Cash flow generation remains highly volatile, evidenced by an operating cash flow to net income ratio of 3.91 in 2025Q3 and historical share repurchases reaching $112 million in 2024Q2 despite operational headwinds.
| Metric | TTM | 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 | Dec'95 |
|---|
| Cash from Operations | 191M | 130M | 331M | 237M | 346M | 485M | 366M | 627M | 458M | 370M | 126M | 156M | -107M | 179.33M | 199.67M | 203.13M | 296.44M | 468.26M | 411.38M | 827.08M | 635.87M | 645.87M | 651.74M | 701.9M | 747.17M | 316.48M | 373.2M | 660M | 386.4M | 113M | 26M |
| Operating CF Margin % | - | 1.86% | 4.23% | 2.79% | 4.09% | 5.47% | 3.79% | 5.69% | 4.47% | 3.36% | 1.07% | 1.23% | -0.95% | 1.68% | 1.74% | 1.75% | 2.44% | 3.23% | 2.65% | 5.51% | 4.45% | 4.76% | 5.27% | 6.18% | 6.74% | 2.75% | 3.63% | 7.33% | 4.77% | 1.56% | 0.49% |
| Operating CF Growth % | 255.45% | -60.73% | 39.66% | -31.5% | -28.66% | 32.51% | -41.63% | 36.9% | 23.78% | 193.65% | -19.23% | 245.79% | -159.67% | -10.18% | -1.7% | -31.48% | -36.69% | 13.82% | -50.26% | 30.07% | -1.55% | -0.9% | -7.15% | -6.06% | 136.08% | -15.2% | -43.45% | 70.81% | 241.95% | 334.62% | -43.6% |
| Net Income | -9M | 106M | 139M | 178M | 187M | -319M | 99M | 99M | 146M | 679M | 8M | -352M | -20M | -77.12M | 95.69M | -46.2M | -598.72M | -1.48B | 395.62M | 516.13M | 273.79M | 335.5M | 276.3M | 310.71M | 201.04M | 49.33M | 257.6M | 233.2M | 159.7M | 129M | 132.4M |
| Depreciation & Amortization | 104M | 97M | 115M | 131M | 146M | 189M | 204M | 192M | 159M | 181M | 283M | 313M | 209M | 203.19M | 211.41M | 208.32M | 224.12M | 254.1M | 281.38M | 279M | 268.1M | 269.17M | 248.34M | 200.75M | 199.43M | 205.71M | 168.6M | 140.9M | 97M | 82.5M | 64.8M |
| Stock-Based Compensation | 21M | 32M | 36M | 40M | 38M | 41M | 33M | 27M | 28M | 40M | 44M | 38M | 38M | 13.58M | 13.89M | 20.84M | 33.32M | 39.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 18M | 38M | 40M | 40M | -6M | 9M | 100M | 40M | 137M | -231M | 7M | 96M | 8M | 667K | -15M | 15.55M | 325.89M | -108.1M | -1.02M | -8.21M | -109.95M | 10.89M | 33.05M | -9.99M | 196K | -81.81M | -400K | -38.2M | 0 | 0 | 0 |
| Other Non-Cash Items | 67M | 28M | 111M | 31M | 38M | 486M | 59M | 84M | 63M | -20M | 60M | 71M | -265M | 73.92M | 74.15M | 98.69M | 104.56M | 1.57B | 147.54M | 93.06M | 301.33M | 89.31M | 192.27M | 136.14M | 167.43M | 249.98M | 100K | -100K | 76.4M | 58.6M | 18.9M |
| Working Capital Changes | -24M | -171M | -110M | -183M | -57M | 79M | -129M | 185M | -75M | -279M | -276M | -10M | -77M | -34.9M | -180.48M | -94.07M | 207.29M | 187.47M | -355.04M | -40.02M | -97.41M | -59M | -98.22M | 64.29M | 179.07M | -106.72M | -201.7M | 217.6M | 53.3M | -157.1M | -190.1M |
| Change in Receivables | 0 | 19M | 41M | -42M | -61M | 185M | 63M | 43M | 15M | 55M | 47M | -3M | -2M | 44.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -24M | 47M | 13M | 35M | 84M | 19M | -2M | 160M | 56M | -139M | -1M | -34M | 52.73M | 53.9M | -87.72M | 37.58M | 249.85M | -191.69M | -176.25M | -49.1M | -114.16M | -52.42M | -99.49M | 81.65M | -66.35M | -250M | 106.2M | 7.4M | -96.1M | -322.4M |
| Change in Payables | 0 | -406M | -474M | -436M | -312M | -513M | -532M | 140M | -252M | -339M | -206M | -20M | -39M | -131.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -45M | -126M | -2M | -10M | -79M | 736M | -119M | -183M | -1.1B | -154M | -74M | -28M | 1.03B | -29.73M | -157.16M | -191.52M | 25.32M | -338.67M | -372.52M | -485.15M | -52.2M | -426.61M | -1.18B | -199.47M | -231.94M | -239.37M | -451.5M | -252.7M | -94.2M | -176.9M | -219.9M |
| Capital Expenditures | -71M | -98M | -105M | -99M | -73M | -68M | -150M | -187M | -183M | -111M | -163M | -123M | -137M | -120.26M | -130.32M | -169.45M | -130.85M | -330.07M | -460.57M | -343.42M | -260.77M | -391.22M | -211.94M | -202.22M | -207.29M | -267.73M | -396M | -255M | -94.2M | -176.9M | -219.9M |
