Free cash flow generation remains highly unstable, evidenced by a negative 7.7% FCF margin in 2026Q1 and a volatile OCF/NI ratio that reached 5.65 in 2026Q2 due to non-cash charges.
| 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 | 147.62M | 164.9M | 88.81M | 147.05M | 97.97M | 78.59M | 100.8M | 96.37M | 104.61M | 78.55M | 86.42M | 67.09M | 20.78M | 43.52M | 26.48M | 52.88M | 89.13M | 60.49M | 65.03M | 224.07M | 190.27M | 249.12M | 124.24M | 102.84M | 81.11M | 84.95M | 77.87M | 77.69M | 64.07M | 79.43M | 64.11M |
| Operating CF Margin % | - | 8.97% | 6.95% | 13.01% | 8.02% | 7.33% | 11.84% | 10.78% | 11.76% | 9.07% | 9.31% | 10.39% | 3.49% | 4.57% | 3.19% | 6.23% | 11.16% | 10.34% | 7.48% | 10.94% | 9.36% | 12.65% | 8.51% | 9.97% | 8.16% | 9.19% | 8.34% | 9.59% | 8.03% | 10.65% | 7.16% |
| Operating CF Growth % | 1446.39% | 85.67% | -39.61% | 50.11% | 24.66% | -22.03% | 4.59% | -7.88% | 33.17% | -9.1% | 28.81% | 222.88% | -52.26% | 64.37% | -49.92% | -40.68% | 47.35% | -6.99% | -70.98% | 17.77% | -23.62% | 100.52% | 20.81% | 26.79% | -4.52% | 9.09% | 0.23% | 21.25% | -19.34% | 23.89% | -4.48% |
| Net Income | -257.16M | -250.81M | 33.06M | 82.5M | 88.34M | 56.98M | 38.5M | -46.73M | 26.33M | 18.68M | -1.86M | 16.09M | 29.23M | -11.7M | -16.53M | 9.08M | 24.2M | -137.09M | 21.58M | 134.62M | 160.31M | 177.23M | 57.6M | 42.89M | 55.48M | 28.82M | -10.02M | 39.08M | 47.19M | 27.72M | 30.37M |
| Depreciation & Amortization | 108.41M | 103.44M | 60.33M | 42.87M | 40.11M | 42.73M | 47.23M | 49.59M | 51.82M | 57.49M | 53.15M | 35.22M | 36.91M | 60.5M | 37.67M | 34M | 28.28M | 215.35M | 35.11M | 77.31M | 71.66M | 65.99M | 50.6M | 46.41M | 43.99M | 43.91M | 48.45M | 45.88M | 42.4M | 37.87M | 38.42M |
| Stock-Based Compensation | 4.26M | 3.69M | 2.95M | 2.52M | 5.83M | 7.2M | 1.17M | 2.04M | 1.87M | 5.19M | 6.09M | 4.27M | 3.92M | 4.91M | 5.6M | 4.85M | 4.46M | 3.43M | 26.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -18.87M | -18.54M | -15.34M | 5.15M | 2.1M | 1.78M | -189K | 3.26M | -5.63M | -112K | -8.47M | 5.2M | 14.25M | -8.29M | -9.84M | 3.36M | 12.29M | -43.61M | 2.98M | -5.92M | 7.08M | -438K | 551K | 8.99M | 2.33M | 2.36M | 5.48M | 10.15M | 6.06M | 7.54M | 2.6M |
| Other Non-Cash Items | 311.13M | 314.57M | -3.77M | 1.81M | -1.53M | -65K | 1.4M | 77.51M | 1.06M | 3.02M | 28.81M | -847K | -38.49M | 2.46M | 1.18M | 5.64M | -1.7M | 0 | 6.39M | 6.04M | 4.58M | 1.32M | -953K | -523K | -5.78M | 450K | 56.49M | -15.09M | -21.64M | -8.59M | 2.9M |
| Working Capital Changes | -154K | 12.54M | 11.57M | 12.21M | -36.88M | -30.04M | 12.69M | 10.7M | 29.16M | -5.72M | 8.7M | 7.15M | -25.05M | -4.36M | 8.4M | -4.05M | 21.6M | 22.41M | -27.41M | 12.07M | -53.37M | 5.01M | 16.44M | 5.07M | -14.9M | 9.41M | -22.52M | -2.34M | -9.94M | 14.89M | -10.17M |
