Quarterly dividend payments of approximately $14.9 million appear structurally supported by the MHC dividend waiver policy, despite operating cash flow volatility that ranged from -$58.7 million to $96.7 million.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 |
|---|
| Cash from Operations | 92.04M | 82.42M | 88.6M | 90.72M | 38.93M | 83.16M | 121.8M | 103M | 92.11M | 101.17M | 84.91M | 102.1M | 103.51M | 140.81M | 155.63M | 135.57M | 116.52M | 272.02M | 29M | 273.44M | 356.15M | -95.72M |
| Operating CF Growth % | 20.83% | -6.98% | -2.34% | 133.04% | -53.19% | -31.73% | 18.25% | 11.82% | -8.95% | 19.14% | -16.83% | -1.36% | -26.49% | -9.52% | 14.8% | 16.34% | -57.16% | 837.89% | -89.39% | -23.22% | 472.08% | - |
| Net Income | 93.03M | 90.96M | 79.59M | 75.25M | 74.56M | 81.01M | 83.32M | 80.24M | 85.41M | 88.88M | 80.55M | 72.59M | 65.89M | 55.96M | 11.48M | 9.34M | 11.34M | 14.39M | 54.49M | 25.61M | 43.54M | 64.51M |
| Depreciation & Amortization | 24.29M | 23.05M | 19.03M | 18.11M | 27.04M | 32.57M | 32.82M | 22.95M | 25.19M | 20.89M | 19.37M | 17.45M | 13.29M | 21.32M | 22.77M | 19.4M | 18.46M | 18.5M | 8.85M | 6.88M | 11.59M | 19.42M |
| Deferred Taxes | 1.24M | 1.35M | 2.7M | 3.73M | -26.88M | -14.25M | 21.8M | 21.94M | 3.95M | 3.55M | 11.1M | 9.19M | 9.66M | 6.49M | -19.27M | -8.24M | -10.54M | -15.51M | 1.11M | -22.97M | 4.53M | 420K |
| Other Non-Cash Items | -29.88M | -30.4M | -31.09M | -13.51M | -32.61M | -52.48M | -35.21M | -20.42M | -19.77M | -20.72M | -22.33M | -12.91M | 9.92M | 30.52M | 114.44M | 95.5M | 121.03M | 240.67M | -54.55M | 57.49M | -646.57M | -1.13B |
| Working Capital Changes | -7.36M | -12.19M | 8.86M | -2.87M | -14.2M | 22.6M | 6.95M | -13.48M | -14.01M | -2.68M | -17.21M | 1.8M | -7.4M | 15.17M | 15.1M | 9.43M | -36.91M | 793K | 7.32M | 206.43M | 943.07M | 950.65M |
| Cash from Investing | -332.06M | -383.98M | -124.71M | -1.01B | -1.88B | 547.36M | 147.58M | -341.98M | -474.86M | -754.81M | -454.38M | -600.39M | -668.65M | 145.19M | -741.36M | -392.4M | -125.87M | 118.97M | -1.16B | -1.3B | 130M | -315.33M |
| Purchase of Investments | -101.36M | -160.34M | -133.53M | -144.66M | -250.02M | -297.47M | -171.46M | -158.01M | -151.6M | -183.52M | -95.18M | -171.13M | -250.83M | -276.45M | -228M | -14.71M | -390.4M | -36.76M | -231.28M | -848.68M | 0 | -69.71M |
| Sale/Maturity of Investments | 175.26M | 170.34M | 141.72M | 83.57M | 163.57M | 317.07M | 268.56M | 152.56M | 139.85M | 153.31M | 154.52M | 153.94M | 157.39M | 206.39M | 214.12M | 274.07M | 318.71M | 283.94M | 263.44M | 150.01M | 1.36B | 723.81M |
| Net Investment Activity | 73.9M | 10M | 8.19M | -61.1M | -86.45M | 19.6M | 97.1M | -5.45M | -11.75M | -30.2M | 59.34M | -17.18M | -93.44M | -70.07M | -13.88M | 259.36M | -71.69M | 247.19M | 32.16M | -698.67M | 1.36B | 654.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -396.18M | -382.53M | -129.84M | -942.43M | -1.79B | 529.09M | 53.68M | -332.75M | -454.73M | -720.46M | -504.6M | -577.69M | -572.39M | 218.07M | -720.16M | -649.14M | -49.78M | -123.97M | -1.18B | -613.13M | -1.22B | -968M |
| Cash from Financing | 213.72M | 267.28M | 33.08M | 1.02B | 1.72B | -640.22M | -46.48M | 244.35M | 384.3M | 690.62M | 445.33M | 472.25M | 460.55M | -308.26M | 599.15M | -192.06M | 446.04M | -216.32M | 428.79M | 1.61B | -353.54M | 366.2M |
| Dividends Paid | -59.78M | -59.53M | -58.95M | -58.29M | -58.3M | -56.64M | -55.47M | -50.47M | -37.63M | -27.71M | -23.41M | -19.49M | -4.89M | 0 | 0 | 0 | -15.56M | -19.68M | -13.8M | 0 | 0 | 0 |
| Share Repurchases | -8.29M | -3.98M | -1.93M | -5.98M | -6.29M | -5.59M | -2.32M | -9.09M | -19.74M | -54.03M | -128.36M | -172.55M | -101.36M | 0 | 0 | 0 | -1.81M | -103.14M | -186.05M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 993.61M | 0 | 0 |
| Net Stock Activity | -8.29M | -3.98M | -1.93M | -5.98M | -6.29M | -5.59M | -2.32M | -9.09M | -19.74M | -54.03M | -128.36M | -172.55M | -101.36M | 0 | 0 | 0 | -1.81M | -103.14M | -186.05M | 993.61M | 0 | 0 |
| Debt Issuance (Net) | 2M | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | -1000K | 1000K | -1000K | -1000K | 1000K |
| Other Financing | -416.41M | 248.22M | 574.34M | 390.34M | 322.2M | -148.3M | 392.54M | 122.62M | 391.35M | -180.22M | 46.94M | -365.7M | 173.27M | -565.19M | 250.82M | -261.76M | 463.41M | 334.37M | 130.61M | 638.81M | 338.73M | -156.3M |
