7M | 43.2M | 19.04M | 9.61M | 10.58M | 9.26M | 73.04M | 24.18M | 100.25M | -109K | 4.76M | 13.86M | -316K | 9.78M | 5.39M | 12.71M | 100K | -100K | 100K | -100K |
| Working Capital Changes | -28.4M | -97.8M | -63.9M | -21.7M | -138.4M | -68.1M | -9.7M | -38.9M | -102.1M | -32.8M | -30.7M | 4.8M | 112.3M | -22.73M | 2.99M | -4.51M | -259K | 59.32M | -22.82M | 34.89M | -8.69M | -58.57M | -5.6M | -34.24M | -17.3M | -23.25M | -37.81M | 900K | 1.6M | 13.3M | -22M |
| Change in Receivables | 0 | -5.2M | 5.2M | 1.8M | -48.3M | -7.2M | 13.7M | 9.9M | -3M | -27.3M | -4.9M | 36.6M | 5.2M | -10.46M | 537K | -14.19M | -7.58M | -7.68M | 9.06M | 15.28M | 5.92M | -34.65M | -3.14M | -7.95B | 1.14B | -7.12B | -7.12B | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -2M | -26.2M | 18.7M | -66.1M | -58.2M | 8.3M | -16M | -14.7M | -25.2M | 3.1M | 3.1M | 19.5M | -6.53M | 6.67M | -7.34M | -3.71M | 58.84M | -35.59M | 15.22M | -6.68M | -16.84M | -17.48M | 767K | 5.17M | -2.18M | -5.12M | -4.7M | -1.7M | 7.5M | -7M |
| Change in Payables | 0 | -2.2M | 2.3M | -2.9M | 7.2M | 43M | -16.7M | -5.1M | -11.2M | 28M | -4.8M | -9.7M | 16M | -776K | -5.23M | 24.82M | 6.35M | 5.46M | 3.96M | 4.05M | -5.06M | 7.87M | 10.6M | 4.71B | -5.54B | -9.46B | -9.46B | 0 | 0 | 0 | 0 |
| Cash from Investing | -130.4M | -122.8M | -94.5M | -91.7M | -101.6M | -278.6M | -77M | -61.4M | -196.3M | -77.5M | -61.6M | -84.6M | -1.86B | -46.16M | -48.04M | -55.02M | -41.09M | -18.42M | -18.79M | -46.74M | -120.65M | -109.55M | -111.97M | -52.75M | -70.93M | -95.25M | -114.05M | -73.4M | -85.6M | -73.4M | -96.2M |
| Capital Expenditures | -111.9M | -107.1M | -89.5M | -93.5M | -82.3M | -86M | -76M | -65M | -75.9M | -76.7M | -62.4M | -86M | -81.8M | -43.83M | -52.13M | -52.06M | -34.52M | -26.59M | -31.03M | -46.07M | -85.16M | -111.54M | -106.42M | -52.66M | -37.11M | -63.08M | -103.29M | -73.8M | -116.6M | -77.3M | -97.3M |
| CapEx % of Revenue | 5.26% | 5.17% | 4.22% | 4.31% | 3.87% | 4.63% | 4.77% | 3.63% | 4.2% | 4.58% | 3.81% | 4.78% | 4.74% | 4.3% | 5.18% | 4.98% | 3.44% | 2.93% | 2.79% | 4.27% | 8.04% | 11.2% | 11.52% | 6.47% | 4.93% | 9.22% | 15.39% | 11.58% | 19.14% | 12.83% | 17.5% |
| Acquisitions | 6.8M | 6.8M | 8.3M | -1.6M | -21.4M | -193.7M | 2.4M | 600K | -117.9M | 1.4M | 1.4M | 5M | -1.79B | 28K | 169K | 78K | 39K | 838K | 609K | 354K | -31.74M | -2.86M | 1.66M | -1.96M | -34.1M | -37.36M | -12.58M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -26.4M | -23.5M | -12.7M | 1.3M | 2M | 2.2M | 0 | 800K | -900K | -1.5M | -1.9M | 0 | -700K | 0 | 0 | 0 | 0 | 4.43M | 14.98M | -376K | 2.4M | 0 | 0 | 1.87M | 280K | 5.19M | 1.81M | 400K | 31M | 3.9M | 1.1M |
| Cash from Financing | -96.5M | -89.3M | -110.4M | -71.7M | -34.1M | 5.6M | -44.7M | -143.9M | 2M | -118.2M | -194.8M | -183.8M | 1.32B | -50.21M | -33.98M | -42.34M | -36.43M | -15.81M | -49.19M | -86.22M | -3.04M | -13.92M | -9.74M | 7.48M | -29.94M | 5.21M | 10.27M | -57.8M | -51.9M | -17.9M | 31.2M |
| Debt Issued (Net) | -25.9M | -11.4M | -45.5M | -49.3M | 33.7M | 78.8M | 2.3M | -92.2M | 32.7M | -119.1M | -186.1M | -178.7M | 1.33B | -3.46M | -7.53M | 3.35M | -5.93M | -12.25M | -12.27M | -75.88M | 46.04M | 29.02M | -3.59M | -360K | -39.97M | 20.01M | 51.33M | -12.7M | -13.7M | -14.6M | 34.5M |