| Change in Receivables | -16.7M | -6.88M | 973K | 6.97M | 6.95M | -19.02M | -5.77M | 574K | -5.55M | 5.38M | 796K | 2.67M | 484K | -9.2M | -4.25M | 13.76M | -6.37M | 14.42M | -25.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 3.17M | 23.55M | 33.48M | 30.02M | -32.03M | -31.38M | 6.12M | 3.8M | 17.53M | -3.24M | 5.35M | 9.8M | -25.65M | 12.79M | -10.29M | -530K | 3.14M | 16.49M | -10.4M | -7.83M | -9.75M | -8.85M | -6.99M | 11.43M | -5.25M | 20.81M | -12.47M | 6.49M | -10.99M | 8.9M | -16.77M |
| Change in Payables | 15.63M | 3.31M | -35.82M | -11.61M | -3.05M | 7.1M | 15.92M | 8.12M | 8.32M | -4.89M | -2.27M | -2.86M | 12.84M | -5.9M | 14.92M | -13.35M | 4.57M | -12.31M | 11.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -58.13M | -62.01M | -420.59M | -128.44M | -32.96M | -18.71M | -25.22M | -23.56M | -26.05M | -41.12M | -282.1M | -160.14M | 74.12M | -59.69M | -41.7M | -135.37M | -15.79M | -14.81M | 52.39M | -136.97M | -65.54M | -240.74M | -213.09M | -22.5M | -29.81M | -77.09M | -79.59M | -62.68M | -39.82M | -49.59M | -172.64M |
| Capital Expenditures | -58.42M | -62.64M | -37.09M | -37.39M | -33.12M | -24.01M | -25.73M | -24.88M | -26.48M | -34.56M | -37.24M | -29.98M | -33.78M | -37.93M | -42.87M | -25.31M | -14.72M | -16.15M | -15.81M | -34.4M | -72.26M | -50.79M | -19.54M | -28.69M | -34.27M | -55.58M | -42.33M | -60.85M | -58.51M | -72.78M | -44.26M |
| CapEx % of Revenue | 3.15% | 3.41% | 2.9% | 3.31% | 2.71% | 2.24% | 3.02% | 2.78% | 2.98% | 3.99% | 4.01% | 4.64% | 5.67% | 3.98% | 5.17% | 2.98% | 1.84% | 2.76% | 1.82% | 1.68% | 3.56% | 2.58% | 1.34% | 2.78% | 3.45% | 6.01% | 4.53% | 7.51% | 7.34% | 9.76% | 4.94% |
| Acquisitions | -103K | 634K | -398.55M | -91.3M | 159K | 5.3M | 502K | 0 | 432K | -8.5M | -245.9M | -131.69M | 102.27M | -22.1M | 0 | -110.84M | -1.59M | 0 | 33M | -58.49M | 5.68M | -188.84M | -191.31M | 0 | -17.28M | -17.92M | -35.45M | 0 | 21.86M | 24.74M | -123.26M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 390K | 0 | 15.05M | 253K | 0 | 0 | 0 | 1.32M | 0 | 1.94M | 1.04M | 1.53M | 5.63M | 340K | 1.17M | 790K | 525K | 1.34M | 35.2M | 0 | 1.04M | -1.1M | -2.24M | 6.19M | 21.75M | -3.6M | -1.81M | -1.83M | -3.17M | -1.55M | -5.12M |
| Cash from Financing | -87.39M | -127.48M | 385.16M | -16.15M | -45.88M | -71.86M | -55.12M | -71.26M | -65.82M | -45.41M | 196.37M | -4.58M | -24.46M | -4.87M | -3.93M | -15.31M | -9.37M | 10.51M | -63.66M | -20.13M | -68.72M | -462K | 108.48M | -76.52M | -62.59M | -692K | -1.81M | -15.38M | -24.93M | -39.37M | 99.3M |
| Debt Issued (Net) | -66.92M | -79.05M | 405.04M | -567K | -27.96M | -65.68M | -40.53M | -54.03M | -30.55M | -48.1M | 209.74M | 48.98M | -175K | -557K | -264K | -340K | -323K | -363K | -1.46M | -4.39M | -2.52M | -180K | 115M | -55M | -83.34M | 8.79M | 23.81M | -7.76M | -18.62M | -41.83M | 105.33M |
| Equity Issued (Net) | -5.17M | -32.15M | 573K | -4.38M | -5.91M | 5.09M | -3.61M | -6.26M | -27.29M | 7.95M | 3.4M | -47.61M | -19.03M | 2.58M | 1.73M | -9.21M | -4.27M | 0 | 0 | 5.04M | -47.23M | 14.29M | 11.66M | -8.35M | 33.95M | 247K | -16.18M | 1.57M | 3.18M | 8.36M | 0 |
