Cash generation is highly erratic, evidenced by an OCF/NI ratio that reached 4704.73 in 2026Q1, suggesting that reported earnings are frequently disconnected from actual operational cash inflows.
| 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 | 32.98B | 45.54M | 57.32M | 53.88M | 130.45M | 144.64M | -129.63M | -75.6M | 7.01M | 44.32M | 35.54M | -28.11M | -12.46M | 36.65M | 22.42M | 6.87M | -14.25M | 17.17M | 57.12M | 10.01M | 11.67M | 8.6M | 76.92M | -2.46M | -26.96M | -10.78M | 10.47M | -490.05K | 588.62K | 7.08M | 11.74M |
| Operating CF Margin % | - | 13.22% | 699.68% | 564.27% | 1349.56% | 1541.09% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -1.7% | - | - | - | - | 1.79% | 24.87% | 39.23% |
| Operating CF Growth % | 343558.32% | -20.55% | 6.39% | -58.7% | -9.81% | 211.58% | -71.46% | -1178.6% | -84.18% | 24.72% | 226.4% | -125.56% | -134.01% | 63.51% | 226.49% | 148.18% | -182.99% | -69.94% | 470.7% | -14.27% | 35.71% | -88.82% | 3222.54% | 90.86% | -150.05% | -203.03% | 2235.77% | -183.25% | -91.69% | -39.65% | 174.7% |
| Net Income | 34.82M | 32.15B | 26.54M | 14.5M | 25.69M | 39.52M | 55.6M | 10.89M | 21.69M | 14.11M | 12.19M | 13.35M | 8.22M | 7.59M | 16.71M | 1.3M | -430.62K | 3.77M | 574.85K | 2.27M | 5.12M | 3.49M | 2.12M | 6.6M | 3.99M | 2.84M | 895.73K | 975.89K | 771.23K | 1.31M | 1.24M |
| Depreciation & Amortization | 5.5B | 5.5B | 8.78M | 9.23M | 17.68M | 20.39M | 17.29M | 12.24M | 10.74M | 9.86M | 7.99M | 0 | 5.14M | 1.91M | 2.88M | 2.81M | 2.92M | 2.8M | 2.47M | 2.4M | 2.02M | 2.09M | 2.01M | 1.87M | 1.55M | 1.35M | 1.2M | 1.19M | 917.17K | 815.98K | 1.21M |
| Stock-Based Compensation | 1.32B | 1.32B | 800.82K | 601.36K | 5.99M | 118.38K | 358.88K | 257K | 237.12K | 395.6K | 343.58K | 387.61K | 391.22K | 88.37K | 251.03K | 253.93K | 520.46K | 485.99K | 466.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.45B | 1.45B | 311.97K | -2.5M | -9.95M | 11.31M | 2.85M | 0 | 0 | -7.75M | 6.13M | 0 | 3.86M | 0 | 953.39K | 524.87K | -1.2M | 0 | -163.31K | 0 | 0 | 862.02K | 636.43K | 2.86M | 970.14K | 522.05K | -182.29K | 228.46K | 339.76K | 0 | 0 |
| Other Non-Cash Items | -682.91M | -40.42B | -14.02M | 4.39M | 64.5M | 82.84M | -258.04M | -119.44M | -51.26M | 5.69M | -4.09M | -61.45M | -42.19M | -4.7M | -6.86M | -1.27M | -2.17M | 2.14M | 5.42M | -7.72M | -9.33M | 15.76M | -63.1M | 37.79M | 45.25M | -23.34M | -4.47M | 8.81M | 3.39M | -3.03M | -7.47M |
| Working Capital Changes | 0 | 37.85M | 34.91M | 27.66M | 26.55M | -9.54M | 52.31M | 20.45M | 25.61M | 22.01M | 12.97M | 19.6M | 12.12M | 31.77M | 8.48M | 3.25M | -13.89M | 7.97M | 48.35M | 13.07M | 13.86M | -13.61M | 135.24M | -51.58M | -78.73M | 7.85M | 13.02M | -11.69M | -4.83M | 7.99M | 16.75M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.22M | 0 | 7.36M | 0 | -18.81M | -15.14M | 0 | -19.38M | 35.37M | 5.47M | 7.45M | -6.8M | 67.62M | -25.33M | -38.76M | 2.4M | 2.13M | -8.97M | -4.9M | 5M | 8.1M |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.07M | -520.35K | 0 | 0 | 0 | 0 | 0 | 7.02M | 5.01M | 0 | -500K | 500K |
| Cash from Investing | 7.67B | -67.21M | -43.13M | 14.61M | -37.16M | -63.61M | 36.14M | 38.1M | 63.31M | -38.97M | -55.59M | 15.37M | -44.73M | -33.13M | 13.54M | -40.64M | 22.18M | 3.88M | -28.09M | -12.1M | -11.04M | -858.06K | -72.07M | -7.41M | 51.88M | 14.5M | 3.72M | 11.2M | -9.04M | -2.09M | 1.16M |
| Capital Expenditures | 151.47M | -1.69B | -2.47M | -1.11M | -1.6M | -5.22M | -1.63M | -1.84M | -1.28M | -911.01K | -3.57M | -3.63M | -1.52M | -3.57M | -3.02M | -765.63K | -859.99K | -736.21K | -1.32M | 0 | 0 | -7.38M | -3.1M | -3.43M | -4.5M | -1.79M | -3.05M | -1.19M | -2.8M | -448.1K | -1.47M |
