Cash generation remains erratic, with the OCF/NI ratio fluctuating from 0.45 in 2026Q2 to 25.67 in 2025Q2, largely driven by unpredictable working capital swings.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Sep'98 | Sep'97 | Sep'96 | Sep'95 |
|---|
| Cash from Operations | 330.5M | 204.1M | 162.6M | -409.7M | -53.8M | 288.4M | 290.3M | 1.1M | 343.3M | 840.2M | 913.3M | 316.8M | 607.9M | 522.3M | 622.5M | 153.1M | -2.69M | 389K | 2.18M | 19.59M | 6.45M | 30.93M | 14.09M | 33.13M | 16.62M | -4.72M | -27M | 13M | -1.6M | -1.7M | 9.7M |
| Operating CF Margin % | - | 7.27% | 5.49% | -14.04% | -1.72% | 9.62% | 11.07% | 0.04% | 9.01% | 27.91% | 30.06% | 6.66% | 13.12% | 9.42% | 13.89% | 4.4% | - | - | - | - | 5.87% | 8.42% | 7.76% | 28.31% | 16.82% | -5.61% | -28.82% | 9.73% | -1.36% | -1.78% | 9.41% |
| Operating CF Growth % | 248.18% | 25.52% | 139.69% | -661.52% | -118.65% | -0.65% | 26290.91% | -99.68% | -59.14% | -8% | 188.29% | -47.89% | 16.39% | -16.1% | 306.58% | 5783.18% | -792.54% | -82.17% | -88.86% | 203.72% | -79.14% | 119.54% | -57.47% | 99.26% | 452.05% | 82.51% | -307.69% | 912.5% | 5.88% | -117.53% | 4.3% |
| Net Income | 126.4M | 100.4M | 99.3M | -233.7M | -77M | 15.3M | -52.4M | -302.2M | 427M | -69.2M | -1.6M | -512.4M | -10.3M | -45.8M | 110.7M | 115K | -13.35M | -13K | 2.55M | -4.66M | -9.18M | 3.73M | 892K | 6.47M | 4.43M | -25.99M | -20.3M | 70M | 15.4M | 6.5M | 4.2M |
| Depreciation & Amortization | 99M | 98M | 101.8M | 91.2M | 99.3M | 117M | 114.6M | 147.3M | 124.6M | 132.2M | 183.7M | 263.7M | 158.2M | 358.7M | 268.31M | 93.74M | 7K | 0 | 3K | 18K | 37K | 24.18M | 12.97M | 11.07M | 9.82M | 8.5M | 9.1M | 6.4M | 3.7M | 8.7M | 15.1M |
| Stock-Based Compensation | 10.6M | 20.5M | 17.5M | 17.2M | 10.2M | 28.9M | 31.8M | 49.2M | 8.8M | 54.2M | 72.6M | 72.6M | 27M | 61.5M | 31.21M | 30.5M | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -47.5M | -59.2M | 3.7M | -182.8M | -44.6M | -64.4M | 34M | -6.5M | -556.5M | -32.5M | -4.8M | -7M | 0 | 170.7M | 0 | -16.12M | 8.54M | -148K | 1.62M | 10.46M | 876K | 2.71M | 4.79M | 5.35M | 3.23M | -10.53M | -5.8M | 1.8M | 2.7M | -1.9M | -2.8M |
| Other Non-Cash Items | 23.4M | 28M | -54.5M | -178.8M | 164.6M | 213.1M | 78.3M | 278.3M | 277.9M | 699.1M | 559.6M | 455.5M | 254.6M | -14.5M | 10.08M | 38.08M | 0 | 0 | -204K | 13.81M | 14.71M | 5.73M | 9.13M | 1.01M | 10.38M | 8.25M | -3.1M | -68.5M | -10.6M | -11.4M | -10.2M |
| Working Capital Changes | 119.4M | 16.4M | -5.2M | 77.2M | -206.3M | -21.5M | 84M | -165M | 61.5M | 56.4M | 103.8M | 44.4M | 178.4M | -8.3M | 202.2M | 6.79M | 2.1M | 550K | -1.78M | -28K | 0 | -5.42M | -13.7M | 9.21M | -11.24M | 15.05M | -6.9M | 3.3M | -12.8M | -3.6M | 3.4M |
| Change in Receivables | 0 | 131.4M | -116.5M | -224.2M | -12.2M | 65.9M | -58.6M | -70.6M | 21.4M | 600K | 52.3M | 0 | 0 | 0 | 22.89M | 12.97M | 90K | 894K | 0 | 0 | -11.7M | -11.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 18.1M | 8.5M | 328.3M | -153.7M | -219.6M | -5.9M | 26.7M | -9.2M | -45.2M | 20.9M | 0 | 0 | 0 | 0 | 96.41M | 0 | 0 | 0 | 0 | -6.42M | -3.37M | 1.53M | -4.27M | -638K | 9.08M | -2.8M | -2.3M | -9.3M | -3.6M | 11.4M |
| Change in Payables | 0 | -154.6M | 55.6M | -154.5M | -15M | 116M | 99.8M | -164.4M | 88M | 4.2M | 0 | 0 | 0 | 0 | 0 | -23.88M | 501K | -88K | 0 | 172K | 1.42M | 1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -39.9M | -37.7M | 1.02B | 3.18B | -359.8M | -423.5M | 108.3M | 2.8B | 1.27B | -1.6B | -891.4M | -2B | -1.92B | -2.01B | -185.6M | 531.96M | -12.07M | 3.05M | 180K | 43.81M | 29.57M | -29K | -46.82M | -13.66M | 25.86M | -47.63M | -59.2M | -47.7M | 11.6M | 115M | 14.5M |
