Operating cash flow of $12.1M in 2026Q2 was only 67% of net income, with FCF margin collapsing to -0.1% from 15.6% in 2026Q1, as working capital consumed $17.0M.
SiTime Corporation (SITM) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | 89.78M | 87.15M | 23.19M | 8.06M | 39.75M | 59.08M | 16.6M | 7.38M | -1.05M | 2.82M |
| Operating CF Margin % | - | 26.68% | 11.44% | 5.59% | 14.02% | 27% | 14.29% | 8.78% | -1.23% | 2.79% |
| Operating CF Growth % | 233.89% | 275.83% | 187.86% | -79.73% | -32.71% | 255.81% | 125.05% | 805.35% | -137.09% | - |
| Net Income | 26.46M | -42.9M | -93.6M | -80.53M | 23.25M | 32.28M | -9.37M | -6.61M | -9.34M | 4.72M |
| Depreciation & Amortization | 106.62M | 40.19M | 30.07M | 16.13M | 11.84M | 7.93M | 6.4M | 8.27M | 7.41M | 3.55M |
| Stock-Based Compensation | 121.22M | 103.54M | 92.63M | 76.75M | 57.41M | 29.99M | 16.01M | 1.38M | 831K | 1.98M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 27.98M | 8.16M | 19.11M | 38K | -1.73M | 1.93M | 2.51M | 330K | 9.16M | 632K |
| Working Capital Changes | -192.5M | -21.83M | -25.03M | -4.33M | -51.03M | -13.05M | 1.05M | 4M | -9.11M | -8.06M |
| Change in Receivables | -180.38M | -6.83M | -16.35M | 19.37M | -2.85M | -13.72M | -5.92M | 1.88M | 2.01M | -5.21M |
| Change in Inventory | -31.03M | -12M | -14.34M | 2M | -36.99M | -13.1M | -2.07M | 8.14M | -13.98M | -1.14M |
| Change in Payables | 14.71M | 4.3M | 6.12M | -5.71M | 2.47M | 5.83M | 2.61M | -1.15M | -648K | -121K |
| Cash from Investing | -794.47M | -427.87M | 64.76M | -36.66M | -560.09M | -33.79M | -7.79M | -3.2M | -5.01M | -8.02M |
| Capital Expenditures | -48.35M | -52.03M | -36.22M | -8.95M | -35.65M | -30.88M | -6.1M | -1.43M | -5.01M | -8.02M |
| CapEx % of Revenue | 7.08% | 15.93% | 17.87% | 6.21% | 12.57% | 14.11% | 5.25% | 1.7% | 5.88% | 7.93% |
| Acquisitions | 0 | 0 | 0 | -39M | -145.07M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.5B | -428K | 908.81M | -3.3M | 145.07M | -2.91M | -1.7M | -1.78M | -2.7M | -3.27M |
| Cash from Financing | 1B | 351.37M | -91.31M | 3.47M | -4.52M | 460.65M | 1.3M | 51.35M | 4.85M | 8.67M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -41M | -5M | 3M | 5M |
| Equity Issued (Net) | 35.59M | 451.61M | 50.51M | 46.02M | 33.98M | 461.26M | 48.8M | 56.35M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 967.68M | -100.25M | -141.82M | -42.56M | -38.5M | -618K | -6.5M | 0 | 1.85M | 3.67M |
| Net Change in Cash | 297.24M | 10.65M | -3.36M | -25.14M | -524.86M | 485.94M | 10.11M | 55.53M | -1.21M | 3.47M |
| Free Cash Flow | 39.6M | 34.7M | -13.03M | -4.19M | 4.1M | 25.29M | 8.81M | 4.18M | -6.06M | -5.2M |
| FCF Margin % | 5.8% | 10.62% | -6.43% | -2.91% | 1.45% | 11.56% | 7.59% | 4.97% | -7.11% | -5.14% |
| FCF Growth % | 102.1% | 366.35% | -210.68% | -202.19% | -83.78% | 187.03% | 110.99% | 168.93% | -16.54% | - |
| FCF per Share | 1.27 | 1.39 | -0.56 | -0.19 | 0.18 | 1.20 | 0.55 | 0.40 | -0.42 | -0.36 |
| FCF Conversion (FCF/Net Income) | 1.50x | -2.03x | -0.25x | -0.10x | 1.71x | 1.83x | -1.77x | -1.12x | 0.11x | 0.60x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 799K | 2.17M | 1.31M | 749K |
| Taxes Paid | 557K | 402K | 88K | 199K | 58K | 24K | 1K | 1K | 1K | 158K |
Quick answers to the most common questions about buying SITM stock.
