Free cash flow margins have demonstrated resilience, peaking at 18.6% in 2025Q3, despite significant capital deployment for acquisitions such as the $266.4M outflow in 2025Q4.
| 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 |
|---|
| Cash from Operations | 219.8M | 201.2M | 162.9M | 207.8M | 127.4M | 141.9M | 50.6M | 207.6M | 226.4M | 46.6M | 64.5M | 86.5M | 32.2M | 61.7M | 118.2M | 78.6M | 35.4M | 77.1M | 98.2M | 104.8M | 75.8M | 76.4M | 41.1M | 42.1M | 32M | -62.7M |
| Operating CF Margin % | - | 17.6% | 15.53% | 19.62% | 11.59% | 16.88% | 6.33% | 17.22% | 14.78% | 3.56% | 5.43% | 7.18% | 2.64% | 5.39% | 9.98% | 7.11% | 4.09% | 9.6% | 8.41% | 10.17% | 8.16% | 9.11% | 4.97% | 5.77% | 4.51% | -9.96% |
| Operating CF Growth % | 135.89% | 23.51% | -21.61% | 63.11% | -10.22% | 180.43% | -75.63% | -8.3% | 385.84% | -27.75% | -25.43% | 168.63% | -47.81% | -47.8% | 50.38% | 122.03% | -54.09% | -21.49% | -6.3% | 38.26% | -0.79% | 85.89% | -2.38% | 31.56% | 151.04% | - |
| Net Income | 43.4M | 40.5M | 72.9M | 10.8M | 202.3M | 178.3M | 178M | 38.3M | 24.6M | 539.8M | -40.1M | -20.9M | 22M | 27.4M | 41M | 44.2M | 61.3M | -143.6M | 53.5M | 40.2M | -158.9M | 58.6M | 33.8M | 33.2M | -12.6M | 6.6M |
| Depreciation & Amortization | 105.1M | 102.8M | 100.3M | 94.5M | 103.1M | 63.8M | 56.6M | 67.9M | 73.7M | 63.8M | 57.1M | 58.1M | 57.5M | 56.6M | 55.5M | 48.4M | 39.6M | 40.3M | 44.8M | 40.2M | 35.2M | 31.3M | 31.6M | 31.6M | 29.9M | 28.8M |
| Stock-Based Compensation | 14.3M | 13.5M | 12M | 9.8M | 6.5M | 5M | 5.4M | 6.8M | 6.5M | 9.5M | 5.1M | 4.1M | 9.8M | 1.4M | 7.1M | 5.4M | 6.9M | 1.8M | 3.9M | 3.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -15M | -15M | -18.4M | -7.7M | -14M | -5.5M | -9M | -28.3M | 4.9M | 35.9M | -30M | -1.1M | -3.3M | 1.7M | 5.9M | 4.3M | -2.4M | -67.7M | 1.2M | -8.4M | -104.5M | 30.3M | 2.8M | 10.8M | -12.2M | 38.7M |
| Other Non-Cash Items | 76.1M | 71M | 13.7M | 57.6M | -130.9M | -119M | -196.2M | 89.5M | 34.2M | -519.4M | 81.1M | 53.5M | -11.7M | 4M | 5.4M | 5.3M | -77.8M | 136.7M | -3.2M | -3.8M | 5.7M | -5.8M | 6.2M | -26.9M | 8.9M | -66.8M |
| Working Capital Changes | 1.1M | -11.6M | -17.6M | 42.8M | -39.6M | 19.3M | 15.8M | 33.4M | 82.5M | -83M | -8.7M | -7.2M | -42.1M | -29.4M | 3.3M | -29M | 7.8M | 109.6M | -2M | 35.5M | 297.7M | -38M | -5.4M | -6.6M | 18M | -70M |
| Change in Receivables | -8.3M | -5.4M | 1.6M | 21.6M | -100K | -16.9M | 14.8M | 9.9M | -29.6M | -35.7M | 3M | 7.3M | -14.6M | -4.7M | 15.8M | -25.3M | -17.9M | 121.6M | 23.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.7M | 6.1M | 6.3M | 10.3M | -18M | -5.4M | 12.6M | 7M | -35.5M | 7.9M | 2.4M | -14.7M | -11.4M | -17.2M | -12.5M | -12M | 5.2M | -8.4M | -14M | 18.2M | -9.7M | -8.6M | -8.5M | 14.8M | 0 | -8.1M |
| Change in Payables | 12.7M | -4.3M | -5.4M | -5.2M | 1.5M | 9.9M | -400K | -15.9M | 7.5M | 20.5M | -2.9M | 3.5M | 1.3M | 2.4M | -4.7M | 12M | 2.1M | -200K | -12.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -316.1M | -316.9M | -241.5M | -7.4M | 297.6M | -651.2M | 216.9M | -342.9M | -26M | -97.7M | -61.4M | -86.5M | -74.7M | -41.5M | -125.6M | -257.9M | 111.8M | -69M | -73.2M | -142.3M | -27.5M | -64.1M | -26.8M | -34.9M | -32.3M | -169.8M |
