Free cash flow generation is highly erratic, swinging from a $1.2 billion inflow in 2025Q4 to an $882.0 million outflow in 2026Q1 due to intense working capital seasonality.
| Metric | TTM | 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 | 613.6M | 729.8M | 721.87M | 482.6M | 748.41M | 556.8M | 602.51M | 507.36M | 506.5M | 389.7M | 394.55M | 335.4M | 345M | 350.7M | 351.7M | 359.6M | 187.3M | 322.8M | 345.4M | 279.71M | 221.41M | 209.12M | 277.74M | 234.91M | 163.29M | 142.98M | 95.14M | 143.3M | 147.4M | 117.9M | 125.2M |
| Operating CF Margin % | - | 11.26% | 12.33% | 8.06% | 11.67% | 9.81% | 12.24% | 11.3% | 11.38% | 9.53% | 10.92% | 8.91% | 8.82% | 9.46% | 9.8% | 10.25% | 6.1% | 10.53% | 11.07% | 9.57% | 8.3% | 8.38% | 11.47% | 10.16% | 8.21% | 7.37% | 5.07% | 7.57% | 8.33% | 7.8% | 8.91% |
| Operating CF Growth % | -1129.56% | 1.1% | 49.58% | -35.52% | 34.41% | -7.59% | 18.75% | 0.17% | 29.97% | -1.23% | 17.64% | -2.78% | -1.63% | -0.28% | -2.2% | 91.99% | -41.98% | -6.54% | 23.49% | 26.33% | 5.88% | -24.71% | 18.23% | 43.86% | 14.2% | 50.28% | -33.6% | -2.78% | 25.02% | -5.83% | -40.28% |
| Net Income | 283.44M | 288.4M | 276.38M | 325.96M | 340.85M | 359.1M | 308.72M | 193.81M | 224M | 269.7M | 153.35M | 172.4M | 182.4M | 185.4M | 151.3M | 193.17M | 144.6M | 159.4M | 131.6M | 122.78M | 104.02M | 87.55M | 84.14M | 42.03M | 53.81M | 41.77M | 35.52M | 23.9M | 45.9M | 50.6M | 30.6M |
| Depreciation & Amortization | 324.7M | 319.16M | 275.88M | 263.23M | 262.79M | 255.9M | 219.1M | 206.48M | 195.5M | 178.3M | 143.06M | 146.3M | 152.3M | 172.2M | 169.9M | 162.6M | 145.8M | 147.3M | 145.3M | 139.33M | 127.41M | 123.44M | 122.41M | 115.2M | 98.3M | 97.21M | 90.63M | 87.6M | 79.1M | 66.5M | 63.8M |
| Stock-Based Compensation | 8.54M | 0 | 15.52M | 15.57M | 16.83M | 20.92M | 18.78M | 17.08M | 14.9M | 14.6M | 13.02M | 12.08M | 12.43M | 10.01M | 7.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.9M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 19.28M | 19.28M | -33.05M | 33.1M | -32.18M | 59.6M | 24.12M | -20.86M | 23.7M | -115M | 45.01M | -13.28M | 38.76M | 7.13M | -1.5M | 23.76M | 21.36M | 15.32M | 19.6M | -11.88M | 22.39M | 33.03M | 42.53M | 25.74M | 25.22M | 13.85M | 11.75M | 4.6M | 16.1M | -8.1M | 0 |
| Other Non-Cash Items | 69.38M | 84.06M | 66.01M | 13.79M | 81.02M | 16.38M | 22.05M | 61.49M | 8.8M | 12.9M | 23.2M | 2M | 50M | 18.7M | 6.4M | 220.8M | 40.9M | 12.4M | 28.5M | 4.03M | 13.82M | 11.5M | 3.68M | 28.62M | -398K | -12.33M | -4.22M | 7.3M | 4.9M | -5.7M | 12.5M |
| Working Capital Changes | -91.69M | 18.93M | 121.13M | -169.06M | 79.11M | -155.1M | 9.73M | 49.35M | 39.6M | 29.2M | 16.91M | 15.9M | -41.2M | -27.7M | -14.6M | -24.8M | -151.5M | 900K | 40M | 25.45M | -46.22M | -46.41M | 24.97M | 23.3M | -13.64M | -18.41M | -50.08M | -11.6M | 1.4M | -7.9M | 18.3M |
