Free cash flow margins have fluctuated significantly between 3.6% and 17.6%, highlighting the impact of lumpy capital expenditures and aggressive acquisition cycles on liquidity.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'08 | Sep'07 |
|---|
| Cash from Operations | 1.01B | 998.3M | 931.7M | 750.3M | 382.6M | 588.2M | 625.6M | 688M | 718.6M | 386.7M | 502.4M | 451.6M | 183.1M | 119.2M | 144M | 143.8M | 135.6M | 141.3M | 138.8M |
| Operating CF Margin % | - | 12.24% | 11.76% | 10.73% | 6.54% | 11.81% | 10.98% | 12.11% | 11.48% | 7.4% | 9.99% | 9.72% | 7.59% | 11.53% | 15.02% | 14.85% | 13.6% | 12.81% | 12.7% |
| Operating CF Growth % | 37.67% | 7.15% | 24.18% | 96.11% | -34.95% | -5.98% | -9.07% | -4.26% | 85.83% | -23.03% | 11.25% | 146.64% | 53.61% | -17.22% | 0.14% | 6.05% | -4.03% | 1.8% | - |
| Net Income | 338.4M | 335.7M | 366.7M | 301.3M | 735M | 104.9M | 800K | 124.7M | 467.3M | 48.3M | -3.3M | -115.3M | -343.2M | 15.2M | 49.9M | -361.3M | 92M | 116.7M | 121.8M |
| Depreciation & Amortization | 278.4M | 524.3M | 476.9M | 407.1M | 380.2M | 366.5M | 369.9M | 379.6M | 398.4M | 323.1M | 302.8M | 272.8M | 155.8M | 76.8M | 63.2M | 58.7M | 55.4M | 35.2M | 34.9M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.7M | 14.5M | 10.5M | 4.5M | 0 | 1.9M | 0 | 0 |
| Deferred Taxes | -5.2M | 4.6M | -35.5M | -22.9M | -9.7M | 68.2M | -43.6M | -80.3M | -256.5M | 17.4M | -74.6M | -120.1M | -87.5M | -29.1M | -2.6M | -69M | -11.1M | 0 | 0 |
| Other Non-Cash Items | 558.4M | 129.9M | 110.2M | 55.3M | -666.2M | 239.6M | 309M | 321.8M | 100.8M | 152.8M | 295.9M | 230.9M | 379.5M | 38.9M | 4.1M | 506.8M | 26.6M | -10.6M | -17.9M |
| Working Capital Changes | 13.8M | 3.8M | 13.4M | 9.5M | -56.7M | -191M | -10.5M | -57.8M | 8.6M | -154.9M | -18.4M | 160.6M | 64M | 6.9M | 24.9M | 8.6M | -29.2M | 0 | 0 |
| Change in Receivables | 15.6M | -98.8M | -19.5M | 30.6M | -102M | -117.1M | 20.3M | 19.3M | -6M | -52.1M | -4M | 89.5M | -50.3M | -9.7M | -4.6M | 14.3M | 14.8M | 0 | 0 |
| Change in Inventory | -30.7M | 4.5M | 63.3M | -31.9M | -86.8M | 22.1M | -4.6M | -97.9M | 3.6M | -2.5M | -37.2M | 30.5M | 30.7M | -10.8M | -11.7M | 3.7M | 14.4M | 0 | 0 |
| Change in Payables | -16.1M | 80.9M | 2.4M | -29.9M | 106.4M | -48.7M | -26.8M | 4.4M | 29.4M | -109M | 18.8M | 47.6M | 83.8M | 20.6M | 49.9M | -7.6M | -43.1M | 0 | 0 |
| Cash from Investing | -904.4M | -1.42B | -677.5M | -669.3M | -221M | -793.6M | -218.5M | 26.7M | -1.68B | -2.1B | -206.5M | -1.32B | -3.75B | -385.7M | -30.9M | -14.9M | -24.3M | -19.6M | -32.5M |
| Capital Expenditures | -280.7M | -510.2M | -429.5M | -303M | -255.3M | -190.9M | -234.6M | -273.9M | -225M | -190.4M | -121.5M | -107.9M | -115.5M | -32.8M | -30.9M | -14.9M | -24.3M | 0 | 0 |
| CapEx % of Revenue | 3.32% | 6.25% | 5.42% | 4.33% | 4.36% | 3.83% | 4.12% | 4.82% | 3.6% | 3.64% | 2.42% | 2.32% | 4.79% | 3.17% | 3.22% | 1.54% | 2.44% | - | - |
| Acquisitions | -795.9M | -908.1M | -246.9M | -709.3M | 43.7M | -270.9M | -19.9M | 268.9M | -1.45B | -1.9B | -85M | -1.22B | -3.64B | -352.9M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 172.2M | -1M | -1.1M | -300K | -400K | -338.9M | 65.2M | 31.7M | 3.6M | 0 | 0 | 2.1M | 4.3M | 0 | 0 | 0 | 0 | -19.6M | -32.5M |
| Cash from Financing | -457.5M | -188.6M | 415.6M | -555.7M | -386.7M | -167.5M | -272M | -652.4M | 423.4M | 2.05B | -4.5M | 1.37B | 3.48B | 648.8M | -57.1M | -132.1M | -112.4M | -121.8M | -136.3M |
| Debt Issued (Net) | 663.8M | 564.3M | 759.8M | 220M | 768.7M | 10.6M | -98.9M | -177.6M | 688M | 2.55B | 93.5M | 639.9M | 2.31B | 418.9M | 35.7M | 60.2M | 0 | 0 | 0 |
| Equity Issued (Net) | -1.05B | -709M | -300.7M | -699.6M | -443M | -92.1M | -60.8M | -209.5M | -213M | -304.4M | -4.3M | 748.2M | 1.18B | 234M | -53.4M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | -10.8M | -13.5M | -14.4M | -17.1M | -14.4M | -4.2M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.05B | -709M | -300.7M | -699.6M | -443M | -397.1M | -589.1M | -322.1M | -218.7M | -317.8M | -10.9M | 0 | 0 | 0 | -53.4M | 0 | 0 | 0 | 0 |
| Other Financing | -75.7M | -43.9M | -43.5M | -76.1M | -712.4M | -86M | -112.3M | -261.3M | -40.8M | -181.6M | -79.3M | 1.4M | 400K | 100K | -39.4M | -192.3M | -112.4M | -121.8M | -136.3M |
| Net Change in Cash | -353.9M | -608.1M | 673.7M | -472.9M | -81.5M | -521.8M | 138.9M | 60M | -535.6M | 378.1M | 291.8M | 507M | -86.9M | 381.9M | 56.5M | -3.1M | 4.8M | -100K | -30M |
| Free Cash Flow | 724.5M | 488.1M | 502.2M | 447.3M | 128.9M | 395.7M | 391M | 414.1M | 494.3M | 196.3M | 380.9M | 343.7M | 67.6M | 86.4M | 104.2M | 128.9M | 111.3M | 141.3M | 138.8M |
