Liquidity is under immense pressure as evidenced by a negative free cash flow of $25.7M in 2026Q1 and a concerning OCF/NI ratio of -4.89.
| 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 |
|---|
| Cash from Operations | -38.36M | -15.33M | -54.66M | -58.61M | -31.51M | -10.99M | -6.19M | -270.41M | -543.39M | -267.41M | -312.28M | -726.23M | 8.36M | 162.43M | 28.9M | -94.3M | 166.81M | 121.33M | 154.83M | 2.37M | -45.97M | 15.9M | -13.62M | -8.8M | -2.7M |
| Operating CF Margin % | - | -5.11% | -50.27% | -66.9% | -47.41% | -15.98% | -21.07% | -24.76% | -45.2% | -14.91% | -12.23% | -46.07% | 0.28% | 6.48% | 1.2% | -3.97% | 7.52% | 7.96% | 10.77% | 0.31% | -19.44% | 20.2% | -125.14% | -175.82% | -66.58% |
| Operating CF Growth % | -778.11% | 71.96% | 6.74% | -85.99% | -186.61% | -77.65% | 97.71% | 50.24% | -103.2% | 14.37% | 57% | -8786.97% | -94.85% | 461.98% | 130.65% | -156.53% | 37.49% | -21.64% | 6427.45% | 105.16% | -389.04% | 216.75% | -54.78% | -225.93% | - |
| Net Income | -26.92M | -32.31M | -54.44M | -96.2M | -28.02M | -9.28M | -5.68M | -7.72M | -917.5M | -1.17B | -521.41M | -299.44M | 183.09M | 33.55M | -352.02M | -613.74M | 166.88M | 32.52M | -124.44M | 9.2M | 26.52M | -15.84M | -28.91M | -14.5M | -3.53M |
| Depreciation & Amortization | 11.15M | 9.13M | 2.74M | 930K | 648K | 463K | 298K | 80.08M | 127.2M | 185.28M | 170.54M | 138.01M | 108.8M | 98.19M | 117.77M | 130.47M | 140.67M | 101.1M | 71.23M | 57.59M | 21.05M | 11.85M | 2.72M | 1.3M | 200K |
| Stock-Based Compensation | 11.78M | 10.49M | 3.07M | 3.36M | 433K | 200K | 109K | 26.93M | 26.35M | 34.67M | 61.5M | 58.96M | 55.59M | 45.68M | 42.44M | 46.74M | 54.37M | 46.99M | 70.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 692K | 1.3M | 0 | 0 | 0 | 0 | 0 | 5.07M | -6.86M | -6.97M | -6.61M | 50.24M | 6.12M | 1.14M | -4.33M | -14.38M | 15.89M | 12.24M | 17.36M | -9.42M | -290K | 1.9M | 0 | 0 | 0 |
| Other Non-Cash Items | -18.98M | -823K | 616K | 43.82M | 3.03M | 2.25M | 840K | -286.19M | 544.3M | 732.39M | 190.21M | -68.09M | 17.24M | 2.53M | 138.15M | 414.29M | -73.8M | -24.02M | 185.87M | 83.09M | 4.85M | 5.48M | 3.27M | 33M | 433K |
| Working Capital Changes | -7.81M | -3.1M | -6.64M | -10.53M | -7.6M | -4.62M | -1.75M | -88.58M | -316.88M | -41.93M | -206.5M | -605.91M | -362.49M | -18.66M | 86.9M | -57.68M | -137.2M | -47.51M | -65.41M | -138.09M | -98.09M | 12.52M | 9.3M | -28.6M | 200K |
| Change in Receivables | -9.45M | -30.28M | -18.14M | -12.11M | -9.68M | -4.79M | -2.04M | -105.46M | -43.68M | 9.47M | 28.7M | 460.17M | -186.81M | -49.15M | 29.98M | 64.55M | -132.18M | -50.51M | -57.58M | -75.38M | -26.18M | -20.94M | -3.61M | 0 | 0 |
| Change in Inventory | 29.33M | 38.42M | 8.65M | 1.54M | -4.95M | -3.05M | -1.31M | -128.4M | -39.17M | -38.24M | -70.45M | -237.76M | -1.25M | -6.24M | 28.32M | -81.99M | -114.53M | 53.74M | -95.71M | -87.03M | -9.59M | -8.73M | -3.15M | 0 | 0 |
| Change in Payables | 6.6M | 15.25M | -10.41M | 2.29M | 3.25M | 3.01M | -1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.79M | -19.34M | -54.66M | 6.17M | 3.33M | -1.06M | -584K | 21.37M | 274.9M | -293.08M | -354.78M | 132.57M | -309.24M | -153.18M | -220.07M | 64.04M | -427.41M | -256.56M | -326.15M | -474.12M | -133.33M | -68.5M | -26.92M | -14.8M | -5.4M |
