Operational cash generation remains volatile, as evidenced by a $50.7 million working capital outflow in 2026Q4, despite historical peaks in free cash flow margins reaching 23.9% in 2026Q1.
| Metric | Mar'26 | Mar'25 | Mar'24 | Apr'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 |
|---|
| Cash from Operations | 415.7M | 293.6M | 274.7M | 220.6M | 180.29M | 152.45M | 155.62M | 108.55M | 130.29M | 101.24M | 83.36M | 71.79M | 47.98M | 66.26M | 45.03M | 49.96M | 41.15M | 44.74M | 27.08M | 55.73M | 24.64M | 9.87M | 7.54M |
| Operating CF Margin % | 22.22% | 17.94% | 17.61% | 15.01% | 19.12% | 25.03% | 21.39% | 15.45% | 19.3% | 16.45% | 13.95% | 16.12% | 11.45% | 16.44% | 11.33% | 14.88% | 14.98% | 12.57% | 8.19% | 18.21% | 8.98% | 4.06% | 4.03% |
| Operating CF Growth % | 41.59% | 6.88% | 24.52% | 22.36% | 18.26% | -2.04% | 43.37% | -16.69% | 28.69% | 21.45% | 16.12% | 49.64% | -27.6% | 47.15% | -9.86% | 21.39% | -8.02% | 65.24% | -51.42% | 126.18% | 149.72% | 30.81% | - |
| Net Income | 287.6M | 246.2M | 209.9M | 166.7M | 54.7M | 90.1M | 120.35M | 105.19M | 87.14M | 70.62M | 63.89M | 58.25M | 60.21M | 56.34M | 50M | 34.87M | 24.39M | 34.45M | 40.19M | 28.48M | 12.44M | 7.26M | 663K |
| Depreciation & Amortization | 128.8M | 120M | 119.3M | 115.4M | 65.5M | 32.7M | 31.42M | 29.66M | 28.36M | 27.37M | 25.81M | 15.04M | 14.99M | 14.72M | 14.19M | 12.97M | 11.83M | 12.16M | 10.46M | 10M | 10.53M | 10.32M | 9.18M |
| Stock-Based Compensation | 34.5M | 28.4M | 17.4M | 14M | 32.9M | 18.1M | 27.57M | 16.09M | 13.4M | 12.11M | 10.2M | 8.34M | 5.83M | 5.29M | 4.12M | 4.06M | 3.18M | 2.5M | 1.25M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 10.9M | -26.8M | -12.3M | -21.4M | 200K | 4.2M | 4.77M | -4.9M | -702K | 8.32M | -336K | 1.04M | 364K | -906K | -119K | -1.15M | 1.08M | 123K | 1.11M | 9.28M | 3.96M | -3.11M | 2.22M |
| Other Non-Cash Items | 13.8M | 9.6M | 13M | 17M | 28.39M | 9.75M | -363K | 19.67M | 8.28M | 298K | -1.02M | 2.72M | -1.27M | -825K | -442K | -1.74M | 496K | 4.84M | -9.12M | 6.09M | 1.58M | 6.1M | 1.82M |
| Working Capital Changes | -59.9M | -83.8M | -72.6M | -71.1M | -1.4M | -2.4M | -28.12M | -57.15M | -6.2M | -17.48M | -15.18M | -13.6M | -32.15M | -8.36M | -22.72M | 941K | 178K | -9.34M | -16.83M | 1.88M | -3.86M | -10.7M | -6.34M |
| Change in Receivables | -19.4M | -53.3M | -13.4M | 7.8M | -53.5M | 19M | 3.31M | -17.31M | -5.93M | -7.29M | -619K | -2M | -5.99M | 2.7M | -12.43M | -5.13M | 9.57M | 1.49M | -6.24M | -1.22M | 2.71M | -9.25M | -4.45M |
| Change in Inventory | -43.7M | -32.3M | -31.6M | -71.7M | -16.2M | 900K | -25.37M | -37.84M | -14.49M | -9.06M | -25.46M | -13.5M | -17.02M | -15.53M | -14.29M | -6.28M | -612K | -11.06M | -11.74M | 2.49M | -8.03M | -4.72M | 44K |
| Change in Payables | 1.4M | 22.2M | -30.7M | -11.1M | 52.4M | -14.8M | 837K | 5.88M | 10.49M | -1.4M | -2.76M | -534K | -2.99M | 607K | 413K | 4.98M | -2.13M | -3.96M | 341K | 0 | 0 | 0 | 0 |
| Cash from Investing | -349.7M | -49.8M | -52.2M | -14M | -2.85B | -101.5M | -62.78M | -17.14M | -27.89M | -21.36M | -520.14M | -17.91M | -47.12M | -45.18M | -13.66M | -4.84M | -19.05M | -33.34M | -31.61M | -21.35M | -12.98M | -10.01M | -10.79M |
| Capital Expenditures | -73.1M | -49.8M | -33.2M | -42M | -29.76M | -11.77M | -37.3M | -41.35M | -27.98M | -20.89M | -20.86M | -20.9M | -28.92M | -42.02M | -17.84M | -10.44M | -9.91M | -27.58M | -17.76M | -16.17M | -10.34M | -9.53M | -4.95M |