| Equity Issued (Net) | -44.7M | -56.1M | -47.9M | -9.1M | -50.3M | -61.9M | -37.5M | -38.8M | -18.7M | 13.9M | 2.9M | 2.5M | 3.4M | -39.67M | -17.71M | -42.09M | -26.84M | 172K | -33.74M | -7.39M | -49.63M | -38.87M | -2.05M | 9.87M | 12.05M | -12.84M | -39M | -44.7M | -36.1M | -4.3M | -3.4M |
| Dividends Paid | -14.3M | -14.2M | -13.2M | -8.1M | -6.5M | -6.8M | -6.8M | -7M | -7.1M | -7M | -7M | -7M | -6.9M | -6.95M | -4.41M | -3.6M | -3.72M | -3.74M | -3.78M | -3.85M | -3.91M | -4.07M | -4.1M | -2.02M | -2.03M | -1.96M | -2.05M | -2.1M | -2.2M | -2.3M | -2.3M |
| Share Repurchases | -52.3M | -58.5M | -63.6M | -14.2M | -56M | -74.7M | -40.7M | -41M | -21.7M | -700K | -2.6M | 0 | 0 | -51.78M | -25.88M | -48M | -27.92M | 0 | -45.28M | -25.34M | -53.37M | -47.62M | -16.23M | -6.02M | -17.33M | -16M | -43.05M | -50.9M | -42.6M | -6.7M | -5.9M |
| Other Financing | -11.6M | -7.6M | -3.8M | -5.2M | -11M | -4.5M | -2.7M | -5.9M | -4.9M | -6M | -4.6M | -600K | -4.7M | -142K | -4.33M | 6K | 53K | 12K | 610K | 889K | 4.46M | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 100K | 3.3M | 2.4M |
| Net Change in Cash | 9.3M | -4.1M | 15.9M | 70M | -52.3M | -68.2M | 126.1M | 32.8M | -3.4M | 23.7M | -40.9M | -20.2M | -240.67M | 36.17M | 58.94M | 27.32M | 56.88M | 129.07M | 52.89M | 128.99M | -51.1M | 51.1M | 0 | 58.75M | 18.72M | 6.35M | -13.69M | -300K | -20.7M | 26.1M | 4.1M |
| Free Cash Flow | 118.3M | 86.6M | 146.9M | 140.1M | 23.4M | 146.4M | 164.6M | 173.3M | 126.2M | 130.9M | 162.7M | 184M | 229M | 90.97M | 87.79M | 81.6M | 107.9M | 134.24M | 103.18M | 133.62M | 50.44M | -33.02M | 22.8M | 47.42M | 80.73M | 35.25M | -12.17M | 56.4M | 400K | 43.3M | -27.4M |
| FCF Margin % | 5.56% | 4.18% | 6.93% | 6.46% | 1.1% | 7.88% | 10.32% | 9.68% | 6.98% | 7.81% | 9.93% | 10.24% | 13.28% | 8.93% | 8.73% | 7.81% | 10.76% | 14.79% | 9.28% | 12.4% | 4.76% | -3.32% | 2.47% | 5.83% | 10.73% | 5.15% | -1.81% | 8.85% | 0.07% | 7.19% | -4.93% |
| FCF Growth % | 39.5% | -41.05% | 4.85% | 498.72% | -84.02% | -11.06% | -5.02% | 37.32% | -3.59% | -19.55% | -11.58% | -19.65% | 151.74% | 3.62% | 7.58% | -24.38% | -19.62% | 30.1% | -22.78% | 164.91% | 252.75% | -244.83% | -51.92% | -41.26% | 129.03% | 389.57% | -121.58% | 14000% | -99.08% | 258.03% | 51.76% |
| FCF per Share | 3.82 | 2.76 | 4.55 | 4.30 | 0.71 | 4.33 | 4.81 | 4.94 | 3.54 | 3.68 | 4.62 | 5.26 | 6.58 | 2.60 | 2.47 | 2.25 | 2.89 | 3.58 | 2.72 | 3.48 | 1.28 | -0.80 | 0.55 | 1.02 | 1.96 | 0.88 | -0.29 | 1.27 | 0.01 | 0.94 | -0.59 |
| FCF Conversion (FCF/Net Income) | 0.73x | -10.53x | 1.41x | 2.78x | 0.86x | 1.41x | 2.14x | 1.80x | 1.20x | 1.06x | 1.69x | 2.50x | 3.36x | 1.68x | 1.89x | 1.98x | 2.13x | -6.76x | 2.06x | -2.83x | 2.71x | 1.47x | 2.21x | 1.43x | 2.19x | 1.97x | 1.68x | 2.10x | 2.05x | 2.40x | 1.62x |
| Interest Paid | 26.9M | 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 | 43.4M | 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 end-market exposure
According to quarterly financial data, MTX's OCF/NI ratio has fluctuated significantly, reaching a low of 0.03 in 2025Q1, which suggests that reported net income is frequently decoupled from actual cash generation due to non-recurring charges and accounting adjustments inherent in the company's capital-intensive business model.
