Prestige demonstrates high earnings quality with an OCF/NI ratio consistently averaging above 1.20, supported by an asset-light model where capital expenditures represent only 0.8% of revenue.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 |
|---|
| Cash from Operations | 265.41M | 251.51M | 248.93M | 229.72M | 259.92M | 235.61M | 217.12M | 189.28M | 210.11M | 147.77M | 174.35M | 156.25M | 111.58M | 137.6M | 67.45M | 86.67M | 59.43M | 66.68M | 44.99M | 71.9M | 53.86M | 51.04M | 6.14M | 12.52M | 3.94M | 1.98M |
| Operating CF Margin % | 24.38% | 22.11% | 22.12% | 20.37% | 23.92% | 24.98% | 22.55% | 19.4% | 20.18% | 16.75% | 21.62% | 21.87% | 18.54% | 22.07% | 15.29% | 25.76% | 19.68% | 21.32% | 13.77% | 22.56% | 18.16% | 16.83% | 6.98% | 17.45% | 8.52% | 22.85% |
| Operating CF Growth % | 5.52% | 1.04% | 8.36% | -11.62% | 10.32% | 8.51% | 14.71% | -9.91% | 42.19% | -15.24% | 11.58% | 40.04% | -18.91% | 104% | -22.17% | 45.84% | -10.88% | 48.21% | -37.43% | 33.49% | 5.52% | 731.71% | -50.98% | 217.74% | 99.19% | - |
| Net Income | 190.3M | 214.6M | 209.34M | -82.31M | 205.38M | 164.68M | 142.28M | -35.8M | 339.57M | 69.39M | 99.91M | 78.26M | 72.61M | 65.5M | 37.21M | 29.22M | 31.86M | -186.78M | 33.92M | 36.08M | 26.28M | 13.46M | 4.18M | -14.9M | 545K | 2.53M |
| Depreciation & Amortization | 31.27M | 30.17M | 30.68M | 32.63M | 32.09M | 30.16M | 29M | 31.78M | 33.43M | 25.79M | 23.68M | 17.74M | 13.49M | 13.23M | 10.73M | 10.11M | 13.38M | 11.22M | 14.02M | 13.64M | 13.43M | 12.74M | 5.43M | 5.27M | 3.99M | 0 |
| Stock-Based Compensation | 0 | 11.16M | 14.01M | 12.4M | 9.04M | 8.54M | 7.64M | 7.44M | 8.91M | 8.15M | 9.95M | 6.92M | 5.15M | 3.77M | 3.08M | 3.58M | 2.08M | 2.44M | 1.14M | 655K | 383K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 22.7M | 0 | 23.07M | -60.77M | 9.98M | 18.63M | 13.85M | -40.55M | -269.09M | -5.78M | 46.15M | 28.92M | 19.01M | 25.5M | 13.79M | 9.32M | 11.01M | -19.95M | 10.1M | 9.66M | 14.98M | 7.2M | 2.41M | 0 | 0 | 0 |
| Other Non-Cash Items | 30.98M | 37.52M | 11.66M | 381.61M | 14.38M | 19.19M | 15.55M | 234.74M | 113.05M | 63.55M | 16.44M | 11.09M | 13.27M | 16.98M | 8.07M | 3.09M | 4.92M | 251.82M | 1.14M | 655K | 9.32M | 26.86M | 514K | 22.14M | -597K | -550K |
| Working Capital Changes | -9.84M | -41.94M | -39.83M | -53.85M | -10.95M | -5.6M | 8.8M | -8.32M | -15.76M | -13.34M | -21.78M | 13.33M | -11.95M | 12.6M | -5.43M | 31.36M | -3.83M | 7.93M | -14.19M | 11.86M | -10.52M | -9.22M | -7.81M | 0 | 0 | 0 |
| Change in Receivables | -3.69M | -16.33M | -6.32M | -24.93M | -24.65M | 36.87M | -2.85M | -2.98M | -5.04M | -18.94M | 1.82M | 1.61M | 9.73M | -12.88M | -15.85M | 4.92M | 6.4M | 8.19M | -9.05M | 4.88M | -1.35M | -12.84M | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.6M | -9.31M | 24.44M | -42.23M | 663K | 2.97M | 2.93M | -10.54M | -2.48M | -10.26M | -3M | 15.36M | -2.85M | -9.34M | 3.71M | 12.44M | -3.35M | 2.72M | 477K | 4.29M | -7.16M | 5.26M | -1.19M | 0 | 0 | 0 |
| Change in Payables | -151K | -19.41M | -24.97M | 7.26M | 9.15M | -17.34M | 6.21M | -3.99M | -10.03M | 21.45M | -11.35M | -17.64M | -4.64M | 24.68M | 5.13M | 1.78M | -3.13M | -2.27M | -975K | -186K | -6.04M | 5.06M | 0 | 0 | 0 | 0 |
| Cash from Investing | -136.84M | -17.45M | -20.11M | -11.58M | -256.51M | -22.24M | -16.57M | 55.43M | -11.56M | -694.6M | -222.97M | -805.26M | -57.98M | 11.22M | -662.21M | -275.68M | 7.32M | -4.67M | -537K | -31.05M | -54.16M | -425.84M | -167.45M | -2.17M | -4.41M | 0 |
