Free cash flow generation remains inconsistent, with margins contracting from a peak of 27.4% in 2024Q3 to 8.5% in 2026Q1, reflecting the ongoing impact of portfolio restructuring and capital deployment.
| 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 | 314.25M | 340.68M | 635.74M | 510.64M | 342.14M | 651.42M | 436.41M | 439.52M | 437.38M | 419.88M | 408.48M | 300.81M | 286.56M | 226.54M | 186.05M | 94.48M | 213.1M | 204.17M | 171.17M | 393.59M | 344.66M | 335.89M | 247.44M | 225.2M | 200.59M | 188.26M | 189.41M | 134.1M | 131.6M | 80.8M | 71.6M |
| Operating CF Margin % | - | 17.1% | 20.86% | 17.17% | 12.26% | 23.19% | 17.2% | 16.93% | 17.86% | 19.56% | 21.87% | 16.62% | 15.58% | 13.36% | 12% | 6.18% | 11.83% | 10.8% | 7.07% | 20.35% | 13.02% | 13.36% | 9.96% | 9.87% | 9.66% | 9.88% | 10.73% | 8.38% | 9.15% | 7.05% | 7.69% |
| Operating CF Growth % | -205.91% | -46.41% | 24.5% | 49.25% | -47.48% | 49.27% | -0.71% | 0.49% | 4.17% | 2.79% | 35.79% | 4.97% | 26.49% | 21.76% | 96.93% | -55.67% | 4.37% | 19.28% | -56.51% | 14.2% | 2.61% | 35.75% | 9.87% | 12.27% | 6.55% | -0.61% | 41.25% | 1.9% | 62.87% | 12.85% | 1.13% |
| Net Income | -1.01B | 58.53M | 69.67M | 356.33M | 363.14M | 485.37M | 335.32M | 461.47M | 200.8M | 152.53M | 237.84M | 245.71M | 188.75M | 151.75M | -189.1M | 121.7M | 125.91M | 142.94M | 133.98M | 146.48M | 139.43M | 138.82M | 9.52M | 109.1M | 125.27M | 112.31M | 109.22M | 95.2M | 82.6M | 70.1M | 57.2M |
| Depreciation & Amortization | 198.86M | 177.74M | 274.6M | 242.12M | 230.59M | 237.36M | 227.25M | 214.06M | 209.98M | 155.26M | 117.91M | 108.39M | 111.13M | 92.98M | 80.47M | 85.62M | 92.19M | 101.06M | 111.22M | 78.76M | 99M | 100.85M | 114.59M | 104.35M | 95.12M | 92.4M | 77.42M | 67.4M | 60.1M | 47.9M | 38.8M |
| Stock-Based Compensation | 21.71M | 0 | 31.35M | 31.46M | 27.22M | 22.94M | 20.74M | 26.94M | 22.44M | 19.41M | 16.87M | 14.47M | 12.23M | 11.87M | 8.62M | 3.99M | 9.62M | 9.06M | 8.64M | 7.51M | 6.78M | 23.17M | 16.23M | 6.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -76.94M | -100.97M | 0 | -13.05M | -13.01M | -110.24M | -32.67M | -168.59M | -6.1M | -41.82M | -29.35M | -54.41M | -14.15M | -8.93M | -39.18M | -13.16M | 1.33M | 14.25M | -29.5M | 83.15M | 13.39M | 14.09M | -3.33M | 17.88M | 7.28M | 9.68M | 8.97M | 4.7M | 2.7M | 1.5M | -700K |
| Other Non-Cash Items | 470.71M | 286.46M | 261.94M | 5.54M | -25.84M | -111.36M | -136.51M | 20.15M | 54.55M | 2.53M | 46.63M | -9.9M | -1.46M | 2.82M | 342.26M | 9.44M | 36.54M | 38.19M | 57.39M | 14.41M | 39.24M | -10.78M | 96.55M | -6.5M | 0 | 0 | 0 | 0 | -200K | 100K | -2.1M |
| Working Capital Changes | -2.09M | -81.09M | -1.82M | -111.77M | -239.96M | 127.34M | 22.28M | -114.5M | -44.3M | 131.97M | 18.57M | -3.44M | -9.94M | -23.94M | -17.02M | -113.11M | -52.48M | -101.32M | -110.57M | 63.26M | 46.82M | 69.74M | 13.88M | -6.14M | -27.08M | -26.14M | -6.2M | -33.2M | -13.6M | -38.8M | -21.6M |
