Nordson exhibits robust cash conversion efficiency, frequently achieving an OCF/NI ratio exceeding 1.50, while maintaining a disciplined capital expenditure profile with CapEx/Revenue ratios consistently below 3.5%.
Nordson Corporation (NDSN) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Cash from Operations | 773.38M | 719.17M | 556.19M | 641.28M | 513.13M | 545.93M | 502.42M | 382.89M | 504.64M | 349.67M | 331.16M | 261.95M | 288.15M | 268.38M | 274.4M | 246.73M | 140.19M | 168.68M | 114.04M | 124.25M | 121.28M | 118.83M | 109.32M | 87.55M | 130.39M | 73.43M | 84.98M | 81.3M | 70.2M | 52.2M | 53.6M |
| Operating CF Margin % | - | 25.76% | 20.68% | 24.4% | 19.81% | 23.11% | 23.69% | 17.45% | 22.38% | 16.92% | 18.31% | 15.51% | 16.91% | 17.39% | 19.47% | 20.01% | 13.46% | 20.59% | 10.14% | 12.5% | 13.59% | 14.16% | 13.78% | 13.12% | 20.13% | 10.04% | 11.47% | 11.61% | 10.62% | 8.2% | 8.8% |
| Operating CF Growth % | 157.06% | 29.3% | -13.27% | 24.97% | -6.01% | 8.66% | 31.22% | -24.13% | 44.32% | 5.59% | 26.42% | -9.09% | 7.37% | -2.19% | 11.22% | 76% | -16.89% | 47.91% | -8.21% | 2.45% | 2.06% | 8.7% | 24.87% | -32.86% | 77.58% | -13.59% | 4.52% | 15.81% | 34.48% | -2.61% | 27.32% |
| Net Income | 555.18M | 484.47M | 467.28M | 487.49M | 513.1M | 454.37M | 249.54M | 337.09M | 377.38M | 295.8M | 271.84M | 211.11M | 246.77M | 221.82M | 224.83M | 3.15M | 168.05M | -160.06M | 117.5M | 90.69M | 90.6M | 78.34M | 63.33M | 35.16M | 22.07M | 24.61M | 54.63M | 47.5M | 20.8M | 50M | 53.1M |
| Depreciation & Amortization | 147.51M | 150.52M | 136.18M | 111.9M | 99.92M | 103.88M | 113.3M | 110.24M | 108.41M | 90.85M | 70.3M | 65.19M | 59.75M | 54.44M | 38.99M | 28.78M | 28.89M | 31.41M | 32.24M | 27.93M | 23.31M | 25.68M | 26.88M | 29.24M | 29.49M | 41.85M | 30.32M | 29.4M | 25M | 25.3M | 23.5M |
| Stock-Based Compensation | 5.69M | 18.94M | 18.96M | 22.71M | 30.75M | 22.76M | 12.86M | 18.09M | 21.55M | 20.17M | 18.21M | 15.26M | 17.41M | 11.76M | 10.37M | 8.85M | 7.63M | -814K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -9.31M | -12.61M | -18.56M | -16.12M | -10.73M | 4.07M | -13.96M | -1.02M | -33.95M | -7.55M | -7.07M | -1.56M | -2.9M | -409K | 5.04M | -6.21M | 26.83M | 4.05M | 7.36M | 417K | 61K | 8.36M | 10.34M | 7.55M | 854K | 2.06M | -3.08M | 200K | -1.2M | -600K | -2.2M |
| Other Non-Cash Items | 64.09M | 21.02M | 5.48M | 9.51M | -12.6M | -68.16M | 93.75M | 2.54M | 3.37M | 6.99M | 5.7M | 1.45M | 1.49M | -230K | -3.85M | 216.74M | -17.64M | 263.93M | 658K | 5.09M | -424K | 2.03M | 9.33M | 7.73M | 2.24M | 12.48M | 7.89M | -100K | -100K | -100K | 2.6M |
| Working Capital Changes | 10.22M | 56.83M | -53.15M | 25.79M | -107.31M | 29.01M | 46.93M | -84.05M | 27.88M | -56.59M | -27.83M | -29.5M | -34.37M | -19M | -975K | -4.57M | -73.57M | 30.15M | -20.93M | -7.01M | 968K | 4.42M | -563K | 7.86M | 60.38M | -7.57M | -4.8M | -1.3M | -10M | -29.2M | -23.4M |