SiTime Corporation (SITM) generated $87.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SiTime Corporation (SITM) generated $34.7M 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.
SiTime Corporation (SITM) spent $52.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
SBC dilution and sustainability
Metrics are mathematically derived from official filings.
Cash Conversion Diverges from Net Income
In 2026Q2, SITM's operating cash flow of $12.1M was only 67% of net income, despite a $31.0M SBC add-back, according to the cash flow statement, suggesting working capital outflows are absorbing cash.
The gap between net income and operating cash flow is stark: in 2026Q2, net income of $18.2M exceeded OCF by $6.1M, even after adding back $31.0M in SBC and $13.0M in D&A. This implies a significant working capital drain, likely from inventory build-up or receivables, which may indicate that reported profitability is not yet translating into cash generation. Investors should monitor whether this is a temporary timing issue or a structural trend.
FCF Turns Positive but Remains Thin
SITM's free cash flow swung to a marginal -$0.1M in 2026Q2 from $17.7M in 2026Q1, as per the cash flow statement, with FCF margin collapsing to -0.1% from 15.6%, highlighting volatility.
The FCF trajectory is erratic: after a strong 2026Q1, FCF nearly vanished in 2026Q2 due to a sharp increase in working capital outflows and elevated capex. Over the last four quarters, cumulative FCF is roughly $54M, but the trend is not stable. The company's FCF margin is far below peers like POWI (21.6%) and LFUS (16.9%), suggesting that despite revenue acceleration, cash generation is lagging.
Capital Intensity Rising with Growth
CapEx as a percentage of revenue jumped to 7.9% in 2026Q2 from 5.8% in 2024Q2, according to the cash flow statement, indicating increased investment in capacity or equipment to support the 126.5% revenue surge.
CapEx has been consistently above $12M per quarter in recent periods, with a peak of $18.2M in 2025Q2. This suggests SITM is investing heavily in growth capex, likely to expand manufacturing capacity for its timing solutions. The capital intensity is moderate but rising, and if revenue growth decelerates, these investments could pressure FCF. The depreciation run-rate of ~$13M per quarter is still below current CapEx, implying net investment is expanding the asset base.
Working Capital Swings Drive Cash Volatility
Working capital changes consumed $17.0M in 2026Q2, reversing a $5.0M source in 2025Q3, as per the cash flow statement, indicating that inventory or receivables are absorbing cash as revenue scales.
The working capital line has been highly volatile, with swings from -$23.5M in 2025Q4 to +$5.0M in 2025Q3. The negative changes in recent quarters suggest that as revenue grows, SITM is building inventory or extending receivables, which is typical for a scaling manufacturer. However, the magnitude of the swings is large relative to operating cash flow, making cash generation unpredictable. Investors should watch for stabilization in working capital as a sign of improving cash conversion.
No Capital Returns, All Cash Reinvested
SITM paid no dividends and made no buybacks in the last ten quarters, except a $13.5M repurchase in 2025Q1, according to the cash flow statement, indicating a reinvestment-focused strategy.
The absence of dividends and minimal buybacks suggests that management is prioritizing internal investment and possibly acquisitions (though acquisition data is unavailable). The one-off buyback in 2025Q1 may have been opportunistic. With SBC dilution running at $31M per quarter, the lack of buybacks means share count is likely rising, which could pressure EPS growth despite operational improvements.
SBC and Working Capital Obscure Cash Reality
SBC of $31.0M in 2026Q2 exceeded operating cash flow by $18.9M, as per the cash flow statement, meaning that without SBC add-back, OCF would be negative, highlighting the gap between GAAP earnings and cash generation.
The cash flow statement reveals that SBC is a massive non-cash charge, but it also represents real dilution to shareholders. In 2026Q2, OCF of $12.1M is only 39% of SBC, implying that the company is not generating enough cash to cover its stock-based compensation. Additionally, the working capital swings could be masking underlying cash flow weakness. Investors should adjust for SBC and working capital to assess true cash generation, which appears strained despite revenue growth.