| Capital Expenditures | 0 | 0 | -1.16M | -35K | -1.51M | -9K | -61K | -111.6M | -183.33M | -282.88M | -310.13M | -328.43M | -166.94M | -152.55M | -255.23M | -143.14M | -119.15M | -167.81M | -265.9M | -193.48M | -100.29M | -69.75M | -26.92M | -14.8M | -5.4M |
| CapEx % of Revenue | 0% | - | 1.06% | 0.04% | 2.28% | 0.01% | 0.21% | 10.22% | 15.25% | 15.77% | 12.15% | 20.83% | 5.51% | 6.08% | 10.56% | 6.03% | 5.37% | 11.01% | 18.5% | 24.97% | 42.41% | 88.58% | 247.33% | 295.7% | 133.17% |
| Acquisitions | -18.79M | -19.34M | -53.5M | 0 | 4.85M | 0 | 0 | 71.05M | 445.28M | -18.63M | -45.39M | 470.94M | -132.09M | -17.76M | 3.59M | -4.65M | -285.58M | 0 | -18.31M | -98.64M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -1.94M | 0 | -1.05M | -523K | 61.92M | 12.95M | 3.77M | -521K | -9.94M | -11.56M | 16.11M | 33.02M | 177.26M | 33.68M | -125.49M | -107.39M | -63.09M | -11.55M | 1.25M | 0 | 0 | 0 |
| Cash from Financing | 53.37M | 30.91M | 120.1M | 50.42M | 31.19M | 16.89M | 6.36M | 344.31M | 85.85M | 589.93M | 159.78M | 619.97M | 498.57M | 294.07M | -75.71M | 157.11M | 261.1M | 552.35M | 92.55M | 584.63M | 201.3M | 192.41M | 38.73M | 28.8M | 8.4M |
| Debt Issued (Net) | 10.59M | 24.35M | 106.87M | 25.55M | 32.49M | 11.89M | 6.27M | 183.22M | -37.91M | 415.49M | 59.72M | 411.56M | 457.09M | 214.07M | -114.69M | 112.1M | 494.88M | 342.64M | 53.41M | 421.44M | 0 | 12.25M | 38.51M | 0 | 0 |
| Equity Issued (Net) | 12.47M | 7.28M | 7.23M | 5.06M | 128K | 6K | 0 | 166.27M | -5.53M | -4.76M | -21.52M | -43.78M | -57.55M | -19.83M | 157.93M | -11.74M | -3.69M | 214.45M | -6.68M | 174.13M | 201.3M | 180.16M | 225K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -169.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.57M | -5.53M | -4.76M | -21.52M | -43.78M | -57.55M | -19.83M | -5.69M | -11.74M | -3.69M | -4.33M | -6.68M | -1.98M | 0 | 0 | 0 | 0 | 8.1M |
| Other Financing | 30.31M | -727K | 6M | 19.82M | -1.43M | 5M | 84K | -5.17M | 129.29M | 179.2M | 121.58M | 252.19M | 99.02M | 99.83M | 50.7M | 56.76M | -230.09M | -4.74M | 45.82M | -10.94M | 0 | 0 | 0 | 28.8M | 8.4M |
| Net Change in Cash | -3.77M | -3.76M | 10.8M | -1.9M | 3.04M | 4.84M | -418K | 94.89M | -180.57M | 30.13M | -506.55M | 21.53M | 193.66M | 305.02M | -268.13M | 120.2M | -10.46M | 413.55M | -82.88M | 119.62M | 22M | 139.82M | -1.81M | 5.2M | 300K |
| Free Cash Flow | -35.85M | -15.33M | -55.82M | -60.59M | -33.03M | -12.06M | -6.77M | -382.01M | -726.72M | -550.29M | -622.93M | -1.06B | -158.58M | 9.88M | -226.33M | -237.45M | 47.66M | -46.49M | -111.07M | -191.11M | -146.26M | -53.84M | -40.54M | -23.6M | -8.1M |
| FCF Margin % | -11.53% | -5.11% | -51.33% | -69.15% | -49.68% | -17.52% | -23.05% | -34.98% | -60.44% | -30.67% | -24.4% | -67.53% | -5.24% | 0.39% | -9.36% | -10% | 2.15% | -3.05% | -7.73% | -24.67% | -61.84% | -68.39% | -372.47% | -471.53% | -199.75% |
| FCF Growth % | 34.03% | 72.54% | 7.87% | -83.45% | -173.89% | -78.03% | 98.23% | 47.43% | -32.06% | 11.66% | 41.49% | -571.35% | -1704.53% | 104.37% | 4.68% | -598.24% | 202.52% | 58.15% | 41.88% | -30.67% | -171.63% | -32.81% | -71.79% | -191.36% | - |
| FCF per Share | -0.22 | -0.02 | -0.11 | -0.35 | -0.19 | -0.07 | -0.03 | -2.25 | -5.16 | -3.95 | -4.51 | -7.89 | -0.97 | 0.07 | -1.93 | -2.43 | 0.45 | -0.50 | -1.38 | -2.35 | -2.06 | -2.31 | -11.21 | -5.68 | -2.54 |
| FCF Conversion (FCF/Net Income) | 1.33x | 0.34x | 0.97x | 0.22x | 1.07x | 1.18x | 1.09x | -12.20x | 0.67x | 0.29x | 0.70x | 3.88x | 0.03x | 1.70x | -0.08x | 0.15x | 0.93x | 3.73x | -1.24x | 0.26x | -1.73x | -1.00x | 0.47x | 0.61x | 0.76x |
