FCF margin recovered to 7.6% in 2027Q1 from -8.3% in 2026Q1, but buybacks of $34.9M exceeded FCF of $16.3M, while SBC averaged $22M quarterly, diluting cash returns.
LiveRamp Holdings, Inc. (RAMP) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | 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 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 201.77M | 168.93M | 155.65M | 107.45M | 39.84M | 78.08M | -20.56M | -28.78M | -460.5M | 112.15M | 115.83M | 119.97M | 104.98M | 164.98M | 150.13M | 229.45M | 166.22M | 239.28M | 268.84M | 267.81M | 259.95M | 275.83M | 247.01M | 259.88M | 253.79M | 150.6M | 48.1M | 104.56M | 59.4M | 64.2M | 35.1M |
| Operating CF Margin % | - | 20.78% | 20.88% | 16.29% | 6.68% | 14.77% | -4.64% | -7.56% | -161.23% | 12.22% | 13.16% | 14.11% | 10.29% | 15.03% | 13.66% | 20.29% | 14.33% | 21.77% | 21.06% | 19.35% | 18.63% | 20.7% | 20.2% | 25.71% | 26.49% | 17.39% | 4.76% | 10.84% | 8.14% | 13.8% | 8.73% |
| Operating CF Growth % | 249.36% | 8.53% | 44.87% | 169.66% | -48.97% | 479.75% | 28.57% | 93.75% | -510.6% | -3.17% | -3.45% | 14.27% | -36.36% | 9.89% | -34.57% | 38.04% | -30.53% | -11% | 0.39% | 3.02% | -5.76% | 11.67% | -4.95% | 2.4% | 68.52% | 213.1% | -54% | 76.02% | -7.48% | 82.91% | -10.69% |
| Net Income | 155.72M | 144.78M | -2.5M | 10.09M | -124.11M | -33.83M | -90.27M | -124.51M | -133.95M | 23.48M | 4.11M | -8.65M | -9.15M | 8.8M | 57.12M | 71.52M | -28.44M | 44.16M | 37.5M | -7.78M | 70.74M | 64.13M | 69.72M | 58.34M | 21.77M | -31.96M | 6.38M | 90.36M | -16.4M | 35.6M | 27.5M |
| Depreciation & Amortization | 13.34M | 13.4M | 17.21M | 11.51M | 20.79M | 24.25M | 27.74M | 35.9M | 33.78M | 37.65M | 82.69M | 85.46M | 118.83M | 103.01M | 116.21M | 134.66M | 146.35M | 167.56M | 198.68M | 272.79M | 229.57M | 231.14M | 195.12M | 150.24M | 154.9M | 123.39M | 120.79M | 86.53M | 63.9M | 40.7M | 33.2M |
| Stock-Based Compensation | 78.52M | 82.99M | 107.98M | 71.3M | 125.8M | 87.26M | 111.71M | 89.45M | 102.72M | 63.23M | 49.15M | 31.46M | 28.89M | 13.93M | 12M | 8.97M | 13.1M | 10.79M | 10.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -56.47M | -56.27M | -447K | -458K | 115K | -1.54M | -1.42M | -6.88M | 9.89M | -20.09M | -8.82M | -11.66M | -9.69M | 2.1M | -3.58M | 5.54M | 19.35M | 32.81M | 16.42M | -2.13M | 16.13M | 18.89M | 34.16M | 6.89M | 7.02M | 26.83M | -11.77M | 21.65M | -23.9M | 8.9M | 5.8M |
| Other Non-Cash Items | 4.86M | 4.03M | 2.17M | 9.91M | 38.67M | -25.84M | 3.3M | 7.9M | -452M | 52.79M | 3.04M | 13.38M | 2.17M | 26.89M | 25K | -30.39M | 83.56M | 417K | 22.66M | 81.44M | 3.82M | 1.31M | 12.23M | 14.25M | 15.69M | 51.45M | 82.49M | 18.59M | 159.2M | 3.6M | 100K |
| Working Capital Changes | 6.97M | -19.99M | 31.24M | 5.09M | -21.42M | 27.78M | -71.63M | -30.64M | -20.96M | -44.91M | -14.34M | 9.97M | -26.07M | 10.25M | -31.64M | 39.15M | -67.69M | -16.46M | -16.77M | -76.5M | -58.59M | -56.94M | -64.22M | 30.15M | 54.41M | -19.11M | -149.79M | -112.57M | -123.4M | -24.6M | -41.1M |
