Cash flow generation remains inconsistent, as evidenced by the operating cash flow to net income ratio of 2.61 in 2025Q4 and a precarious cash balance of only $169,000.
| Metric | Jan'26 | 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 | 49.66M | 50.03M | 14.84M | 60.58M | -21.43M | 91.7M | 9.81M | -11.14M | 31.46M | 1.48M | 31.24M | 24.82M | 30.05M | 30.98M | -5.59M | 1.31M | 44.89M | 33.69M | -35.08M | 9.5M | -7.53M | 10.76M | 1.93M | 72K | 320K | 36.67K | 3.46M | 200K | 200K | -300K |
| Operating CF Margin % | 6.07% | 6.91% | 2.37% | 10.24% | -4.32% | 11.62% | 1.36% | -0.88% | 2.46% | 0.11% | 2.73% | 2% | 2.54% | 2.84% | -0.52% | 0.15% | 4.54% | 3.19% | -4.36% | 1.59% | -1.77% | 3.51% | 0.97% | 0.06% | 0.36% | 0.05% | 10.58% | 1.4% | 1.69% | -2.56% |
| Operating CF Growth % | -0.74% | 237.03% | -75.49% | 382.64% | -123.37% | 834.82% | 188.04% | -135.41% | 2027.32% | -95.27% | 25.91% | -17.43% | -2.99% | 653.95% | -527.52% | -97.09% | 33.26% | 196.03% | -469.08% | 226.3% | -169.96% | 458.46% | 2575% | -77.5% | 772.55% | -98.94% | 1629.5% | 0% | 166.67% | -130% |
| Net Income | 0 | -11.47M | -25.18M | 2.29M | 5.54M | -47.3M | -13.08M | -109.14M | -134.57M | -50.56M | -3.13M | 6.63M | -8.65M | 24.51M | 11.21M | 13.57M | -9.79M | -10.94M | 407K | 10.96M | 13.56M | 11.02M | 8.7M | 3.77M | 19K | 2.25M | 1.05M | 500K | 100K | -200K |
| Depreciation & Amortization | 0 | 36.5M | 31.04M | 23.05M | 18.63M | 30.31M | 29.27M | 32.79M | 32.82M | 34.15M | 21.01M | 21.85M | 22.4M | 20.23M | 19.45M | 17.86M | 21.52M | 19.36M | 15.06M | 11.7M | 8.14M | 7.12M | 5.48M | 4.13M | 3.71M | 1.81M | 740K | 500K | 500K | 500K |
| Stock-Based Compensation | 0 | 11.19M | 12.43M | 13.83M | 9.1M | 11.68M | 6.34M | 7.94M | 5.71M | 4.15M | 4.37M | 4.4M | 3.25M | 2.75M | 2.09M | 2.76M | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -180K | 3.98M | -296K | -4.56M | 7.55M | 1.07M | -7.39M | -27.9M | -29.85M | -4.04M | -7.54M | 1.16M | 1.98M | 2.14M | 1.85M | -3.03M | -1.12M | -8.75M | 72K | 776K | 900K | -475K | -1M | 0 | -930.85K | -314K | 0 | 0 | 0 |
| Other Non-Cash Items | 66.25M | -3.71M | 14.96M | 35.26M | -53.35M | 72.33M | -14.52M | 84.03M | 135.77M | 56.49M | 16.73M | 21.2M | 22.32M | 344K | 4.21M | -1.16M | 7.46M | 2.36M | 3.59M | 1.98M | -30M | 1.89M | 335K | 93K | -332K | 0 | 240K | 100K | -100K | 100K |
| Working Capital Changes | -16.59M | 17.71M | -22.38M | -13.55M | 3.21M | 17.13M | 731K | -19.37M | 19.63M | -12.89M | -3.69M | -21.73M | -10.43M | -18.84M | -44.7M | -33.58M | 27.3M | 13.37M | -47.39M | -15.21M | 0 | -10.17M | -12.12M | -6.92M | -3.08M | -2.91M | 1.74M | -900K | -300K | -700K |
| Change in Receivables | -29.28M | 19.48M | -2.19M | -4.95M | -5.89M | -746K | 4.01M | -3.06M | 35.77M | -39.86M | 17.4M | -22.99M | 4.03M | -18.9M | 5.39M | -8.56M | 4.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -14.17M | -8.42M | -10.63M | -10.3M | -17.78M | 6.13M | 7.1M | -16.03M | 27.48M | -16.11M | -25.73M | -5.22M | -17.41M | -19.18M | -41.54M | -35.86M | 26.73M | -753K | -47.2M | -26.64M | 0 | -6.73M | -4.98M | -3.09M | -3.38M | -1.6M | -2.02M | -600K | 600K | -600K |
| Change in Payables | 24.58M | 10.9M | 1.05M | -6.05M | 0 | 11.32M | -5.86M | -6.22M | -20.44M | 23.22M | 15.24M | 5.36M | 7.07M | 9.54M | -6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -29.56M | -18.68M | 44.03M | -106.82M | -94.45M | 324.52M | 27.22M | -28.77M | -40.12M | -19.85M | -523.02M | 22.09M | -33M | -49.75M | -19.82M | -12.85M | -14.13M | -15.73M | -54.1M | -41.4M | -34.7M | -44.04M | -21.62M | -18.55M | -11.05M | -7.21M | -880K | -200K | -400K | -800K |
