Cash generation remains deeply compromised, as demonstrated by a negative FCF margin of -14.5% and an OCF/NI ratio of 0.26 in 2025Q3.
| Metric | TTM | 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 |
|---|
| Cash from Operations | -613.8M | -1.12B | -225.8M | -394.6M | -63.2M | -744.9M | 922.7M | 769.9M | 573.7M | 716.9M | 1.29B | 361.6M | 260.6M | 544.4M | -47.7M | 125.1M | -13.9M | 204.6M | 180.1M | 273.6M | 223.8M |
| Operating CF Margin % | - | -17.75% | -3.73% | -7.85% | -1.6% | -21.88% | 11.73% | 10.66% | 8.22% | 10.55% | 19.41% | 5.32% | 4.37% | 10.09% | -0.98% | 3% | -0.34% | 5.42% | 4.66% | 8.53% | 18.53% |
| Operating CF Growth % | 126.06% | -396.41% | 42.78% | -524.37% | 91.52% | -180.73% | 19.85% | 34.2% | -19.97% | -44.41% | 256.66% | 38.76% | -52.13% | 1241.3% | -138.13% | 1000% | -106.79% | 13.6% | -34.17% | 22.25% | - |
| Net Income | -2.6B | -2.14B | -616.1M | -546.2M | -540.8M | -870.3M | 530.1M | 617M | 354.9M | 469.7M | 788.7M | 358.8M | -621.4M | 34.8M | 192.4M | 218.9M | 191.7M | 265.4M | 296.9M | 16.8M | -90.3M |
| Depreciation & Amortization | 266.6M | 305.4M | 315.6M | 337.1M | 327.6M | 277.6M | 251.7M | 231M | 214.3M | 208.8M | 181.1M | 199.3M | 168M | 170.8M | 139.7M | 128M | 133.8M | 131.8M | 105M | 64.8M | 31.9M |
| Stock-Based Compensation | 28.4M | 38.1M | 29.2M | 36.6M | 25.8M | 24.2M | 36.1M | 27.4M | 22.1M | 42.5M | 26M | 16.4M | 19.6M | 15.3M | 11.2M | 28.8M | 10.1M | 15.7M | 0 | 0 | 0 |
| Deferred Taxes | 27.8M | 3.7M | 18.1M | 8.5M | -4.5M | 95.5M | 86.1M | -38M | 52.4M | 900K | -162.2M | -9.6M | 200.3M | -116.5M | 21.6M | 48.6M | 28.7M | -2.8M | 9.1M | -125.1M | 0 |
| Other Non-Cash Items | 965.3M | 779.1M | -99.6M | -58.3M | -112.3M | 374.4M | 1.5M | -251.9M | -93.9M | 55.4M | 31.3M | 370.5M | -105.5M | 21.1M | -18M | -20.5M | -10.2M | -42.8M | -42.7M | 132.3M | 25M |
| Working Capital Changes | 696.6M | -108.2M | 127M | -172.3M | 241M | -646.3M | 17.2M | 184.4M | 23.9M | -60.4M | 424.8M | -573.8M | 599.6M | 418.9M | -394.6M | -278.7M | -368M | -162.7M | -187.1M | 183.9M | 257.2M |
| Change in Receivables | 604M | -82.3M | -114.6M | -103.3M | -19.4M | 336.5M | 12.8M | -47.9M | -48.5M | -139.1M | 62.2M | -64.7M | -128.5M | -151.1M | -66.3M | -41.6M | -8.2M | 15.3M | 0 | -336.8M | 0 |
| Change in Inventory | 68.6M | -152.4M | -295.1M | -118.2M | 30.9M | -39.5M | -95.4M | -61.3M | 319.6M | 207.8M | -44.2M | -332.2M | 666M | 228.3M | -121.6M | -300.3M | -320.7M | -570M | -458.9M | -318.6M | -31.4M |
| Change in Payables | 116.7M | -49.9M | 0 | 0 | 0 | 0 | 150.2M | 96.8M | 160.3M | -34.3M | -89.1M | -22.1M | 104.2M | 109.8M | 106.1M | -113.5M | 73.2M | -26.6M | 0 | -11.5M | 0 |
| Cash from Investing | -10.6M | -152.4M | -147.8M | -155.5M | -163.8M | -502M | -239.9M | -267.8M | -272.8M | -253.4M | -357.4M | -239.6M | -268.2M | -248.8M | -249.2M | -288.4M | -112.4M | -119.8M | -239.1M | -473.6M | -1.03B |
| Capital Expenditures | -189.3M | -152.5M | -148M | -121.6M | -150.6M | -118.9M | -232.2M | -271.2M | -273.1M | -254M | -360.1M | -220.2M | -272.6M | -249M | -249.7M | -288.1M | -228.2M | -235.8M | -288.2M | -343.2M | -144.6M |