| Change in Receivables | 0 | 3.75M | 13.99M | 18.18M | -11.78M | 22.66M | 50.62M | -59.95M | 5.93M | -42.95M | -21.5M | -12.21M | -30.32M | -7.79M | -19.02M | -7.21M | -24.26M | 28.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 34.63M | 46.62M | 22.42M | -69.13M | -50.58M | 5.79M | -23.12M | 5.53M | -19.67M | 1.78M | -14.21M | -8.7M | -10.74M | 171K | -14.67M | -15M | 22.69M | -5.41M | -1.07M | -1.77M | 3.69M | -2.43M | 12.5M | 41.57M | -849K | -20.61M | 6.1M | -5.2M | -8.9M | -6.3M |
| Change in Payables | 0 | 21.29M | -38.59M | -15.82M | 10.67M | 20.77M | -10.67M | 654K | -2.67M | 4.8M | 7.3M | -1.26M | 6.91M | -2.55M | 4.88M | 4.39M | 7.05M | -10.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -37.43M | -26.69M | -844.4M | -1.44B | -222.76M | -33.17M | -194.11M | -76.29M | -139.92M | -877.96M | -102.2M | -138.53M | -230.53M | -220.54M | -466.77M | -305.51M | -41.32M | -3.94M | -31.92M | -348.11M | -7.2M | 33.56M | -15.33M | -6.79M | -10.47M | -303.52M | -23.56M | -72.1M | -51.8M | -15.9M | -61.6M |
| Capital Expenditures | -49.37M | -58.06M | -64.41M | -34.58M | -51.43M | -38.3M | -50.53M | -64.24M | -89.79M | -71.56M | -60.85M | -62.09M | -43.57M | -47.22M | -30.96M | -20.24M | -15.31M | -12.51M | -26.39M | -31.02M | -13.61M | -15.39M | -11.44M | -7.56M | -11.4M | -23.15M | -23.64M | -72.3M | -15.4M | -15.9M | -62.5M |
| CapEx % of Revenue | 1.66% | 2.08% | 2.39% | 1.32% | 1.99% | 1.62% | 2.38% | 2.93% | 3.98% | 3.46% | 3.36% | 3.68% | 2.56% | 3.06% | 2.2% | 1.64% | 1.47% | 1.53% | 2.35% | 3.12% | 1.53% | 1.83% | 1.44% | 1.13% | 1.76% | 3.16% | 3.19% | 10.32% | 2.33% | 2.5% | 10.26% |
| Acquisitions | 44.27M | 28.11M | -790M | -1.42B | -171.61M | 163K | -142.41M | -13.33M | -50.59M | -801.94M | -42.65M | -77.05M | -187.27M | -177.45M | -441.65M | -292.98M | -18.58M | 0 | -7.89M | -325.25M | 5.41M | -557K | -4.01M | 544K | -1.22M | -280.35M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -32.32M | 3.26M | 10.01M | 20.48M | 280K | 4.97M | -1.16M | 1.28M | 458K | 0 | 1.3M | 597K | 323K | 4.12M | 5.84M | 7.71M | 354K | 8.61M | 2.35M | 8.15M | 798K | 322K | 295K | 228K | 2.11M | 10K | 82K | 200K | 400K | -100K | 0 |
| Cash from Financing | -772.59M | -706.43M | 294.5M | 750.51M | -416.01M | -422.91M | -251.53M | -251.07M | -353.69M | 547.83M | -210.28M | -110.98M | -53.46M | -52.43M | 196.82M | 50.7M | -79.28M | -161.02M | -102.72M | 202.22M | -77.97M | -152.04M | -41.6M | -80.57M | -122.42M | 237.47M | -74.28M | -400K | -12.7M | -42.8M | 17.6M |
| Debt Issued (Net) | -139.46M | -230.01M | 458.2M | 969.2M | -39.35M | -296.04M | -161.42M | -74.44M | -276.05M | 596.93M | -135.38M | 320.25M | 147.97M | 9.9M | 309.35M | 201.95M | -49.53M | -132.43M | -67.59M | 221.26M | -63.68M | -6.08M | -76.72M | -69.02M | -114.13M | 241.92M | -49.54M | 38M | 10.4M | 23.9M | 54.2M |
| Equity Issued (Net) | -262.47M | -297.35M | -2.27M | -68.33M | -250.75M | -29.19M | -1.76M | -94.49M | -5.2M | 10.87M | -21.95M | -378.48M | -159.42M | -27.38M | -83.52M | -128.34M | -11.11M | -4.13M | -19.48M | 174K | -986K | -122.58M | 53.64M | 8.83M | 10.72M | 16.3M | -7.88M | -22.5M | -8.6M | -52.9M | -23.7M |
