Free cash flow generation is highly sensitive to working capital cycles, as demonstrated by a massive $185.8 million outflow in 2026Q1 that caused the free cash flow margin to plummet to negative 19.9%.
| Metric | TTM | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 |
|---|
| Cash from Operations | 17.3M | 148.5M | 308.7M | 89.4M | -102.6M | 64.8M | 360.8M | 131.2M | 227M | 170.7M | 186.4M | 84.2M | 178.8M | 187.3M | 101.7M | 68.6M | -11M | 103.7M | 249.7M | 280.5M | 175.5M | 114.7M | 87.9M | 41.8M | 294.6M | 209.8M | 305.7M | 307.7M | 333.4M | 80.8M |
| Operating CF Margin % | - | 4.69% | 9.77% | 2.77% | -3.7% | 2.5% | 9.69% | 3.81% | 7.43% | 5.63% | 6.09% | 2.75% | 5.98% | 6.53% | 3.7% | 2.81% | -0.48% | 3.26% | 7.3% | 9.06% | 6.12% | 4.39% | 3.75% | 1.62% | 9.54% | 5.4% | 9.22% | 11.22% | 12.08% | 3.35% |
| Operating CF Growth % | -300.87% | -51.9% | 245.3% | 187.13% | -258.33% | -82.04% | 175% | -42.2% | 32.98% | -8.42% | 121.38% | -52.91% | -4.54% | 84.17% | 48.25% | 723.64% | -110.61% | -58.47% | -10.98% | 59.83% | 53.01% | 30.49% | 110.29% | -85.81% | 40.42% | -31.37% | -0.65% | -7.71% | 312.62% | - |
| Net Income | 95.3M | 120.7M | 81.1M | 35.3M | 4M | 26.1M | 199.7M | 126M | 80.7M | 124.6M | 170.3M | 86.1M | 87.7M | 38.8M | 56.7M | 20.4M | -13.6M | -700K | 133.2M | 106.9M | 48.9M | 12.7M | -23.2M | -266.1M | 1M | 193.7M | 184.2M | 221.4M | 217M | 27.7M |
| Depreciation & Amortization | 77.5M | 80.8M | 83.6M | 90M | 83.2M | 85.2M | 85.6M | 81.6M | 65.9M | 60.3M | 65.7M | 59.9M | 60M | 58.3M | 56.4M | 64.4M | 74.2M | 87.3M | 92.4M | 101.4M | 119.4M | 127.6M | 141.4M | 157M | 172.4M | 162.5M | 141.8M | 107M | 95.3M | 93.4M |
| Stock-Based Compensation | 23.9M | 24.5M | 26M | 21.8M | 16.1M | 20.9M | 16.7M | 17.7M | 19.1M | 19.8M | 21M | 18.4M | 16.8M | 9.6M | 11.6M | 41.7M | -62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -56.7M | 0 | -1M | -14.1M | 15.9M | 12.1M | -800K | 52.9M | 26.8M | -68.3M | 400K | 14.1M | -8.1M | 13.6M | 100K | -18.2M | -4.8M | 11.3M | 30.9M | 200K | -13.7M | -30.5M | -31.2M | -16.5M | -19M | -4.5M | -2.7M | -4.7M | 1.8M |
| Other Non-Cash Items | -18.5M | -19M | -3.4M | 1.5M | -20.1M | 31.7M | -19.5M | -30.1M | -26.4M | -8.6M | -12M | 1.5M | 17.6M | 94.2M | 30.1M | -52.2M | 80.2M | 118.4M | 23.5M | 18.2M | 15.9M | 13.4M | 18.2M | 238.2M | 69.3M | 11.6M | 6M | 13.8M | 16.5M | 28.2M |
| Working Capital Changes | -161.2M | -1.8M | 121.4M | -58.2M | -171.7M | -115M | 66.2M | -63.2M | 34.8M | -52.2M | 9.7M | -82.1M | -17.4M | -5.5M | -66.7M | -5.8M | -71.6M | -96.5M | -7.6M | 23.1M | -8.9M | -25.3M | -18M | -56.1M | 68.4M | -139M | -21.8M | -31.8M | 9.3M | -70.3M |