| Capital Expenditures | -48.5M | -42M | -29.1M | -33.9M | -29.4M | -14.9M | -13.4M | -21.6M | -66M | -44.7M | -39.9M | -41.4M | -52.3M | -39.9M | -40.9M | -31.5M | -21.9M | -22.1M | -49.1M | -46.8M | -41.3M | -32.2M | -36.9M | -20.8M | -18.7M | -16.4M |
| CapEx % of Revenue | 4.13% | 3.67% | 2.77% | 3.2% | 2.67% | 1.77% | 1.68% | 1.79% | 4.31% | 3.41% | 3.36% | 3.44% | 4.29% | 3.49% | 3.45% | 2.85% | 2.53% | 2.75% | 4.2% | 4.54% | 4.45% | 3.84% | 4.47% | 2.85% | 2.63% | 2.6% |
| Acquisitions | -266.3M | -273.9M | -209.4M | 25.9M | 304.8M | -632.5M | 236.8M | -306.9M | 30.7M | -53.5M | -21.9M | -45.5M | -22.6M | -2M | -85.3M | -228.2M | -25.9M | -51.1M | -43.4M | -77M | -27.3M | -1.7M | 0 | -20.5M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -23.1M | 2.4M | -3M | 600K | -5.2M | -3.8M | -6.5M | -14.4M | 30.7M | 500K | 400K | 400K | 200K | 400K | 600K | 1.8M | 159.6M | -800K | 4.6M | 700K | 41.1M | -41.1M | 10.1M | 6.4M | 4.6M | -153.4M |
| Cash from Financing | -70.3M | -17.4M | -50.5M | -170.9M | -402.1M | 618.2M | -167.3M | 123.8M | -252.4M | 118.5M | 22M | -85.2M | 177M | -11.3M | 29.5M | -9.4M | -4.6M | -9.5M | -72.1M | 2.7M | 700K | -9.1M | -3.9M | 700K | 53M | 191.8M |
| Debt Issued (Net) | -35.7M | 10.4M | -8.1M | -145.1M | -337M | 636M | -138.3M | 164.8M | -170.2M | 151.4M | 72.7M | 20.2M | 187.8M | -14.9M | 27.8M | -9.3M | -6.2M | -9.9M | -3.7M | -2.1M | -500K | 15.2M | -5.4M | 800K | 2.6M | -3.4M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 10M | 0 | -15M | -50M | -11.5M | -30.4M | -85.3M | 0 | 0 | 0 | 0 | 800K | 400K | -68.8M | 1M | 700K | -25.6M | 1.5M | 500K | 0 | 0 |
| Dividends Paid | -26.5M | -26.2M | -25.3M | -24.3M | -23.4M | -22.4M | -21.7M | -20.9M | -20.3M | -19M | -18.1M | -18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -5.3M | -15M | -50M | -11.5M | -30.4M | -85.3M | 0 | 0 | 0 | 0 | 0 | 0 | -69.2M | 0 | 0 | -26.7M | 0 | 0 | 0 | 0 |
| Other Financing | -8.1M | -1.6M | -17.1M | -1.5M | -41.7M | -5.4M | -7.3M | -5.1M | -11.9M | -2.4M | -2.2M | -2.1M | -10.8M | -4.6M | 1.7M | -100K | 800K | 0 | 400K | 3.8M | 500K | 1.3M | 0 | -600K | 50.4M | 195.2M |
| Net Change in Cash | -161.1M | -121.6M | -133.5M | 35.4M | -3.7M | 108.6M | 108.3M | -8.4M | -59.7M | 77.8M | 8.1M | -90.8M | 129.8M | 10.5M | 23.2M | -188.5M | 142.4M | 500K | -52.9M | -31.8M | 51.5M | 1.5M | 13.3M | 12.9M | 55.9M | 4.3M |
| Free Cash Flow | 172.7M | 159.2M | 130M | 173.9M | 97.6M | 127M | 37.2M | 186M | 160.4M | 1.9M | 24.6M | 45.1M | -20.1M | 21.8M | 77.3M | 47.1M | 13.5M | 55M | 49.1M | 58M | 34.5M | 44.2M | 4.2M | 21.3M | 13.3M | -79.1M |
| FCF Margin % | 14.72% | 13.92% | 12.4% | 16.42% | 8.88% | 15.11% | 4.65% | 15.43% | 10.47% | 0.15% | 2.07% | 3.74% | -1.65% | 1.91% | 6.53% | 4.26% | 1.56% | 6.85% | 4.2% | 5.63% | 3.72% | 5.27% | 0.51% | 2.92% | 1.87% | -12.56% |
| FCF Growth % | 20.26% | 22.46% | -25.24% | 78.18% | -23.15% | 241.4% | -80% | 15.96% | 8342.11% | -92.28% | -45.45% | 324.38% | -192.2% | -71.8% | 64.12% | 248.89% | -75.45% | 12.02% | -15.34% | 68.12% | -21.95% | 952.38% | -80.28% | 60.15% | 116.81% | - |
| FCF per Share | 8.18 | 7.58 | 6.16 | 8.28 | 4.67 | 6.11 | 1.81 | 8.94 | 7.67 | 0.09 | 1.14 | 2.00 | -0.78 | 0.93 | 3.58 | 2.19 | 0.65 | 2.75 | 2.33 | 2.60 | 1.65 | 2.07 | 0.20 | 1.03 | 0.66 | -3.87 |
| FCF Conversion (FCF/Net Income) | 3.98x | 4.97x | 2.23x | 9.36x | 0.62x | 0.80x | 0.28x | 5.42x | 9.20x | 0.09x | -1.61x | -4.14x | 1.46x | 2.25x | 2.88x | 1.78x | 0.23x | -0.55x | 1.84x | 2.61x | -0.48x | 1.30x | 1.22x | 1.27x | -10.67x | -0.62x |
