Free cash flow generation remains inconsistent, evidenced by a wide margin variance from -0.9% in 2025Q1 to 19.2% in 2023Q4, further complicated by erratic working capital swings.
| Metric | 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 | 628M | 728M | 516.2M | 613.3M | 709.7M | 737M | 511.1M | 428M | 397.9M | 906.9M | 967.7M | -201.9M | 624.8M | 404.4M | 392.1M | 483.1M | 552M | 404.4M | 378.1M | 432.9M | 358.2M | 436.2M | 469.7M | 323.94M | 578.69M | 329.41M | 430.4M | 411.6M | 108.3M | 223.3M |
| Operating CF Margin % | 11.72% | 13.5% | 9.4% | 10.87% | 12.82% | 15.03% | 10.67% | 9.04% | 8.92% | 13.38% | 13.76% | -2.6% | 8.12% | 5.29% | 6.95% | 10.76% | 13.01% | 8.35% | 8.13% | 10% | 8.77% | 11.48% | 13.3% | 10.11% | 18.87% | 10.74% | 15.16% | 16.42% | 12.85% | 6.46% |
| Operating CF Growth % | -13.74% | 41.03% | -15.83% | -13.58% | -3.7% | 44.2% | 19.42% | 7.56% | -56.13% | -6.28% | 579.3% | -132.31% | 54.5% | 3.14% | -18.84% | -12.48% | 36.5% | 6.96% | -12.66% | 20.85% | -17.88% | -7.13% | 45% | -44.02% | 75.67% | -23.46% | 4.57% | 280.06% | -51.5% | - |
| Net Income | 441.2M | 264.7M | 341.6M | 491.6M | 506.8M | 502.9M | 263M | 193.1M | 814.9M | 486.4M | 335.4M | 258.1M | 93.7M | -1.28B | 149.1M | 255.9M | 244.3M | 179.9M | 353M | 274.1M | 255.8M | 215.6M | 240.4M | -309.07M | 156.7M | 225.32M | 211.5M | 73M | 79.9M | 213.8M |
| Depreciation & Amortization | 243.6M | 240.9M | 233.4M | 184.6M | 186.4M | 174.2M | 150.8M | 131.2M | 149.3M | 214M | 213.3M | 266.7M | 283.4M | 304M | 189.5M | 154.7M | 154.5M | 171.5M | 168.8M | 170.8M | 177.8M | 182.7M | 173.6M | 165.7M | 221.18M | 219.96M | 223.6M | 196M | 45.8M | 184.4M |
| Stock-Based Compensation | 0 | 31.6M | 33M | 50.5M | 43.5M | 41.7M | 32.9M | 29.2M | 44.9M | 59.9M | 61.2M | 54.1M | 24.1M | 16.9M | 25M | 30.6M | 38.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 73.3M | -16.4M | -27.8M | -29.7M | 37.3M | 81.7M | -55M | 10.9M | 121M | -61.7M | -46.3M | 136.1M | 7M | -318.4M | -55.6M | -3.3M | -16.6M | -39.5M | -28.5M | -44.7M | -29.8M | -32.7M | -23.4M | -257.21M | -9.08M | 20.36M | 19.4M | 24M | -2.9M | 0 |
| Other Non-Cash Items | 125.4M | 93.7M | 137.7M | 100.4M | 4.1M | 9.3M | 92.1M | 1.4M | -560.9M | 79.2M | 126.1M | -39.7M | 112.3M | 1.69B | 78.6M | 42M | 19M | 35.6M | -28.4M | -3M | -1.6M | -15.6M | 35.9M | 321.62M | 102.65M | -653K | -100K | 46.6M | -100K | -64M |
| Working Capital Changes | -255.5M | 113.5M | -201.7M | -184.1M | -68.4M | -72.8M | 27.3M | 62.2M | -171.3M | 129.1M | 278M | -877.2M | 104.3M | -12.4M | 5.5M | 3.2M | 112M | 57.5M | -86.8M | 35.7M | -44M | 42.8M | 43.2M | 402.9M | 107.25M | -135.57M | -34.1M | 72M | -12M | -110.9M |