| Change in Receivables | -120.65M | 50.47M | 37.3M | 73.7M | 30.37M | -81.5M | -49.41M | 3.8M | 500K | -37.1M | -10.87M | 12.3M | 3.7M | 20.4M | 34.6M | -53.1M | -19.9M | 72.1M | -49.5M | 0 | 0 | 0 | 0 | 0 | 0 | -81.5M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -54.87M | -116.03M | 57.72M | -162.27M | 5.8M | -109.5M | 11.36M | 53K | 20.4M | -17.2M | 19.96M | -97.6M | -54M | 25.1M | 56.8M | -28.1M | -51.8M | -7.9M | 37.9M | 11.45M | -37.51M | 563K | 1.45M | 28.11M | -10.21M | 1.22M | -18.37M | -900K | -24.3M | -5.1M | 20.3M |
| Change in Payables | 49.92M | 96.83M | 76.25M | -3.82M | 20.25M | 171.97M | 21.3M | 16.45M | 18.7M | 83.5M | 52.75M | 101.2M | 9.1M | -73.2M | -30M | 56.4M | 12.5M | -63.3M | 51.6M | 0 | 0 | 0 | 0 | 0 | 0 | 35.9M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -294.83M | -297.3M | -1.18B | -223.81M | -215.6M | -976M | -1.16B | -230.09M | -189.9M | -1.2B | -180.34M | -237.1M | -156.9M | -376.4M | -436.8M | -459.8M | -151.8M | -96.7M | -135.7M | -158.88M | -438.45M | -85.98M | -92.89M | -309.97M | -117.25M | -59.79M | -218.48M | -84.9M | -278.3M | -100.5M | -98.3M |
| Capital Expenditures | -306.58M | -307.1M | -262.79M | -226.81M | -215.76M | -232.3M | -224.18M | -230.94M | -191M | -174.5M | -191.89M | -237.3M | -140.5M | -103.1M | -119.2M | -173M | -105.4M | -99.6M | -122.9M | -154.95M | -318.23M | -89.13M | -102.87M | -105.91M | -119.16M | -93.04M | -89.23M | -87.4M | -280.1M | -105M | -56.9M |
| CapEx % of Revenue | 4.66% | 4.74% | 4.49% | 3.79% | 3.37% | 4.09% | 4.55% | 5.14% | 4.29% | 4.27% | 5.31% | 6.3% | 3.59% | 2.78% | 3.32% | 4.93% | 3.43% | 3.25% | 3.94% | 5.3% | 11.93% | 3.57% | 4.25% | 4.58% | 5.99% | 4.79% | 4.75% | 4.62% | 15.84% | 6.95% | 4.05% |
| Acquisitions | 344K | 0 | -913.77M | 0 | -2.5M | -745.7M | -940.88M | 0 | 0 | -1.02B | 11.55M | -700K | -17.7M | -281.7M | -319.1M | -290.8M | -47.9M | 0 | -14.5M | -7.85M | -121.67M | 0 | 0 | -207.79M | 0 | 0 | -124.02M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 11.4M | 9.8M | 258K | 3M | 2.66M | 2M | 1.87M | 854K | 1.1M | 600K | 11.55M | 900K | 1.3M | 8.4M | 1.5M | 4M | 1.5M | 2.9M | 1.7M | 3.92M | 1.46M | 3.15M | 9.98M | 3.74M | 1.92M | 3.9M | 1.79M | 2.5M | 1.8M | 4.5M | -41.4M |
| Cash from Financing | -256.7M | -207.5M | 662.52M | -211.39M | -569.59M | 648.6M | 759.86M | -145.53M | -293.61M | 836.8M | -289.47M | -221M | -126M | -279.4M | 153.6M | 322.1M | -166.1M | -83.3M | -142.6M | -41.63M | 213.31M | -138.09M | -161.54M | 28.84M | -5.74M | -85.25M | 141M | -60.7M | 82M | 35.3M | -27.9M |
| Debt Issued (Net) | 2.09B | -66.1M | 762.24M | 51.5M | -452.52M | 730.75M | 865.88M | -62.26M | -237.96M | 872.52M | 32.15M | -8.56M | -49.48M | 32.17M | 232.22M | 383.71M | 102.61M | -53.38M | -80.23M | -12.87M | 231.64M | -122.35M | -160.91M | 34.45M | 12.4M | -86.28M | 142.61M | -44.7M | 123M | -18.9M | -38.2M |
| Equity Issued (Net) | -61.13M | -68M | -9.32M | -183.99M | -45.12M | -8.57M | 0 | 0 | -7.83M | -4.12M | -280.74M | -170.13M | -36.12M | -267.61M | -34.11M | -15.8M | -247.82M | -1.11M | -902K | 991K | 3.23M | 3.85M | 2.26M | 647K | 4.3M | 1.03M | -563K | -16.1M | -41.1M | 67.2M | 14.2M |