| Interest Paid | 17.7M | 0 | 38.9M | 43.3M | 31.5M | 14.9M | 16.1M | 19.2M | 0 | 46.4M | 41M | 36.4M | 22.9M | 25.1M | 24.3M | 22.9M | 7.2M | 7.4M | 8M | 8.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 27.9M | 0 | 36.1M | 17.2M | 80.8M | 6.4M | 67.2M | 8.8M | 0 | 6.2M | 19.6M | 20.4M | 50.3M | 19.6M | 19.7M | 35.1M | 56.5M | 13.2M | 37M | 21.7M | 0 | 0 | 0 | 0 | 0 | 0 |
Semiconductor WFE cyclicality
As reported in financial statements, EnPro's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging from -10.94 in 2023Q4 to 3.02 in 2025Q3, suggesting that GAAP earnings are currently an unreliable proxy for the company's underlying cash-generating capacity and operational efficiency.
The significant divergence between net income and operating cash flow appears driven by non-cash charges and the impact of portfolio restructuring. Investors should monitor whether this volatility stabilizes as the company completes its transition toward higher-margin technology services.
Based on EnPro's reported figures, free cash flow margins have demonstrated notable resilience, peaking at 18.6% in 2025Q3, which indicates that the company's core business segments are successfully converting revenue into cash despite the ongoing divestiture of legacy industrial assets and associated restructuring costs.
The trajectory of FCF appears to be improving as the company sheds lower-margin businesses. However, the sensitivity of these margins to semiconductor capital equipment cycles warrants caution, as any sustained downturn could pressure the current cash conversion efficiency.
According to recent SEC filings, EnPro's working capital dynamics are characterized by significant quarterly fluctuations, including a $39.6M outflow in 2024Q1 followed by a $38.2M inflow in 2023Q4, suggesting that inventory and receivables management remains highly sensitive to the timing of large-scale semiconductor service contracts.
These swings imply that cash flow is subject to lumpy project-based cycles rather than smooth, recurring inflows. Analysts should investigate whether these working capital movements represent structural inefficiencies or merely the timing of customer payments in the AST segment.
Based on the provided financial data, EnPro has utilized its cash flow to fund significant acquisitions, such as the $266.4M outflow in 2025Q4, while maintaining consistent dividend payments, reflecting a management strategy focused on inorganic growth to bolster its high-tech service capabilities.
The company's ability to fund these acquisitions while maintaining a healthy balance sheet suggests a disciplined approach to capital deployment. However, the long-term success of these investments remains contingent on the company's ability to integrate these assets without overpaying for market share.
Quick answers to the most common questions about buying NPO stock.
EnPro Industries, Inc. (NPO) generated $201.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EnPro Industries, Inc. (NPO) generated $159.2M 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.
EnPro Industries, Inc. (NPO) spent $42.0M 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, EnPro Industries, Inc. (NPO) returned $26.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.