Cash flow generation remains highly erratic, highlighted by a $53.2 million free cash flow deficit in 2026Q1 and an OCF/NI ratio that swung to -4.40 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 |
|---|
| Cash from Operations | 200.31M | 211.2M | 125.3M | 345.9M | 81M | 145.2M | 125.28M | 231.51M | 121.98M | 147.74M | 176.45M | 192.21M | 107.4M | 98.3M | 146.03M |
| Operating CF Margin % | - | 11.69% | 6.67% | 18.26% | 3.99% | 9.39% | 11.02% | 15.68% | 7.73% | 11.12% | 16.29% | 15.81% | 6.7% | 5.31% | 7.9% |
| Operating CF Growth % | -3957.58% | 68.56% | -63.78% | 327.04% | -44.21% | 15.9% | -45.89% | 89.78% | -17.43% | -16.27% | -8.2% | 78.96% | 9.26% | -32.68% | - |
| Net Income | -89.1M | -70.1M | 44.2M | 103.5M | 106.2M | 134.7M | 18.16M | 86.92M | 121.31M | 64.86M | 49.37M | 47.54M | -74.2M | -25.16M | -24.04M |
| Depreciation & Amortization | 133.1M | 131.9M | 125.3M | 113M | 105.7M | 104.1M | 96.53M | 96.71M | 98.16M | 98.36M | 86.74M | 80.8M | 102.91M | 101.75M | 77.65M |
| Stock-Based Compensation | 0 | 13.6M | 15.3M | 15.4M | 7.7M | 5.2M | 0 | 0 | 13.92M | 8.84M | 3.96M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 588.89K | -6.8M | -19.7M | 6.3M | 7.2M | 20.3M | -12.15M | 15.83M | -3.63M | -7.67M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 87.66M | 70.3M | 1.6M | -400K | -6.8M | -4.4M | 11.64M | 14.38M | 20.09M | 13.77M | 18.66M | 32.5M | 59.56M | -56.11M | 12.94M |
| Working Capital Changes | 68.06M | 72.3M | -41.4M | 108.1M | -139M | -114.7M | 11.1M | 17.66M | -113.93M | -21.58M | 21.69M | 31.36M | 19.13M | 77.83M | 79.48M |
| Change in Receivables | 14.45M | 17.4M | 13.8M | 131.2M | -95.6M | -67.6M | -16.5M | 45.41M | -39.68M | -15.88M | -15.55M | 51.94M | 13.13M | 6.64M | 33.42M |
| Change in Inventory | 58.34M | 36.5M | -19.6M | -7.7M | -60.1M | -94.9M | 29.95M | 16.41M | -31.41M | -25.63M | -9.1M | 28.58M | 5.49M | 33.92M | 12.61M |
| Change in Payables | -16.62M | 15.3M | -14.8M | 1.6M | 9.2M | 65M | -18.73M | -12.04M | 5.44M | 17.55M | 33.03M | -31.52M | 2.02M | 5.84M | 19.94M |
| Cash from Investing | -172.94M | -161M | -206.7M | -172.8M | -232.8M | -214.7M | -144.94M | -155.85M | -88.06M | -90.28M | -68.77M | -82.93M | -85.49M | -102.43M | -91.57M |
| Capital Expenditures | -172.94M | -161M | -206.7M | -172.8M | -232.8M | -214.7M | -144.94M | -155.85M | -116.16M | -90.28M | -71.12M | -57.15M | -85.49M | -102.43M | -91.57M |
| CapEx % of Revenue | 9.67% | 8.91% | 11.01% | 9.12% | 11.46% | 13.88% | 12.75% | 10.56% | 7.36% | 6.8% | 6.57% | 4.7% | 5.33% | 5.54% | 4.95% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -36.57M | 0 | 2.24M | -25.41M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.67M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -15.25M | -36.6M | 89.3M | -197.1M | 149.3M | 73.3M | 13.54M | -68.61M | -43.77M | -68.5M | -100.41M | -113.67M | -24.6M | 2.79M | -86.99M |
| Debt Issued (Net) | -3.82M | -7.1M | 120.9M | -126.6M | 158.8M | 76.2M | 26.79M | -14.1M | 13.56M | -22.79M | -52.39M | -69.31M | 28.45M | 2.79M | -86.99M |
| Equity Issued (Net) | -6.58M | -24.8M | -26.6M | -65.6M | -4.3M | 0 | -1.2M | -6.47M | -9.67M | 0 | -3.78M | 0 | 0 | 0 | 0 |
| Dividends Paid | -4.85M | -4.7M | -4.8M | -4.9M | -5M | 0 | -12.04M | -48.03M | -47.66M | -45.7M | -44.24M | -44.36M | -53.06M | 0 | 0 |
| Share Repurchases | -6.58M | -24.8M | -26.6M | -65.6M | -4.3M | 0 | 0 | 0 | -4.93M | 0 | -3.78M | 0 | 0 | 0 | 0 |
| Other Financing | -2 | 0 | -200K | 0 | -200K | -2.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 13M | 16M | 4.5M | -23.2M | -5.1M | 3.63M | 1.14M | 6.71M | -15.27M | -5.67M | 7.06M | -14.47M | -11.75M | -1.58M | 98.7M |
| Free Cash Flow | 27.37M | 50.2M | -81.4M | 173.1M | -151.8M | -69.5M | -19.66M | 75.66M | 5.83M | 57.46M | 105.32M | 135.05M | 25.04M | 3.41M | 75.42M |
