Despite minimal capital intensity with CapEx/Revenue ratios consistently below 0.3%, the company has aggressively deployed capital through share repurchases, including a $47 million buyback in 2024Q3, which has contributed to a reduction in cash reserves to $139.9 million.
| Cash from Operations | 40.58M | 33.88M | 39.7M | 7.28M | -26.25M | -20.28M | -3.12M | 3.84M |
| Operating CF Margin % | - | 9.83% | 12.12% | 2.45% | -10.05% | -8.85% | -1.84% | 2.94% |
| Operating CF Growth % | 185.42% | -14.65% | 445.35% | 127.73% | -29.46% | -549.94% | -181.19% | - |
| Net Income | -18.11M | -27.57M | -34.92M | -59.03M | -104.7M | -179.43M | -11.35M | -14.18M |
| Depreciation & Amortization | 12.25M | 15.59M | 4.88M | 5.1M | 4.27M | 2.44M | 1.36M | 715K |
| Stock-Based Compensation | 12.86M | 0 | 57.83M | 62.41M | 67.47M | 33.36M | 7.95M | 11.24M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 50.44M | 59.11M | 22.87M | 17.81M | 5.58M | 128.65M | 8.17M | 1.55M |
| Working Capital Changes | -16.86M | -13.25M | -10.97M | -19.01M | 1.14M | -5.29M | -9.25M | 4.52M |
| Change in Receivables | -3.5M | -1.36M | -1.85M | -9.69M | -1.72M | 1.44M | -12.57M | -3.28M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.47M | -376K | -203K | 373K | 1.93M | -832K | -3.71M | 2.68M |
| Cash from Investing | -73.26M | -132.85M | 27.75M | 251.56M | -210.01M | -84.44M | -16.96M | -2.15M |
| Capital Expenditures | -796.63K | -810K | -637K | -1.35M | -6.13M | -12.25M | -1.51M | -2.11M |
| CapEx % of Revenue | 0.23% | 0.24% | 0.19% | 0.46% | 2.34% | 5.35% | 0.89% | 1.62% |
| Acquisitions | 27.3K | 50K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -22.77M | 0 | 91K | 0 | -1.89M | -1.25M | -1.45M | -40K |
| Cash from Financing | -121.03M | -110.66M | -136.82M | -9.31M | 3.85M | 423.19M | 54.02M | 45.81M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -113.93M | -101.16M | -141.07M | -13.15M | 0 | 419.05M | 53.56M | 45.57M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -116.46M | -106.23M | -141.07M | -13.15M | 0 | 0 | 0 | 0 |
| Other Financing | -7.1M | -9.5M | 4.24M | 3.84M | 3.85M | 4.13M | 466K | 237K |
| Net Change in Cash | -146.99M | -208.91M | -69.78M | 249.82M | -234.11M | 318.47M | 33.94M | 47.5M |
| Free Cash Flow | 39.79M | 33.07M | 39.06M | 5.92M | -34.26M | -33.78M | -6.08M | 1.31M |
| FCF Margin % | 11.35% | 9.6% | 11.93% | 1.99% | -13.12% | -14.74% | -3.58% | 1% |
| FCF Growth % | 23.52% | -15.34% | 559.33% | 117.29% | -1.43% | -455.53% | -563.84% | - |
| FCF per Share | 0.27 | 0.21 | 0.23 | 0.03 | -0.20 | -0.44 | -0.07 | 0.01 |
| FCF Conversion (FCF/Net Income) | -2.20x | -1.23x | -1.14x | -0.12x | 0.25x | 0.11x | 0.27x | -0.27x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 18K |
| Taxes Paid | 0 | 0 | 54K | 17K | 18K | 647K | 1.18M | 0 |
Geopolitical and Model Accuracy
Based on reported quarterly filings, Riskified consistently generates positive operating cash flow despite persistent net losses, with the OCF/NI ratio frequently showing negative values, indicating that non-cash adjustments and working capital fluctuations are the primary drivers of the company's reported cash position rather than core profitability.
The persistent gap between net income and operating cash flow suggests that the company's accounting earnings are heavily influenced by non-cash items, most notably stock-based compensation. Investors should monitor whether this reliance on non-cash adjustments masks a fundamental inability to generate organic cash from core transactional operations.
As reported in financial statements, Riskified's free cash flow margins have fluctuated significantly between 4.4% and 17.6% over the last ten quarters, reflecting a lack of consistent cash generation trajectory that mirrors the company's broader struggle to achieve sustainable operating leverage in its core business.
While the company maintains positive free cash flow, the volatility suggests that cash generation is highly sensitive to seasonal e-commerce cycles and the timing of chargeback payouts. This inconsistency warrants caution, as it implies that the business model remains vulnerable to shifts in transaction volume and fraud patterns.
According to recent SEC filings, Riskified maintains an exceptionally low capital intensity, with CapEx/Revenue ratios consistently remaining below 0.3%, which allows the firm to preserve its cash reserves despite the ongoing challenges in achieving GAAP profitability within its core transactional fraud prevention business model.
The minimal investment in physical assets confirms that the company's primary costs are operational rather than capital-intensive. This structure provides a degree of flexibility, though it also highlights that the company's competitive moat is built on intangible data assets rather than physical infrastructure.
Based on reported figures, Riskified has utilized a significant portion of its cash flow for share repurchases, with quarterly buybacks reaching as high as $47 million in 2024Q3, a trend that appears to prioritize shareholder returns over strategic reinvestment or M&A during a period of decelerating growth.
The decision to aggressively repurchase shares while the company remains net-loss-making suggests a management focus on supporting the stock price. Investors should evaluate whether these capital outflows are sustainable if the core business continues to face headwinds in its primary enterprise merchant segments.
Quick answers to the most common questions about buying RSKD stock.
Riskified Ltd. (RSKD) generated $33.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Riskified Ltd. (RSKD) generated $33.1M 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.
Riskified Ltd. (RSKD) spent $0.8M 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, Riskified Ltd. (RSKD) spent $106.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.