| Change in Receivables | -2.8M | -34.1M | 73.4M | 2.6M | -110.9M | 27.4M | 38.1M | -900K | -81.4M | -33.9M | 36.7M | -21.1M | 35.5M | -27.2M | 0 | 0 | -80M | 55.9M | -42.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 6.2M | -4.3M | 136M | -178.5M | -165.7M | -25.2M | 12.4M | -51.6M | -55.4M | -17.1M | -38.3M | -48.6M | 24.5M | 32.4M | -9M | -19.4M | 109.7M | -23.6M | -49.3M | -33.6M | -7M | -29.1M | -11.6M | -32.58M | 16.53M | -54.71M | 21.2M | 33.1M | -5M | 51.9M |
| Change in Payables | -29.3M | 28.1M | -122.8M | -72.1M | 206.1M | 800K | -37M | 42.6M | 154.1M | 228M | 81.3M | 159.4M | 36.3M | -83.8M | -14.4M | 19M | -68.4M | 16.8M | 16.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -133.6M | -232.5M | -1.38B | -243M | -125.7M | -159.8M | -665.6M | -266.7M | 1.76B | -314.8M | -60M | -141.5M | -105.5M | -116.5M | -2.37B | -96.9M | -70.3M | -176.7M | -274.1M | -202.5M | -83.8M | -91M | -123.4M | -96.89M | -177.93M | -348.99M | -97.3M | -38.3M | -34M | 2.07B |
| Capital Expenditures | -169.5M | -220.2M | -244.2M | -237.3M | -213.1M | -181.1M | -189.7M | -168.6M | -183.8M | -275.7M | -184M | -153.9M | -116M | -124.4M | -124.5M | -87.6M | -80.3M | -180.7M | -254.1M | -167.9M | -96.9M | -102.7M | -124.3M | -91.63M | -146.28M | -114.2M | -100.9M | -82.4M | -24.3M | -456.6M |
| CapEx % of Revenue | 3.16% | 4.08% | 4.45% | 4.21% | 3.85% | 3.69% | 3.96% | 3.56% | 4.12% | 4.07% | 2.62% | 1.99% | 1.51% | 1.63% | 2.21% | 1.95% | 1.89% | 3.73% | 5.46% | 3.88% | 2.37% | 2.7% | 3.52% | 2.86% | 4.77% | 3.72% | 3.55% | 3.29% | 2.88% | 13.22% |
| Acquisitions | 300K | 0 | -1.15B | -200K | 89.3M | 5.4M | -455.2M | -84.4M | 2.01B | 2M | 67.1M | -3.6M | -1M | -2.6M | -2B | 28.3M | 0 | -2.9M | -32.9M | -53.3M | -200K | -6.4M | -2.5M | -10.46M | -36.01M | -237.54M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 36.2M | -12.3M | 16.5M | -10.6M | 7.7M | -180.6M | -189.7M | -171.2M | -182.1M | -270.8M | -151.1M | 16M | 10.5M | 7.9M | 1.7M | -26.1M | 10M | 394.5M | -12.3M | 8.6M | 3.3M | 5M | 3.4M | 5.2M | 4.35M | 2.75M | 3.6M | 44.1M | -9.7M | 2.53B |
| Cash from Financing | -567.6M | -432.8M | 755.7M | -446.7M | -575.8M | -261.7M | 139.9M | -478.3M | -1.86B | -540.9M | -775.3M | -304.1M | -319.8M | -585.1M | 2.02B | -373M | 90.3M | -562.9M | -59.5M | -350M | -118.4M | -300.3M | -108.9M | -101.5M | -402.58M | 7.67M | -367.2M | -325.1M | -41.2M | -2.27B |
| Debt Issued (Net) | -434.8M | -297.3M | 997.6M | -6.2M | -25.3M | -116.2M | 333.1M | 222.4M | -369.5M | -181.3M | 182.6M | -8M | -187.7M | -452.7M | 1.85B | -280.5M | 166M | -390.5M | 11.4M | -251.8M | -2.7M | -216.8M | 1.27B | -35.75M | -315.15M | 420.87M | -256.3M | 994.9M | -120M | 0 |
| Equity Issued (Net) | 0 | -9.9M | -79.9M | -280.2M | -403.1M | -33M | -67.3M | -582.6M | -1.3B | -247.7M | -811.3M | -187M | 0 | -9.6M | -12.2M | -9.8M | 0 | -95.1M | -6.1M | -49.6M | -113.9M | -85.1M | -1.33B | -27.92M | -18.25M | -345.32M | -36M | -25.3M | -8.8M | -1.25B |
