Free cash flow margins have shifted from a positive 5.1% in 2023Q2 to a negative 1.8% in 2025Q3, underscoring a persistent inability to generate surplus cash during demand contractions.
| Metric | TTM | 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 |
|---|
| Cash from Operations | 66.5M | 204.9M | 365.1M | 501.2M | 35M | 277.9M | 193.1M | 57.4M | -2.1M | 25.4M | 259.1M | -73.3M | 48.1M | 186.5M | 54.5M | -198.7M | 284.9M | 280.5M | 618.1M |
| Operating CF Margin % | - | 4.46% | 7.15% | 7.93% | 0.62% | 8.02% | 4.29% | 1.3% | -0.06% | 0.89% | 8.18% | -2.02% | 1.39% | 4.63% | 1.15% | -5.1% | 9.29% | 5.28% | 10.3% |
| Operating CF Growth % | -98.14% | -43.88% | -27.15% | 1332% | -87.41% | 43.92% | 236.41% | 2833.33% | -108.27% | -90.2% | 453.48% | -252.39% | -74.21% | 242.2% | 127.43% | -169.74% | 1.57% | -54.62% | - |
| Net Income | -22.8M | -7.3M | 146.4M | 391.5M | 295.4M | -65.3M | 82.7M | 106.4M | 18M | 18.9M | -1.8M | -26.2M | 126.2M | 45.8M | -8.8M | -103.7M | -192.2M | 31.3M | 56.9M |
| Depreciation & Amortization | 41.9M | 77.6M | 62.5M | 59M | 55.9M | 53.9M | 58.4M | 52.9M | 47.1M | 42.5M | 43.7M | 45.6M | 46.6M | 47M | 43M | 38.4M | 36.9M | 37.6M | 39.8M |
| Stock-Based Compensation | 4.1M | 11.6M | 13.8M | 9.1M | 5.5M | 1.9M | 3.1M | 3.3M | 2.2M | 1.4M | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.5M |
| Deferred Taxes | -6.5M | -9.8M | 16.8M | 7.4M | 600K | -16.6M | 48M | 7.8M | -9.2M | 4.7M | 3.2M | -3.5M | -112.7M | -9.2M | -11.6M | 58.8M | 56.8M | -12.8M | 36.3M |
| Other Non-Cash Items | 45.4M | 12.4M | -12.6M | -1.4M | 25.5M | 74.7M | -12.6M | -58.2M | 4M | -2.1M | 22.4M | 100K | 2.7M | 41.2M | 12.3M | 42.6M | -12.7M | -43.5M | -23.2M |
| Working Capital Changes | 3.4M | 120.4M | 138.2M | 35.6M | -347.9M | 229.3M | 13.5M | -54.8M | -64.2M | -40M | 190.9M | -99.4M | -24M | 26.2M | -29M | -241.2M | 382.1M | 274.6M | 483.8M |
| Change in Receivables | -24.5M | 40M | 67.9M | 126.7M | -220.5M | 46.7M | 92.5M | -64.8M | -44M | -22.5M | 88M | -19.5M | 9.9M | 120.8M | -1.7M | -137.5M | 155.3M | 88.5M | -36.6M |
| Change in Inventory | 2.6M | 119.9M | 28.8M | 39.9M | -227.9M | 138.9M | 65.9M | -21.4M | -42.9M | -6.5M | 178.1M | -6.4M | 4.4M | -5.8M | 92.9M | -170.9M | 226.9M | 262.4M | 484M |
| Change in Payables | 31.6M | -5.6M | 24.8M | -72.1M | 123.6M | 25.8M | -78.2M | 58.4M | 58.3M | 20.5M | -12.4M | -22.4M | 15.7M | -38.3M | -71.7M | 102.3M | -500K | -80M | 20.8M |
| Cash from Investing | -54.8M | -142.7M | -262.1M | -160M | 94.4M | -25.9M | 26.4M | -200.2M | -71.7M | -20.7M | -18M | -34M | -13.5M | -35.3M | -115M | -44.4M | 32.1M | 19.3M | -1.09B |
| Capital Expenditures | -54.2M | -99.6M | -121.9M | -105.1M | -59.3M | -26M | -45.8M | -38.4M | -25.1M | -23M | -22.3M | -21.6M | -20.2M | -40.8M | -47M | -27M | -22.8M | -30.1M | -60.7M |
| CapEx % of Revenue | 1.21% | 2.17% | 2.39% | 1.66% | 1.04% | 0.75% | 1.02% | 0.87% | 0.75% | 0.8% | 0.7% | 0.6% | 0.58% | 1.01% | 0.99% | 0.69% | 0.74% | 0.57% | 1.01% |
| Acquisitions | 0 | 0 | -137.8M | -59M | -14.5M | 0 | 70.4M | -169.7M | -50.3M | -1.1M | -8.8M | -20.1M | 0 | -5M | -95.2M | -12M | 49M | 31.5M | -1.07B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -600K | -43.1M | -2.4M | 4.1M | 168.2M | 100K | 1.8M | 7.9M | -100K | 200K | 2.7M | 7.7M | 6.7M | 10.5M | 27.2M | -5.4M | 5.9M | 29.7M | -28M |
| Cash from Financing | -17.7M | -86.8M | -88.3M | -350.1M | -137.9M | -250.2M | -183.8M | 92.9M | 66.6M | 11.9M | -232.2M | 100.5M | -26.6M | -143.4M | 57.9M | 185.1M | -342.4M | -197M | 455.6M |
| Debt Issued (Net) | 6.7M | 23.1M | 61M | -274.8M | -129.7M | -234.2M | -182.6M | 94.6M | 10.3M | -93.6M | -228M | -111.7M | -15.4M | -108.4M | 40.9M | 422.2M | -285.9M | -197M | -19.9M |
| Equity Issued (Net) | -1000K | -1000K | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -24M | -24.8M | -24.8M | -19.9M | -6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35M | 0 | -213.8M | -56.5M | 0 | -4.1M |
| Share Repurchases | -2.6M | -51M | -113.9M | -50M | -1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.2M | -34.1M | -10.6M | -5.4M | 0 | -16M | -1.2M | -1.7M | 55.4M | 105M | -4.2M | 212.2M | -4.6M | 0 | 17M | -23.3M | 0 | 0 | 479.6M |
