Cash flow generation remains erratic, characterized by extreme working capital volatility that saw a $618 million inflow in 2024Q4 followed by a $540 million outflow in 2025Q1.
| 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 | 98M | -278M | 520M | 198.49M | 347.69M | 260.15M | 346.35M | 205.15M | 184.48M | 204.43M | 132.67M | 65.08M | 141.71M | 34.66M | 90.8M | 73.91M | 78.84M | 831K | 117.79M | 74.98M | 88.45M | 111.67M | 10.48M | 55.89M | 3.13M | 10.54M | 74.59M | 17.8M | 13.9M | 20.5M | 11.8M |
| Operating CF Margin % | - | -4.08% | 7.9% | 3.06% | 5.85% | 5.23% | 8.08% | 4.75% | 4.82% | 6.19% | 4.51% | 2.5% | 6.01% | 1.54% | 4.21% | 3.74% | 4.58% | 0.05% | 6.83% | 4.78% | 6.37% | 9.55% | 1.08% | 6.27% | 0.37% | 0.24% | 2.01% | 0.79% | 0.83% | 1.69% | 1.31% |
| Operating CF Growth % | -376.26% | -153.46% | 161.98% | -42.91% | 33.65% | -24.89% | 68.83% | 11.21% | -9.76% | 54.08% | 103.85% | -54.07% | 308.82% | -61.82% | 22.85% | -6.25% | 9387.36% | -99.29% | 57.09% | -15.23% | -20.79% | 965.68% | -81.25% | 1686.32% | -70.31% | -85.87% | 319.04% | 28.06% | -32.2% | 73.73% | 493.33% |
| Net Income | -25M | -7M | 91M | 171.38M | 179.35M | 124.08M | 138.24M | 151.1M | 135.41M | 84.4M | 65.99M | 39.39M | 28M | 32.03M | 40.4M | 30.47M | 22.44M | 16.57M | 45.78M | 47.49M | 46.51M | 29.98M | 19.21M | 12.86M | -4.08M | 10.36M | 16.9M | 9.4M | 9.1M | 7.4M | 2.6M |
| Depreciation & Amortization | 45M | 45M | 44M | 42.71M | 40.66M | 38.55M | 31.19M | 28.72M | 22.84M | 18.18M | 16.64M | 18.57M | 21.39M | 21.03M | 18.18M | 15.22M | 14.95M | 16.56M | 15.54M | 16.55M | 15.53M | 15.48M | 17.77M | 22.18M | 21.86M | 17.07M | 11.97M | 7.6M | 4.2M | 2.7M | 1.7M |
| Stock-Based Compensation | 50M | 61M | 61M | 53M | 50.08M | 40.62M | 60.15M | 23.99M | 20.43M | 24.34M | 16.64M | 13.35M | 11.05M | 11.1M | 9.81M | 8.6M | 8.13M | 10.06M | 9.97M | 7.51M | 3.41M | 2.08M | 29.36M | 12.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 17M | 12M | -14M | -4.81M | -10.64M | 4.71M | -5.65M | 4.86M | -4.53M | 9.74M | 2.95M | -14.73M | -1.73M | -2.29M | -5.74M | -46K | 1.18M | -4.4M | 5.36M | 4.37M | 4.2M | -5.22M | 2.17M | -3.02M | 77K | -1.83M | 1.96M | 1.6M | 2.7M | -800K | 900K |
| Other Non-Cash Items | 13M | 0 | 0 | 0 | 843K | 884K | 783K | -486K | 137K | 80K | 90K | 11.32M | 5.58M | 8.14M | 6.49M | 6.58M | 1.65M | 0 | 9.97M | 7.51M | 3.41M | 670K | -28.83M | -12.78M | 4.22M | 5.49M | 1.56M | 100K | 200K | -100K | -100K |
| Working Capital Changes | -2M | -389M | 338M | -63.78M | 87.4M | 51.31M | 121.65M | -3.04M | 10.2M | 67.67M | 30.35M | -2.8M | 77.42M | -35.36M | 21.66M | 13.09M | 30.5M | -37.97M | 41.14M | -939K | 18.8M | 68.68M | -29.19M | 23.84M | -18.95M | -20.55M | 42.21M | -2.8M | -2.8M | 9.4M | 6.7M |