| Capital Expenditures | -30.85M | -31.93M | -46.13M | -125.14M | -54.62M | -24.75M | -28.39M | -31.6M | -41.14M | -22.56M | -31.19M | -19.93M | -34.11M | -24.38M | -17.39M | -20.36M | -13.61M | -10.32M | -31.49M | -10.91M | -14.16M | -19.81M | -7.14M | -4.46M | -3.91M | -3.57M | -787K | -300K | -600K | -800K |
| CapEx % of Revenue | 3.77% | 4.41% | 7.36% | 21.16% | 11% | 3.14% | 3.93% | 2.51% | 3.21% | 1.68% | 2.72% | 1.6% | 2.89% | 2.23% | 1.61% | 2.26% | 1.38% | 0.98% | 3.91% | 1.82% | 3.32% | 6.47% | 3.59% | 3.69% | 4.35% | 5.27% | 2.41% | 2.1% | 5.08% | 6.84% |
| Acquisitions | 1.28M | 0 | 0 | 7.83M | 0 | 0 | 59.98M | 1.24M | -1.74M | 254K | -491.65M | -1.2M | -5.09M | -30.52M | -5.46M | -43.76M | 0 | -5.27M | -21.32M | -33.19M | -20.92M | -27.28M | -17.59M | -21.92M | -2.18M | -3.63M | -77K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 13.25M | 90.55M | 10.48M | -39.83M | 349.27M | -4.38M | 1.6M | 2.75M | 2.71M | -186K | 42.68M | 6.2M | 5.15M | 3.04M | 51.27M | -521K | -142K | -1.29M | 2.7M | 382K | 3.06M | 1.07M | 1.53M | 1.25M | -150.03K | 1K | 100K | -200K | 300K |
| Cash from Financing | -28.94M | -31.09M | -50.8M | 46.7M | 115.86M | -417.68M | -38.76M | 40.03M | 10.57M | 15.59M | 485.88M | -45.66M | 4.5M | 23.17M | 25.25M | -6.81M | -35.74M | -22.9M | 118.03M | 27.26M | 39.31M | 18.83M | 34.19M | 22.03M | 13.39M | 6.18M | -983K | -300K | -600K | -100K |
| Debt Issued (Net) | -28.17M | -29.81M | 106.28M | 100.46M | 61.85M | -407.13M | -12.35M | 23.62M | 17.39M | -59.29M | 405.08M | -41.86M | 2.12M | 25.02M | 23.36M | -7.88M | -34.36M | -24.25M | 30.1M | 23.5M | 26.08M | 10.2M | -16.39M | 20.7M | -6.17M | 5.13M | -1.07M | -300K | -600K | -100K |
| Equity Issued (Net) | 1.36M | 1.94M | -191K | -756K | -287K | 28.85M | 979K | 0 | 0 | 78.96M | 101.84M | 3.06M | 2.56M | 787K | 1.16M | 1.88M | 836K | 1.02M | 90.44M | 4.5M | 15.24M | 9.13M | 56.6M | 2.09M | 20.7M | 433K | 86.4K | 0 | 100K | 200K |
| Dividends Paid | 0 | -305K | -1.73M | -2.44M | -5.25M | -4.08M | -6.8M | -6.8M | -6.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -991K | 0 | -191K | 0 | -287K | 0 | 0 | -632K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -147K | 0 | -117K | -173K | -117.5K | -100K | 0 | 0 |
| Other Financing | -2.13M | -2.92M | -155.16M | -50.57M | 59.54M | -35.33M | -20.6M | 23.21M | -128K | -4.08M | -21.05M | -6.86M | -189K | -2.65M | 730K | -811K | -2.21M | 337K | -2.51M | -746K | -2.01M | -494K | -6.02M | -760K | -1.14M | 252K | -114 | 0 | -100K | -200K |
| Net Change in Cash | -1.38M | 258K | 8.07M | 452K | -24K | 123K | -3.15M | 52K | 1.98M | -1.02M | -5.49M | 1.4M | 1.7M | 4.46M | -265K | 891K | -4.03M | -5.55M | 29.35M | -4.5M | -2.63M | -13.91M | 14.98M | 3.65M | 2.73M | -967.53K | 1.58M | -300K | -600K | -100K |
| Free Cash Flow | 21.23M | 18.1M | -31.28M | -64.56M | -101.12M | 66.94M | -18.58M | -42.74M | -9.68M | -21.08M | 58K | 4.89M | -4.06M | 6.6M | -22.98M | -19.05M | 31.28M | 23.36M | -66.57M | -1.41M | -21.69M | -9.05M | -5.21M | -4.39M | -3.59M | -3.53M | 2.67M | -100K | -400K | -1.1M |
| FCF Margin % | 2.6% | 2.5% | -4.99% | -10.92% | -20.37% | 8.48% | -2.57% | -3.39% | -0.76% | -1.57% | 0.01% | 0.39% | -0.34% | 0.6% | -2.12% | -2.12% | 3.16% | 2.21% | -8.27% | -0.24% | -5.09% | -2.96% | -2.62% | -3.63% | -3.99% | -5.21% | 8.17% | -0.7% | -3.39% | -9.4% |
| FCF Growth % | 17.3% | 157.87% | 51.55% | 36.15% | -251.06% | 460.33% | 56.54% | -341.75% | 54.1% | -36446.55% | -98.81% | 220.5% | -161.5% | 128.71% | -20.64% | -160.91% | 33.88% | 135.09% | -4631.2% | 93.51% | -139.56% | -73.68% | -18.69% | -22.37% | -1.59% | -232.21% | 2772% | 75% | 63.64% | -283.33% |
| FCF per Share | 0.17 | 0.16 | -0.27 | -0.60 | -0.97 | 0.75 | -0.21 | -0.49 | -0.11 | -0.25 | 0.00 | 0.07 | -0.06 | 0.10 | -0.35 | -0.29 | 0.48 | 0.36 | -1.06 | -0.02 | -0.38 | -0.16 | -0.10 | -0.10 | -0.09 | -0.13 | 0.18 | -0.01 | -0.03 | -0.08 |