| Capital Expenditures | -11.18M | -8.22M | -9.55M | -7.78M | -9.64M | -22.24M | -14.56M | -10.48M | -12.53M | -2.98M | -3.57M | -6.1M | -2.76M | -10.27M | -606K | -655K | -673K | -481K | -521K | -540K | -23.17M | -365K | -618K | -421K | -95K | 0 |
| CapEx % of Revenue | 1.03% | 0.72% | 0.85% | 0.69% | 0.89% | 2.36% | 1.51% | 1.07% | 1.2% | 0.34% | 0.44% | 0.85% | 0.46% | 1.65% | 0.14% | 0.19% | 0.22% | 0.15% | 0.16% | 0.17% | 7.81% | 0.12% | 0.7% | 0.59% | 0.21% | - |
| Acquisitions | -123.74M | -9.23M | -10.56M | -3.8M | -246.87M | 0 | -2.76M | 65.91M | 0 | -693.12M | -226.98M | -809.16M | -55.22M | 21.47M | -661.6M | -275.04M | 7.99M | -4.19M | 0 | -31.26M | -30.99M | -425.48M | -167.53M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.93M | 0 | 0 | 0 | 0 | 0 | 750K | 65.91M | 970K | 1.5M | 7.58M | 10M | 3K | 15K | -662.21M | 12K | 7.99M | -481K | -16K | 750K | -54.16M | -425.48M | 700K | -1.74M | -4.32M | 0 |
| Cash from Financing | -163.84M | -182.07M | -241.01M | -185.85M | -7.57M | -279.42M | -131.43M | -249.33M | -208.96M | 561.86M | 54.04M | 643.26M | -41.15M | -152.12M | 600.43M | 161.25M | -60.83M | -32.9M | -52.13M | -35.29M | 3.17M | 376.74M | 163.34M | -14.71M | 5.53M | 36.49M |
| Debt Issued (Net) | -7.28M | -139.54M | -227.83M | -137.75M | -5.58M | -251.44M | -68.48M | -200M | -209M | 569.5M | 58.9M | 656.1M | -47.97M | -158.15M | 633.1M | 162.1M | -60.83M | -32.89M | -52.13M | -35.28M | 3.27M | 168.97M | 60.54M | 0 | 0 | 0 |
| Equity Issued (Net) | -152M | -36.71M | -25M | -50M | 0 | -11.87M | -56.72M | -47.05M | 0 | -1.43M | 7.23M | -2.1M | -744K | 0 | 0 | 0 | 0 | -16K | 0 | -10K | -89K | 245.47M | 100.37M | 0 | 0 | 0 |
| Dividends Paid | 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 | 0 |
| Share Repurchases | -156.28M | -51.51M | -25M | -50M | 0 | -11.87M | -56.72M | -49.98M | -1.07M | -1.43M | -2.23M | -2.1M | -744K | 0 | 0 | 0 | 0 | -16K | 0 | -10K | 0 | -4K | 0 | 0 | 0 | 0 |
| Other Financing | -4.57M | -5.83M | 11.81M | 1.91M | -1.99M | -16.11M | -6.23M | -2.28M | 45K | -6.21M | -12.1M | -10.73M | 7.56M | 6.03M | -32.67M | -852K | 0 | 0 | -7K | 0 | -13K | -37.7M | 2.43M | -14.71M | 5.53M | 36.49M |
| Net Change in Cash | -34.02M | 51.41M | -12.02M | 31.3M | -5.12M | -62.46M | 67.23M | -5.02M | -9.31M | 14.63M | 5.91M | -7.01M | 12.66M | -3.35M | 5.68M | -27.76M | 5.92M | 29.1M | -7.68M | 5.56M | 2.87M | 1.94M | -137K | -14.71M | 5.53M | 38.47M |
| Free Cash Flow | 254.23M | 243.29M | 239.38M | 221.93M | 250.28M | 213.36M | 202.56M | 178.8M | 197.58M | 144.79M | 170.78M | 150.15M | 108.82M | 127.34M | 66.85M | 86.02M | 58.75M | 66.2M | 44.47M | 71.36M | 30.69M | 50.68M | 5.52M | 12.1M | 3.85M | 1.98M |
| FCF Margin % | 23.35% | 21.38% | 21.27% | 19.68% | 23.03% | 22.62% | 21.03% | 18.32% | 18.98% | 16.42% | 21.18% | 21.01% | 18.08% | 20.42% | 15.15% | 25.56% | 19.45% | 21.17% | 13.62% | 22.4% | 10.34% | 16.71% | 6.28% | 16.87% | 8.31% | 22.85% |
| FCF Growth % | 4.5% | 1.64% | 7.86% | -11.33% | 17.3% | 5.33% | 13.29% | -9.5% | 36.45% | -15.22% | 13.74% | 37.99% | -14.54% | 90.49% | -22.29% | 46.4% | -11.25% | 48.87% | -37.68% | 132.54% | -39.45% | 818.23% | -54.38% | 214.64% | 94.39% | - |
| FCF per Share | 5.22 | 4.86 | 4.77 | 4.45 | 4.92 | 4.22 | 3.96 | 3.43 | 3.69 | 2.71 | 3.21 | 2.85 | 2.08 | 2.48 | 1.32 | 1.71 | 1.17 | 1.33 | 0.89 | 1.43 | 0.61 | 1.84 | 0.21 | 0.24 | 0.14 | 0.07 |
| FCF Conversion (FCF/Net Income) | 1.39x | 1.17x | 1.19x | -2.79x | 1.27x | 1.43x | 1.53x | -5.29x | 0.62x | 2.13x | 1.75x | 2.00x | 1.54x | 2.10x | 1.81x | 2.97x | 1.85x | -0.36x | 1.33x | 1.99x | 2.05x | 3.79x | 1.47x | -0.84x | 7.23x | 0.78x |