| Change in Receivables | -8.9M | 11.8M | 15.5M | -43.7M | -74.9M | 120.9M | 7.2M | -66.4M | 18.5M | 11.9M | 700K | -43.7M | -15.7M | -12.8M | 8M | -60.6M | 62M | 70.2M | -20.2M | 24.3M | -1.4M | -5.7M | 43.4M | 35.3M | 274.6M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -45M | -16.3M | 88.3M | 12M | -133.4M | 27.1M | -6.2M | -24M | -8.5M | -5.1M | 6.8M | -27.2M | -13.1M | 2.1M | -17.1M | -28.5M | 33.9M | 3.6M | 7.8M | 5.4M | -17M | -15.8M | 19.4M | 24.8M | 46.9M | -19.3M | -21.2M | 9.3M | 2.2M | 31.5M |
| Change in Payables | 1.7M | 17.1M | 9.9M | -39.3M | 62.9M | -69M | 10.8M | 8.5M | -700K | 9.5M | -4.1M | 12.6M | 12.7M | 3.4M | -2M | 34.2M | -16.7M | -50.5M | -600K | 23.4M | 16.9M | 7.9M | -2.9M | -32.3M | -81.8M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -38.3M | -34.8M | 6.1M | -134.8M | -65.5M | -30.6M | 4.5M | -271.6M | -47.5M | -48.4M | -87.8M | -14.3M | -25.2M | -85.5M | 203.2M | -254.3M | -10M | -61.1M | -91.3M | -51.9M | 127.7M | -25.7M | 99.3M | 316.5M | -250.4M | -220M | -514.6M | -290M | -149.9M | -75.4M |
| Capital Expenditures | -54.6M | -47.1M | -47.1M | -59.1M | -60.5M | -41.3M | -73.4M | -81.4M | -87.9M | -61.1M | -93.4M | -97.5M | -86.8M | -74M | -64.9M | -46M | -35.2M | -83M | -79.6M | -58.2M | -71.9M | -49.2M | -43M | -76.5M | -123M | -260.5M | -188.8M | -227.6M | -126.4M | -122M |
| CapEx % of Revenue | 1.68% | 1.49% | 1.49% | 1.83% | 2.18% | 1.59% | 1.97% | 2.36% | 2.88% | 2.01% | 3.05% | 3.19% | 2.9% | 2.58% | 2.36% | 1.89% | 1.54% | 2.61% | 2.33% | 1.88% | 2.51% | 1.88% | 1.83% | 2.96% | 3.98% | 6.7% | 5.69% | 8.3% | 4.58% | 5.07% |
| Acquisitions | 0 | 0 | 0 | -105.3M | -32.6M | -3.8M | 68.9M | -226.2M | -49.3M | 1.9M | 11.1M | 19.7M | 9.5M | -6.2M | -20.9M | 29.8M | 14.1M | 17.5M | -13.8M | -9.9M | -8.6M | -459.2M | -2.7M | -2.9M | -214.6M | -100K | -209.6M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 29.3M | 60.7M | 53.2M | 29.6M | 27.6M | 14.5M | -66.6M | 36M | 16.2M | -3.2M | 5.1M | 5.8M | 76.5M | 11.2M | 18.7M | 38.3M | 5.3M | 8.2M | 16.8M | 30.4M | 28.7M | 55.1M | 145M | 395.9M | 96.7M | -137.2M | -149.9M | -66.8M | -23.5M | 46.6M |
| Cash from Financing | -59M | -84M | -85.9M | -62.9M | -120M | -87.8M | -81.9M | 122.3M | -97.5M | -105.9M | -90.1M | -89.8M | -101.6M | -64.2M | -334.3M | 214.1M | 13.1M | -131.7M | -484.4M | -127.1M | -101.6M | -60.3M | -56.8M | -301.5M | -11.9M | -40.5M | 219.4M | -53.3M | -254.4M | -40.4M |
| Debt Issued (Net) | 0 | 0 | -32.2M | -2.7M | -2.6M | 0 | 0 | 197.3M | -2.7M | -2.3M | 16.3M | -2.6M | -2M | -2.3M | -256M | 243.1M | 45.5M | -2.1M | 1.4M | -9.8M | -61.2M | -28.8M | -22.9M | -269.9M | 49.5M | 81.9M | 323.4M | 0 | 0 | 0 |
| Equity Issued (Net) | -2.3M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K |
| Dividends Paid | -47.7M | -47.6M | -47.6M | -57.3M | -62.6M | -43.5M | -69.1M | -64.3M | -61M | -58.5M | -57M | -52.5M | -50.2M | -45.8M | -31.7M | -21.6M | -26.9M | -71.3M | -333.7M | -67.2M | -49.2M | -35.6M | -35.5M | -35.4M | -57.5M | -65.9M | -67.3M | -63.1M | -210.9M | -41.8M |