| Dividends Paid | -183.44M | -179.07M | -161.44M | -150.36M | -125.91M | -97.68M | -88.35M | -82.14M | -72.44M | -63.84M | -56.44M | -54.85M | -48.39M | -40.48M | -33.8M | -29.84M | -26.44M | -24.75M | -24.64M | -23.48M | -22.37M | -23.38M | -22.13M | -20.38M | -19.01M | -18.31M | -16.85M | -15.9M | -14.5M | -13.8M | -12.9M |
| Share Repurchases | -88.17M | -306.37M | -33.34M | -89.71M | -262.87M | -60.97M | -52.61M | -120.51M | -24.01M | -3.22M | -33.42M | -383.85M | -166.43M | -33.4M | -88.45M | -137.99M | -24.93M | -7.12M | -35.62M | -9.09M | -22.52M | -132.16M | -3.12M | -73K | -300K | -462K | -17.65M | -29.1M | -30M | -59.9M | -25.8M |
| Other Financing | -187.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.87M | 3.48M | 2.1M | 6.38M | 5.53M | 4.79M | 6.92M | 7.8M | 284K | 9M | 4.27M | 9.07M | 0 | 0 | 0 | 0 | -2.43M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -30.5M | -7.51M | 273K | -47.78M | -136.51M | 91.68M | 57.13M | 55.49M | 5.29M | 23.14M | 16.97M | 7.95M | -61K | 1.14M | 3.83M | -4.92M | 23.55M | 7.03M | -19.38M | -17.72M | 37.54M | 93K | 53.31M | 1.07M | -2.01M | 7.1M | -15.24M | 9.2M | 5.4M | -7.8M | 8.8M |
| Free Cash Flow | 724.01M | 661.12M | 491.78M | 606.7M | 461.7M | 507.62M | 451.89M | 318.65M | 414.85M | 278.12M | 270.31M | 199.86M | 244.58M | 221.16M | 243.44M | 226.49M | 124.88M | 156.16M | 87.66M | 93.23M | 107.67M | 103.44M | 97.88M | 79.98M | 119M | 50.28M | 61.33M | 9M | 54.8M | 36.3M | -8.9M |
| FCF Margin % | 24.3% | 23.68% | 18.28% | 23.08% | 17.82% | 21.49% | 21.3% | 14.52% | 18.4% | 13.46% | 14.94% | 11.84% | 14.35% | 14.33% | 17.27% | 18.37% | 11.99% | 19.06% | 7.79% | 9.38% | 12.07% | 12.33% | 12.33% | 11.99% | 18.37% | 6.87% | 8.28% | 1.28% | 8.29% | 5.7% | -1.46% |
| FCF Growth % | 33.33% | 34.43% | -18.94% | 31.4% | -9.05% | 12.33% | 41.81% | -23.19% | 49.16% | 2.89% | 35.25% | -18.28% | 10.59% | -9.15% | 7.48% | 81.37% | -20.03% | 78.15% | -5.98% | -13.41% | 4.08% | 5.68% | 22.38% | -32.78% | 136.66% | -18.02% | 581.46% | -83.58% | 50.96% | 507.87% | -152.05% |
| FCF per Share | 12.92 | 11.62 | 8.54 | 10.53 | 7.93 | 8.64 | 7.73 | 5.47 | 7.04 | 4.78 | 4.70 | 3.27 | 3.80 | 3.41 | 3.74 | 3.37 | 1.82 | 2.33 | 1.28 | 1.36 | 1.57 | 1.42 | 1.34 | 1.18 | 1.77 | 0.76 | 0.94 | 0.13 | 0.83 | 0.52 | -0.12 |
| FCF Conversion (FCF/Net Income) | 1.30x | 1.48x | 1.19x | 1.32x | 1.00x | 1.20x | 2.01x | 1.14x | 1.34x | 1.18x | 1.22x | 1.24x | 1.17x | 1.21x | 1.22x | 1.11x | 0.83x | -1.05x | 0.97x | 1.37x | 1.34x | 1.52x | 1.73x | 2.49x | 5.91x | 2.98x | 1.56x | 1.71x | 3.38x | 1.04x | 1.01x |
| Interest Paid | 0 | 0 | 85.97M | 54.71M | 22.98M | 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 | 160.12M | 112.91M | 141.21M | 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 |
Quick answers to the most common questions about buying NDSN stock.