| Dividends Paid | -119.2M | -118M | -117.9M | -118.5M | -115.6M | -100.4M | -99.1M | -104.1M | -119.7M | -121.6M | -106.8M | -110.9M | -102M | -100.9M | -87.4M | -79.7M | -75.7M | -76.4M | -64.6M | -48.6M | 0 | 0 | -41.9M | -40.55M | -69.19M | -67.88M | -71.6M | -36M | 0 | -46M |
| Share Repurchases | 0 | -9.9M | -79.9M | -280.2M | -403.1M | -33M | -67.3M | -582.6M | -1.3B | -247.7M | -811.3M | -187M | -3.9M | -9.6M | -12.2M | -9.8M | -5.9M | -95.1M | -6.8M | -52.4M | -116.4M | -86.2M | -1.33B | -28.83M | -18.75M | -346.82M | -41.8M | -25.3M | -8.8M | -1.32B |
| Other Financing | -13.6M | -7.6M | -44.1M | -41.8M | -31.8M | -12.1M | -26.8M | -14M | -73M | 6.1M | -53.2M | 1.8M | -30.1M | -21.9M | 272.7M | -3M | 0 | -900K | -200K | 0 | -1.8M | 1.6M | -4.9M | 2.72M | 0 | 0 | -3.3M | -1.26B | 8.8M | -973.2M |
| Net Change in Cash | -26.5M | 25.7M | -110M | -104.9M | 12.3M | 286.3M | -9.3M | -322.3M | 260.3M | 12M | 72M | -669.8M | 312.8M | -24M | 47.2M | -18.9M | 565.6M | -301.4M | 57.2M | -82.7M | 97.8M | 60.2M | 238.2M | 112.95M | 2.58M | -2.44M | -31.3M | 44.9M | 32.5M | 27.7M |
| Free Cash Flow | 458.5M | 507.8M | 272M | 376M | 496.6M | 555.9M | 321.4M | 259.4M | 214.1M | 631.2M | 783.7M | -355.8M | 508.8M | 280M | 267.6M | 395.5M | 471.7M | 223.7M | 124M | 265M | 261.3M | 333.5M | 345.4M | 232.31M | 432.42M | 215.22M | 329.5M | 329.2M | 84M | -233.3M |
| FCF Margin % | 8.55% | 9.42% | 4.96% | 6.66% | 8.97% | 11.34% | 6.71% | 5.48% | 4.8% | 9.31% | 11.15% | -4.59% | 6.62% | 3.66% | 4.74% | 8.81% | 11.12% | 4.62% | 2.67% | 6.12% | 6.4% | 8.78% | 9.78% | 7.25% | 14.1% | 7.02% | 11.6% | 13.13% | 9.97% | -6.75% |
| FCF Growth % | -9.71% | 86.69% | -27.66% | -24.29% | -10.67% | 72.96% | 23.9% | 21.16% | -66.08% | -19.46% | 320.26% | -169.93% | 81.71% | 4.63% | -32.34% | -16.15% | 110.86% | 80.4% | -53.21% | 1.42% | -21.65% | -3.45% | 48.68% | -46.28% | 100.92% | -34.68% | 0.09% | 291.9% | 136.01% | - |
| FCF per Share | 3.11 | 3.48 | 1.88 | 2.55 | 3.26 | 3.56 | 2.07 | 1.62 | 1.13 | 3.20 | 3.79 | -1.66 | 2.38 | 1.45 | 1.44 | 2.24 | 2.58 | 1.19 | 0.66 | 1.42 | 1.37 | 1.74 | 2.15 | 1.34 | 2.59 | 1.29 | 1.98 | 1.98 | 0.58 | -1.27 |
| FCF Conversion (FCF/Net Income) | 1.24x | 2.75x | 1.51x | 1.25x | 1.40x | 1.47x | 1.94x | 2.22x | 0.49x | 1.86x | 2.89x | -0.78x | 5.03x | -0.38x | 2.63x | 1.89x | 2.26x | 2.25x | 1.07x | 1.58x | 1.40x | 2.02x | 1.95x | -1.05x | 3.69x | 1.46x | 2.03x | 5.64x | 1.36x | 0.08x |
| Interest Paid | 0 | 284.1M | 265.2M | 174.5M | 175.2M | 187.7M | 194.9M | 191.4M | 210.8M | 215.1M | 229.7M | 710.4M | 289.7M | 323M | 134.8M | 128.7M | 100.9M | 95.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 109.7M | 357.7M | 192.2M | 112.6M | 102M | 94.7M | 155M | 161.7M | 125.8M | 101.6M | 85.1M | 114.8M | 108.6M | 105.6M | 86.6M | 114.3M | 90.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and cattle cycle
