Cash flow generation remains sensitive to working capital cycles, as evidenced by the volatility in free cash flow margins which ranged from -7.9% in 2025Q1 to 21.7% in 2025Q4.
| 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 | 449.11M | 456.67M | 338.16M | 427.02M | 399.82M | 151.29M | 207.57M | 205.66M | 160.08M | 119.06M | 94.95M | 114.21M | 67.22M | 106.51M | 68.05M | 35.09M | 77.2M | 126.16M | 56.13M | 126.84M | 99.07M | 130.6M | 22.82M | 71.35M | 50.51M | 73.3M | 30.87M | 36M | 34.5M | 21.1M | 24.6M |
| Operating CF Margin % | - | 19.58% | 15.15% | 19.29% | 18.89% | 9.62% | 16.37% | 18.1% | 14.84% | 12.19% | 11.03% | 14.38% | 8.94% | 15.08% | 10.35% | 5.81% | 13.9% | 21.56% | 7.42% | 15.53% | 11.48% | 15.43% | 3.27% | 13.02% | 10.85% | 17.63% | 8.36% | 10.96% | 12.36% | 8.57% | 12.15% |
| Operating CF Growth % | 10.18% | 35.05% | -20.81% | 6.8% | 164.27% | -27.11% | 0.93% | 28.47% | 34.45% | 25.4% | -16.86% | 69.9% | -36.89% | 56.51% | 93.95% | -54.55% | -38.81% | 124.76% | -55.75% | 28.04% | -24.15% | 472.33% | -68.02% | 41.25% | -31.09% | 137.45% | -14.25% | 4.35% | 63.51% | -14.23% | 83.58% |
| Net Income | 355.42M | 345.08M | 322.22M | 353.99M | 334M | 266.45M | 187M | 133.98M | 126.63M | 92.62M | 89.73M | 67.89M | 63.53M | 50.97M | 41.92M | 50.9M | 28.59M | 12.22M | 53.93M | 68.74M | 102.5M | 98.39M | 81.51M | 60.56M | 51.93M | 40.52M | 38.35M | 38.5M | 31.1M | 26M | 19.7M |
| Depreciation & Amortization | 95.9M | 89.95M | 85.4M | 74.71M | 60.89M | 42.48M | 38.77M | 38.4M | 39.39M | 33.72M | 27.93M | 26.82M | 27.92M | 27.52M | 26.86M | 20.75M | 22.86M | 29.39M | 30.21M | 27.98M | 24.54M | 22.37M | 18.44M | 15.65M | 14.02M | 15.65M | 13.14M | 10.9M | 8.3M | 6.7M | 7.2M |
| Stock-Based Compensation | 13.12M | 0 | 19.02M | 23.86M | 14.98M | 17.71M | 13.51M | 10.43M | 11.18M | 13.91M | 13.95M | 11.96M | 13.19M | 12.75M | 10.67M | 6.84M | 3.71M | 300K | 3.82M | 6.33M | 7.76M | 6.38M | 5.53B | 2.29B | 143.25M | 137.7M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 12.99M | 11.74M | -6.04M | -7.54M | -13.16M | -915K | 3.18M | 2.56M | 4.95M | 6.3M | -869K | 2.54M | 2.18M | 3.62M | 189K | -2.16M | 6.96M | -2.2M | -1.08M | -3.75M | -2.14M | -4.59M | 563.12K | -790.96K | -697.65K | -879.6K | -1.36M | -1M | -500K | -900K | -200K |
| Other Non-Cash Items | -113.27M | 23.47M | 15.03M | 10.8M | 21.12M | 12.07M | 6.57M | 2.09M | -5.1M | -5.46M | 1.08M | 2.87M | -268K | 2.94M | 3.56M | -1.06M | 25.01M | 4.02M | 5.68M | 15.22M | -2.02M | 2.5M | -5.52B | -2.29B | -142.93M | -138.64M | 196.88K | 200K | 100K | -100K | -900K |
| Working Capital Changes | 84.95M | -13.57M | -97.47M | -28.79M | -18.01M | -186.5M | -41.45M | 18.2M | -16.97M | -22.03M | -36.87M | 2.13M | -39.33M | 8.71M | -15.14M | -40.17M | -9.93M | 82.43M | -36.44M | 12.31M | -31.57M | 5.55M | -88.94M | -6.46M | -15.06M | 18.95M | -18.13M | -12.6M | -4.6M | -10.6M | -1.2M |
| Change in Receivables | 75.33M | -10.05M | -3.65M | -13.05M | 19.76M | -67.99M | -22.11M | 6.1M | -12.57M | -17.82M | -7.55M | -16.82M | -4.57M | -6.65M | -2.68M | -6.98M | -3.71M | 2.57M | 9.86M | 13M | 7.11M | -13.26M | -20.3B | -8.54B | -11.85B | 4.03B | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 38.41M | 19.92M | -50.37M | 15.66M | -28.42M | -164.2M | -27.22M | 23.66M | -26.43M | -6.58M | -36.62M | 17.21M | -22.43M | 8.46M | -17.05M | -26.95M | -12.14M | 92.59M | -32.41M | 5.8M | -34.14M | 8.41M | -83.09M | -9.79M | -9.12M | 8.04M | -11.57M | -15.6M | -1.4M | -6.9M | -7.5M |
