Free cash flow remains highly volatile, swinging from a peak of $72.3 million in 2025Q4 to $1.1 million in 2026Q1, reflecting inconsistent operational cash conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 95.3M | 101.2M | 127.1M | 131.4M | 129.5M | 124.4M | 165.06M | 161.32M | 66.82M | 138.98M | 116.97M | 73.92M | 85.21M | 78.02M | 40.04M | 16.86M | 45.77M | 2.61M | 69.28M | 67.91M | 33.89M | 48.5M | 28.6M | 29.66M | 26.03M | 39.02M | 23.71M | 32.5M | 15.9M | 19M | 14.3M |
| Operating CF Margin % | - | 12.48% | 15.31% | 14.46% | 13.33% | 13.33% | 20.57% | 17.96% | 7.6% | 16.93% | 17.82% | 11.52% | 13.95% | 14.51% | 8.03% | 3.05% | 12.07% | 0.9% | 18.96% | 15.74% | 7.46% | 13.62% | 7.84% | 12.19% | 11.86% | 18.06% | 9.55% | 13.12% | 7.34% | 10.02% | 10.11% |
| Operating CF Growth % | -83.27% | -20.38% | -3.27% | 1.47% | 4.1% | -24.63% | 2.31% | 141.43% | -51.92% | 18.82% | 58.23% | -13.24% | 9.22% | 94.85% | 137.47% | -63.16% | 1650.84% | -96.23% | 2.01% | 100.37% | -30.11% | 69.56% | -3.57% | 13.97% | -33.29% | 64.52% | -27.03% | 104.4% | -16.32% | 32.87% | 25.44% |
| Net Income | -55.9M | -61.8M | 26.1M | 56.6M | 116.6M | 108.1M | 49.99M | 47.32M | 87.65M | 80.46M | 48.28M | 46.32M | 52.88M | 37.66M | 69.13M | 43.81M | 34.57M | -62.87M | 21.62M | 22.12M | 46.46M | 16.44M | 40.1M | 26.27M | 18.61M | 15.73M | 26.72M | 18.6M | 13.8M | 16.5M | 13.9M |
| Depreciation & Amortization | 800K | 54.3M | 49.4M | 51.1M | 45.9M | 43.3M | 71.42M | 49.16M | 50.07M | 44.1M | 37.85M | 34.05M | 26.27M | 26.35M | 27.13M | 26.31M | 16.11M | 17.96M | 18.4M | 25.72M | 19.53M | 16.85M | 18.07M | 13.62M | 13.57M | 13.71M | 12.51M | 10.4M | 8.4M | 6.6M | 5.8M |
| Stock-Based Compensation | -1.9M | 0 | 15.1M | 14.3M | 11.8M | 17M | 13.53M | 12.3M | 11.22M | 11.82M | 11.28M | 9.64M | 7.53M | 5.39M | 5.15M | 8.1M | 6.63M | 4.68M | 5.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.8M | -6.7M | -17.3M | -3.6M | -20.6M | -3.2M | -13.41M | -17.55M | -3.33M | 17.51M | 7.38M | 3.67M | 8.15M | 5.63M | -58.25M | -2.73M | -8.38M | 43.42M | -5.14M | -5.46M | -9.6M | -4.64M | -2.68M | 4.83M | 2.56M | -395K | 3.3M | -600K | 2M | 2.5M | -1.4M |
| Other Non-Cash Items | 150M | 84.4M | 8M | 25.4M | 67.5M | -600K | 1.94M | 56.67M | -25.69M | -4.29M | -3.51M | -3.41M | -13.01M | -2.34M | -6.08M | 2.63M | 4.34M | 18.73M | -7.48M | 2.28M | 11.2M | 26.99M | 26K | -6.65M | -5.17M | -2.32M | -3.81M | -900K | -700K | 200K | 100K |
| Working Capital Changes | -1.5M | 31M | 45.8M | -12.4M | -91.7M | -40.2M | 41.57M | 13.41M | -53.11M | -10.62M | 15.69M | -16.35M | 3.38M | 5.31M | 2.95M | -61.25M | -7.5M | -19.31M | 36.24M | 25.93M | -25.54M | -7.15M | -26.91M | -8.4M | -3.55M | 12.29M | -15M | 5M | -7.6M | -7M | -4.2M |
| Change in Receivables | -10.1M | 8.5M | 39.2M | -16.7M | -36.2M | -36.2M | -8.93M | 20.68M | -3.82M | -14.06M | -13.01M | 10.06M | -10.19M | -2.73M | -2.83M | -5.37M | -16.24M | -3.8M | 29.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.7M | 23.4M | 7.5M | 28.3M | -51.6M | -34.4M | 34.69M | -1.2M | -19.01M | -14.21M | 9.69M | -10.61M | -5.24M | 7.19M | 5.87M | -20.64M | -10.77M | 10M | 7.39M | 20.21M | -25.73M | 3.11M | -20.51M | -1.66M | 3.63M | 4.77M | -7.46M | -1.3M | -900K | -6.5M | -2M |
| Change in Payables | 8.1M | 800K | 0 | 0 | 0 | 0 | 5.75M | -10.38M | -31.26M | 11.77M | 23.41M | -18.91M | 17.7M | 9.66M | -4.96M | -27.22M | 21.47M | -17.66M | -5.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -23.2M | -14.8M | -45.6M | -47.9M | -113.1M | -238.6M | -40.38M | -48.96M | -167.44M | -78.27M | -151.8M | -180.3M | -28.52M | -16.98M | 1.37M | -145.99M | -22.52M | -17.89M | -7.18M | -17.1M | -67.11M | -26.61M | -27.54M | -24.82M | -20.61M | -21.22M | -24.5M | -16.8M | -27.5M | -30.7M | -11.4M |