| Dividends Paid | -86.66M | -85.8M | -82.06M | -78.89M | -71.95M | -62.49M | -53.64M | -50.84M | -44.55M | -40.5M | -40.88M | -39.7M | -38.6M | -36.2M | -33.8M | -31.1M | -32M | -29.4M | -26M | -24.29M | -18.04M | -14.86M | -8.28M | 0 | 0 | -62.5M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -61.13M | -68M | -9.32M | -183.99M | -45.12M | -8.57M | 0 | 0 | -7.83M | -4.12M | -280.74M | -170.13M | -24.67M | -267.61M | -34.11M | -20.99M | -249.3M | -1.11M | -902K | -697K | 0 | 0 | 0 | 0 | 0 | 0 | -1.07M | -16.6M | -43.4M | 0 | -35.8M |
| Other Financing | -2.2B | 12.4M | -8.35M | 0 | 0 | -11.08M | -52.38M | -32.43M | -3.27M | 8.85M | 0 | -2.53M | -1.76M | -7.8M | -10.71M | -14.69M | 11.1M | -28.85M | -61.49M | -5.46M | -3.52M | -4.73M | 5.39M | 4.82M | -8.87M | 62.5M | -1.05M | 100K | 100K | -13M | -3.9M |
| Net Change in Cash | 82.41M | 257.85M | 179.93M | 57.3M | -45.82M | 221.9M | 205.66M | 131M | 19.3M | 28.8M | -75.25M | -122.7M | 62.1M | -305.1M | 68.5M | 221.9M | -130.6M | 142.8M | 67.1M | 79.2M | -3.72M | -14.96M | 23.32M | -46.22M | 40.31M | -2.06M | 17.66M | -2.4M | 82M | 35.3M | -27.9M |
| Free Cash Flow | 307.02M | 422.7M | 459.09M | 255.79M | 532.65M | 324.5M | 378.33M | 276.41M | 315.5M | 215.2M | 202.66M | 98.1M | 204.5M | 247.6M | 232.5M | 186.6M | 81.9M | 223.2M | 222.5M | 124.76M | -96.82M | 119.98M | 174.87M | 128.99M | 44.13M | 49.94M | 5.92M | 55.9M | -132.7M | 12.9M | 68.3M |
| FCF Margin % | 4.67% | 6.52% | 7.84% | 4.27% | 8.31% | 5.72% | 7.69% | 6.16% | 7.09% | 5.26% | 5.61% | 2.61% | 5.23% | 6.68% | 6.48% | 5.32% | 2.67% | 7.28% | 7.13% | 4.27% | -3.63% | 4.81% | 7.22% | 5.58% | 2.22% | 2.57% | 0.32% | 2.95% | -7.5% | 0.85% | 4.86% |
| FCF Growth % | -2.79% | -7.93% | 79.48% | -51.98% | 64.15% | -14.23% | 36.87% | -12.39% | 46.61% | 6.19% | 106.58% | -52.03% | -17.41% | 6.49% | 24.6% | 127.84% | -63.31% | 0.31% | 78.34% | 228.86% | -180.69% | -31.39% | 35.56% | 192.28% | -11.63% | 743.88% | -89.41% | 142.13% | -1128.68% | -81.11% | -56.7% |
| FCF per Share | 2.90 | 3.96 | 4.29 | 2.34 | 4.80 | 2.92 | 3.40 | 2.48 | 2.83 | 1.93 | 1.68 | 0.80 | 1.60 | 1.91 | 1.66 | 1.33 | 0.54 | 1.45 | 1.45 | 0.82 | -0.64 | 0.80 | 1.18 | 0.87 | 0.30 | 0.35 | 0.04 | 0.39 | -0.83 | 0.09 | 0.31 |
| FCF Conversion (FCF/Net Income) | 1.08x | 2.53x | 2.61x | 1.48x | 2.20x | 1.55x | 1.95x | 2.62x | 2.26x | 1.45x | 2.57x | 1.95x | 1.89x | 1.89x | 2.32x | 1.86x | 1.29x | 2.02x | 2.76x | 2.28x | 2.13x | 2.39x | 3.30x | 5.59x | 3.03x | 3.42x | 3.04x | 6.00x | 3.21x | 3.45x | 4.41x |