| Change in Receivables | -46M | 3M | -135M | -71.11M | -109.46M | -120.56M | 73.03M | -65.16M | -66.64M | -63.7M | -69.62M | -25.55M | 34.89M | -19.62M | -19.45M | -28.83M | -18.87M | 2.5M | 9.74M | -12.11M | -24.31M | -31.66M | -5.93M | 20.24M | -7.65M | -12.53M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 186.16M | 0 | 59.55M | 38.15M | 108.54M | 92.58M | -9.68M | 12.8M | -12.96M | 31.14M | 22.36M | 48.77M | -32.09M | 22.83M | 17.37M | 20.45M | 5.26M | -68.82M | 20.23M | -51.27M | -47.46M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2M | -4M | -1M | 2.96M | 1.32M | 209K | 1.64M | -6.06M | 4.17M | 2.26M | -1.19M | 707K | 2M | -982K | -1.43M | 1.78M | 1.14M | -1.15M | -2.23M | 1.43M | -1.18M | 1.85M | -1.94M | 1.25M | -1.26M | 2.84M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -31M | -31M | -38M | -21.73M | -32.12M | -31.01M | -98.62M | -29.72M | -94.14M | -33.25M | -26.02M | 12.37M | -3.21M | -43.03M | 17.86M | -61.7M | -58.58M | -14.52M | 44.27M | -2.11M | -40.38M | -65.46M | -12.1M | -14.48M | -8.69M | -46.03M | -33.62M | -800K | -44.1M | -33.5M | -3.5M |
| Capital Expenditures | -31M | -31M | -38M | -40.12M | -30.33M | -32.91M | -98.16M | -56.31M | -35.33M | -33.34M | -33.99M | -17.84M | -19.12M | -11.56M | -17.63M | -31.44M | -6.76M | -8.02M | -26.71M | -12.87M | -12.93M | -28.58M | -8.11M | -6.77M | -36.68M | -19.16M | -15.45M | -13.8M | -17.9M | -7.1M | -4.2M |
| CapEx % of Revenue | 0.45% | 0.46% | 0.58% | 0.62% | 0.51% | 0.66% | 2.29% | 1.31% | 0.92% | 1.01% | 1.16% | 0.69% | 0.81% | 0.51% | 0.82% | 1.59% | 0.39% | 0.49% | 1.55% | 0.82% | 0.93% | 2.44% | 0.84% | 0.76% | 4.32% | 0.44% | 0.42% | 0.61% | 1.06% | 0.58% | 0.47% |
| Acquisitions | 0 | 0 | 0 | 0 | 1.79M | 51K | 0 | 21K | 151K | 278K | 43K | 12.31M | 0 | 0 | -2.41M | -14.55M | -12.92M | -720K | -3.78M | 52K | 0 | -6.25M | 0 | 275K | 148K | 431K | 224K | 200K | 100K | 100K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -1.79M | 0 | 43K | 0 | 151K | 278K | 43K | 12.31M | 122K | 57K | 2.48M | 14.64M | 54K | 36K | 67.09M | 173K | 161K | -278K | 16.91M | 1.53M | -5.23M | -18.52M | -10.56M | -5.2M | -2.6M | -300K | 0 |
| Cash from Financing | -87M | -90M | -173M | -155.01M | -141.15M | -208.07M | -53.58M | -118.35M | -104.48M | -102.95M | -90.16M | -84.37M | -87.81M | -30.42M | -55.32M | -35.84M | -12.51M | -11.42M | -45.66M | -85.49M | -37.06M | 9.46M | -21.36M | -8.48M | 24.36M | 18.76M | 3.31M | -15.1M | 13.1M | 40.1M | -1.4M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 100M | 125M | 40M | 0 | 104.4M | 0 | 0 | 0 | 0 | 0 | 0 | -537K | -629K | -583K | -33.14M | -1.65M | -5.82M | -1.81M | 39.71M | 13.5M | 0 | 200K | 0 | -4.6M | -100K |
| Equity Issued (Net) | -4M | -19M | -63M | -131.52M | -73.28M | -69.72M | -99.42M | -203.04M | -113.33M | -38.73M | -175.33M | -67.11M | -20.77M | -17.23M | -16.93M | -25.08M | -7.85M | 814K | -34.89M | -76.58M | -7.34M | 18.29M | -15.7M | -6.83M | -16.12M | 4.9M | 3.24M | -15.3M | 13M | 45.1M | 0 |