| FCF Margin % | 8.58% | 5.98% | 6.34% | 6.4% | 2.2% | 7.94% | 6.86% | 7.29% | 7.9% | 3.76% | 7.58% | 7.39% | 2.8% | 8.36% | 10.87% | 13.31% | 11.17% | 12.81% | 12.7% |
| FCF Growth % | 45.1% | -2.81% | 12.27% | 247.01% | -67.42% | 1.2% | -5.58% | -16.23% | 151.81% | -48.46% | 10.82% | 408.43% | -21.76% | -17.08% | -19.16% | 15.81% | -21.23% | 1.8% | - |
| FCF per Share | 13.39 | 7.76 | 7.51 | 6.68 | 2.06 | 6.06 | 5.58 | 5.51 | 6.51 | 2.81 | 5.54 | 6.06 | 1.70 | 2.62 | 3.02 | 3.75 | 3.24 | 4.10 | 4.02 |
| FCF Conversion (FCF/Net Income) | 2.14x | 2.97x | 2.54x | 2.49x | 0.51x | 3.53x | 782.00x | 5.52x | 1.54x | 8.01x | -152.24x | -3.92x | -0.53x | 7.84x | 2.89x | -0.40x | 1.47x | 1.21x | 1.14x |
| Interest Paid | 0 | 370.1M | 321.2M | 300.2M | 320M | 348.2M | 300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 96.7M | 178.5M | 114.7M | 45.8M | 45.6M | 44.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and commodity volatility
As reported in financial statements, Post Holdings consistently generates operating cash flow significantly higher than net income, with OCF/NI ratios frequently exceeding 2.0x, which suggests that non-cash charges and depreciation play a substantial role in the company's reported earnings profile over the last ten quarters.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by significant depreciation and amortization expenses. Investors should monitor whether this cash-generative capacity is truly reflective of operational efficiency or merely a byproduct of the firm's capital-intensive asset base.
Based on the provided quarterly data, free cash flow margins have fluctuated between 3.6% and 17.6%, highlighting a lack of consistent cash generation that appears tied to the company's aggressive acquisition cycles and periodic spikes in capital expenditure requirements across its diverse business segments.
The erratic nature of FCF margins suggests that the company's cash flow trajectory is highly sensitive to the timing of large-scale capital investments and inorganic growth initiatives. This volatility complicates the ability to forecast sustainable cash returns for shareholders, particularly given the firm's reliance on debt-funded expansion.
According to recent SEC filings, Post Holdings maintains a capital expenditure to revenue ratio that has trended between 4.1% and 7.0%, indicating that the firm must continuously reinvest a meaningful portion of its top-line revenue to maintain its specialized manufacturing and food processing infrastructure.
The consistent level of capital intensity suggests that the company's operations require significant ongoing maintenance to remain competitive in the commodity-sensitive food industry. This structural requirement for capital limits the amount of free cash flow available for debt reduction or shareholder returns.
Data from the last ten quarters reveals that working capital changes have been highly inconsistent, swinging from a $65.2 million inflow to a $65.2 million outflow, which suggests that the company's cash conversion cycle is susceptible to seasonal inventory builds and fluctuating payment terms.
These swings in working capital appear to be a primary driver of the quarter-to-quarter volatility in operating cash flow. The lack of a stable working capital trend warrants further investigation into whether the company is effectively managing its supply chain or if it is experiencing periodic bottlenecks in its distribution network.
As evidenced by the provided financial data, Post Holdings has prioritized share repurchases, with quarterly buybacks reaching as high as $376.2 million, even while the company maintains a significant debt burden and continues to pursue inorganic growth through strategic acquisitions of non-core assets.
The decision to aggressively repurchase shares while simultaneously funding acquisitions suggests a management team that is highly confident in its ability to generate future cash flows. However, this capital allocation strategy may be viewed as risky given the company's high leverage and the inherent volatility of its commodity-exposed business segments.
Quick answers to the most common questions about buying POST stock.
Post Holdings, Inc. (POST) generated $998.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Post Holdings, Inc. (POST) generated $488.1M 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.
Post Holdings, Inc. (POST) spent $510.2M 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, Post Holdings, Inc. (POST) spent $709.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.