| Capital Expenditures | 4.9M | -30.1M | -56.1M | -57M | -116.8M | -71.1M | -40.38M | -51.6M | -47.12M | -27.21M | -18.14M | -24.84M | -28.75M | -16.86M | -23.77M | -21.32M | -12.61M | -12.09M | -21M | -30.99M | -23.07M | -28.61M | -28.13M | -17.95M | -22.68M | -18.03M | -22.74M | -17.9M | -30.5M | -17.7M | -6.3M |
| CapEx % of Revenue | 0.6% | 3.71% | 6.76% | 6.27% | 12.03% | 7.62% | 5.03% | 5.74% | 5.36% | 3.31% | 2.76% | 3.87% | 4.71% | 3.14% | 4.77% | 3.85% | 3.32% | 4.14% | 5.75% | 7.18% | 5.08% | 8.03% | 7.71% | 7.38% | 10.34% | 8.35% | 9.16% | 7.22% | 14.08% | 9.33% | 4.45% |
| Acquisitions | 0 | 14.2M | 1.4M | 1.7M | -3.6M | -168.2M | 0 | 2.63M | -77.97M | -60.19M | -133.94M | -157.14M | 0 | 0 | -3.1M | -139.82M | -15.72M | -7.4M | 10.52M | 0 | 0 | 0 | -3.41M | -17.66M | -8.06M | -2M | -252K | 0 | 100K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -28.2M | 0 | 0 | 7.4M | 7.3M | 700K | 0 | 9K | -42.35M | 9.14M | 275K | 1.68M | 235K | -120K | -20.97M | -13.97M | -12.61M | 0 | 0 | 0 | -250K | 0 | -1.78M | 7.16M | 6.46M | -1.19M | -1.51M | 800K | 100K | -11.2M | -5.7M |
| Cash from Financing | -53.9M | -53.9M | -50.1M | -190.3M | -10.1M | 159M | -104.19M | -111.84M | 88.68M | -113.19M | 57.87M | 83.03M | 1.87M | 10.66M | -8.46M | 128.27M | 1.48M | 1.36M | -26.61M | -27.58M | 23.53M | -12.52M | 5.69M | 4.26M | -3.95M | -7.17M | 993K | -15.7M | 2M | 11.7M | 2.8M |
| Debt Issued (Net) | 400K | -1.3M | -30.4M | -185.4M | 24.7M | 160.38M | -100.19M | -105.89M | 96.34M | -110.69M | 62.24M | 118.36M | -17.8M | -21.21M | -25.52M | 116.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.15M | -7.9M | 296K | -3.4M | 100K | 10.2M | -600K |
| Equity Issued (Net) | 0 | -51.2M | -18.3M | 0 | -24M | 1.5M | 1.36M | 1.25M | -9.6M | 895K | -9.37M | -42.73M | 19.66M | 31.86M | 17.06M | 11.83M | 1.48M | 1.36M | -27.17M | -27.58M | 18.59M | -12.52M | 5.94M | 4.26M | 1.2M | 729K | 697K | -12.3M | 1.9M | 1.3M | 3.4M |
| 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 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -52.4M | -19.8M | 0 | -25M | 0 | 0 | 0 | -3M | 0 | -9.37M | -42.73M | -1.54M | -1.3M | -752K | 0 | 0 | 0 | -30M | -35.54M | 0 | -15.9M | -3.18M | 0 | 0 | 0 | 0 | -13M | -400K | 0 | 0 |
| Other Financing | -54.3M | -1.4M | -1.4M | -4.9M | -10.8M | -2.9M | -5.36M | -7.21M | 1.94M | -3.39M | 5M | 7.4M | 0 | 0 | 0 | 0 | 0 | 0 | 553K | 0 | 4.95M | 0 | -252K | 0 | 0 | 0 | 0 | 0 | -1.9M | 200K | 0 |
| Net Change in Cash | 20.2M | 37.2M | 28.1M | -104.2M | 3.6M | 40.5M | 24.94M | -889K | -13.42M | -46.61M | 23.18M | -32.79M | 45.49M | 77.02M | 35.13M | -407K | 22.4M | -12.43M | 33.84M | 22.69M | -8.36M | 8.43M | 6.49M | 9.18M | 1.41M | 10.79M | 145K | 400K | -9.2M | 100K | 5.6M |
| Free Cash Flow | 100.2M | 71.1M | 71M | 74.4M | 12.7M | 53.3M | 124.67M | 109.73M | 19.7M | 111.77M | 98.83M | 49.09M | 56.45M | 61.16M | 16.27M | -4.46M | 33.16M | -9.47M | 48.28M | 36.92M | 10.82M | 19.88M | 471K | 11.71M | 3.35M | 20.98M | 970K | 14.6M | -14.6M | 1.3M | 8M |
| FCF Margin % | 12.32% | 8.77% | 8.55% | 8.19% | 1.31% | 5.71% | 15.53% | 12.22% | 2.24% | 13.61% | 15.06% | 7.65% | 9.24% | 11.38% | 3.26% | -0.81% | 8.74% | -3.25% | 13.21% | 8.56% | 2.38% | 5.58% | 0.13% | 4.81% | 1.52% | 9.71% | 0.39% | 5.89% | -6.74% | 0.69% | 5.65% |
| FCF Growth % | 84.19% | 0.14% | -4.57% | 485.83% | -76.17% | -57.25% | 13.62% | 456.84% | -82.37% | 13.09% | 101.35% | -13.05% | -7.69% | 276% | 465.1% | -113.43% | 450.05% | -119.62% | 30.74% | 241.27% | -45.58% | 4121.66% | -95.98% | 250.1% | -84.06% | 2063.2% | -93.36% | 200% | -1223.08% | -83.75% | 220% |
| FCF per Share | 5.45 | 3.86 | 3.82 | 3.98 | 0.67 | 2.83 | 6.66 | 5.86 | 1.06 | 6.03 | 5.42 | 2.63 | 3.02 | 3.44 | 0.96 | -0.27 | 2.07 | -0.60 | 3.03 | 2.20 | 0.63 | 1.19 | 0.03 | 0.73 | 0.21 | 1.31 | 0.06 | 0.97 | -0.92 | 0.09 | 0.54 |