| Capital Expenditures | -40.6M | -38.3M | -44M | -59M | -64M | -43.6M | -44.1M | -40.4M | -75.9M | -81.8M | -61M | -90.6M | -75.5M | -100.1M | 0 | -143K | -42K | 0 | 0 | 0 | -24M | -29.45M | -15.45M | -7.8M | -1.97M | -8.45M | -15.7M | -21.9M | -8.5M | -6.6M | -7.3M |
| CapEx % of Revenue | 1.44% | 1.36% | 1.48% | 2.02% | 2.04% | 1.45% | 1.68% | 1.65% | 1.99% | 2.72% | 2.01% | 1.91% | 1.63% | 1.81% | 1.19% | 0% | - | - | - | - | 21.84% | 8.01% | 8.52% | 6.67% | 2% | 10.05% | 16.76% | 16.39% | 7.23% | 6.9% | 7.08% |
| Acquisitions | 700K | 0 | 0 | 0 | -272.1M | -429.9M | 159.2M | 2.86B | 1.55B | -289.4M | 19.7M | -1.33B | 0 | -2.01B | -184.57M | 691.66M | 0 | 0 | 0 | 75.54M | 51.2M | 0 | -42.01M | 0 | 0 | 55K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 600K | -26.8M | 4.33B | -23.7M | -400K | -153.9M | -23.6M | -198.2M | -1.23B | -880M | 5.73B | -1.8B | -387.3M | -235.03M | -138.63M | 0 | 0 | 0 | -16.53M | -48.83M | 74K | 162K | 19K | 435K | 2.93M | 900K | -25.8M | 20.1M | 129M | 21.8M |
| Cash from Financing | -264.2M | -401.2M | -1.58B | -2.26B | 487.6M | -209.9M | -497.1M | -2.72B | -1.3B | 583M | 148.7M | 1.73B | 666M | 1.92B | -102.7M | 194.55M | 0 | 0 | 0 | -3.52M | 10.57M | -9.17M | -4.57M | -1.3M | 752K | -1.16M | 4.2M | 140.9M | -54M | -19.3M | -31.4M |
| Debt Issued (Net) | 32.1M | -10.8M | -999.3M | -1.65B | 727.3M | 7.8M | 165.7M | -2.35B | -1.06B | 57.9M | -602.7M | 654.8M | 123.9M | 2.54B | -7.2M | 279.48M | 0 | 0 | 0 | 0 | 12.5M | -11.62M | 3.66M | -1.3M | 752K | -1.16M | 5M | -700K | -22M | -19.3M | -18.5M |
| Equity Issued (Net) | -135.9M | -326.4M | -482.7M | -547.7M | -134M | -125.8M | -377.4M | -268.5M | -288M | -40.8M | -28.7M | -43.2M | 97.7M | -89.4M | -85M | 385.97M | 0 | 0 | 0 | 196K | 90K | 13K | 1.18M | 0 | 0 | 0 | -700K | 148M | -30.4M | 0 | -11.8M |
| Dividends Paid | -44.7M | -48.2M | -50.6M | -66.5M | -68.6M | -71.5M | -75.2M | -85.5M | -22.4M | 0 | 0 | -33.9M | -28.6M | -33.4M | -31.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.5M | -1.6M | 0 | -1.2M |
| Share Repurchases | -135.9M | -326.4M | -482.7M | -534.7M | -134M | -125.8M | -364.8M | -268.5M | -288M | -252.5M | -52M | -71.8M | -75.1M | -89.4M | -85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M | -1.5M | -30.4M | 0 | -11.8M |
| Other Financing | -115.7M | -15.8M | -45.6M | -3.1M | -37.1M | -20.4M | -210.2M | -21.5M | 71.8M | 565.9M | 780.1M | 1.15B | 473M | -490.8M | 21.2M | -470.9M | 0 | 0 | 0 | -3.71M | -2.02M | 2.43M | -9.41M | 0 | 0 | 0 | -100K | 100K | 0 | 0 | 100K |
| Net Change in Cash | 30.4M | -245.3M | -383.4M | 510M | 53.9M | -343.7M | -93.4M | 65.7M | 282.4M | -195.1M | -178M | -122.2M | -580.5M | 429M | 333.3M | 880.53M | -14.76M | 3.44M | 2.36M | 59.88M | 40.12M | 23.5M | -36.71M | 18.17M | 43.24M | -53.51M | -82M | 106.2M | -44M | 97.2M | -7.3M |
| Free Cash Flow | 289.9M | 165.8M | 118.6M | -468.7M | -117.8M | 244.8M | 246.2M | -39.3M | 267.4M | 762.3M | 817.9M | 226.2M | 509.7M | 422.2M | 565.18M | 152.96M | -2.74M | 389K | 2.18M | 19.59M | -23.94M | 1.48M | -1.36M | 25.32M | 14.65M | -13.17M | -42.7M | -8.9M | -10.1M | -5.1M | 4.1M |
| FCF Margin % | 10.28% | 5.9% | 4% | -16.06% | -3.76% | 8.17% | 9.39% | -1.61% | 7.02% | 25.32% | 26.92% | 4.76% | 11% | 7.62% | 12.61% | 4.4% | - | - | - | - | -21.78% | 0.4% | -0.75% | 21.64% | 14.82% | -15.66% | -45.57% | -6.66% | -8.59% | -5.33% | 3.98% |
| FCF Growth % | 281.95% | 39.8% | 125.3% | -297.88% | -148.12% | -0.57% | 726.46% | -114.7% | -64.92% | -6.8% | 261.58% | -55.62% | 20.72% | -25.3% | 269.49% | 5690.72% | -803.34% | -82.17% | -88.86% | 181.84% | -1723.05% | 208.22% | -105.38% | 72.82% | 211.22% | 69.15% | -379.78% | 11.88% | -98.04% | -224.39% | 126.8% |
| FCF per Share | 12.44 | 6.40 | 3.89 | -11.87 | -2.88 | 5.67 | 5.51 | -0.78 | 7.23 | 23.31 | 25.56 | 7.08 | 19.51 | 18.72 | 25.07 | 6.02 | -0.14 | 0.02 | 0.11 | 1.03 | -1.26 | 0.08 | -0.07 | 1.34 | 0.77 | -0.70 | -2.26 | -0.47 | -0.46 | -0.24 | 0.18 |