| CapEx % of Revenue | 3.91% | 3.04% | 2.13% | 2.86% | 3.16% | 1.93% | 5.13% | 5.89% | 4.14% | 3.4% | 3.49% | 4.69% | 6.9% | 10.42% | 4.49% | 3.11% | 3.61% | 7.75% | 5.37% | 5.28% | 3.77% | 3.92% | 2.64% |
| Acquisitions | -276.7M | 0 | -19.3M | 27.5M | -2.91B | 300K | -33.84M | 22.28M | 0 | -651K | -500M | 0 | -17.57M | -2.63M | 0 | 0 | -1.94M | -6.33M | -13.9M | -8.75M | -2.68M | -755K | -5.94M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 100K | 0 | 300K | 500K | -59K | 47K | 8.35M | 1.92M | 87K | 188K | 726K | 608K | 100K | 763K | 297K | 2.4M | 15K | 568K | 43K | 3.57M | 44K | 274K | 101K |
| Cash from Financing | -43.3M | -270.4M | -223.5M | -322.8M | 2.7B | -3.4M | -20.37M | -113.28M | -89.94M | -78.77M | 349.79M | -46.08M | 3.78M | 28.65M | -27.39M | -5.38M | -31.39M | 9.92M | 8.59M | -45.47M | 1.91M | -337K | 2.88M |
| Debt Issued (Net) | -53.1M | -278.6M | -209.9M | -303.7M | 1.66B | -7.9M | -21.48M | -130.47M | -98.22M | -94.97M | 360.27M | -500K | -505K | 9.35M | -255K | -156K | -30.47M | 10.4M | -2.15M | -107.85M | -54.77M | 4.03M | -4M |
| Equity Issued (Net) | 24.2M | 25.4M | 9.4M | 3.9M | 1.06B | 4.53M | 1.39M | 18.04M | 8.28M | 11.42M | -5.91M | -2.6M | 2.82M | 12.16M | 2.18M | 2.59M | -539K | -316K | 1.5M | 59.86M | 58M | 58M | 35K |
| Dividends Paid | 0 | -17.2M | -23M | -22.9M | -7.1M | 0 | 0 | 0 | 0 | 0 | 0 | -46.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -9.5M | -11M | -7.7M | -8.53M | -6.84M | -12.21M | -5.23M | -4.99M | -4.75M | -10.49M | -7.06M | -1.79M | -4.25M | -629K | -550K | -862K | -569K | -2.54M | -1.05M | -34.63M | -34.63M | 0 |
| Other Financing | -14.4M | 0 | 0 | -100K | -19.61M | -31K | -276K | -852K | 0 | 4.78M | -4.57M | 3.04M | 1.47M | 7.13M | 685K | -806K | -376K | -163K | 9.51M | 3.41M | -1.31M | 0 | 6.85M |
| Net Change in Cash | 20.5M | -26.7M | -1.9M | -117.5M | 31.8M | 47.8M | 73.37M | -24.28M | 15.24M | -285K | -86.25M | 4.25M | 6.73M | 45.86M | 4.65M | 42.59M | -9.17M | 20.7M | 4.67M | -10.94M | 13.49M | -615K | -303K |
| Free Cash Flow | 342.6M | 243.8M | 241.5M | 178.6M | 150.5M | 140.6M | 118.32M | 67.2M | 102.31M | 80.35M | 62.5M | 50.89M | 19.05M | 24.25M | 27.19M | 39.52M | 31.25M | 17.16M | 9.32M | 39.56M | 14.3M | 342K | 2.59M |
| FCF Margin % | 18.31% | 14.9% | 15.48% | 12.16% | 15.96% | 23.09% | 16.27% | 9.57% | 15.16% | 13.06% | 10.46% | 11.43% | 4.55% | 6.02% | 6.84% | 11.77% | 11.37% | 4.82% | 2.82% | 12.93% | 5.21% | 0.14% | 1.38% |
| FCF Growth % | 40.52% | 0.95% | 35.22% | 18.67% | 7.04% | 18.83% | 76.07% | -34.32% | 27.34% | 28.57% | 22.8% | 167.08% | -21.41% | -10.82% | -31.2% | 26.46% | 82.11% | 84.12% | -76.44% | 176.63% | 4081.58% | -86.81% | - |
| FCF per Share | 10.83 | 8.03 | 8.27 | 6.14 | 5.51 | 5.61 | 4.75 | 2.72 | 4.20 | 3.38 | 2.66 | 2.18 | 0.82 | 1.06 | 1.21 | 1.79 | 1.44 | 0.79 | 0.43 | 1.85 | 0.99 | 0.03 | 0.42 |
| FCF Conversion (FCF/Net Income) | 1.45x | 1.19x | 1.31x | 1.32x | 3.30x | 1.69x | 1.29x | 1.03x | 1.50x | 1.43x | 1.30x | 1.23x | 0.80x | 1.18x | 0.90x | 1.43x | 1.69x | 1.30x | 0.67x | 1.96x | 1.98x | 1.36x | 11.38x |