| CapEx % of Revenue | 2.96% | 2.41% | 2.45% | 2.42% | 3.81% | 3.49% | 2.95% | 3.76% | 3.91% | 3.74% | 5.42% | 3.24% | 4.57% | 4.61% | 5.13% | 6.9% | 5.59% | 6.25% | 7.46% | 10.7% | 11.97% |
| Acquisitions | 162.6M | 0 | 0 | -31.3M | -21.1M | -388.5M | -7.9M | 3.4M | 400K | 600K | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | -116.1M | 0 | -145.4M | -885.7M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 16.1M | 100K | 200K | -2.6M | 7.9M | 5.4M | 200K | 3.4M | 300K | 600K | 2.7M | -19.4M | 4.4M | 200K | 500K | -300K | 400K | 119.6M | 49.1M | 15M | 0 |
| Cash from Financing | 735.7M | 994.5M | 531.6M | -261M | -163.5M | 769.5M | 884.4M | -153.5M | -580.9M | -718.7M | -351.1M | -164.2M | -13.9M | -34.6M | -6.3M | 277.4M | 276.1M | 3.5M | 8.3M | 140.9M | 1.05B |
| Debt Issued (Net) | 22.7M | 292M | 177.5M | 67.2M | -143.6M | 828.7M | 1.02B | 737M | -27.8M | -53.8M | -41.1M | -37.6M | -10.4M | -35.8M | -8M | 290.4M | 275.4M | 3.5M | -24.7M | -124M | 695M |
| Equity Issued (Net) | -1.6M | 1000K | 1000K | 0 | 0 | 100K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | -4.2M | -4.3M | -15.4M | -50.4M | -48M | -47.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.6M | 0 | 0 | 0 | 0 | 0 | -75.8M | -805.8M | -496.3M | -649.6M | -300M | -129.2M | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 0 | 0 |
| Other Financing | 714.6M | 694.9M | 133.4M | -324M | -15.6M | -43.9M | -9.4M | -36.7M | -7.5M | -15.3M | -10M | 2.6M | -3.5M | 1.2M | 1.3M | -13M | 700K | 0 | 34M | 14.5M | 352.8M |
| Net Change in Cash | 107.6M | -279.4M | 167.5M | -820M | -394.7M | -474.1M | 1.57B | 348.6M | -274.4M | -259.6M | 579.4M | -42.8M | -20M | 262.9M | -303.8M | 112.6M | 152.5M | 83.1M | -50.9M | -57M | 1.05B |
| Free Cash Flow | -803.1M | -1.27B | -373.8M | -516.2M | -213.8M | -863.8M | 690.5M | 498.7M | 300.6M | 462.9M | 929.6M | 141.4M | -12M | 295.4M | -297.4M | -163M | -242.1M | -31.2M | -108.1M | -69.6M | 79.2M |
| FCF Margin % | -12.56% | -20.16% | -6.18% | -10.26% | -5.41% | -25.37% | 8.78% | 6.91% | 4.3% | 6.81% | 13.99% | 2.08% | -0.2% | 5.47% | -6.11% | -3.91% | -5.93% | -0.83% | -2.8% | -2.17% | 6.56% |
| FCF Growth % | 39.26% | -240.66% | 27.59% | -141.44% | 75.25% | -225.1% | 38.46% | 65.9% | -35.06% | -50.2% | 557.43% | 1278.33% | -104.06% | 199.33% | -82.45% | 32.67% | -675.96% | 71.14% | -55.32% | -187.88% | - |
| FCF per Share | -6.83 | -10.90 | -3.51 | -4.93 | -2.05 | -8.31 | 6.60 | 4.57 | 2.55 | 3.64 | 6.67 | 1.00 | -0.08 | 2.07 | -2.09 | -1.16 | -1.73 | -0.22 | -0.78 | -0.58 | 0.70 |
| FCF Conversion (FCF/Net Income) | 0.31x | 0.52x | 0.37x | 0.72x | 0.12x | 0.86x | 1.74x | 1.25x | 1.62x | 1.53x | 1.64x | 1.01x | -0.42x | 15.83x | -0.25x | 0.57x | -0.07x | 0.77x | 0.61x | 16.29x | -2.48x |
| Interest Paid | 0 | 329.5M | 285.3M | 222.5M | 198.4M | 146.6M | 93.2M | 70.4M | 43.6M | 45.2M | 0 | 69.2M | 68M | 69.7M | 83.7M | 60.7M | 35.6M | 35.5M | 29M | 0 | 0 |