| Interest Paid | -1.39M | 0 | 77K | 2.15M | 162K | 365K | 150K | 32.78M | 99.2M | 59.88M | 35.77M | 34.91M | 39.86M | 46.03M | 40.62M | 28.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 10K | 0 | 6K | 0 | 0 | 8.99M | 7.8M | 12.79M | 35.41M | 29.51M | 8.77M | 1.34M | 8.07M | 28.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in recent financial statements, SunPower's operating cash flow consistently trails net income, with the company recording a negative OCF/NI ratio of -4.89 in 2026Q1, highlighting a severe disconnect between accounting profitability and the actual cash generation capabilities of the underlying residential solar business.
The recurring inability to convert reported net income into positive operating cash flow suggests that the company's earnings quality is significantly compromised by non-cash items or aggressive revenue recognition. Investors should monitor this divergence as it indicates that the firm's core operations are failing to generate the liquidity required to sustain its current cost structure.
Based on the provided quarterly data, SunPower has failed to generate positive free cash flow in any of the last ten quarters, with the 2026Q1 period showing a cash burn of $25.7M, underscoring the structural inability of the current business model to achieve self-sustaining operations.
The consistent negative FCF margins, which reached as low as -67.6% in 2024Q2, suggest that the company is trapped in a cycle of cash consumption to support its dealer network and overhead. This trajectory warrants further investigation into whether the firm can reach a cash-flow-neutral state before its liquidity reserves are fully exhausted.
According to historical cash flow data, working capital changes have been highly erratic, including a significant $8.9M outflow in 2026Q1, which suggests that the company is struggling to manage its cash conversion cycle effectively amidst a shrinking revenue base and shifting operational requirements.
The volatility in working capital appears to reflect difficulties in balancing inventory management and accounts receivable collections within the residential solar segment. Such instability in cash flow components often indicates operational friction that further exacerbates the company's already precarious liquidity position.
As noted in the provided financial disclosures, the company's cash flow statement is heavily impacted by stock-based compensation and other adjustments, with SBC reaching $4.2M in 2025Q3, which effectively masks the true extent of the cash burn required to retain talent during this period of distress.
These non-cash adjustments appear to obscure the actual cash cost of operations, potentially misleading stakeholders regarding the firm's true burn rate. Analysts should be wary of these figures, as they may suggest that the company is relying on equity-based incentives to preserve cash that would otherwise be needed for essential operational expenses.
Quick answers to the most common questions about buying SPWR stock.
SunPower Inc. (SPWR) generated $-15.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SunPower Inc. (SPWR) reported negative free cash flow of $15.3M in 2025, indicating capital requirements exceeded cash from operations.
SunPower Inc. (SPWR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.