Cash flow conversion remains highly volatile, highlighted by an OCF/NI ratio of -16.52 in 2026Q1, which obscures the firm's underlying cash-generating capacity.
| 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 |
|---|
| Cash from Operations | 156M | 109.1M | 168.8M | 249M | 208.9M | 233.1M | 157.8M | 181.9M | 185.8M | 148.5M | 219.1M | 141.1M | 112.3M | 151.3M | 206.1M | 101.3M | 296.6M | 187.25M |
| Operating CF Margin % | - | 5.94% | 8.72% | 12.07% | 10.59% | 16.01% | 11.84% | 11.37% | 12.81% | 11.15% | 17.91% | 10.35% | 7.63% | 9.18% | 10.77% | 6.58% | 22.36% | 16.35% |
| Operating CF Growth % | 371.48% | -35.37% | -32.21% | 19.2% | -10.38% | 47.72% | -13.25% | -2.1% | 25.12% | -32.22% | 55.28% | 25.65% | -25.78% | -26.59% | 103.46% | -65.85% | 58.4% | - |
| Net Income | -65.9M | -38.8M | 103.5M | 57.5M | 104.9M | 48.8M | 8.8M | -148.4M | 47M | 103.5M | 59.5M | 10.3M | 4.2M | 50.1M | 102.5M | 58.9M | 146.31M | 211.24M |
| Depreciation & Amortization | 169.7M | 153.6M | 118.9M | 142.8M | 142.5M | 133.9M | 133.7M | 143.8M | 141.6M | 128.2M | 114.2M | 109.1M | 96.1M | 96M | 80.8M | 58.4M | 0 | 0 |
| Stock-Based Compensation | 2.1M | 2.4M | 4M | 10.4M | 6.7M | 6.1M | 3.8M | 4.5M | 3.1M | 4.8M | 6.5M | 7.2M | 9.8M | 7.6M | 6.7M | 0 | 0 | 0 |
| Deferred Taxes | -13.5M | -23.1M | 4.5M | 18.6M | 2.3M | 9.3M | 12.1M | -63.1M | -3.4M | -87.2M | 3.1M | -5.6M | -6M | 1.6M | 34.3M | 24M | 15.43M | 15.17M |
| Other Non-Cash Items | 92.6M | 90.3M | -9.5M | 2M | -2.8M | 31.6M | 3.4M | 247.6M | 7.8M | 23M | -8.3M | 25.3M | 40M | -2.7M | -19.1M | -3.2M | 44.14M | 35.03M |
| Working Capital Changes | -31.6M | -75.3M | -52.6M | 17.7M | -44.7M | 3.4M | -4M | -2.5M | -10.3M | -23.8M | 44.1M | -5.2M | -31.8M | -1.3M | 900K | -61.1M | 90.73M | -74.19M |
| Change in Receivables | 12.2M | 31M | -8.9M | 16.8M | -32.3M | -31.3M | 13.2M | 15.9M | -6.9M | -7.8M | 3.7M | 18.8M | 9.9M | -18.1M | -3.8M | -18.3M | 34.73M | -38.58M |
| Change in Inventory | 35.1M | -28.1M | 1.8M | -7.2M | -48.2M | -1.1M | 21.8M | -36.6M | 600K | -18.5M | 29.4M | 23.2M | -10.5M | 29.2M | 56.1M | -110.1M | -31K | -27.08M |
| Change in Payables | -25.1M | -18.6M | -12.9M | 19.7M | 27.4M | 29.5M | -38M | 23.5M | -700K | 11.7M | -800K | -17.9M | -27.5M | 20M | -49M | 84.2M | 0 | 0 |
| Cash from Investing | -350.3M | -339.2M | -72.3M | -109.2M | -70.2M | -99.3M | -75.3M | -109.8M | -95.8M | -54.6M | -36.2M | -285.2M | -125.2M | -326.6M | -84.1M | -275.7M | -213.92M | -215.11M |
| Capital Expenditures | -78.9M | -66.8M | -72.9M | -109.2M | -75.5M | -98.6M | -73.9M | 0 | -100.3M | -75.6M | -63.7M | -75.8M | -118.3M | -145.6M | -80.6M | -238.1M | -215.66M | -215.19M |
| CapEx % of Revenue | 4.25% | 3.64% | 3.77% | 5.29% | 3.83% | 6.77% | 5.54% | 6.88% | 6.91% | 5.68% | 5.21% | 5.56% | 8.03% | 8.84% | 4.21% | 15.47% | 16.26% | 18.79% |
| Acquisitions | -269.7M | -271.5M | 0 | 0 | 0 | 0 | 0 | 0 | 4M | -48.7M | -12.8M | -191.7M | 0 | -181M | -3.5M | -37.6M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.7M | -900K | 600K | 0 | 5.3M | -700K | -1.4M | -109.8M | 500K | 500K | 19.8M | -17.7M | -6.9M | -67.7M | -29.9M | 0 | 1.74M | 88K |
| Cash from Financing | 104.6M | 128.8M | -47M | -89.7M | -112.5M | -118.4M | -131.2M | -120.7M | -64.5M | -107.7M | -172.3M | 128.5M | -81.7M | 169.7M | -10.3M | 261.8M | -45.33M | 7.62M |
| Debt Issued (Net) | 152.6M | 180.6M | 0 | -43.8M | -80M | -82.6M | -103.9M | -52.2M | -28.3M | 6.8M | -120.3M | 255.1M | -48.4M | -35M | -3.3M | 299.7M | 0 | 733K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -7M | -36.3M | 0 | 0 | 0 | -35.7M | 5.4M | 226.9M | -4.7M | 0 | 0 | 0 |
| Dividends Paid | -41.2M | -41.4M | -37.6M | -30.7M | -23.6M | -20.1M | -19.9M | -5.1M | 0 | 0 | 0 | -28M | -3.8M | 0 | 0 | 0 | -20.93M | -18.61M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -7M | -36.3M | 0 | 0 | 0 | -48.5M | -85.1M | -10.9M | -9.4M | 0 | 0 | 0 |
| Other Financing | -6.8M | -10.4M | -9.4M | -15.2M | -8.9M | -15.7M | -400K | -27.1M | -36.2M | -114.5M | -52M | -62.9M | -34.9M | -22.2M | -2.3M | -37.9M | -24.4M | 25.5M |
| Net Change in Cash | -89.3M | -100.9M | 49.5M | 50.1M | 26.2M | 15.4M | -48.7M | -48.6M | 25.5M | -13.8M | 10.6M | -15.6M | -94.6M | -5.6M | 111.7M | 87.4M | 37.35M | -20.24M |
| Free Cash Flow | 77.1M | 42.3M | 95.9M | 139.8M | 133.4M | 134.5M | 83.9M | 71.8M | 85.5M | 72.9M | 155.4M | 65.3M | -6M | 5.7M | 125.5M | -136.8M | 80.95M | -27.95M |