Nordson Corporation (NDSN) generated $719.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nordson Corporation (NDSN) generated $661.1M 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.
Nordson Corporation (NDSN) spent $58.1M 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, Nordson Corporation (NDSN) returned $179.1M to shareholders via cash dividends and spent $306.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Semiconductor cyclicality and exposure
Metrics are mathematically derived from official filings.
Earnings Quality Driven by Cash
According to the provided quarterly data, Nordson consistently generates operating cash flow in excess of net income, with an OCF/NI ratio frequently exceeding 1.50, which suggests that the company's reported earnings are supported by high-quality cash inflows rather than aggressive accounting accruals or non-cash adjustments.
The consistent premium of operating cash flow over net income indicates that non-cash charges, such as depreciation and amortization, are effectively managed and that the core business model is highly efficient at converting sales into liquid capital. Investors should monitor whether this conversion efficiency persists as the company integrates recent acquisitions, which may introduce more complex working capital requirements.
FCF Margins Reflect Operational Resilience
As reported in financial statements, Nordson's free cash flow margins have demonstrated significant volatility, ranging from 10.2% to 30.5% over the last ten quarters, reflecting the lumpy nature of large-system revenue recognition and the cyclical demands of the company's specialized semiconductor and medical end-markets.
While the FCF trajectory appears somewhat erratic on a quarterly basis, the underlying ability to generate cash remains robust, particularly when compared to the company's stable dividend obligations. The periodic dips in FCF margin appear to correlate with periods of higher working capital investment, suggesting that cash flow is sensitive to the timing of inventory builds and customer payment cycles.
Low Capital Intensity Supports Returns
Based on the reported figures, Nordson maintains a disciplined capital expenditure profile, with CapEx/Revenue ratios consistently remaining below 3.5%, which highlights the company's asset-light business model and its ability to sustain growth without requiring massive, recurring investments in heavy manufacturing infrastructure.
The low capital intensity suggests that the company's competitive advantage is derived from intellectual property and specialized engineering rather than physical plant capacity. This structural efficiency allows for significant free cash flow generation, which management has historically utilized to fund dividends and strategic acquisitions rather than reinvesting heavily into maintenance-heavy assets.
Working Capital Fluctuations Impact Liquidity
Analysis of the cash flow statements reveals that working capital changes are a primary driver of quarterly cash flow variance, with swings as significant as a $57.0M inflow in 2025Q3 versus a $52.8M outflow in 2024Q4, indicating that inventory and receivables management remains a critical lever for liquidity.
The volatility in working capital suggests that the company's cash position is highly susceptible to the timing of large-scale project completions and the associated collection cycles. Investors should investigate whether these fluctuations are purely timing-related or if they indicate a potential build-up of obsolete inventory within the Advanced Technology Solutions segment.
Disciplined Capital Allocation Strategy
As evidenced by the quarterly cash flow data, Nordson consistently prioritizes shareholder returns through a long-standing dividend policy, while simultaneously utilizing excess cash to fund share repurchases and strategic acquisitions, such as the $11.6M net acquisition outflow observed in 2026Q2.
The company's capital deployment strategy appears balanced, effectively utilizing its strong cash generation to maintain its dividend track record while pursuing inorganic growth. However, the reliance on acquisitions to drive expansion warrants further investigation into the long-term return on invested capital, particularly as the company enters new verticals like precision agriculture.