Cash generation has become increasingly erratic, with free cash flow margins falling to -5.8% in 2026Q1, complicating the sustainability of the company's $22.8 million quarterly dividend payment.
| 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 | 511.6M | 474.2M | 503.2M | 974.3M | 1.92B | 1.74B | 433M | 617.3M | 907.8M | 648.8M | 603.2M | 216.6M | 159.2M | 317M | 279.2M | 215.9M | 115.5M | 200.2M | 108.7M | 204.5M | 64.7M | 278.9M | -137M | 119M | 31M | 76M | 181M | 23M | 180M | 53M | 271M |
| Operating CF Margin % | - | 6.99% | 7.69% | 14.26% | 20.5% | 19.54% | 7.52% | 10.1% | 13.07% | 10.35% | 10.87% | 7.59% | 7.1% | 12.6% | 12.78% | 11.01% | 7.28% | 13.07% | 6.16% | 16.02% | 2.05% | 11.83% | -6.86% | 7.5% | 2.38% | 5.98% | 11.68% | 1.75% | 12.62% | 2.2% | 10.27% |
| Operating CF Growth % | 218.55% | -5.76% | -48.35% | -49.31% | 10.39% | 302.08% | -29.86% | -32% | 39.92% | 7.56% | 178.49% | 36.06% | -49.78% | 13.54% | 29.32% | 86.93% | -42.31% | 84.18% | -46.85% | 216.07% | -76.8% | 303.58% | -215.13% | 283.87% | -59.21% | -58.01% | 686.96% | -87.22% | 239.62% | -80.44% | 31.55% |
| Net Income | -127M | -43.4M | 105M | 460.2M | 1.33B | 1.3B | -969.9M | -11.3M | 327.9M | 549.5M | -3.9M | 2M | 105.7M | 178.6M | 149.6M | 241.7M | 64.8M | 135.7M | 157.7M | 100.8M | 149.7M | 133.3M | 51M | -24M | -31M | -9M | 81M | 21M | 42M | 153M | 280M |
| Depreciation & Amortization | 506.6M | 521.6M | 518.1M | 533.4M | 598.8M | 582.5M | 568.4M | 597.4M | 601.4M | 558.9M | 533.5M | 228.9M | 139.1M | 135.3M | 110.9M | 99.3M | 86.9M | 71.7M | 69.6M | 48M | 37.8M | 72.5M | 73M | 82M | 88M | 87M | 81M | 80M | 78M | 124M | 130M |
| Stock-Based Compensation | 11.6M | 20.7M | 17.1M | 18.6M | 23.1M | 8.3M | 13.6M | 10.7M | 12M | 9.1M | 7.5M | 7.6M | 5.1M | 8.8M | 6.2M | 5.8M | 7.7M | 5.8M | 6.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -129.4M | -96M | -33.7M | -55.6M | -32.4M | -42.7M | -18.4M | -45.5M | 35.6M | -452.7M | -32.7M | 5.7M | 31M | 12.4M | 42.5M | 92.6M | 11.2M | 72.3M | 8.1M | -17M | -29.4M | 51M | -13M | -1M | 20M | -9M | 17M | 11M | 104M | 36M | -74M |
| Other Non-Cash Items | -56.4M | -9.6M | -19.9M | -39.6M | -47.4M | 126.4M | 709.3M | 25.8M | 800K | -25.7M | 34.3M | -54.2M | -31.3M | -34.5M | -30.8M | -226.9M | -45.4M | -70.8M | -20.5M | -20.4M | -97.9M | 0 | -177M | 45M | 3M | 36M | -35M | -13M | 61M | -7M | -184M |
| Working Capital Changes | 307M | 82.9M | -83.4M | 57.3M | 61.9M | -230.2M | 130M | 40.2M | -69.9M | 9.7M | 64.5M | 26.6M | -90.4M | 16.4M | 800K | 3.4M | -9.7M | -14.5M | -112.5M | 90.3M | -29.8M | 32.1M | -71M | 17M | -49M | -29M | 37M | -76M | -105M | -253M | 119M |
| Change in Receivables | 148M | 123.7M | -119.4M | 65.4M | 160.8M | -360M | -300K | 12.3M | -46.3M | -49.9M | 38.5M | -115.1M | 25.8M | 18.9M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 79.6M | 80M | 25.9M | 94.4M | -86.3M | -206M | 28.6M | 13M | -35.5M | -37.8M | 23.9M | -1.7M | -23.6M | 8.6M | 17.9M | -17M | -31.8M | 7.6M | -25M | 1.4M | 25.2M | -6.1M | -17M | 10M | -17M | 15M | -8M | -7M | 7M | -26M | -9M |
| Change in Payables | 119M | 53M | 72.8M | -133.9M | -22.3M | 240.1M | 0 | -11M | -14.5M | 100M | -13.1M | 185.1M | -38.5M | 1M | -700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -300.2M | -319.6M | -283.7M | -340.8M | -259.7M | -197.4M | -835.7M | -365.6M | -382.3M | -498.5M | -473.5M | -503.5M | -61.7M | -43.8M | -512.4M | -259.6M | -159.7M | -87.7M | -156M | 90.1M | -112.2M | -38.1M | -27M | -12M | -13M | -111M | -88M | -74M | -78M | -65M | 274M |
| Capital Expenditures | -208.6M | -257.3M | -195.1M | -236M | -236.9M | -200.6M | -298.9M | -385.6M | -385.2M | -294.3M | -278M | -130.9M | -71.8M | -90.8M | -255.7M | -200.9M | -85.3M | -137.9M | -180.3M | -76.1M | -80.9M | -81M | -55M | -55M | -41M | -113M | -95M | -76M | -78M | -142M | -126M |