| Interest Paid | 0 | 47.8M | 63.25M | 54.24M | 61.36M | 80.29M | 92.17M | 98.23M | 98.57M | 85.21M | 79.13M | 70.16M | 62.36M | -69.64M | -34.98M | -17.51M | -24.82M | 26.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 52.12M | 59.64M | 40.74M | 46.57M | 34.38M | 30.6M | 32.8M | 24.44M | 48M | 15.35M | -11.94M | -11.02M | -10.62M | -12.87M | -11.89M | -15.49M | 9.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Organic revenue contraction
According to the provided cash flow statements, PBH consistently generates operating cash flow in excess of net income, with an OCF/NI ratio averaging above 1.20 over the last ten quarters, suggesting that the company's reported earnings are supported by tangible cash generation rather than aggressive accounting accruals.
The persistent premium of operating cash flow over net income indicates that non-cash charges, primarily amortization of acquired intangibles, are significant. This suggests that the company's underlying cash-generative capacity is stronger than GAAP net income implies, providing a buffer for capital allocation.
As reported in financial statements, PBH maintained a stable free cash flow margin averaging approximately 22% over the last ten quarters, even as top-line growth turned negative, demonstrating the company's ability to preserve cash through disciplined cost management despite the ongoing challenges in organic revenue performance.
The stability of FCF margins suggests that the asset-light business model effectively insulates the bottom line from volume volatility. Investors should monitor whether this margin profile can be sustained if the company is forced to increase marketing spend to combat the current revenue decline.
Based on PBH's reported figures, capital expenditures remain remarkably low, averaging roughly 0.8% of revenue over the observed period, which confirms the company's asset-light strategy and minimizes the burden of maintenance capex on the firm's overall free cash flow generation and liquidity profile.
The low capital intensity is a structural advantage that allows the company to convert a high percentage of operating profit into free cash flow. This minimal requirement for reinvestment suggests that the company is well-positioned to pivot toward debt reduction or share repurchases as needed.
Data from recent filings indicates that PBH has utilized its free cash flow to fund significant share repurchases, totaling over $150 million in the last ten quarters, while simultaneously managing acquisition activity, reflecting a balanced approach to capital deployment that prioritizes shareholder returns alongside inorganic growth strategies.
The use of cash for buybacks during a period of negative revenue growth may signal management's confidence in the long-term value of the brand portfolio. However, investors should scrutinize whether these repurchases are effectively offsetting dilution or if they are diverting capital from necessary brand revitalization efforts.
Quick answers to the most common questions about buying PBH stock.
Prestige Consumer Healthcare Inc. (PBH) generated $265.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Prestige Consumer Healthcare Inc. (PBH) generated $254.2M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Prestige Consumer Healthcare Inc. (PBH) spent $11.2M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Prestige Consumer Healthcare Inc. (PBH) spent $156.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.