| CapEx % of Revenue | 1.09% | 1.4% | 1.34% | 1.17% | 0.86% | 0.77% | 1.55% | 1.7% | 1.79% | 1.01% | 1.39% | 0.97% | 1.22% | 1.12% | 1.13% | 1.46% | 1.08% | 2.28% | 2.97% | 2.29% | 1.83% | 2.88% | 1.71% | 1.78% | 1.87% | 2.33% | 3.86% | 2.83% | 1.16% | 2.44% | 4.14% |
| Acquisitions | 24M | 0 | 93M | 8M | -29M | -30M | -22M | -81M | -875M | 27M | -9M | 43M | 1.13B | 0 | -72.67M | -10.95M | 0 | -102.75M | -48.04M | -248.32M | 0 | -7.9M | 44.63M | 0 | -45.6M | 0 | 7.9M | 22.4M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2M | -28M | 10M | 81M | 23M | 834M | 53M | 85M | -43M | -43M | 98M | -3M | -4M | 90.53M | 45.83M | -11.12M | 156.17M | 94.16M | 136.08M | 106.38M | 48.63M | 35.49M | -918.97M | 11.34M | 20.95M | 4.47M | -23.1M | -27.7M | 0 | 0 | 0 |
| Cash from Financing | -155M | -225M | -340M | -355M | -459M | -1.19B | -212M | -414M | 465M | -470M | -25M | 15M | -640M | -55.18M | -98.58M | -30.9M | 173.29M | -186.25M | 7.93M | -889.1M | -630.73M | -256.48M | 388.85M | -212.63M | -85.4M | -134.09M | -405.8M | 61.7M | -143.9M | 53.3M | 223.5M |
| Debt Issued (Net) | -103M | 96M | -19M | -64M | -125M | -1.14B | -97M | -298M | 605M | -299M | -32M | -24M | -172M | -48M | -59.57M | 17.52M | -151.54M | -185.9M | 171.12M | -50.05M | -14.41M | -261.49M | 392.25M | -255.65M | -134.17M | 403.51M | 36.08M | -2.49M | -151.9M | 39.1M | 78.3M |
| Equity Issued (Net) | -51M | -315M | -295M | -286M | -333M | -35M | -49M | -42M | -73M | -132M | 7M | 0 | -407M | 0 | 0 | 0 | 324.84M | -41.23M | -181.46M | -882.4M | -639.34M | 5.01M | -3.4M | 43.03M | 48.77M | -288.41M | -441.92M | 64.24M | 20M | 22.7M | 142.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -13M | -55M | -55M | -53M | -26M | 0 | 0 | -63M | 0 | -36.85M | -27.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -51M | -315M | -321M | -286M | -333M | -35M | -49M | -42M | -73M | -132M | 0 | 0 | -407M | 0 | 0 | 0 | 0 | -944K | -210.79M | -983.44M | -815.24M | -65.58M | -50.06M | -45.87M | -4.19M | -300.8M | -501.01M | 0 | 0 | 0 | 0 |
| Other Financing | -1M | -6M | -26M | -5M | -1M | -8M | -11M | -19M | -14M | -13M | 0 | 39M | 2M | -7M | -1.43M | 4.42M | 0 | 40.88M | 18.27M | 43.35M | 23.02M | 0 | 0 | 0 | 0 | -249.19M | 49K | 0 | -12M | -100K | 2.5M |
| Net Change in Cash | -10M | -224M | -9M | -133M | -192M | 29M | 40M | 21M | -171M | -262M | -2M | 116M | 284M | 100.13M | -56.8M | -32.42M | 504.15M | -67.21M | 49.4M | -529.64M | -90.53M | 2.84M | -86.2M | 311.7M | 411.93M | -67.3M | -485.7M | 464.7M | 148.3M | -10.6M | 29.6M |
| Free Cash Flow | 120M | 32M | 226M | 138M | 273M | 417M | 216M | 440M | 275M | 259M | -37M | 33M | -244M | 59.07M | 69.35M | 33.67M | 165.59M | 138.18M | -49.19M | 483.66M | 375.1M | 254.64M | 439.8M | 499.68M | 539.88M | 48.75M | -22.8M | 405M | 292.2M | -63.9M | -193.9M |
| FCF Margin % | 1.84% | 0.46% | 2.89% | 1.63% | 3.23% | 4.7% | 2.23% | 3.99% | 2.69% | 2.35% | -0.32% | 0.26% | -2.17% | 0.55% | 0.6% | 0.29% | 1.36% | 0.95% | -0.32% | 3.22% | 2.63% | 1.88% | 3.56% | 4.4% | 4.87% | 0.42% | -0.22% | 4.5% | 3.61% | -0.88% | -3.65% |
| FCF Growth % | 60% | -85.84% | 63.77% | -49.45% | -34.53% | 93.06% | -50.91% | 60% | 6.18% | 800% | -212.12% | 113.52% | -513.06% | -14.82% | 105.95% | -79.66% | 19.84% | 380.94% | -110.17% | 28.94% | 47.3% | -42.1% | -11.98% | -7.45% | 1007.35% | 313.83% | -105.63% | 38.6% | 557.28% | 67.04% | -54.26% |
| FCF per Share | 4.00 | 0.91 | 5.65 | 2.88 | 5.15 | 7.87 | 3.91 | 7.86 | 5.17 | 4.70 | -0.67 | 0.62 | -7.67 | 2.11 | 1.94 | 0.95 | 5.29 | 5.07 | -1.78 | 16.81 | 11.92 | 8.05 | 13.99 | 15.70 | 17.72 | 1.34 | -0.61 | 10.59 | 11.89 | -2.66 | -8.10 |
| FCF Conversion (FCF/Net Income) | -13.33x | -43.33x | 2.38x | 1.43x | -1.66x | -1.52x | 3.70x | 6.03x | 2.53x | 0.70x | 15.75x | -0.44x | 5.35x | -2.33x | 2.08x | -4.55x | -0.50x | -0.32x | 1.04x | 1.64x | 2.32x | 1.93x | 2.38x | 2.27x | 3.72x | 5.43x | 1.45x | 2.83x | 1.64x | 0.58x | 0.20x |