| Dividends Paid | -90M | -90M | -89M | -84.22M | -76.59M | -144.18M | -61.87M | -48.62M | -33.41M | -65.77M | -20.6M | -21.15M | -69.49M | -17.39M | -42.73M | -15.74M | -13.53M | -13.27M | -12.41M | -11.9M | -10.02M | -7.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K |
| Share Repurchases | -4M | -19M | -63M | -131.52M | -73.28M | -69.72M | -99.42M | -203.04M | -113.33M | -38.73M | -175.93M | -67.11M | -20.77M | -17.23M | -16.93M | -25.08M | -7.85M | -2.02M | -38.08M | -80.52M | -24.17M | -12.2M | -17.15M | -8.23M | -30.59M | -21.57M | -2.58M | -16.1M | -6.1M | -2.5M | 0 |
| Other Financing | 7M | 19M | -21M | 60.73M | 8.73M | 5.83M | 7.7M | 8.31M | 2.26M | 1.55M | 1.37M | 3.89M | 2.46M | 4.2M | 4.34M | 4.99M | 8.87M | 1.58M | 2.27M | 3.58M | 13.44M | 198K | 159K | 155K | 775K | 358K | 76K | 0 | 100K | -400K | -1M |
| Net Change in Cash | 21M | -399M | 309M | 21.75M | 174.42M | 21.07M | 194.15M | 57.08M | -14.14M | 68.23M | 16.5M | -6.92M | 50.7M | -38.79M | 53.34M | -23.62M | 7.74M | -25.11M | 116.4M | -12.62M | 11.01M | 55.67M | -22.99M | 32.93M | 18.8M | -16.73M | 44.28M | 2M | -17.1M | 27.2M | 6.9M |
| Free Cash Flow | 67M | -309M | 482M | 158.37M | 317.36M | 227.25M | 248.19M | 148.85M | 149.15M | 171.09M | 98.68M | 47.24M | 122.59M | 23.1M | 73.17M | 42.47M | 72.08M | -7.19M | 91.08M | 62.12M | 75.52M | 83.1M | 2.37M | 49.12M | -33.55M | -8.62M | 59.15M | 4M | -4M | 13.4M | 7.6M |
| FCF Margin % | 0.98% | -4.54% | 7.32% | 2.44% | 5.34% | 4.57% | 5.79% | 3.45% | 3.9% | 5.18% | 3.35% | 1.81% | 5.2% | 1.02% | 3.39% | 2.15% | 4.19% | -0.43% | 5.28% | 3.96% | 5.44% | 7.1% | 0.24% | 5.51% | -3.95% | -0.2% | 1.59% | 0.18% | -0.24% | 1.1% | 0.84% |
| FCF Growth % | 857.14% | -164.11% | 204.35% | -50.1% | 39.65% | -8.44% | 66.75% | -0.21% | -12.82% | 73.38% | 108.89% | -61.47% | 430.64% | -68.43% | 72.28% | -41.07% | 1102.73% | -107.89% | 46.62% | -17.75% | -9.11% | 3413.57% | -95.19% | 246.43% | -289.28% | -114.57% | 1378.63% | 200% | -129.85% | 76.32% | 200% |
| FCF per Share | 1.78 | -8.13 | 12.68 | 4.13 | 8.22 | 5.83 | 6.39 | 3.69 | 3.60 | 4.15 | 2.36 | 0.97 | 2.48 | 0.46 | 1.46 | 0.83 | 1.42 | -0.14 | 1.78 | 1.14 | 1.33 | 1.55 | 0.04 | 0.90 | -0.62 | -0.15 | 1.01 | 0.07 | -0.07 | 0.24 | 0.17 |
| FCF Conversion (FCF/Net Income) | -2.68x | 39.71x | 5.71x | 1.16x | 1.94x | 2.10x | 2.51x | 1.36x | 1.36x | 2.42x | 2.01x | 1.65x | 5.06x | 1.08x | 2.25x | 2.43x | 3.51x | 0.05x | 2.57x | 1.58x | 1.90x | 3.72x | 0.55x | 4.34x | -0.77x | 1.02x | 4.41x | 1.89x | 1.53x | 2.77x | 4.54x |
| Interest Paid | 0 | 23M | 32M | 22.07M | 13M | 7.27M | 8.98M | 7.42M | 4.01M | 3.26M | 2.4M | 459K | 370K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 34M | 33M | 62.88M | 57M | 53.84M | 51.1M | 38.3M | 40.73M | 40.87M | 44.15M | 39.81M | 16.43M | 27.19M | 24.92M | 19.78M | 13.49M | 23.69M | 11.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -68.78 in 2024Q4 to 15.80 in 2025Q2, suggesting that accounting accruals and timing differences significantly distort the company's underlying cash-generating capability.
