Cash flow generation remains highly erratic, evidenced by a swing from a negative $390.6 million in 2024Q1 to a peak of $517.6 million in 2025Q2, largely driven by volatile working capital requirements.
| 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 |
|---|
| Cash from Operations | 1.26B | 771.3M | 499.33M | 801.79M | 1.18B | 1.44B | 260.93M | 672.53M | 1.08B | -262.7M | -261.81M | 250.27M | 702.22M | 16.72M | 24.86M | 142.23M | -347.25M | 350.29M | 72.75M | 32.99M | 35.91M | 32.98M |
| Operating CF Margin % | 19.91% | 12.97% | 9.68% | 17.5% | 24.65% | 37.65% | 7.41% | 21.02% | 36.09% | -10.2% | -11.23% | 11.12% | 35.72% | 1.02% | 1.72% | 10.19% | -31.49% | 39.41% | 9.17% | 7% | 13.3% | 13.13% |
| Operating CF Growth % | 63.84% | 54.47% | -37.72% | -32.09% | -18.05% | 452.14% | -61.2% | -37.79% | - | -0.34% | -204.61% | -64.36% | 4099.37% | -32.74% | -82.52% | 140.96% | -199.13% | 381.48% | 120.55% | -8.12% | 8.86% | - |
| Net Income | 683.78M | 731.38M | 522.54M | 662.15M | 824.86M | 503.47M | 448.4M | 393.97M | 182.87M | 81.52M | 92.34M | 176.07M | 162.01M | 0 | 0 | 1.91M | 75.8M | 55.5M | 32.17M | 15.43M | 19.64M | 23.15M |
| Depreciation & Amortization | 0 | 85.97M | 81.46M | 70.21M | 63.76M | 60.48M | 54.38M | 40.45M | 44.63M | 57.57M | 47.14M | 41.65M | 46.12M | 0 | 0 | 32.4M | 25.98M | 17.03M | 16.58M | 7.81M | 7.48M | 5.8M |
| Stock-Based Compensation | 0 | 0 | 140.26M | 0 | 0 | 0 | 0 | 111.8M | 246.7M | 190.1M | 165.64M | 111.6M | 137.45M | 16.72M | 24.86M | -17.49M | -13.34M | 54.36M | 56.38M | 9.75M | 8.79M | 4.04M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.25M | 118.13M | 46.06M | -2.58M | 5.26M | -26.39M | 0 | 0 | -54.21M | -10.27M | 0 | -49.59M | 43.87M | 23.52M | 0 |
| Other Non-Cash Items | 387.49M | 252.63M | 205.72M | 346.62M | 300.94M | 236.38M | 190.73M | 219.35M | -22.64M | 964.67M | 824.21M | 18.84M | 74.98M | -16.72M | -24.86M | 179.63M | -425.42M | 223.41M | -32.38M | -32.99M | -35.91M | -32.98M |
| Working Capital Changes | 192.42M | -298.67M | -450.65M | -277.19M | -8.9M | 640.38M | -432.58M | -19.27M | 460.92M | -768.5M | -1.39B | -97.89M | 281.66M | 0 | 0 | 0 | 0 | 0 | 49.59M | -10.88M | 12.39M | 0 |
| Change in Receivables | -326.6M | -127.19M | 88.22M | 384.66M | -222.53M | 493.58M | -26.14M | 126.15M | 598.29M | -262.3M | -920.3M | -204.47M | -73.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -22.27M | -325.77M | 0 | -283.25M | -85.48M | 252.35M | -146.89M | -7.21M | -93.71M | -220.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.59M | -10.88M | 12.39M | 0 |
| Cash from Investing | -1.76B | -2.59B | 1.04B | -3.97B | -7.27B | -1.47B | 42.4M | -1.13B | -3.05B | -5.34B | -1.97B | -392.94M | -1.11B | -1.23B | -716.08M | 1.24M | -107.13M | -4.48M | 142.9M | -90.55M | -65.6M | 0 |
| Capital Expenditures | 0 | -73.79M | -51.98M | -82.33M | -188.18M | -73.36M | -157.9M | -108.21M | -28.22M | -28.21M | -69.82M | -26.63M | -32.28M | -18.84M | -59.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0.98% | 1.24% | 1.01% | 1.8% | 3.93% | 1.92% | 4.48% | 3.38% | 0.94% | 1.1% | 2.99% | 1.18% | 1.64% | 1.14% | 4.14% | - | - | - | - | - | - | - |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 32.96B | 0 | 0 | 0 | 9.32B | 0 | 7.55B | 9.32B | 9.24B | 7.53B | 0 | 0 | 0 | 0 | 0 | 1.01B | 578.49M | 50.4M | 87.11M | 0 | 0 | 0 |
| Other Investing | -1.76B | -1.55B | 1.21B | -2.74B | -5.61B | -1.17B | -222.83M | -872.64M | -2.61B | -5.15B | -1.3B | -285.93M | -985.4M | -815.99M | -372.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 91.25M | 980.1M | -254.58M | 3.19B | 5.79B | 1.2B | -1.1B | 1.75B | 1.76B | 5.72B | 2.36B | 123.2M | 715.02M | 1.73B | 585.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -244.99M | -144.1M | -538.26M | -105.83M | -31.85M | 159.73M | -60.44M | -137.93M | -13M | 1000K | -1000K | 0 | -1000K | 223K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -227.28M | -200.26M | -171.03M | -101.92M | -73.76M | -59.27M | -44.01M | -23.06M | -3.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -244.99M | -144.1M | -538.26M | -105.83M | -322.74M | -58.26M | -215.43M | -170.2M | -13M | 0 | -182.77M | 0 | -13.67M | -11.38M | -48.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -371M | -121.92M | 416.36M | -113.86M | -95.36M | -131.16M | -46.19M | -63.58M | -228.07M | -89.01M | 2.09B | -133.4M | 768.92M | 1.19B | -4.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -395.4M | -845.65M | 1.29B | 79.34M | -302.55M | 1.18B | -795.4M | 1.28B | -199.08M | 175.15M | 121.24M | -26.78M | 312.62M | 236.27M | -85.86M | 143.47M | -454.38M | 345.81M | 215.65M | -57.56M | -29.69M | 32.98M |