| Change in Payables | -25.09M | -6.87M | -5.81M | -3.07M | -4.02M | 10.23M | 11.36M | -845K | 4.67M | 1.16M | 5.79M | -1.03M | -11.27M | -2.71M | 12.21M | -10.13M | 4.68M | 4.77M | -7.46M | 3.1M | -8.05M | -3.02M | 6.94B | 6.46B | -2B | -1.34B | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -86.25M | -136.35M | -259.26M | -103.25M | -870.24M | -58.8M | -39.85M | -28.02M | -10.25M | -75.81M | -48.54M | -37.83M | -23.5M | -17.34M | -77.75M | -74.28M | 7.88M | -39.47M | -51.02M | -75.2M | -60.47M | -21.73M | -50.22M | -58.14M | -45.47M | -38.74M | -20.48M | -23.3M | -20M | -21.8M | -12.3M |
| Capital Expenditures | -110.88M | -161.04M | -180.36M | -88.82M | -67.22M | -49.59M | -37.91M | -37.53M | -29.31M | -58.04M | -42M | -34.19M | -23.71M | -16.8M | -21.96M | -26.06M | -28.34M | -39.49M | -52.33M | -36.09M | -51.54M | -42.6M | -45.97M | -21.59M | -27.95M | -25.57M | -14.42M | -15.3M | -20.1M | -16.5M | -7.4M |
| CapEx % of Revenue | 4.66% | 6.9% | 8.08% | 4.01% | 3.18% | 3.15% | 2.99% | 3.3% | 2.72% | 5.94% | 4.88% | 4.31% | 3.15% | 2.38% | 3.34% | 4.32% | 5.1% | 6.75% | 6.92% | 4.42% | 5.97% | 5.03% | 6.58% | 3.94% | 6.01% | 6.15% | 3.91% | 4.66% | 7.2% | 6.7% | 3.66% |
| Acquisitions | 2.16M | 26.26M | -79.17M | -16.17M | -809.08M | -10.05M | -2.8M | -2.65M | -2.01M | 9.47M | -2.5M | -4.18M | -220K | -6.49M | -65.13M | -51.85M | 23.13M | -24.26M | -36.35M | -42.47M | 0 | 0 | -32.52M | -9.61M | -1.53M | -14.08M | -6.25M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 20.8M | 0 | 1.89M | 1.74M | 2.53M | 836K | 853K | 12.15M | 21.07M | -27.24M | -4.04M | 537K | 430K | 5.96M | 9.34M | 3.63M | 13.09M | 24.27M | 3.31M | 3.36M | 200K | 4.07M | 629.6K | 142.28K | 1.66M | 919.72K | 188.81K | -8M | 100K | -9.3M | -1M |
| Cash from Financing | -141.15M | -183.98M | -261.46M | -199.03M | 465.53M | -71.62M | -126.78M | -108.15M | -155.39M | -106.67M | -79.12M | -67.89M | -25.61M | -13.42M | -30.49M | -76.32M | -1.81M | -11.67M | -13.05M | -17.42M | -21.48M | -6.82M | -37.8M | -21.85M | 1.93M | 2.34M | -5.35M | 4.4M | 3.4M | 300K | 500K |
| Debt Issued (Net) | -10.17M | -15.22M | -98.31M | -96.4M | 583.15M | 344K | -1.52M | -1.24M | -147K | -754K | 0 | -17K | -77K | -81K | -3.56M | 0 | 0 | -26K | -1M | 298K | -872K | -1.31M | -3.55M | -1.38M | -775.89K | -413.94K | -347.52K | -100K | 2.8M | -300K | 0 |
| Equity Issued (Net) | -95M | -116.47M | -100M | -50M | -78.62M | -24.13M | -76.19M | -60.82M | -109.84M | -63.39M | -45.25M | -37.35M | 1.6M | 5.23M | 4.92M | -52.99M | 17.95M | 7.63M | 6.88M | 641K | -8.22M | 4.09M | -27.06M | -20.47M | 2.71M | 2.75M | -5M | 4.6M | 600K | 600K | 500K |
| Dividends Paid | -35.84M | -47.58M | -46.5M | -45.2M | -43.9M | -41.62M | -40.4M | -40.2M | -39.89M | -36.98M | -32.71M | -29.35M | -25.92M | -18.13M | -30.19M | -23.33M | -19.76M | -19.63M | -19.44M | -18.41M | -15.44M | -9.61M | -7.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -95M | -120M | -100M | -50M | -78.62M | -24.13M | -76.19M | -60.82M | -110.54M | -70M | -53.5M | -47.14M | -2.98M | -9.82M | 0 | -53.21M | 0 | 0 | 0 | -4.19M | -17.17M | 0 | -31.27M | -23.52M | 0 | 0 | -5.9M | 0 | 0 | 0 | 0 |