| Net Change in Cash | -6.4M | -26.1M | 14.9M | -11.9M | -10.1M | 2.7M | 35.5M | -54.2M | -3.3M | 17.5M | 3.2M | -14.4M | 3.2M | 9.5M | -900K | -52.4M | -15.4M | 95.2M | -19.9M |
| Free Cash Flow | 12.3M | 105.3M | 243.2M | 396.1M | -24.3M | 251.9M | 147.3M | 19M | -27.2M | 2.4M | 236.8M | -94.9M | 27.9M | 145.7M | 7.5M | -225.7M | 262.1M | 250.4M | 557.4M |
| FCF Margin % | 0.27% | 2.29% | 4.76% | 6.26% | -0.43% | 7.27% | 3.27% | 0.43% | -0.81% | 0.08% | 7.48% | -2.62% | 0.81% | 3.62% | 0.16% | -5.79% | 8.55% | 4.72% | 9.29% |
| FCF Growth % | -87.86% | -56.7% | -38.6% | 1730.04% | -109.65% | 71.01% | 675.26% | 169.85% | -1233.33% | -98.99% | 349.53% | -440.14% | -80.85% | 1842.67% | 103.32% | -186.11% | 4.67% | -55.08% | - |
| FCF per Share | 0.38 | 3.22 | 6.84 | 10.35 | -0.62 | 6.62 | 3.88 | 0.50 | -0.73 | 0.07 | 7.39 | -3.73 | 0.87 | 4.55 | 0.23 | -7.04 | 8.18 | 7.82 | 17.40 |
| FCF Conversion (FCF/Net Income) | -0.54x | -23.83x | 2.51x | 1.28x | 0.12x | -4.22x | 2.34x | 0.54x | -0.12x | 1.36x | -518.20x | 2.85x | 0.38x | 3.96x | -6.73x | 1.91x | -1.49x | 8.63x | 10.86x |
| Interest Paid | 38.9M | 40.6M | 29.9M | 38.3M | 51.1M | 62M | 0 | 92.8M | 84.9M | 89.2M | 86.7M | 100.3M | 103.3M | 67.6M | 71.5M | 66.1M | 66.6M | 106.9M | 61.1M |
| Taxes Paid | 6.6M | 10.3M | 6.2M | 176.9M | 70.2M | 0 | 0 | 2.1M | 1.7M | 1.8M | 3.2M | 1.6M | 1.2M | 5.2M | 3.1M | 46.8M | 29.1M | 9.7M | 61.5M |
Cyclical working capital volatility
Based on reported financial statements, the disconnect between net income and operating cash flow is stark, as evidenced by the 2025Q1 period where the company reported a $5.6 million net loss alongside a significant $41.2 million outflow from operations, highlighting poor cash conversion quality.
The erratic OCF/NI ratios suggest that accounting accruals and inventory valuation adjustments are significantly distorting the company's reported profitability. Investors should monitor whether this divergence is a temporary byproduct of LIFO accounting or a sign that earnings are failing to translate into actual liquidity.
As reported in recent quarterly filings, Ryerson's free cash flow trajectory has shifted from a positive 5.1% margin in 2023Q2 to a negative 1.8% margin by 2025Q3, indicating a persistent inability to generate surplus cash during periods of industrial demand contraction.
The volatility in FCF margins suggests that the company's cost structure remains highly sensitive to volume declines. This trend warrants further investigation into whether the current capital expenditure levels are sustainable given the deteriorating cash generation profile.
According to historical cash flow data, working capital changes have been the primary driver of liquidity fluctuations, with a massive $119.5 million inflow in 2024Q3 followed by a $56.3 million outflow in 2025Q1, illustrating the company's extreme sensitivity to inventory cycle management.
These sharp reversals in working capital suggest that Ryerson is aggressively managing inventory levels to offset cyclical demand shifts. Such reliance on inventory destocking to preserve cash may indicate limited operational flexibility when market conditions turn unfavorable.
Based on the provided quarterly data, Ryerson's capital expenditure as a percentage of revenue has remained relatively stable, yet the absolute cash outflow of $12.8 million in 2025Q3 against a backdrop of negative net income suggests a challenging capital intensity profile for the business.
The company continues to commit capital to its infrastructure despite the current margin pressure, which may be necessary for long-term competitiveness but currently exacerbates cash burn. Analysts should evaluate if these investments are yielding the expected efficiency gains or merely maintaining legacy processing capabilities.
Quick answers to the most common questions about buying RYI stock.
Ryerson Holding Corporation (RYI) generated $204.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Ryerson Holding Corporation (RYI) generated $105.3M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ryerson Holding Corporation (RYI) spent $99.6M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Ryerson Holding Corporation (RYI) returned $24.8M to shareholders via cash dividends and spent $51.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.