| FCF Conversion (FCF/Net Income) | 2.29x | 2.04x | 1.30x | -0.23x | -0.75x | 1.52x | 2.97x | 0.00x | 0.45x | 7.93x | -4.59x | -0.57x | -59.02x | -11.40x | 30.22x | 4.40x | 0.20x | -32.42x | 0.86x | -4.20x | -0.70x | 8.29x | 15.79x | 5.12x | 3.75x | 0.18x | 1.33x | 0.19x | -0.10x | -0.24x | 2.31x |
| Interest Paid | -11.5M | 26.4M | 71M | 168.4M | 145.7M | 136.4M | 127.1M | 208.1M | 208.4M | 323.5M | 397.7M | 395.7M | 278.9M | 450.4M | 238.6M | 190.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -34.7M | 47.7M | 101.2M | 474.7M | 45.5M | 35M | 42.1M | 53.9M | 53.8M | 37.5M | 35.9M | 54.4M | 80.7M | 53.4M | 47.2M | 37.17M | 0 | 97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial filings, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from 0.45 in 2026Q2 to a massive 25.67 in 2025Q2, indicating that reported earnings are currently poor proxies for actual cash generation.
The significant divergence between net income and operating cash flow suggests that non-cash charges and working capital swings are heavily distorting the bottom line. Investors should monitor whether this disconnect persists as the company attempts to stabilize its post-divestiture cost structure.
Based on the provided cash flow data, free cash flow trajectory is characterized by extreme quarterly variance, ranging from a negative $78.3M in 2025Q1 to a peak of $157.9M in 2025Q4, reflecting the underlying instability in the company's ability to convert revenue into sustainable cash.
The lack of a consistent FCF trend appears to stem from the company's ongoing struggle to align its operational output with seasonal retailer demand. This volatility may indicate that the business remains in a transition phase where cash flow predictability is secondary to managing the current portfolio's operational challenges.
According to the latest cash flow statements, working capital changes are the primary driver of cash flow fluctuations, evidenced by a $127.7M inflow in 2025Q4 followed by a $52.8M outflow in 2026Q2, suggesting that inventory and receivables management remains a significant source of operational friction.
The sharp reversals in working capital suggest that the company is highly susceptible to retailer destocking and restocking cycles. This sensitivity implies that cash flow is currently more a function of supply chain management than underlying product demand, warranting further investigation into inventory turnover efficiency.
Based on reported figures, the company has prioritized significant capital returns, including $159.9M in share repurchases during 2025Q2, even as operating cash flow remained inconsistent, which may indicate a management preference for supporting the stock price over maintaining a conservative cash buffer during operational transitions.
The decision to aggressively buy back shares while operating cash flow is volatile suggests a high degree of confidence in the long-term value of the remaining business segments. However, this strategy may limit the company's flexibility if the HPC segment requires further restructuring or if market conditions deteriorate.
Quick answers to the most common questions about buying SPB stock.
Spectrum Brands Holdings, Inc. (SPB) generated $204.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Spectrum Brands Holdings, Inc. (SPB) generated $165.8M 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.
Spectrum Brands Holdings, Inc. (SPB) spent $38.3M 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, Spectrum Brands Holdings, Inc. (SPB) returned $48.2M to shareholders via cash dividends and spent $326.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.