| Interest Paid | 24M | 19M | 16M | 16M | 25M | 0 | 0 | 0 | 34M | 63M | 0 | 68M | 65M | 57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1M | 8M | 35M | 17M | 43M | 0 | 0 | 0 | 18M | 48M | 0 | -20M | 139M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Secular retail demand decline
As reported in recent financial statements, ODP's operating cash flow to net income ratio has exhibited extreme volatility, reaching 3.91 in 2025Q3, which suggests that reported earnings are frequently decoupled from the actual cash generation capabilities of the underlying business model.
The significant variance between net income and operating cash flow indicates that non-cash charges and working capital swings are the primary drivers of reported results rather than core operational efficiency. Investors should monitor this disconnect, as it implies that the company's profitability metrics may be masking underlying cash flow instability.
Based on ODP's quarterly filings, free cash flow margins have fluctuated significantly, ranging from a negative 1.7% in 2023Q2 to a peak of 4.8% in 2025Q3, highlighting the difficulty in maintaining consistent cash generation amidst a shifting business mix.
The erratic nature of free cash flow suggests that the company's transition toward a B2B-led model has yet to produce a predictable cash conversion cycle. This inconsistency warrants further investigation into whether the current cash flow improvements are sustainable or merely the result of temporary working capital management.
According to historical data, ODP has maintained a relatively low capital intensity, with CapEx as a percentage of revenue averaging approximately 1.2% over the last ten quarters, reflecting a disciplined approach to managing its physical footprint and logistics infrastructure.
While the low capital intensity may preserve liquidity, it also raises questions about whether the company is sufficiently investing in the Veyer platform to remain competitive. The current level of spending appears focused on maintenance rather than aggressive growth, which may limit future operational upside.
As evidenced by the quarterly cash flow data, working capital changes have been a major source of volatility, with a significant $56 million outflow in 2024Q3, indicating that inventory and receivables management remains a primary challenge for the company's cash position.
The frequent swings in working capital suggest that ODP is struggling to align its procurement cycles with the declining demand in its retail segment. This instability in the cash conversion cycle may force management to prioritize liquidity preservation over strategic investments in the near term.
Based on reported figures, ODP has historically prioritized share repurchases, including a $112 million outflow in 2024Q2, even as the company faced significant revenue headwinds and operational challenges in its core business segments.
The aggressive use of cash for buybacks during periods of negative or thin profitability suggests a management focus on supporting the share price rather than reinvesting in long-term structural transformation. This capital allocation strategy appears increasingly risky given the company's limited cash reserves and the ongoing secular decline in its retail footprint.
Quick answers to the most common questions about buying ODP stock.
The ODP Corporation (ODP) generated $130.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
The ODP Corporation (ODP) generated $32.0M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
The ODP Corporation (ODP) spent $98.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, The ODP Corporation (ODP) spent $315.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.