| Free Cash Flow | 1.2B | 697.51M | 447.35M | 719.47M | 992.49M | 1.37B | 103.03M | 564.32M | 1.05B | -290.91M | -331.63M | 223.64M | 669.94M | -2.12M | -34.87M | 142.23M | -347.25M | 350.29M | 72.75M | 32.99M | 35.91M | 32.98M |
| FCF Margin % | 18.93% | 11.73% | 8.67% | 15.71% | 20.72% | 35.73% | 2.92% | 17.64% | 35.15% | -11.3% | -14.22% | 9.94% | 34.08% | -0.13% | -2.42% | 10.19% | -31.49% | 39.41% | 9.17% | 7% | 13.3% | 13.13% |
| FCF Growth % | 72.27% | 55.92% | -37.82% | -27.51% | -27.41% | 1227.08% | -81.74% | -46.4% | - | 12.28% | -248.29% | -66.62% | 31775.7% | 93.93% | -124.51% | 140.96% | -199.13% | 381.48% | 120.55% | -8.12% | 8.86% | - |
| FCF per Share | 10.92 | 6.29 | 3.94 | 6.12 | 8.37 | 11.93 | 0.87 | 4.63 | 8.66 | -2.42 | -2.81 | 1.95 | 5.91 | -0.03 | -0.55 | 3.70 | -10.75 | 12.48 | 3.17 | 2.26 | 2.72 | 2.66 |
| FCF Conversion (FCF/Net Income) | 1.85x | 1.05x | 0.96x | 1.21x | 1.43x | 2.86x | 0.58x | 1.71x | 5.91x | -1.84x | -2.84x | 1.42x | 4.33x | 0.12x | 0.30x | 74.58x | -4.58x | 6.31x | 2.26x | 2.14x | 1.83x | 1.42x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to quarterly financial data, Stifel's operating cash flow to net income ratio has exhibited extreme volatility, ranging from a negative 3.99 in 2025Q1 to a positive 3.43 in 2025Q2, suggesting that reported net income is frequently decoupled from the firm's actual cash-generating capacity during specific periods.
The wide variance in the OCF/NI ratio indicates that accrual-based accounting adjustments, likely tied to the timing of investment banking fee recognition and compensation-related liabilities, significantly distort the firm's cash conversion. Investors should monitor these fluctuations as they imply that net income may not be a reliable proxy for the firm's immediate liquidity position.
As reported in recent financial statements, Stifel's free cash flow trajectory has been highly erratic, swinging from a negative $390.6 million in 2024Q1 to a peak of $517.6 million in 2025Q2, highlighting the firm's sensitivity to the lumpy nature of institutional capital markets and brokerage activity.
The lack of a consistent FCF growth trend suggests that the firm's cash generation is heavily dependent on the timing of deal closures rather than steady-state operational efficiency. This volatility warrants further investigation into whether the firm's cost structure can truly flex downward during periods of reduced market activity without impairing long-term growth.
Based on the provided cash flow statements, working capital changes have been the primary driver of cash flow variance, with a massive $659.1 million outflow in 2024Q1 followed by a $324.9 million inflow in 2025Q2, indicating significant sensitivity to brokerage-related settlement timing and client-facing asset movements.
These substantial swings in working capital suggest that the firm's cash position is subject to the operational mechanics of its institutional business, which may obscure the underlying health of the wealth management segment. Analysts should interpret these movements as a reflection of the firm's role as an intermediary rather than a fundamental change in core profitability.
Data from the last ten quarters indicates that Stifel consistently utilizes cash for share repurchases, with buybacks totaling $93.2 million in 2025Q1 alone, even during periods where operating cash flow was negative, suggesting a management commitment to returning capital despite significant fluctuations in quarterly cash generation.
The firm's willingness to fund buybacks during periods of cash flow pressure may indicate a high degree of confidence in its balance sheet liquidity or a desire to manage earnings per share dilution. However, this strategy warrants further investigation into whether such capital deployment is sustainable if market conditions for the Institutional Group remain constrained.
Quick answers to the most common questions about buying SFB stock.
Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) generated $1.26B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) generated $1.20B 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.
Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) spent $0.0M 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, Stifel Financial Corporation 5.20% Senior Notes due 2047 (SFB) spent $245.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.