| CapEx % of Revenue | 3.1% | 3.79% | 2.98% | 3.45% | 2.53% | 2.25% | 5.19% | 6.31% | 5.55% | 4.7% | 5.01% | 4.59% | 3.2% | 3.61% | 11.7% | 10.24% | 5.38% | 9% | 10.22% | 5.96% | 2.57% | 3.44% | 2.75% | 3.47% | 3.15% | 8.89% | 6.13% | 5.78% | 5.47% | 5.89% | 4.78% |
| Acquisitions | -800K | -55.8M | 0 | -63.9M | 14.9M | 0 | 0 | 20M | 2.9M | 5.2M | -60.7M | -399.3M | 0 | 0 | -310.4M | -123.4M | 23.6M | 37.1M | 27.6M | -299.7M | -400K | 0 | -3M | 0 | 13M | 0 | 0 | 0 | 4M | 17M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -90.3M | -4.7M | -88.6M | -40.9M | -37.7M | 3.2M | -536.8M | 20M | 2.9M | -204.2M | -175.7M | 26.7M | 10.1M | 47M | 53.7M | 64.7M | -14.96B | -3.11T | -15.35T | 22.7T | -23.03T | 42.9M | 31M | 18M | -12M | 2M | 7M | 2M | -7M | 1M | 487M |
| Cash from Financing | -193.4M | -163M | -212.6M | -656.9M | -1.65B | -1.55B | 371M | -209.3M | -564.8M | -116.8M | -337.5M | 422.2M | -148.5M | -130.6M | 93.6M | -110.1M | 44.3M | 99.5M | -19.1M | -188.4M | -56.4M | -84.4M | 121M | -28M | -72M | 143M | -57M | 22M | -209M | -346M | -31M |
| Debt Issued (Net) | -42.9M | -23.2M | 169.7M | 85.9M | -201.1M | -1.1B | 520.3M | 80.8M | -376.1M | -2.4M | -205.3M | 544.3M | -12.4M | -23.7M | 180.1M | -51.2M | 96.3M | 150.3M | -11.3M | -145.7M | -1.1M | -49.1M | -27M | -2M | -101M | 190M | -1M | 74M | -39M | -137M | 5M |
| Equity Issued (Net) | -28M | -48.2M | -300.3M | -711.3M | -1.35B | -251.9M | 0 | -145.9M | -50M | 0 | 0 | 0 | -58.2M | -36.2M | -1.8M | -4.2M | 9.2M | 14.8M | 15.4M | 13.6M | 20.8M | 22.2M | 205M | 13M | 69M | -12M | -19M | -11M | -109M | -150M | 11M |
| Dividends Paid | -91.4M | -91.6M | -94.2M | -101M | -116.2M | -127.8M | -126.3M | -129.3M | -133.6M | -133M | -132.1M | -79.5M | -63M | -64M | -64.1M | -64M | -63.3M | -62.5M | -60.6M | -59.2M | -58.1M | -57.1M | -56M | -47M | -39M | -35M | -36M | -41M | -58M | -61M | -64M |
| Share Repurchases | -30.3M | -50.5M | -300.3M | -711.3M | -1.35B | -251.9M | 0 | -145.9M | -50M | 0 | 0 | 0 | -64.8M | -36.2M | -3.1M | -4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | -14M | -20M | -11M | -112M | -163M | 0 |
| Other Financing | -31.1M | 0 | 12.2M | 69.5M | 21.3M | -69.2M | -23M | -14.9M | -5.1M | 18.6M | -100K | -42.6M | -14.9M | -6.7M | -20.6M | 9.3M | 2.1M | -3.1M | 37.4M | 2.9M | -18M | -400K | -1M | 8M | -1M | 0 | -1M | 0 | -3M | 3M | 17M |
| Net Change in Cash | 18.2M | -8M | 5.3M | -23.7M | 13.5M | -9.2M | -31.2M | 42.1M | -39.6M | 33.9M | -207.5M | 135.2M | -51M | 142.6M | -139.6M | -153.8M | 100K | 212M | -59.5M | 106.2M | -103.9M | 156.4M | -43M | 79M | -54M | 108M | 36M | -29M | -209M | -346M | -29M |
| Free Cash Flow | 303M | 247.9M | 308.1M | 738.3M | 1.69B | 1.54B | 134.1M | 231.7M | 522.6M | 354.5M | 325.2M | 85.7M | 87.4M | 226.2M | 23.5M | 15M | 30.2M | 62.3M | -71.6M | 128.4M | -16.2M | 197.9M | -192M | 64M | -10M | -37M | 86M | -53M | 102M | -89M | 145M |
| FCF Margin % | 4.51% | 3.66% | 4.71% | 10.8% | 17.97% | 17.29% | 2.33% | 3.79% | 7.52% | 5.66% | 5.86% | 3% | 3.9% | 8.99% | 1.08% | 0.76% | 1.9% | 4.07% | -4.06% | 10.06% | -0.51% | 8.39% | -9.61% | 4.04% | -0.77% | -2.91% | 5.55% | -4.03% | 7.15% | -3.69% | 5.5% |
| FCF Growth % | 144.35% | -19.54% | -58.27% | -56.18% | 9.39% | 1048.69% | -42.12% | -55.66% | 47.42% | 9.01% | 279.46% | -1.95% | -61.36% | 862.55% | 56.67% | -50.33% | -51.52% | 187.01% | -155.76% | 892.59% | -108.19% | 203.07% | -400% | 740% | 72.97% | -143.02% | 262.26% | -151.96% | 214.61% | -161.38% | 2800% |
| FCF per Share | 2.66 | 2.16 | 2.58 | 5.73 | 11.35 | 9.45 | 0.85 | 1.43 | 3.10 | 2.10 | 1.97 | 0.82 | 1.10 | 2.80 | 0.29 | 0.19 | 0.38 | 0.80 | -0.94 | 1.73 | -0.22 | 2.76 | -2.81 | 1.10 | -0.20 | -0.85 | 1.91 | -1.14 | 2.13 | -1.75 | 2.77 |
