Free cash flow remains volatile, evidenced by a spike in the CapEx/Revenue ratio to 18.2% in 2026Q1, which contrasts with the sub-1% levels observed in previous quarters.
| Cash from Operations | 411.26M | 387.11M | 353.01M | 258.64M | 168.08M | 132.22M | 151.26M | 145.97M |
| Operating CF Margin % | - | 31.24% | 31.9% | 29.47% | 23.02% | 23.56% | 37.35% | 38.37% |
| Operating CF Growth % | 26.74% | 9.66% | 36.48% | 53.88% | 27.12% | -12.59% | 3.63% | - |
| Net Income | 69.68M | 96.36M | 34.15M | 33.89M | 10.49M | 12.79M | 14.81M | 11.66M |
| Depreciation & Amortization | 184.99M | 64.31M | 284.73M | 206.36M | 184.81M | 129.38M | 132.41M | 152.28M |
| Stock-Based Compensation | 28.21M | 0 | 39.19M | 41.18M | 28.3M | 15.43M | 2.33M | 0 |
| Deferred Taxes | 19.02M | 0 | -11.06M | 12.55M | 7.3M | 11.04M | 7.32M | -21.91M |
| Other Non-Cash Items | 150.78M | 250.43M | 13.58M | -17.76M | -41.47M | -10.9M | -14.54M | -370K |
| Working Capital Changes | -41.3M | -23.99M | -7.58M | -17.58M | -21.36M | -25.51M | 8.94M | 4.3M |
| Change in Receivables | 20.7M | 0 | -48.53M | -16.1M | -53.52M | -69.9M | -11.72M | -6.82M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 26.53M | -8.32M | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 44.38M | 20.66M | 11.11M |
| Cash from Investing | -230.21M | -237.36M | -254.88M | -202.09M | -246.57M | -333.77M | -98.14M | -114.3M |
| Capital Expenditures | -135.01M | -219.38M | -5.37M | -14.79M | -162.55M | -130.75M | -93.95M | -6.69M |
| CapEx % of Revenue | 10.17% | 17.71% | 0.48% | 1.68% | 22.26% | 23.3% | 23.2% | 1.76% |
| Acquisitions | 5.11M | -6.95M | -27.06M | -12.84M | -84.12M | -198.48M | -2.06M | -11.4M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -100.31M | -11.03M | -222.46M | -170.74M | 105K | 122.95M | -2.13M | -95.67M |
| Cash from Financing | -203.97M | -108.32M | -36.75M | -17.63M | -459.85M | 539.77M | 274.54M | -4.69M |
| Debt Issued (Net) | -3.61M | 0 | -8.03M | -8.6M | -426.67M | -9.49M | 287.12M | -25.26M |
| Equity Issued (Net) | -181.39M | -101.06M | -28.73M | -9.02M | -3.84M | 556.64M | -3.75M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -181.39M | -101.06M | -28.73M | -9.02M | -3.84M | 0 | -3.75M | 0 |
| Other Financing | -18.97M | -7.26M | 0 | -7K | -29.34M | -7.38M | -8.83M | 20.58M |
| Net Change in Cash | -43.32M | 58.13M | 71.18M | 33.42M | -499.02M | 357.23M | 328.52M | 27.01M |
| Free Cash Flow | 363.06M | 382.4M | 125.36M | 58.37M | 5.52M | 1.47M | 57.31M | 47.7M |
| FCF Margin % | 27.35% | 30.86% | 11.33% | 6.65% | 0.76% | 0.26% | 14.15% | 12.54% |
| FCF Growth % | 130.75% | 205.05% | 114.78% | 956.78% | 275.71% | -97.43% | 20.14% | - |
| FCF per Share | 1.22 | 1.20 | 0.39 | 0.18 | 0.02 | 0.01 | 0.19 | 0.16 |
| FCF Conversion (FCF/Net Income) | 5.21x | 4.02x | 10.34x | 7.46x | 15.43x | 10.52x | 9.92x | 12.44x |
| Interest Paid | 20.09M | 0 | 76.38M | 30.53M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rights cost inflation volatility
As reported in recent financial statements, the OCF/NI ratio has exhibited extreme volatility, reaching a negative 17.38 in 2026Q1, which indicates a significant disconnect between reported net income and the actual cash generated from core operations during periods of heavy rights-related amortization and working capital shifts.
The persistent divergence between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash charges, particularly the amortization of sports rights. Investors should monitor whether this gap reflects genuine operational efficiency or merely the timing of large, lumpy payments to sports leagues.
Based on the provided cash flow data, free cash flow margins have fluctuated wildly from a negative 0.7% in 2024Q4 to a peak of 39.1% in 2025Q3, reflecting the company's struggle to maintain a stable cash conversion profile amidst lumpy capital expenditures and rights-related cost cycles.
The erratic FCF trajectory suggests that the business model remains highly sensitive to the timing of major rights renewals and associated cash outflows. This inconsistency makes it difficult to project long-term cash generation, as the company appears to prioritize market share acquisition over predictable, steady-state free cash flow.
According to recent SEC filings, Sportradar's CapEx/Revenue ratio spiked to 18.2% in 2026Q1, a marked increase from the sub-1% levels observed in previous quarters, signaling a potential shift toward more aggressive investment in the underlying data infrastructure or rights portfolio to maintain its competitive moat.
While the company has historically maintained low capital intensity, the recent surge in CapEx warrants further investigation into whether this represents a permanent increase in the cost of doing business. If this trend continues, it may permanently impair the company's ability to generate meaningful free cash flow.
As reported in financial statements, the company utilized $92.9 million for share repurchases in 2026Q1, a significant capital allocation decision that appears at odds with the reported net loss of $6.4 million for the same period, suggesting a management focus on supporting equity value over cash preservation.
The decision to aggressively buy back shares while net income is under pressure may indicate management's confidence in the long-term durability of the business. However, investors should monitor whether this capital deployment strategy limits the company's flexibility to fund future rights auctions or respond to competitive threats.
Quick answers to the most common questions about buying SRAD stock.
Sportradar Group AG (SRAD) generated $387.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sportradar Group AG (SRAD) generated $382.4M 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.
Sportradar Group AG (SRAD) spent $219.4M 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, Sportradar Group AG (SRAD) spent $101.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.