| Other Financing | -136K | -4.71M | -16.66M | -7.43M | 4.89M | -6.22M | -8.67M | -5.91M | -5.51M | -5.55M | -5.17M | -1.18M | -1.21M | -440K | -1.66M | 0 | 10K | 359K | 515K | 59K | 3.06M | 0 | 1.01K | -281 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Net Change in Cash | 233.85M | 144.77M | -190.45M | 129.08M | -413K | 26.52M | 44.43M | 70.03M | -8.33M | -58.02M | -32.29M | -1.48M | 9.1M | 75.66M | -38.26M | -121.23M | 84.67M | 79.63M | -15.39M | 37.84M | 17.1M | 100.29M | -64.22M | -8.18M | 7.45M | 36.45M | 4.91M | 17.1M | 3.4M | 300K | 500K |
| Free Cash Flow | 338.23M | 295.63M | 157.8M | 338.2M | 337.46M | 101.7M | 169.66M | 168.14M | 130.77M | 61.02M | 52.95M | 80.02M | 43.51M | 89.7M | 46.09M | 9.02M | 48.86M | 86.67M | 3.8M | 90.75M | 47.53M | 88M | -23.15M | 49.76M | 22.56M | 47.73M | 16.45M | 20.7M | 14.4M | 4.6M | 17.2M |
| FCF Margin % | 14.2% | 12.67% | 7.07% | 15.28% | 15.95% | 6.46% | 13.38% | 14.79% | 12.12% | 6.25% | 6.15% | 10.08% | 5.78% | 12.7% | 7.01% | 1.5% | 8.8% | 14.81% | 0.5% | 11.11% | 5.51% | 10.4% | -3.32% | 9.08% | 4.85% | 11.48% | 4.46% | 6.3% | 5.16% | 1.87% | 8.5% |
| FCF Growth % | 130.6% | 87.34% | -53.34% | 0.22% | 231.81% | -40.06% | 0.91% | 28.57% | 114.29% | 15.26% | -33.84% | 83.93% | -51.5% | 94.62% | 410.76% | -81.53% | -43.63% | 2179.67% | -95.81% | 90.94% | -45.99% | 480.19% | -146.52% | 120.55% | -52.73% | 190.17% | -20.54% | 43.75% | 213.04% | -73.26% | 405.88% |
| FCF per Share | 8.18 | 7.06 | 3.72 | 7.89 | 7.84 | 2.34 | 3.87 | 3.74 | 2.81 | 1.28 | 1.10 | 1.63 | 0.88 | 1.84 | 0.95 | 0.18 | 0.98 | 1.76 | 0.08 | 1.85 | 0.97 | 1.81 | -0.47 | 1.01 | 0.45 | 0.97 | 0.33 | 0.42 | 0.30 | 0.10 | 0.36 |
| FCF Conversion (FCF/Net Income) | 0.95x | 1.32x | 1.05x | 1.21x | 1.20x | 0.57x | 1.11x | 1.53x | 1.26x | 1.29x | 1.06x | 1.68x | 1.06x | 2.09x | 1.62x | 0.69x | 2.70x | 10.33x | 1.04x | 1.85x | 0.97x | 1.33x | 0.28x | 1.18x | 0.97x | 1.81x | 0.80x | 0.94x | 1.11x | 0.81x | 1.25x |
| Interest Paid | 0 | 0 | 13.44M | 16.44M | 17.03M | 1.6M | 1.6M | 143K | 160K | 121K | 284K | 249K | 117K | 30K | 350K | 279K | 232K | 287K | 296K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 117.8M | 123.4M | 113.21M | 83.66M | 63.03M | 37.73M | 40.12M | 50.83M | 49.42M | 34.01M | 34.98M | 23.62M | 31.39M | 30.79M | 20.51M | 23.32M | 36.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical housing market exposure
As reported in recent financial statements, Simpson Manufacturing exhibits significant quarterly volatility in cash conversion, with the OCF/NI ratio fluctuating from a low of 0.10 in 2025Q1 to a high of 2.73 in 2025Q4, highlighting the impact of seasonal working capital swings on reported earnings.
The wide variance between net income and operating cash flow suggests that accounting earnings are heavily influenced by the timing of inventory builds and customer rebate settlements. Investors should monitor whether this divergence reflects genuine operational friction or merely the inherent seasonality of the construction supply chain.