| Dividends Paid | -14.61M | -14.89M | -11.97M | -10.64M | -10.6M | -10.78M | -10.53M | -10.64M | -7.02M | -5.52M | -5.47M | -5.51M | -5.99M | -5.93M | -5.89M | -5.98M | -5.28M | -4.52M | -2.26M | -20.78M | -18.36M | -14.3M | -11.53M | -10.87M | -9.64M | -8.62M | -8.88M | -9.12M | -9.06M | -8.42M | -8.12M |
| Share Repurchases | -5.17M | -32.36M | 0 | -5.59M | -6.6M | -11.18M | -7.23M | -9.55M | -32.03M | 0 | 0 | -52.72M | -22.28M | 0 | -1.28M | -10.08M | -4.27M | 0 | 0 | 0 | -58.33M | 0 | 0 | -13.52M | 0 | -2.23M | -17.18M | 0 | 0 | 0 | 0 |
| Other Financing | -696K | -1.4M | -8.49M | -567K | -1.41M | -492K | -454K | -330K | -960K | 248K | -11.3M | -436K | 740K | -964K | 496K | 618K | 502K | 15.39M | -13.75M | -11K | -603K | -281K | -6.66M | -2.3M | -3.56M | -1.1M | -556K | -60K | -429K | 2.52M | 2.08M |
| Net Change in Cash | 1.19M | -24.88M | 44.52M | 3.38M | 15.03M | -11.56M | 20.75M | 1.86M | 11.55M | -8.07M | 2.4M | -97.26M | 70.65M | -21.52M | -18.36M | -97.56M | 63.68M | 56.22M | 65.64M | 67.13M | 56.03M | 7.94M | 19.64M | 3.83M | -11.29M | 7.16M | -3.46M | -405K | -572K | -9.11M | -9.23M |
| Free Cash Flow | 89.2M | 102.25M | 51.73M | 109.66M | 64.84M | 54.58M | 75.07M | 71.49M | 78.13M | 43.99M | 49.17M | 37.1M | -13M | 5.59M | -16.39M | 27.56M | 74.41M | 44.34M | 49.22M | 189.68M | 118.01M | 198.33M | 104.69M | 74.15M | 46.84M | 29.38M | 35.54M | 16.84M | 5.56M | 6.64M | 19.85M |
| FCF Margin % | 4.8% | 5.56% | 4.05% | 9.7% | 5.31% | 5.09% | 8.82% | 8% | 8.78% | 5.08% | 5.3% | 5.75% | -2.18% | 0.59% | -1.98% | 3.25% | 9.32% | 7.58% | 5.66% | 9.26% | 5.81% | 10.07% | 7.17% | 7.19% | 4.71% | 3.18% | 3.8% | 2.08% | 0.7% | 0.89% | 2.22% |
| FCF Growth % | 316.7% | 97.69% | -52.83% | 69.12% | 18.81% | -27.29% | 5.01% | -8.5% | 77.6% | -10.54% | 32.53% | 385.4% | -332.58% | 134.1% | -159.47% | -62.96% | 67.83% | -9.92% | -74.05% | 60.73% | -40.5% | 89.43% | 41.2% | 58.3% | 59.46% | -17.35% | 111.06% | 203.04% | -16.36% | -66.54% | -51% |
| FCF per Share | 1.95 | 2.21 | 1.41 | 3.32 | 1.95 | 1.63 | 2.29 | 2.17 | 2.23 | 1.26 | 1.45 | 1.08 | -0.35 | 0.15 | -0.45 | 0.73 | 1.98 | 1.19 | 1.28 | 4.80 | 2.97 | 4.98 | 2.79 | 2.01 | 1.29 | 0.85 | 1.13 | 0.53 | 0.17 | 0.18 | 0.53 |
| FCF Conversion (FCF/Net Income) | -0.35x | -0.66x | 2.69x | 1.78x | 1.11x | 1.38x | 2.62x | -2.06x | 3.97x | 4.20x | -46.49x | 4.17x | 0.71x | -3.72x | -1.60x | 5.83x | 3.86x | -0.44x | 3.01x | 1.66x | 1.19x | 1.61x | 2.28x | 2.40x | 1.46x | 2.91x | -8.06x | 1.96x | 6.99x | 1.15x | 2.11x |
| Interest Paid | 0 | 0 | 10.91M | 5.74M | 1.98M | 1.99M | 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 | 18.29M | 22.22M | 26.41M | 22.16M | 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 |
Acquisition integration and leverage
According to recent financial disclosures, the relationship between net income and operating cash flow has been highly erratic, with the OCF/NI ratio swinging from a negative 0.22 in 2025Q3 to a high of 5.65 in 2026Q2, reflecting significant non-cash charges and acquisition-related accounting distortions.