| FCF Margin % | 1.53% | 2.78% | -4.34% | 9.14% | -7.47% | -4.49% | -1.73% | 5.12% | 0.37% | 4.33% | 9.72% | 11.11% | 1.56% | 0.18% | 4.08% |
| FCF Growth % | 125.23% | 161.67% | -147.02% | 214.03% | -118.42% | -253.49% | -125.99% | 1198.2% | -89.86% | -45.45% | -22.01% | 439.28% | 635.41% | -95.48% | - |
| FCF per Share | 0.49 | 0.89 | -1.39 | 2.89 | -2.47 | -1.14 | -0.32 | 1.23 | 0.10 | 0.95 | 1.75 | 2.26 | 0.50 | 0.06 | 1.26 |
| FCF Conversion (FCF/Net Income) | -0.31x | -3.01x | 2.83x | 3.34x | 0.76x | 1.08x | 6.90x | 2.66x | 1.01x | 2.28x | 3.57x | 4.04x | -1.45x | -3.91x | -6.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.37M | 25.91M | 41.78M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60.23M | 39.55M | 19.65M | 0 | 0 | 0 | 0 |
Volatile working capital cycles
According to the provided cash flow statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 13.99 in 2023Q4 to -4.40 in 2025Q4, indicating that accounting earnings are currently poor proxies for actual cash generation.
The extreme variance in the OCF/NI ratio suggests that non-cash charges and significant working capital swings are distorting the company's reported profitability. Investors should monitor whether this disconnect is a temporary byproduct of inventory management or a structural issue in how the company recognizes revenue versus collecting cash.
As reported in financial statements, OEC's free cash flow trajectory remains highly unstable, with the company swinging from a positive $44.3 million in 2025Q4 to a negative $53.2 million in 2026Q1, reflecting a lack of predictability in core operational cash conversion.
This volatility in FCF margins suggests that the company's capital-intensive nature leaves little room for error when operational performance softens. The inability to maintain consistent positive FCF may indicate that the business is struggling to balance necessary maintenance spending with the realities of a contracting top-line.
Based on historical data, OEC maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 10%, such as the 15.4% observed in 2024Q4, which significantly constrains the company's ability to generate meaningful free cash flow during periods of revenue contraction.
The persistent level of capital expenditure suggests that a substantial portion of cash is being funneled into maintaining aging infrastructure or meeting environmental compliance standards. This 'stay-in-business' spending appears to be a structural drag that limits the company's financial flexibility during cyclical downturns.
Data from recent quarterly filings reveals that working capital changes are a primary driver of cash flow volatility, evidenced by a $42.4 million cash outflow in 2026Q1 compared to a $54.1 million inflow in 2025Q4, highlighting significant fluctuations in inventory and receivables management.
These sharp swings in working capital suggest that the company may be struggling to synchronize its production cycles with customer demand or feedstock procurement timing. Such instability warrants further investigation into whether these movements are indicative of supply chain inefficiencies or aggressive inventory build-ups.
Quick answers to the most common questions about buying OEC stock.
Orion Engineered Carbons S.A. (OEC) generated $211.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Orion Engineered Carbons S.A. (OEC) generated $50.2M 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.
Orion Engineered Carbons S.A. (OEC) spent $161.0M 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, Orion Engineered Carbons S.A. (OEC) returned $4.7M to shareholders via cash dividends and spent $24.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.