Despite volatile net income, the firm has maintained consistent free cash flow generation, evidenced by a 72.6% FCF margin in 2026Q1, though this is partially masked by significant non-cash adjustments.
| Cash from Operations | 416.17M | 413.4M | 393.52M | 392.76M | 247.88M | 163.45M | 152.87M | 218.37M | 138.37M | 139.12M | 113.9M |
| Operating CF Margin % | - | 64.86% | 73.78% | 85.37% | 33.78% | 28.27% | 38.86% | 43.42% | 26.59% | 38.54% | 41.04% |
| Operating CF Growth % | 10.12% | 5.05% | 0.19% | 58.45% | 51.65% | 6.92% | -30% | 57.81% | -0.53% | 22.14% | - |
| Net Income | 17.88M | 25.2M | -78.68M | -179.95M | -77.74M | 47.41M | -45.08M | 61.6M | 123.39M | -10.21M | 50.86M |
| Depreciation & Amortization | 20.88M | 0 | 51.16M | 54.88M | 47.53M | 27.11M | 20.22M | 14.1M | 11.82M | 10.59M | 8.38M |
| Stock-Based Compensation | 5.2M | 0 | 12.99M | 18.59M | 27.62M | 18.86M | 19.49M | 19.18M | 6.77M | 5.71M | 4.5M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 16.45M | -14.46M | 10.42M | 42.02M | 8.29M | -36.37M |
| Other Non-Cash Items | 384.44M | 390.49M | 438.32M | 520.29M | 331.2M | 64.03M | 206.96M | 97.99M | -15.76M | 106.37M | 79.27M |
| Working Capital Changes | -12.12M | -2.29M | -30.26M | -21.05M | -80.74M | -10.42M | -34.26M | 15.08M | -29.88M | 18.37M | 7.26M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -8.23M | -4.01M | -7.13M | -6.89M | -3.45M | -2.38M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -306.17M | -369.7M | -193.69M | -286.18M | -1.17B | -884.79M | 16.38M | -497.68M | -471.43M | -343.39M | -309.76M |
| Capital Expenditures | -539K | 0 | -19.19M | -31.26M | -48.89M | -26.48M | -4.83M | -8.88M | -17.94M | -8.55M | -10.66M |
| CapEx % of Revenue | 0.09% | 3.82% | 3.6% | 6.79% | 6.66% | 4.58% | 1.23% | 1.76% | 3.45% | 2.37% | 3.84% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - |
| Investments | 2.77B | 2.87B | 2.79B | 2.97B | 3.18B | 2.39B | 1.7B | 1.93B | 27.65M | 2.4M | 896K |
| Other Investing | 85.37M | -369.7M | -174.5M | -254.92M | -1.12B | -746.66M | 21.2M | -488.81M | -453.48M | -334.84M | -299.1M |
| Cash from Financing | -131.11M | -59.4M | -191.22M | -104.39M | 934.53M | 745.71M | -136.8M | 286.27M | 368.07M | 230.69M | 221.91M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60.48M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.66M | -3.68M | -13.04M | -5.42M | -16.85M | -5.42M | -2.04M | 842K | -1.22M | -9.15M | -6.64M |
| Net Change in Cash | -21.2M | -15.7M | 8.61M | 2.2M | 10.86M | 24.37M | 32.45M | 6.97M | 35.02M | 26.42M | 26.06M |
| Free Cash Flow | 409.39M | 389.08M | 374.33M | 361.5M | 198.98M | 136.97M | 131.1M | 192.15M | 120.43M | 127.1M | 99.7M |
| FCF Margin % | 66.36% | 61.05% | 70.18% | 78.57% | 27.12% | 23.69% | 33.32% | 38.21% | 23.14% | 35.21% | 35.93% |
| FCF Growth % | 5.8% | 3.94% | 3.55% | 81.68% | 45.27% | 4.48% | -31.77% | 59.55% | -5.25% | 27.47% | - |
| FCF per Share | 8.44 | 8.13 | 9.28 | 9.80 | 6.06 | 4.52 | 4.80 | 17.85 | 5.46 | 5.76 | 4.31 |
| FCF Conversion (FCF/Net Income) | 22.90x | 16.37x | -5.00x | -2.18x | -3.19x | 3.45x | -3.39x | 3.55x | 1.12x | -13.63x | 2.24x |
| Interest Paid | 144.27M | 194.72M | 213.97M | 183.97M | 85.78M | 46.83M | 57.14M | 58.04M | 42.43M | 31.06M | 23.3M |
| Taxes Paid | 2.53M | 2.85M | 1.04M | 0 | 0 | 3.88M | 2.83M | 2.93M | 20.44M | 4.4M | 1.45M |
High credit loss sensitivity
According to recent quarterly filings, OPRT exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios reaching extreme levels such as 43.21 in 2026Q1, suggesting that reported earnings are currently poor proxies for the company's actual cash-generating capacity in this cycle.
The persistent gap between net income and operating cash flow indicates that non-cash adjustments and fair value accounting significantly distort the company's bottom line. Investors should monitor whether this disconnect reflects aggressive accrual policies or the inherent volatility of the fair value option applied to the loan portfolio.
As reported in financial statements, OPRT has maintained a relatively stable free cash flow profile, with quarterly FCF consistently hovering near the $100 million mark despite net income swinging from deep losses to marginal profitability over the last ten quarters.
This resilience in free cash flow suggests that the core lending operations continue to generate liquidity even when accounting-based net income is pressured by credit provisions. However, the reliance on this cash flow to service a high debt load warrants further investigation into the sustainability of these margins.
Based on reported figures, working capital changes have been highly erratic, ranging from a $17.9 million outflow in 2024Q4 to a $9.7 million inflow in 2025Q2, which highlights the sensitivity of OPRT's cash position to the timing of loan originations and collections.
These swings in working capital appear to be a primary driver of the quarter-to-quarter variance in operating cash flow. The inconsistency suggests that the company's cash conversion cycle is highly susceptible to shifts in borrower payment behavior and the velocity of the loan-sale pipeline.
Data from recent SEC filings indicates that OPRT consistently adds back significant amounts of stock-based compensation and depreciation, which, when combined with fair value adjustments, obscures the true cash cost of maintaining the company's proprietary underwriting platform and corporate overhead.
The recurring nature of these non-cash add-backs suggests that headline cash flow figures may overstate the company's ability to fund operations internally. Analysts should be wary of relying on these metrics without adjusting for the ongoing cash requirements of the business model's fixed cost base.
Quick answers to the most common questions about buying OPRT stock.
Oportun Financial Corporation (OPRT) generated $413.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oportun Financial Corporation (OPRT) generated $389.1M 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.
Oportun Financial Corporation (OPRT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.