| FCF Conversion (FCF/Net Income) | -1.79x | -1.64x | 4.87x | 2.32x | 1.11x | 1.15x | 3.30x | 3.41x | 0.76x | 1.73x | 2.42x | 1.60x | 1.61x | 2.07x | 0.58x | 0.46x | 1.32x | -0.04x | 2.61x | 3.07x | 0.73x | 2.95x | 0.71x | 1.13x | 1.40x | 2.48x | 0.89x | 1.75x | 1.15x | 1.15x | 1.03x |
| Interest Paid | -300K | 0 | 1.7M | 10.4M | 9.7M | 2.4M | 7.25M | 7.76M | 7.04M | 5.79M | 3.92M | 4.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -7.7M | 0 | 19.5M | 6.9M | 60.8M | 33.8M | 29.98M | 17.59M | 29.16M | 36.92M | 23.95M | 18.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and cyclical exposure
According to recent SEC filings, Rogers Corporation's operating cash flow frequently decouples from net income, as evidenced by the 2025Q1 OCF/NI ratio of -8.36, which suggests that non-cash charges and non-recurring merger-related expenses significantly distort the company's reported GAAP earnings relative to its actual cash generation.
The extreme variance in the OCF/NI ratio indicates that traditional earnings metrics are currently unreliable for assessing the firm's true cash-generative capacity. Investors should monitor the normalization of these accruals to determine if the core business can sustain positive cash flow without the noise of recent strategic restructuring.
As reported in financial statements, Rogers' free cash flow trajectory has been highly inconsistent, swinging from a peak of $72.3 million in 2025Q4 to a low of $1.1 million in 2026Q1, highlighting the sensitivity of cash margins to cyclical demand shifts in the electronics and industrial segments.
The sharp decline in FCF margins in early 2026 suggests that the company is struggling to maintain operational efficiency during periods of lower capacity utilization. This volatility warrants further investigation into whether the current cost structure is too rigid to withstand the ongoing fluctuations in 5G and automotive end-market demand.
Based on Rogers' reported figures, capital expenditure as a percentage of revenue has remained relatively disciplined, averaging between 2.3% and 12.6% over the last ten quarters, which suggests that management is prioritizing cash preservation over aggressive capacity expansion in the current uncertain macroeconomic environment.
The moderate capital intensity indicates that the firm is not currently over-investing in fixed assets, which is prudent given the recent revenue contraction. However, analysts should monitor if this lower spending level is sufficient to maintain the proprietary material formulations required to sustain the company's competitive moat.
Data from recent quarterly reports indicates that working capital changes are a primary driver of cash flow variance, with a notable $37.4 million inflow in 2023Q4 followed by more erratic movements, suggesting that inventory management and collection cycles remain highly sensitive to customer-specific project timelines.
The reliance on working capital adjustments to bolster operating cash flow may indicate that the company is managing its supply chain and receivables aggressively to offset operational weakness. Investors should watch for signs of inventory build-up, which could signal a mismatch between production levels and actual end-market demand.
Quick answers to the most common questions about buying ROG stock.
Rogers Corporation (ROG) generated $101.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rogers Corporation (ROG) generated $71.1M 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.
Rogers Corporation (ROG) spent $30.1M 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, Rogers Corporation (ROG) spent $52.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.