| Taxes Paid | 0 | 1.6M | 2.8M | 0 | 0 | 0 | 105M | 202.3M | 101.9M | 191.4M | 0 | 91.1M | 69.4M | 96.7M | 5.6M | 34.9M | 95.7M | 115.4M | 66.7M | 0 | 0 |
Operational production rate volatility
As reported in recent financial statements, Spirit AeroSystems exhibits a chronic inability to convert earnings into cash, with an OCF/NI ratio of 0.26 in 2025Q3, underscoring that the company's massive net losses are consistently compounded by significant cash outflows from core operations.
The persistent gap between net income and operating cash flow suggests that the company is struggling with more than just accounting-based reach-forward losses. Investors should monitor whether this divergence indicates that cash-based operational costs are consistently exceeding the revenue recognized under current program accounting standards.
Based on the company's reported figures, the FCF margin has remained deeply negative, reaching -14.5% in 2025Q3, which highlights a sustained trajectory of cash consumption that shows no signs of stabilizing despite various attempts to manage production costs and operational overhead.
The consistent failure to generate positive free cash flow suggests that the business model is currently incapable of self-funding its operations. This trajectory implies that the company remains entirely dependent on external financing or customer support to maintain its manufacturing footprint.
According to quarterly filings, working capital changes have been highly erratic, swinging from a $426.5 million inflow in 2024Q4 to a $56.5 million inflow in 2025Q3, reflecting the extreme difficulty in managing inventory and payables amidst ongoing production disruptions and quality-related delays.
The volatility in working capital suggests that the company is struggling to synchronize its supply chain with the erratic production cadence of its primary customer. This instability may indicate that inventory is building up in ways that do not contribute to immediate revenue realization.
As indicated by the provided data, the company maintained a CapEx/Revenue ratio of 2.7% in 2025Q3, which appears disproportionately high given the current negative gross margins and the lack of clear evidence that these investments are driving meaningful improvements in production efficiency.
While capital expenditure is necessary to maintain specialized aerospace tooling, the current level of investment appears to be a sunk cost rather than a growth driver. Analysts should investigate whether this spending is primarily for maintenance or if it represents an attempt to fix systemic quality escapes.
Quick answers to the most common questions about buying SPR stock.
Spirit AeroSystems Holdings, Inc. (SPR) generated $-1120.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Spirit AeroSystems Holdings, Inc. (SPR) reported negative free cash flow of $1.27B in 2024, indicating capital requirements exceeded cash from operations.
Spirit AeroSystems Holdings, Inc. (SPR) spent $152.5M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.