| Interest Paid | 52.84M | 0 | 160.18M | 155.4M | 123.73M | 101.67M | 89.53M | 108.8M | 118.38M | 97.59M | 65.47M | 63.95M | 69.75M | 58.01M | 59.62M | 59.08M | 53.78M | 42.02M | 60.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 49.89M | 0 | 91.55M | 116.38M | 93.86M | 94.43M | 120.96M | 40.65M | 47.17M | 70.24M | 58.15M | 49.69M | 66.3M | 114.21M | 79.06M | 38.52M | 59.26M | 71.24M | 51.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in quarterly financial statements, Silgan's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging from -12.69 in 2026Q1 to 71.09 in 2025Q4, highlighting the extreme sensitivity of cash generation to seasonal inventory cycles and raw material price pass-through timing.
The massive variance between net income and operating cash flow suggests that GAAP earnings are a poor proxy for the company's immediate liquidity. Investors should monitor these swings as they appear to be driven by the timing of working capital adjustments rather than fundamental shifts in underlying profitability.
Based on the provided cash flow data, Silgan's free cash flow trajectory is highly erratic, oscillating between a peak of $1.2B in 2025Q4 and a trough of -$882.0M in 2026Q1, which indicates that the business model is prone to significant periodic cash outflows.
This volatility suggests that Silgan's cash flow profile is heavily influenced by the seasonal nature of its metal container segment and the associated inventory build-up. The inability to maintain consistent positive FCF warrants further investigation into whether these outflows are purely timing-related or indicative of structural cash burn.
According to recent SEC filings, Silgan's working capital changes are the primary driver of cash flow volatility, with a massive $958.1M outflow in 2026Q1 following a $1.1B inflow in 2025Q4, reflecting the intense seasonality inherent in the food packaging supply chain.
The dramatic shifts in working capital suggest that the company's cash position is hostage to the harvest cycle and inventory management strategies. Analysts should interpret these swings as a structural feature of the business rather than a sign of operational mismanagement.
As indicated by the financial data, Silgan maintains a consistent capital intensity with CapEx/Revenue ratios hovering between 3.5% and 5.7%, suggesting that the company must continuously reinvest in its manufacturing footprint to maintain its co-location moat and replace aging production equipment.
The steady level of capital expenditure appears necessary to support the company's specialized manufacturing model. Investors should monitor whether these investments are effectively driving productivity gains or merely serving as maintenance costs to keep existing facilities operational.
Quick answers to the most common questions about buying SLGN stock.
Silgan Holdings Inc. (SLGN) generated $729.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Silgan Holdings Inc. (SLGN) generated $422.7M 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.
Silgan Holdings Inc. (SLGN) spent $307.1M 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, Silgan Holdings Inc. (SLGN) returned $85.8M to shareholders via cash dividends and spent $68.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.