Based on the provided cash flow data, SSD's free cash flow margins have demonstrated a wide range, swinging from negative 7.9% in 2025Q1 to a peak of 21.7% in 2025Q4, indicating that the company's cash generation remains highly sensitive to periodic working capital requirements.
While the company maintains strong profitability, the FCF trajectory appears inconsistent due to the lumpy nature of capital expenditures and inventory management. This suggests that while the underlying business model is cash-generative, short-term cash flow predictability may be lower than the steady net income growth would imply.
According to historical filings, SSD's capital expenditure as a percentage of revenue has averaged between 5.8% and 10.7% over the last ten quarters, suggesting a consistent commitment to maintaining its manufacturing infrastructure and supporting the integration of recent acquisitions like ETANCO into its global distribution network.
The elevated CapEx levels observed in late 2024 and early 2025 appear to align with the company's strategic pivot toward more complex industrial applications. This level of investment warrants further investigation to determine if it represents necessary maintenance or a structural increase in the company's capital intensity.
As evidenced by the quarterly cash flow statements, working capital changes have acted as a primary driver of cash flow variance, with significant outflows of $98.5 million in 2025Q1 followed by substantial inflows of $57.5 million in 2025Q4, reflecting the company's cyclical inventory and collection cycles.
The recurring pattern of large working capital outflows in the first quarter suggests a deliberate build-up of inventory ahead of the peak construction season. This strategy appears to prioritize product availability, though it creates temporary pressure on cash flow that investors must account for when evaluating quarterly performance.
Based on reported figures, Simpson Manufacturing has maintained a consistent capital deployment strategy, utilizing a combination of dividends and share repurchases to return value to shareholders while simultaneously funding bolt-on acquisitions, such as the $1.7 million to $17.8 million range observed in recent quarterly periods.
The company's ability to fund both shareholder returns and strategic acquisitions without significant debt accumulation suggests a disciplined approach to capital allocation. This financial flexibility appears to be a core component of the company's defensive posture within the volatile construction industry.
Quick answers to the most common questions about buying SSD stock.
Simpson Manufacturing Co., Inc. (SSD) generated $456.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Simpson Manufacturing Co., Inc. (SSD) generated $295.6M 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.
Simpson Manufacturing Co., Inc. (SSD) spent $161.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Simpson Manufacturing Co., Inc. (SSD) returned $47.6M to shareholders via cash dividends and spent $120.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.