The wide variance between net income and operating cash flow suggests that reported earnings are currently an unreliable proxy for the company's underlying cash-generating capability. Investors should monitor whether the persistent gap between these two metrics narrows as the Tyman integration matures and non-recurring charges subside.
Based on reported quarterly figures, free cash flow margins have demonstrated extreme volatility, ranging from a negative 7.7% in 2026Q1 to a peak of 14.3% in 2024Q3, indicating that the company's ability to generate surplus cash is currently highly sensitive to cyclical and integration-related pressures.
The inconsistent FCF trajectory highlights the difficulty in forecasting cash generation during a period of significant structural change. This instability suggests that the company's cash flow profile may remain unpredictable until the combined entity achieves a more stable operational cadence.
As reported in recent filings, working capital changes have been a significant drag on cash flow, notably in 2026Q1 when the company recorded a $44.7M outflow, suggesting that inventory and receivables management are currently struggling to keep pace with the expanded scale of the post-acquisition business.
The recurring negative working capital swings imply that the company is experiencing friction in its supply chain or collection cycles following the Tyman integration. This warrants further investigation into whether these outflows are temporary integration costs or indicative of a permanent increase in the capital intensity of the business.
Based on the provided cash flow statements, capital deployment has shifted from significant acquisition spending, such as the $398.6M outlay in 2024Q4, toward maintaining dividend payments, which have remained consistent despite the recent volatility in operating cash flow and the emergence of net losses.
The company's commitment to dividends while navigating a period of negative net income and high integration costs suggests a management priority on shareholder returns, though this may limit financial flexibility. Investors should monitor whether this dividend policy remains sustainable if operating cash flow does not show a sustained recovery.
Quick answers to the most common questions about buying NX stock.
Quanex Building Products Corporation (NX) generated $164.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quanex Building Products Corporation (NX) generated $102.3M 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.
Quanex Building Products Corporation (NX) spent $62.6M 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, Quanex Building Products Corporation (NX) returned $14.9M to shareholders via cash dividends and spent $32.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.