| FCF Conversion (FCF/Net Income) | 3.15x | -2.88x | -0.08x | -9.42x | 18.29x | 1.11x | -12.94x | 0.10x | -0.23x | -0.03x | -1.39x | 1.89x | -3.53x | 1.28x | -1.06x | 0.02x | -6.64x | -3.08x | -86.18x | 0.87x | -0.56x | 0.98x | 0.22x | 0.02x | 16.84x | 0.02x | 3.28x | 0.40x | 2.00x | 1.50x |
| Interest Paid | 0 | 23.93M | 24.03M | 11.09M | 5.52M | 0 | 0 | 30.22M | 29.68M | -28.65M | 10.5M | 3.73M | 3.85M | 8.54M | 7.63M | 8.99M | 11.27M | 12.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 437K | 569K | 847K | 3.63M | 0 | 0 | 760K | 4.15M | -1.78M | 10.53M | 12.35M | 8.54M | 6.3M | 7.26M | 2.1M | 1.24M | 1.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and input volatility
Based on reported financial statements, SunOpta's operating cash flow to net income ratio reached 2.61 in 2025Q4, highlighting a persistent disconnect between accounting profits and actual cash generation that suggests earnings quality is heavily influenced by non-cash adjustments and significant working capital fluctuations throughout the fiscal year.
The wide variance in the OCF/NI ratio indicates that GAAP net income is an unreliable proxy for the company's true cash-generating capacity. Investors should monitor whether this divergence stems from recurring non-cash charges or if it reflects an underlying difficulty in converting sales into liquid assets.
As reported in recent quarterly filings, SunOpta's free cash flow margin fluctuated significantly, reaching 4.0% in 2025Q4 compared to -4.8% in 2025Q2, which underscores the company's struggle to maintain consistent cash flow generation while simultaneously funding its capital-intensive expansion strategy in the plant-based beverage segment.
The erratic FCF trajectory suggests that the business remains in a high-growth, capital-heavy phase where cash flow is frequently interrupted by timing differences in operational spending. This volatility warrants caution, as the company lacks the consistent cash buffer required to absorb unexpected operational shocks.
According to historical data, SunOpta's capital expenditure as a percentage of revenue peaked at 6.3% in 2025Q1, reflecting the substantial investment required to scale aseptic processing infrastructure and maintain the competitive moat necessary to support its long-term private label manufacturing contracts with major retail partners.
The consistent level of capital intensity suggests that the company must continuously reinvest to keep its manufacturing facilities technologically relevant and operationally efficient. This ongoing requirement for capital limits the amount of free cash flow available for debt reduction or other shareholder-friendly capital allocation activities.
Based on the provided cash flow data, working capital changes swung from a $28.5 million inflow in 2024Q4 to a $21.2 million outflow in 2025Q2, indicating that the company's cash position is highly sensitive to the timing of inventory builds and the collection cycles of its retail customers.
Such dramatic swings in working capital suggest that SunOpta's liquidity is frequently tied up in inventory or receivables, leaving little room for error given the reported low cash balance. This pattern implies that operational efficiency is often secondary to the demands of managing complex supply chain requirements.
Quick answers to the most common questions about buying STKL stock.
SunOpta Inc. (STKL) generated $49.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SunOpta Inc. (STKL) generated $21.2M 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.
SunOpta Inc. (STKL) spent $30.8M 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, SunOpta Inc. (STKL) spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.