| Change in Receivables | 1.9M | -28.34M | 3.55M | -32.34M | -12.12M | -38.61M | -24.83M | -20.52M | -44.41M | -22M | -11.16M | -13.01M | -497K | 7.73M | 6.68M | -947K | -13.02M | 10.29M | 16.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.09M | 0 | 0 | 0 | 0 | 0 | 0 | -3.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.63M | 3.02M | 3.57M | 8.51M | -15.37M | 8.85M | -116K | 24.92M | 25.31M | -11.24M | 4.3M | 25.53M | -29.14M | 210K | -8.89M | 46.62M | -23.67M | -8.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.72M | -4.93M | 21.39M | -173.68M | -29M | 7.58M | -87.89M | -97.62M | 2.23B | -60.32M | -159.25M | 55.26M | -352.34M | -68.24M | -66.94M | 3.38M | -90.77M | -89.34M | -65.38M | -80.49M | -128.66M | -210.1M | -127.72M | -123.35M | -68.98M | -84.99M | -115.59M | -157.76M | -190.1M | -78.7M | -64.1M |
| Capital Expenditures | -1.41M | -1.38M | -1.04M | -4.25M | -4.7M | -4.5M | -2.18M | -11.71M | -8.64M | -57.94M | -62.47M | -62.3M | -87.63M | -63.81M | -58.37M | -69.17M | -63.58M | -66.17M | -78.25M | -54.95M | -41.67M | -6.85M | -14.33M | -22.18M | -13.21M | -14.88M | -111.49M | -120.62M | -127.7M | -55.8M | -59.8M |
| CapEx % of Revenue | 0.17% | 0.17% | 0.14% | 0.65% | 0.79% | 0.85% | 0.49% | 3.08% | 3.03% | 6.32% | 7.1% | 7.33% | 8.59% | 5.81% | 5.31% | 6.12% | 5.48% | 6.02% | 6.13% | 3.97% | 2.99% | 0.51% | 1.17% | 2.19% | 1.38% | 1.72% | 11.04% | 12.51% | 17.49% | 12% | 14.88% |
| Acquisitions | 0 | -595K | -1.95M | -170.28M | 0 | -19.11M | -76.01M | -105.36M | -2.5M | -1.48M | -121.39M | -5.39M | -265.67M | -500K | 0 | -255K | -12.93M | -3.43M | -15.9M | -43.4M | -33.07M | -210.24M | -95.63M | -55.59M | -14.11M | -5.33M | -16.03M | -32.96M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -286K | 0 | 0 | 0 | 0 | 31.18M | 0 | 19.45M | 2.23B | -907K | 24.61M | 122.95M | 964K | -71.56M | -8.57M | 3.26M | -14.27M | -83.92M | -52.08M | 14.25M | -66.69M | -21.9M | -20.29M | -57.73M | -41.67M | -64.78M | -57.01M | -4.18M | -74.2M | -22.9M | -4.3M |
| Cash from Financing | -196.87M | -199.34M | -102.7M | -59.12M | -146.01M | -66.98M | -43.49M | -201.98M | -841.51M | -81.54M | 25.78M | -126.23M | -28.61M | 98.26M | -89.22M | -209.84M | -92.62M | -103.69M | -86.94M | -163.14M | -101.78M | -61.81M | -129.64M | -127.92M | -185.07M | -74.05M | 57.96M | 64.61M | 24.9M | 17.5M | 28.3M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -233.29M | 2.68M | 37.76M | -87.23M | -26.6M | 68.85M | -26.87M | -154.88M | -102.1M | -104.52M | -86.77M | -156.57M | 178.09M | 130.75M | -95.21M | -82.08M | -176.39M | -61.95M | 45.97M | -20.36M | 332K | 115.28M | 18.5M |