The wide variance in the OCF/NI ratio indicates that investors should be cautious when using net income as a proxy for operational health. The 2025Q1 collapse in conversion highlights how non-operating impairments can mask the underlying cash-generating capacity of the specialty minerals segment.
Based on reported figures, MTX's free cash flow margins have shown notable instability, ranging from a negative 4.6% in 2025Q1 to a peak of 13.9% in 2023Q4, reflecting the company's sensitivity to cyclical demand shifts in the paper and steel industries that dictate top-line performance.
The inconsistency in FCF margins suggests that the company's ability to self-fund operations is highly dependent on maintaining high utilization rates at satellite plants. When demand softens, the fixed-cost nature of these facilities leads to rapid margin erosion, limiting the company's ability to generate consistent surplus cash.
As reported in recent financial statements, MTX maintains a consistent capital intensity, with CapEx/Revenue ratios averaging between 3% and 6%, which appears necessary to support the ongoing maintenance of its geographically dispersed satellite plant network and the extraction requirements of its bentonite mining operations.
The persistent level of capital expenditure suggests that a significant portion of cash flow is committed to sustaining existing infrastructure rather than purely growth-oriented projects. This capital-heavy requirement creates a structural floor for cash outflows, which may limit financial flexibility during periods of industrial slowdown.
Analysis of recent cash flow statements reveals that working capital changes are a primary driver of quarterly cash volatility, with significant outflows observed in periods like 2025Q1, where a $69.4 million drag on cash flow highlights the sensitivity of the company's inventory and receivables management.
The erratic nature of working capital changes suggests that MTX may struggle with inventory management or collection cycles during periods of macro-economic stress. Investors should monitor these swings closely, as they often obscure the true operational cash flow performance of the core specialty minerals business.
Based on historical cash flow data, MTX consistently prioritizes share repurchases and dividend payments, with buybacks totaling $19.0 million in 2025Q2 alone, even as the company navigates periods of negative net income and significant capital expenditure requirements for its core industrial operations.
The commitment to returning capital to shareholders appears to be a strategic priority, though it warrants investigation given the company's cyclical revenue base. This approach may limit the cash buffer available for debt reduction or strategic acquisitions during downturns in the paper and steel markets.
Quick answers to the most common questions about buying MTX stock.
Minerals Technologies Inc. (MTX) generated $193.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Minerals Technologies Inc. (MTX) generated $86.6M 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.
Minerals Technologies Inc. (MTX) spent $107.1M 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, Minerals Technologies Inc. (MTX) returned $14.2M to shareholders via cash dividends and spent $58.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.