| Share Repurchases | -11.3M | -36.4M | -4.2M | -3.9M | -55.2M | -42.7M | -8.7M | -4.2M | -33.8M | -48.4M | -56.4M | -36.3M | -49.9M | -19.9M | -47.7M | -10.8M | -4.6M | -59.2M | -165.3M | -77.3M | -3.4M | 0 | 0 | 0 | -4.4M | -56.6M | -36.7M | -15M | -43.5M | 0 |
| Other Financing | 0 | 0 | -1.9M | 1M | 400K | -1.6M | -4.1M | -6.5M | 0 | 3.3M | 7M | 1.6M | 500K | 3.8M | 1.1M | 400K | -1M | 400K | 1.7M | 3.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -79.8M | 27.9M | 228.7M | -109.8M | -288.6M | -51.5M | 282.3M | -20.8M | 86M | 15.2M | 5.4M | -25.3M | 51.4M | 38.3M | -30.1M | 30M | -6.5M | -96.3M | -313.3M | 103.4M | 207.2M | 34.4M | 133.3M | 59.5M | 30.4M | -48.4M | 6.2M | -53.3M | -254.4M | -40.4M |
| Free Cash Flow | -37.3M | 101.4M | 261.6M | 30.3M | -163.1M | 23.5M | 287.4M | 49.8M | 139.1M | 109.6M | 93M | -13.3M | 92M | 113.3M | 36.8M | 22.6M | -46.2M | 20.7M | 170.1M | 222.3M | 103.6M | 65.5M | 44.9M | -34.7M | 171.6M | -50.7M | 116.9M | 80.1M | 207M | -41.2M |
| FCF Margin % | -1.14% | 3.2% | 8.28% | 0.94% | -5.88% | 0.91% | 7.72% | 1.45% | 4.55% | 3.61% | 3.04% | -0.43% | 3.08% | 3.95% | 1.34% | 0.93% | -2.02% | 0.65% | 4.97% | 7.18% | 3.61% | 2.51% | 1.91% | -1.34% | 5.55% | -1.3% | 3.53% | 2.92% | 7.5% | -1.71% |
| FCF Growth % | -120.83% | -61.24% | 763.37% | 118.58% | -794.04% | -91.82% | 477.11% | -64.2% | 26.92% | 17.85% | 799.25% | -114.46% | -18.8% | 207.88% | 62.83% | 148.92% | -323.19% | -87.83% | -23.48% | 114.58% | 58.17% | 45.88% | 229.39% | -120.22% | 438.46% | -143.37% | 45.94% | -61.3% | 602.43% | - |
| FCF per Share | -0.31 | 0.88 | 2.28 | 0.27 | -1.43 | 0.20 | 2.44 | 0.42 | 1.19 | 0.92 | 0.76 | -0.11 | 0.72 | 0.88 | 0.28 | 0.17 | -0.35 | 0.15 | 1.19 | 1.48 | 0.70 | 0.44 | 0.30 | -0.23 | 1.16 | -0.34 | 0.77 | 0.52 | 1.34 | -0.27 |
| FCF Conversion (FCF/Net Income) | -0.39x | 1.23x | 3.81x | 2.53x | -25.65x | 2.48x | 1.81x | 1.04x | 2.81x | 1.37x | 1.09x | 0.98x | 2.04x | 4.83x | 1.79x | 3.36x | 0.81x | -8.86x | 1.87x | 2.62x | 3.59x | 9.03x | -3.79x | -0.16x | 294.60x | 1.08x | 1.66x | 1.39x | 1.54x | 2.92x |
| Interest Paid | 0 | 23.1M | 24M | 26.2M | 23.2M | 25.4M | 24.5M | 34.5M | 17M | 17M | 17.1M | 17.2M | 17.4M | 17.4M | 26.2M | 17.7M | 17.7M | 17.2M | 16.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 47.2M | 33.1M | 16.6M | 2.5M | 24.6M | 26.7M | 36.2M | 4.8M | 67.7M | 57M | 60.4M | 33.1M | 9.4M | 10.7M | 2.3M | 9.1M | 16.7M | 40.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical working capital volatility
As reported in financial statements, Steelcase's operating cash flow to net income ratio has fluctuated wildly, reaching a negative 10.38 in 2026Q1, which suggests that reported net income frequently fails to capture the underlying cash-generative capacity of the firm's core manufacturing operations during periods of inventory build-up.