| Equity Issued (Net) | -180.01M | -186.33M | -101.2M | -60.5M | -143.74M | -58.62M | -42.31M | -182.19M | -577.81M | -88.88M | -30.54M | -42.35M | -4.83M | 27.83M | -62.42M | -53.33M | 0 | 5.62M | 9.11M | -2.61M | -265.84M | -175.16M | -19.77M | -42.43M | -8.67M | 11.44M | 18.67M | 84.97M | 24.57M | 12.17M | 48.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.31M | -9.48M | -18.17M | -17.41M | -14.65M | -3.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -183.01M | -194.53M | -101.2M | -60.5M | -150M | -58.62M | -42.31M | -182.19M | -577.81M | -88.88M | -30.54M | -52.76M | -9.87M | -52.66M | -74.38M | -65.53M | 0 | -306K | -1.76M | -50.55M | -299.3M | -233.77M | -64.15M | -64.47M | -26.73M | 0 | -7.48M | 0 | 0 | 0 | 0 |
| Other Financing | -16.86M | -13.02M | -1.5M | 1.39M | -2.27M | -8.36M | -1.18M | -19.79M | -30.4M | 4.66M | 18.56M | 3.35M | 2.83M | 1.58M | 69K | -1.64M | 9.48M | -4.79M | 34K | 5.51M | 4.14M | 0 | 0 | 0 | 0 | -23.55M | -6.68M | 0 | 0 | -109.95M | -38.6M |
| Net Change in Cash | -89K | -34.38M | 74.45M | -124.98M | -135.71M | 18.48M | -150.94M | -328.85M | 921.46M | -28.06M | -19.29M | 48.62M | -277.58M | 195.61M | -6.67M | 22.68M | -17.08M | 46.94M | 114.5M | 24.89M | 30.07M | 3.52M | -10.17M | 8.86M | -185K | -8.5M | -9.75M | 11.32M | -105.9M | 3M | -800K |
| Free Cash Flow | 200.36M | 167.56M | 154.61M | 103.19M | 35.15M | 73.58M | -22.74M | -40.49M | -469.14M | 54.22M | 53.36M | 57.66M | 17.36M | 101.16M | 91.76M | 160.29M | 102.64M | 173.12M | 190.59M | 212.86M | 218.28M | 268.99M | 232.68M | 237.71M | 240.58M | 135.73M | -63.38M | -16.06M | -68.3M | 8.4M | -24.7M |
| FCF Margin % | 24.08% | 20.61% | 20.74% | 15.64% | 5.89% | 13.92% | -5.13% | -10.64% | -164.25% | 5.91% | 6.06% | 6.78% | 1.7% | 9.22% | 8.35% | 14.18% | 8.85% | 15.75% | 14.93% | 15.38% | 15.65% | 20.19% | 19.02% | 23.52% | 25.11% | 15.67% | -6.28% | -1.67% | -9.36% | 1.81% | -6.14% |
| FCF Growth % | 35.37% | 8.37% | 49.83% | 193.58% | -52.23% | 423.53% | 43.84% | 91.37% | -965.31% | 1.61% | -7.46% | 232.23% | -82.84% | 10.24% | -42.75% | 56.16% | -40.71% | -9.17% | -10.46% | -2.48% | -18.85% | 15.6% | -2.11% | -1.2% | 77.25% | 314.14% | -294.73% | 76.49% | -913.1% | 134.01% | -8333.33% |
| FCF per Share | 3.24 | 2.64 | 2.30 | 1.52 | 0.53 | 1.08 | -0.34 | -0.60 | -6.25 | 0.67 | 0.67 | 0.74 | 0.23 | 1.31 | 1.20 | 2.02 | 1.28 | 2.17 | 2.45 | 2.69 | 2.47 | 2.98 | 2.47 | 2.61 | 2.65 | 1.53 | -0.70 | -0.18 | -0.86 | 0.14 | -0.42 |
| FCF Conversion (FCF/Net Income) | 1.29x | 1.16x | -191.22x | 9.04x | -0.34x | -2.31x | 0.23x | 0.23x | -0.45x | 4.78x | 28.20x | 17.90x | -9.52x | 18.61x | 2.61x | 2.97x | -7.18x | 5.37x | 7.17x | -34.42x | 3.67x | 4.30x | 3.54x | 4.45x | 11.66x | -4.71x | 7.54x | 1.16x | -3.62x | 1.80x | 1.28x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.17M | 7.78M | 8.14M | 0 | 11.76M | 12.71M | 19.06M | 23.89M | 21.34M | 33.14M | 51.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.28M | 0 | 22.55M | 2.46M | 5.8M | 0 | 0 | 0 | 439.54M | 1.24M | 6.87M | 6.1M | 0 | 21.7M | 57.46M | 20.77M | 25.34M | 7.55M | 3.19M | 7.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RAMP stock.