As reported in financial statements, Sealed Air's operating cash flow frequently decouples from net income, evidenced by a 2024Q4 OCF/NI ratio of -33.45, which suggests that non-cash charges and significant working capital swings often obscure the underlying cash-generating capability of the core packaging business.
The wide variance in the OCF/NI ratio indicates that GAAP net income is a poor proxy for the company's actual cash generation. Investors should monitor whether these discrepancies are driven by recurring restructuring costs or genuine operational inefficiencies that prevent earnings from translating into liquid capital.
Based on recent quarterly data, Sealed Air's free cash flow margins have fluctuated significantly, ranging from a negative 0.9% in 2025Q1 to a peak of 19.2% in 2023Q4, highlighting the company's vulnerability to cyclical demand shifts and the lumpy nature of its capital-intensive equipment sales.
The inconsistency in FCF generation suggests that the company's cash flow profile is highly sensitive to the timing of large-scale automation projects and seasonal protein processing volumes. This volatility complicates the company's ability to maintain a consistent dividend payout without relying on external financing.
According to recent SEC filings, Sealed Air maintains a consistent capital expenditure profile, with CapEx/Revenue ratios averaging between 2.6% and 4.4%, which reflects the ongoing necessity of investing in proprietary machinery to sustain its integrated razor-razorblade business model within the competitive packaging industry.
While these investments are essential for maintaining the technical lock-in of the Cryovac system, the persistent capital intensity limits the amount of free cash flow available for debt reduction. This suggests that the company must balance its growth-oriented capital spending against the need to deleverage its balance sheet.
As indicated by quarterly cash flow data, working capital changes have been highly erratic, swinging from a $150 million inflow in 2025Q4 to a $198.4 million outflow in 2025Q3, which suggests that inventory and receivables management remains a significant source of cash flow instability.
These dramatic fluctuations in working capital appear to be driven by the company's efforts to manage resin-related price pass-throughs and inventory levels in response to shifting demand. Such volatility warrants further investigation into the effectiveness of the company's internal supply chain and credit management processes.
Quick answers to the most common questions about buying SEE stock.
Sealed Air Corporation (SEE) generated $628.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sealed Air Corporation (SEE) generated $458.5M 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.
Sealed Air Corporation (SEE) spent $169.5M 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, Sealed Air Corporation (SEE) returned $119.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.