The extreme divergence between net income and operating cash flow indicates that reported earnings are not a reliable proxy for cash generation. Investors should monitor whether these fluctuations are driven by seasonal insurance true-ups or fundamental shifts in the timing of payroll-related tax obligations.
Based on the provided cash flow data, FCF margins have demonstrated extreme volatility, ranging from a peak of 37.6% in 2024Q4 to a trough of -24.1% in 2025Q1, which highlights the company's difficulty in maintaining consistent cash flow generation amidst fluctuating operational costs.
The inability to sustain positive free cash flow suggests that the business model is highly sensitive to the timing of client-related pass-through payments. This inconsistency complicates the valuation of the company, as cash flow appears to be more a function of working capital cycles than core service profitability.
According to historical cash flow statements, working capital changes are the primary driver of liquidity, with a massive $618 million inflow in 2024Q4 followed by a $540 million outflow in 2025Q1, illustrating the significant impact of payroll and tax timing on the company's cash position.
These massive swings in working capital suggest that the company acts as a temporary repository for client funds, which can mask the true operational cash flow. Analysts should be wary of interpreting these large inflows as permanent improvements in liquidity, as they are likely reversed in subsequent periods.
As indicated by the reported figures, the company has continued to pay dividends despite periods of negative net income and cash flow, with $23 million in quarterly dividends paid in 2026Q1, raising questions about the sustainability of this capital return policy given the current financial strain.
Maintaining dividend payments while operating cash flow is negative may indicate a management preference for shareholder returns over balance sheet preservation. This strategy warrants further investigation, as it may limit the company's ability to reinvest in the business or manage potential insurance-related liabilities.
Quick answers to the most common questions about buying NSP stock.
Insperity, Inc. (NSP) generated $-278.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Insperity, Inc. (NSP) reported negative free cash flow of $309.0M in 2025, indicating capital requirements exceeded cash from operations.
Insperity, Inc. (NSP) spent $31.0M 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, Insperity, Inc. (NSP) returned $90.0M to shareholders via cash dividends and spent $19.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.