| CapEx % of Revenue | 90.39% | 490.81% | 30.15% | 11.63% | 16.55% | 55.62% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.37% | - | - | - | - | 8.52% | 1.57% | 4.92% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 425.96M | 463.6M | 318.17M | 291.16M | 323.82M | 293.33M | 266.02M | 252.35M | 195.44M | 211.43M | 156.35M | 152.13M | 195.89M | 172.24M | 199.25M | 210.96M | 176.43M | 160.7M | 141.77M | 136.35M | 157.8M | 53.97M | 103.16M | 183.61M | 31.99M | 54.82M | 67.72M | 72.07M | 101.89M | 62.01M | 12.83M |
| Other Investing | 3.29B | 69.26B | -55.69M | 716.34M | 69.25K | -76.84M | -31.91M | 144.68M | 72.96M | -24.29M | -45.91M | 22.61M | -19.44M | -45.6M | 51.25M | -6.08M | 4.53M | -3.27M | -36.97M | -10.11M | -4.16M | 5.55M | 501.09K | -5.82M | 55.83M | 14.5M | 1.79M | 524.5K | 0 | 1.4M | 2.63M |
| Cash from Financing | 7.3B | -14.32M | -4.01M | -62.04M | -101.22M | -55.08M | 71.21M | 24.3M | 26.12M | 2.21M | 18.99M | 21.94M | 49.84M | 1.19M | -18.04M | 12.11M | -7.83M | -1.5M | -14.32M | -3.08M | -6.89M | -6.45M | -9.22M | -8.63M | 4.53M | -6.24M | -15.33M | -4.96M | 11.71M | -4.89M | -17.31M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -2.12M | -1.5M | -3.05M | -2.85M | -7.66M | -5.77M | -2.97M | -1.54M | -215.52K | -382.73K | 0 | -181.54K | 0 | 0 | 0 | 0 | 0 | 0 | 248.62K | 651.42K | 454.7K | 413.96K | -59.8K | -304.64K | 584.88K | 0 | -815.12K | -751.05K | 0 | 6.05K | -1K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.15M | -1.61M | -3.05M | -2.85M | -7.66M | -5.77M | -2.97M | -1.54M | -215.52K | -382.73K | 0 | -181.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.9K | 0 | -422.95K | -437.64K | 0 | 0 | -815.12K | -751.05K | 0 | -38.95K | -1K |
| Other Financing | 7.32B | -4.36M | -1.88M | -2.95M | -3.92M | -2.69M | -5.89M | -3.91M | -3.73M | -2.69M | -2.16M | -2.07M | -4.39M | -5.23M | -4.96M | -5.94M | -5.94M | 9.1M | 10.33M | -6.92M | -4.77M | -5.07M | -4.78M | -4.62M | -3.23M | -4.29M | -5.22M | -5.32M | 4.14M | -1.92M | -2.67M |
| Net Change in Cash | 47.96B | -38.29M | 10.18M | 6.44M | -7.93M | 25.95M | -22.27M | -13.2M | 96.43M | 7.56M | -1.07M | 9.2M | -7.35M | 4.71M | 17.91M | -21.66M | 92.7K | 19.55M | 14.71M | -5.17M | -6.26M | 1.3M | -4.37M | -18.49M | 29.44M | -2.52M | -1.15M | 5.75M | 3.26M | 107.09K | -4.41M |
| Free Cash Flow | 32.78B | 43.85M | 54.85M | 52.77M | 128.85M | 139.42M | -131.26M | -77.44M | 5.73M | 43.41M | 31.97M | -31.75M | -13.98M | 33.08M | 19.39M | 6.1M | -15.11M | 16.44M | 55.8M | 2.37M | 7.65M | 1.23M | 73.82M | -5.89M | -31.46M | -12.57M | 7.42M | -1.68M | -2.21M | 6.63M | 10.27M |
| FCF Margin % | 19564.2% | 12.72% | 669.52% | 552.65% | 1333.01% | 1485.47% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -4.06% | - | - | - | - | -6.72% | 23.3% | 34.31% |
| FCF Growth % | 83592.15% | -20.06% | 3.95% | -59.05% | -7.58% | 206.22% | -69.49% | -1452.32% | -86.81% | 35.78% | 200.7% | -127.02% | -142.27% | 70.58% | 217.92% | 140.37% | -191.94% | -70.54% | 2259.16% | -69.07% | 523.27% | -98.34% | 1352.36% | 81.27% | -150.22% | -269.52% | 541.89% | 23.94% | -133.26% | -35.37% | 162.65% |
| FCF per Share | 1283.63 | 1.72 | 2.29 | 2.22 | 5.87 | 5.75 | -5.60 | -3.41 | 0.25 | 1.85 | 1.46 | -1.47 | -0.65 | 1.53 | 1.01 | 0.34 | -0.81 | 0.93 | 3.21 | 0.14 | 0.45 | 0.08 | 4.62 | -0.37 | -2.10 | -0.88 | 0.52 | -0.12 | -0.15 | 0.49 | 0.66 |
| FCF Conversion (FCF/Net Income) | 941.67x | 1.42x | 2.16x | 3.72x | 5.08x | 3.66x | -2.33x | -6.94x | 0.32x | 3.14x | 2.92x | -2.11x | -1.52x | 4.83x | 1.34x | 5.29x | 33.09x | 4.55x | 99.36x | 4.42x | 2.28x | 2.47x | 36.25x | -0.37x | -6.76x | -3.80x | 11.68x | -0.50x | 0.76x | 5.41x | 9.49x |