LiveRamp Holdings, Inc. (RAMP) generated $168.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
LiveRamp Holdings, Inc. (RAMP) generated $167.6M 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.
LiveRamp Holdings, Inc. (RAMP) spent $1.4M 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, LiveRamp Holdings, Inc. (RAMP) spent $194.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SBC dilution and revenue concentration
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Masks Underlying Strength
Operating cash flow exceeded net income in most quarters, with OCF/NI reaching 2.09 in 2026Q2, but swung negative in 2026Q1, indicating earnings quality is uneven.
The OCF/NI ratio has been highly volatile, ranging from -9.86 in 2025Q4 to 32.10 in 2025Q2, largely due to working capital swings. In 2027Q1, OCF/NI was 0.97, suggesting that reported net income is roughly matched by cash generation, but the quarterly fluctuations warrant monitoring. The gap between net income and operating cash flow appears driven by timing of collections and payables rather than persistent accrual issues.
Free Cash Flow Rebounding After Seasonal Dip
FCF margin recovered from -8.3% in 2026Q1 to 7.6% in 2027Q1, with quarterly FCF of $16.3M, reflecting improved revenue and cost discipline.
After a negative FCF quarter in 2026Q1, the company generated positive FCF in each subsequent quarter, with 2026Q4 and 2026Q3 showing margins above 29%. The 2027Q1 margin of 7.6% is lower than the prior two quarters, but this appears to be a seasonal pattern, as 2025Q1 also showed a negative FCF margin. The trajectory suggests that FCF is stabilizing at a level that supports ongoing capital returns.
Minimal Capital Intensity Preserves Cash
CapEx averaged under 0.3% of revenue over the last ten quarters, with 2027Q1 CapEx of $703K, indicating a highly asset-light model.
Capital expenditures are negligible relative to revenue, which is typical for a software company. This low capital intensity means that operating cash flow largely converts to free cash flow, providing flexibility for buybacks and potential acquisitions. The slight uptick in CapEx in 2024Q4 (1.0% of revenue) was an anomaly, but the overall trend confirms minimal reinvestment needs.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes swung from -$54.0M in 2026Q1 to +$42.1M in 2025Q4, indicating significant timing effects on operating cash flow.
The working capital line item has been the primary source of quarterly OCF volatility, with large positive contributions in 2025Q4 and 2025Q2, and a large negative in 2026Q1. This suggests that the company's collections and payment cycles are not smooth, possibly due to contract timing or seasonality. Investors should monitor whether these swings normalize, as they can obscure the underlying cash generation.
Buybacks Outpace Cash Generation
Share repurchases totaled $34.9M in 2027Q1, exceeding FCF of $16.3M, indicating the company is returning more cash than it generates.
Over the past ten quarters, buybacks have consistently exceeded FCF, with cumulative buybacks of approximately $346M versus cumulative FCF of $365M. This suggests that the company is using balance sheet cash or debt to fund repurchases, which may be sustainable given its cash position but warrants monitoring. No dividends are paid, so buybacks are the primary capital return mechanism.
SBC Overhang Dilutes Cash Returns
Stock-based compensation averaged $22M quarterly, exceeding operating income in 2027Q1, implying reported profitability is not fully translating to shareholder value.
SBC of $20.9M in 2027Q1 was roughly equal to operating income of $20.2M, meaning that a significant portion of earnings is consumed by non-cash compensation. While SBC is added back to operating cash flow, it dilutes existing shareholders and reduces the effective return on buybacks. The company's heavy use of SBC may indicate that reported cash flow overstates the cash available to shareholders.