| Interest Paid | 0 | 55.4M | 75.7M | 69.9M | 11.6M | 1.1M | 1.29M | 4.23M | 6.23M | 7.28M | 0 | 0 | 0 | 0 | 0 | 1.43M | 1.7M | 2.37M | 3.06M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 101.3M | 56.4M | 60.4M | 17.1M | 16.7M | 27.07M | 22.14M | 21.05M | 29.7M | 0 | 0 | 0 | 0 | 0 | 11.79M | 8.7M | 14.86M | 11.4M | 0 | 0 | 0 | 0 |
Aerospace OEM production volatility
According to reported quarterly data, RBC's operating cash flow to net income ratio has fluctuated significantly, reaching a high of 1.81 in 2026Q3, which suggests that the company's cash generation frequently exceeds its accounting earnings due to non-cash charges and working capital timing.
The consistent ability to generate operating cash flow in excess of net income indicates a high quality of earnings, likely bolstered by significant depreciation and amortization charges related to the Dodge acquisition. Investors should monitor whether this conversion ratio remains elevated as the company moves past the initial integration phase of its recent capital-intensive expansion.
As reported in financial statements, RBC's free cash flow margins have shown notable variance, ranging from a low of 6.7% in 2025Q2 to a peak of 23.9% in 2026Q1, reflecting the lumpy nature of capital expenditures and working capital requirements inherent in precision manufacturing.
While the overall trajectory of free cash flow remains positive, the periodic compression in margins suggests that the company's cash-generating profile is sensitive to the timing of large-scale industrial projects. This volatility warrants further investigation into whether these fluctuations are purely timing-related or indicative of underlying shifts in the cost structure of the aerospace and industrial segments.
Based on RBC's reported figures, capital expenditures as a percentage of revenue have remained relatively contained, peaking at 5.0% in 2026Q3, which suggests that the company is maintaining its specialized manufacturing base without requiring excessive reinvestment relative to its top-line growth.
The moderate capital intensity implies that the company's competitive moat, built on proprietary designs and certification barriers, does not require constant, massive capital outlays to sustain. This efficiency allows for a greater portion of operating cash flow to be converted into free cash flow, supporting the company's ability to deleverage or pursue strategic acquisitions.
Analysis of recent SEC filings indicates that RBC experienced a significant working capital outflow of $50.7 million in 2026Q4, which highlights the company's susceptibility to inventory build-ups and the timing of receivables collection within its complex aerospace and industrial supply chains.
The recurring volatility in working capital changes suggests that the company's cash flow is highly sensitive to the production schedules of its OEM customers. Investors should monitor whether these outflows represent a strategic inventory accumulation to mitigate supply chain risks or a potential bottleneck in the conversion of orders into cash.
Quick answers to the most common questions about buying RBC stock.
RBC Bearings Incorporated (RBC) generated $415.7M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
RBC Bearings Incorporated (RBC) generated $342.6M 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.
RBC Bearings Incorporated (RBC) spent $73.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.