The significant divergence between net income and operating cash flow indicates that accrual-based accounting may mask the true volatility of the business. Investors should monitor whether these periodic cash flow deficits are merely timing differences related to project installations or evidence of structural difficulty in converting accounting profits into actual liquidity.
Based on the provided quarterly data, Steelcase's free cash flow margins have exhibited extreme volatility, swinging from a negative 19.9% in 2026Q1 to a positive 13.8% in 2024Q3, highlighting the company's struggle to maintain consistent cash generation amidst a highly cyclical and project-dependent revenue environment.
The erratic nature of free cash flow suggests that the company's ability to fund dividends and capital allocation is highly sensitive to short-term operational shifts. This inconsistency warrants caution, as the firm appears unable to decouple its cash generation from the lumpy, project-based nature of its office furniture contracts.
According to recent SEC filings, Steelcase's working capital changes have been a primary driver of cash flow variance, with a massive $185.8 million outflow in 2026Q1, indicating that the company's cash position is heavily tethered to the timing of large-scale project receivables and inventory management cycles.
The dramatic swings in working capital suggest that the company's cash flow is highly susceptible to the timing of customer payments and inventory procurement. This reliance on working capital efficiency implies that any disruption in the project pipeline could rapidly impact the company's short-term liquidity position.
As indicated by the reported figures, Steelcase has maintained a consistent capital expenditure profile, with CapEx to revenue ratios hovering between 1.3% and 2.0% over the last ten quarters, suggesting that the firm is prioritizing maintenance of its existing manufacturing footprint over aggressive capacity expansion.
The stability of capital spending relative to revenue suggests that management is exercising discipline in its asset investment strategy. However, given the stagnant top-line growth, investors should investigate whether this level of investment is sufficient to drive the necessary product innovation required to compete in the evolving architectural solutions market.
Quick answers to the most common questions about buying SCS stock.
Steelcase Inc. (SCS) generated $148.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Steelcase Inc. (SCS) generated $101.4M 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.
Steelcase Inc. (SCS) spent $47.1M 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, Steelcase Inc. (SCS) returned $47.6M to shareholders via cash dividends and spent $36.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.