| FCF Margin % | 4.15% | 2.3% | 4.96% | 6.78% | 6.76% | 9.24% | 6.29% | 4.49% | 5.89% | 5.47% | 12.7% | 4.79% | -0.41% | 0.35% | 6.56% | -8.89% | 6.1% | -2.44% |
| FCF Growth % | -36.96% | -55.89% | -31.4% | 4.8% | -0.82% | 60.31% | 16.85% | -16.02% | 17.28% | -53.09% | 137.98% | 1188.33% | -205.26% | -95.46% | 191.74% | -269% | 389.63% | - |
| FCF per Share | 0.90 | 0.49 | 1.12 | 1.65 | 1.58 | 1.61 | 1.01 | 0.93 | 1.31 | 1.12 | 2.41 | 1.00 | -0.09 | 0.08 | 1.79 | -1.95 | 1.16 | -0.40 |
| FCF Conversion (FCF/Net Income) | -1.17x | -2.47x | 1.76x | 4.33x | 2.07x | 5.37x | 42.65x | -1.19x | 7.09x | 1.21x | 15.22x | -6.41x | -0.89x | 6.05x | 2.09x | 1.67x | 2.13x | 0.99x |
| Interest Paid | 0 | 0 | 24.4M | 25.7M | 28.5M | 40M | 51.8M | 58.2M | 59.6M | 67.9M | 0 | 58.1M | 45.8M | 43.2M | 44M | 2.8M | 0 | 0 |
| Taxes Paid | 0 | 0 | 18M | 17.7M | 14.5M | 2.9M | 1.1M | 9.5M | 3.7M | 5.8M | 0 | 2.4M | 9.1M | 15.3M | 6.3M | 7.3M | 32.4M | 0 |
Customer blast furnace utilization
According to the provided cash flow data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio reaching a negative 16.52 in 2026Q1, suggesting that reported earnings are currently poor proxies for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital adjustments are heavily distorting the bottom line. Investors should monitor whether this disconnect is a structural feature of the company's depreciation-heavy asset base or a sign of deteriorating earnings quality.
As reported in financial statements, SunCoke's free cash flow trajectory remains inconsistent, swinging from a high of $92.1M in 2024Q3 to a low of -$26.8M in 2024Q2, which suggests that the company's ability to generate sustainable cash is highly sensitive to operational and working capital fluctuations.
The lack of a stable FCF trend complicates the company's ability to fund dividends and debt service from internal sources alone. This volatility appears to be driven by the cyclical nature of its logistics segment and the timing of pass-through coal cost settlements.
Based on reported figures, SunCoke's capital expenditure as a percentage of revenue has fluctuated between 1.1% and 5.2% over the last ten quarters, indicating that the company must consistently reinvest significant capital to maintain its aging heat-recovery cokemaking infrastructure and terminal assets.
The persistent need for maintenance capex suggests that the company's cash flow is structurally burdened by the physical requirements of its industrial footprint. If these capital intensity levels remain elevated, it may limit the firm's capacity to pursue inorganic growth or aggressive capital returns.
Data from the cash flow statement reveals that working capital changes are a primary driver of quarterly liquidity, with swings ranging from a $44.1M inflow in 2024Q3 to a $63.2M outflow in 2024Q2, highlighting the impact of coal pass-through timing on cash balances.
These large, periodic working capital movements suggest that the company's cash position is highly susceptible to the timing of raw material procurement and customer payments. This creates a recurring liquidity risk that requires careful management to ensure operational continuity during periods of high coal price volatility.
As indicated by the historical cash flow data, SunCoke has maintained a consistent dividend payout of approximately $10M per quarter, even during periods of negative free cash flow, suggesting a management commitment to shareholder returns that may be straining the company's internal liquidity buffers.
The decision to prioritize dividends despite operational volatility warrants further investigation into the sustainability of these payments. If cash flow generation does not improve, the company may eventually face a trade-off between maintaining its dividend policy and funding necessary capital improvements for its core assets.
Quick answers to the most common questions about buying SXC stock.
SunCoke Energy, Inc. (SXC) generated $109.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SunCoke Energy, Inc. (SXC) generated $42.3M 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.
SunCoke Energy, Inc. (SXC) spent $66.8M 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, SunCoke Energy, Inc. (SXC) returned $41.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.