| Interest Paid | 2.4M | 4.54M | 4.2M | 5.14M | 7.7M | 7.29M | 8.39M | 7.28M | 6.88M | 5.98M | 5.12M | 4.35M | 2.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 6.54M | 6.54M | 8.23M | 20.41M | 729.69K | 5.13M | 11.81M | 4.86M | 5.7M | 581.56K | 2.67M | 2.72M | 408.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Earnings and Cash Divergence
According to reported financial data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a massive 4704.73 in 2026Q1 to negative values in 2025Q2, suggesting that reported earnings are poor proxies for actual cash generation.
The extreme divergence between net income and operating cash flow indicates that non-cash accounting adjustments, likely related to insurance reserves or mortgage servicing rights, dominate the bottom line. Investors should view reported net income with skepticism, as the lack of consistent cash conversion suggests that the company's core profitability is frequently masked by accounting noise.
As reported in financial statements, SNFCA's free cash flow trajectory remains highly inconsistent, with margins oscillating between a peak of 410.8% in 2026Q1 and negative territory in 2025Q2, reflecting the underlying volatility of the mortgage and insurance segments' cash-generating capabilities.
The inability to maintain a stable free cash flow margin suggests that the company's capital-intensive mortgage operations and insurance float management are subject to significant cyclical pressures. This erratic performance makes it difficult to forecast long-term value creation, as cash flow appears tethered to episodic events rather than steady-state operational growth.
Based on the provided cash flow data, capital expenditures have shown extreme variance, reaching a high of 90.7% of revenue in 2024Q4, which suggests that the company's asset-heavy death care and mortgage infrastructure requires unpredictable and significant reinvestment to maintain its operational footprint.
The high and fluctuating CapEx/Revenue ratio implies that the company is not a low-maintenance business, as it must continuously deploy capital to support its cemetery and mortuary facilities. This capital intensity may limit the company's ability to generate consistent free cash flow, especially when mortgage origination volumes contract and fail to offset these fixed costs.
Based on reported figures, the presence of massive, irregular adjustments such as the $1.3B stock-based compensation charge in 2025Q4 and significant D&A fluctuations suggests that the cash flow statement is heavily distorted by non-operating items that obscure the true underlying cash-generating capability of the business.
These large, non-recurring adjustments warrant further investigation, as they appear to artificially inflate or deflate cash flow metrics in specific periods. The lack of transparency regarding these adjustments makes it difficult to determine the company's sustainable cash-generating power, potentially leading to a mispricing of the stock by market participants.
Quick answers to the most common questions about buying SNFCA stock.
Security National Financial Corporation (SNFCA) generated $45.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Security National Financial Corporation (SNFCA) generated $43.8M 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.
Security National Financial Corporation (SNFCA) spent $1.69B 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, Security National Financial Corporation (SNFCA) spent $1.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.