| FCF Conversion (FCF/Net Income) | -2.39x | -11.08x | 4.63x | 2.12x | 1.45x | 1.34x | -0.45x | -54.63x | 2.77x | 1.18x | -154.67x | -154.71x | 1.51x | 1.77x | 1.87x | 0.89x | 1.78x | 1.48x | 0.69x | -22.23x | 0.43x | 2.09x | -2.49x | -4.96x | -1.00x | -8.44x | 2.23x | 1.10x | 2.31x | 0.35x | 0.97x |
| Interest Paid | 92M | 177.9M | 180.9M | 176.8M | 141.7M | 345.2M | 286.4M | 198.3M | 208.8M | 200.9M | 0 | 0 | 36.8M | 37.2M | 27.5M | 28.4M | 24.6M | 13.9M | 15.9M | 19.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 116.6M | 167.1M | 105.7M | 111.7M | 356.6M | 169.6M | 0 | 36.3M | 52.9M | 18M | 0 | -5.3M | 49M | 61.3M | 28.4M | 41.5M | 5.9M | 21.1M | 79M | 54.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Margin Compression
According to recent quarterly filings, Olin's operating cash flow to net income ratio has become increasingly erratic, with the 2026Q1 figure of 0.59 indicating a significant inability to convert accounting profits into actual liquidity, a trend that warrants close scrutiny given the company's recent net losses.
The persistent gap between net income and operating cash flow suggests that non-cash charges and working capital volatility are masking the underlying cash-generating capability of the business. Investors should monitor whether this divergence is a temporary byproduct of inventory management or a structural failure to sustain cash flow during cyclical downturns.
As reported in financial statements, Olin's free cash flow margin has swung from a robust 21.9% in 2023Q4 to a negative 5.8% in 2026Q1, illustrating the extreme sensitivity of the company's cash generation to current industrial demand cycles and the limitations of its current pricing strategy.
The rapid deterioration in free cash flow trajectory suggests that the company's high fixed-cost base is consuming liquidity faster than the business can generate it during periods of low volume. This trend implies that the company may be forced to rely on external financing or balance sheet reserves if the current cash burn persists.
Based on Olin's reported figures, working capital changes have acted as a primary driver of cash flow instability, swinging from a $392.7 million inflow in 2025Q4 to a $51.3 million outflow in 2026Q1, which highlights the company's vulnerability to inventory and receivables management in a slowing market.
The significant swings in working capital suggest that Olin is struggling to align its production levels with actual customer demand, leading to inefficient inventory cycles. This volatility complicates cash flow forecasting and suggests that management's efforts to control the market through capacity idling may be creating unintended liquidity pressures.
Data from recent filings indicates that Olin has continued to prioritize dividends and share repurchases despite a deteriorating cash position, with $22.8 million in dividends paid in 2026Q1, a strategy that appears increasingly difficult to sustain given the company's current negative free cash flow profile.
The decision to maintain capital returns while operating cash flow is under pressure suggests a management focus on shareholder sentiment that may be at odds with the company's current financial reality. Investors should monitor whether this allocation strategy is revised if the current cash burn continues to erode the balance sheet.
Quick answers to the most common questions about buying OLN stock.
Olin Corporation (OLN) generated $474.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Olin Corporation (OLN) generated $247.9M 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.
Olin Corporation (OLN) spent $257.3M 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, Olin Corporation (OLN) returned $91.6M to shareholders via cash dividends and spent $50.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.