| Net Change in Cash | -26.3M | -34.28M | -3.03M | 97.18M | -118.76M | -9.71M | 222.89M | 5.37M | 1.56M | 36.98M | 75.87M | -26.03M | -104.59M | -22.27M | 13.42M | -448.89M | 436.69M | 174.67M | -697.34M | 576.79M | 132.61M | -44.85M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 456.71M | 463.72M | 466.75M | 369.56M | 488.33M | 498.03M | 275.14M | 269.77M | 268.22M | 231.24M | 155.37M | 181.4M | 286M | 308.26M | 294.85M | 743.74M | 307.05M | 132.38M | 829.72M | 252.93M | 120.32M | 165.17M |
| Cash at End | 437.28M | 429.44M | 463.72M | 466.75M | 369.56M | 488.33M | 498.03M | 275.14M | 269.77M | 268.22M | 231.24M | 155.37M | 181.4M | 286M | 308.26M | 294.85M | 743.74M | 307.05M | 132.38M | 829.72M | 252.93M | 120.32M |
| Interest Paid | 506.48M | 529.08M | 532.61M | 363.75M | 113.68M | 114.58M | 213M | 225.11M | 161.56M | 123.59M | 116.37M | 112.09M | 101.65M | 115.45M | 156M | 180.42M | 212.73M | 257.69M | 329.84M | 0 | 0 | 0 |
| Income Taxes Paid | 180K | 16.48M | 15.68M | 21.78M | 39.6M | 25.77M | 1.67M | 9.69M | 32.52M | 38.21M | 31.82M | 22.53M | 25.1M | 19.64M | 19.79M | 7.6M | 19.9M | 19.4M | 25M | 0 | 0 | 0 |
| Free Cash Flow | 82.26M | 70.97M | 85.54M | 85.62M | 36.23M | 81.82M | 118.59M | 99.22M | 83.74M | 97.02M | 75.79M | 96.58M | 100.69M | 137.99M | 148.29M | 132.95M | 112.13M | 267.77M | 23.84M | 281.86M | 352.66M | -97.14M |
| FCF Growth % | -14.05% | -17.03% | -0.1% | 136.33% | -55.72% | -31.01% | 19.52% | 18.49% | -13.68% | 28.01% | -21.53% | -4.08% | -27.03% | -6.95% | 11.54% | 18.57% | -58.13% | 1023.44% | -91.54% | -20.08% | 463.05% | - |
Interest rate margin compression
According to recent SEC filings, TFSL consistently allocated approximately $14.9 million per quarter to dividends, a figure that appears structurally supported by the MHC dividend waiver policy despite the volatility in operating cash flows observed over the last ten quarters, which ranged from -$58.7 million to $96.7 million.
The stability of dividend payments relative to fluctuating cash flows suggests that the MHC structure provides a critical buffer for public shareholders. Investors should monitor whether this payout consistency remains sustainable if the underlying net income continues to face pressure from the current interest rate environment.
Based on reported financial statements, TFSL frequently rotates its investment securities portfolio, with quarterly purchase activity reaching as high as $86.1 million in 2025Q1, indicating an active management strategy designed to navigate the interest rate cycle and maintain liquidity within the bank's broader asset-liability framework.
The high turnover in investment securities suggests that management is actively adjusting the duration and yield profile of the portfolio to offset the stagnation in the core mortgage book. This activity appears to be a primary lever for managing cash flow volatility rather than a passive holding strategy.
As reported in recent filings, TFSL's net income has remained relatively stable, averaging roughly $21.5 million per quarter, which provides a consistent, albeit modest, foundation for organic capital generation despite the significant swings in operating cash flow that characterize the bank's mortgage-heavy business model.
The reliance on net income for capital generation highlights the importance of the MHC structure in preserving capital that might otherwise be distributed. The bank's ability to maintain these buffers appears contingent on its success in managing credit costs and interest rate spreads in its core markets.
Data from recent regulatory filings indicates that TFSL's provision for credit losses has exhibited notable variability, swinging from a $1.5 million expense in 2025Q3 to a $1.0 million benefit in 2026Q1, which suggests an evolving assessment of credit risk within the Florida and Ohio residential portfolios.
This volatility in provisioning may mask underlying credit trends, making it difficult to discern the true impact of regional economic pressures on the loan book. Investors should investigate whether these adjustments reflect actual changes in asset quality or merely shifts in the bank's internal loss modeling assumptions.
Quick answers to the most common questions about buying TFSL stock.
TFS Financial Corporation (TFSL) generated $82.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TFS Financial Corporation (TFSL) generated $71.0M 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.
TFS Financial Corporation (TFSL) spent $11.5M 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, TFS Financial Corporation (TFSL) returned $59.5M to shareholders via cash dividends and spent $4.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.