| Change in Receivables | -105.43M | -85.53M | -27.95M | -15.76M | -38.46M | -600K | 44.75M | -59.79M | -23.41M | -11.04M | -11.03M | 398K | 9.39M | -1.29M | -2.93M | -43.12M | -56.3M | 10.54M | 2.85M | 5.4M | 71.68M | 49.62M | -34.66M | -25.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 130M | 84.04M | 1.72M | -41.07M | -110.69M | -11.14M | -5.5M | -53.17M | -37.2M | -22.36M | 6.41M | -8.37M | -15.53M | -8.93M | -1.97M | -32.66M | -3.69M | 37.04M | -20.88M | 62.45M | 10.26M | 2.83M | 27.38M | -8M | -25.25M | -14.62M | -18.15M | 5.5M | -8.6M | -13.9M | -4M |
| Change in Payables | 4.81M | -8.28M | 9.66M | -31.26M | -24.79M | 94.02M | -3.68M | 5M | 52.05M | 39M | 15.42M | -117K | 9.82M | -684K | -1.46M | -248K | -1.33M | -28.19M | 0 | 9.47M | -15.71M | 10.04M | 42.05M | 20.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -895.18M | -849.19M | -99.36M | -621.23M | -257.94M | 156.74M | -837.78M | -73.48M | -196.39M | -1.83B | -56.97M | -154.85M | -108.14M | -372.64M | -388.2M | 297.85M | 147.8M | 281.2M | -39.45M | -1.54B | -100.51M | 56.01M | -465.61M | -185.51M | -128.77M | -272.37M | -152M | -164.2M | -69.1M | -187.5M | -40.1M |
| Capital Expenditures | -84.02M | -95.24M | -126.43M | -91.44M | -79.19M | -71.62M | -90.69M | -102.69M | -80.8M | -70.9M | -53.13M | -61.45M | -67.57M | -63.58M | -65.39M | -45.09M | -33.54M | -30.41M | -39.27M | -44.73M | -63.23M | -69.85M | -55.58M | -94.23M | -87.16M | -97.74M | -80.65M | -140.4M | -91.1M | -74.6M | -40.5M |
| CapEx % of Revenue | 2.99% | 4.78% | 4.15% | 3.07% | 2.84% | 2.55% | 3.57% | 3.96% | 3.3% | 3.3% | 2.84% | 3.4% | 3.67% | 3.75% | 4.22% | 2.95% | 1.86% | 1.61% | 1.62% | 2.31% | 2.39% | 2.78% | 2.24% | 4.13% | 4.2% | 5.13% | 4.57% | 8.77% | 6.34% | 6.51% | 4.35% |
| Acquisitions | -831.77M | -825.14M | -120K | -588.92M | -186M | 220.32M | -766.43M | 10.88M | -117.15M | -1.76B | -3.84M | -93.4M | -40.57M | -309.06M | -320.46M | 345.45M | 181.47M | 312.78M | 8.46M | -1.47B | -39.78M | -14.7M | -458.53M | -93.96M | -57.23M | -170.7M | -87.85M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 15.49M | 76.19M | 27.2M | 63.13M | 22.24M | 19.15M | 19.34M | 18.33M | 1.55M | 6.33M | 10.2M | 408K | 5.21M | -50K | -2.35M | -2.37M | -129K | -1.17M | -6.08M | -17.1M | 2.5M | 140.56M | 48.5M | 2.68M | 15.62M | -3.92M | 16.5M | -23.8M | 22M | -101.4M | 3M |
| Cash from Financing | 626.08M | 611.54M | -421.93M | 38.54M | -217.51M | -715.82M | 455.16M | -418.84M | -206.43M | 1.14B | -118.69M | -85.58M | -287.7M | 232.6M | -47.29M | -5.16M | -336.63M | -413.29M | -218.01M | 1.09B | -250.1M | -261.63M | 277.55M | -27.6M | -74.22M | 85.87M | -21.32M | -7.5M | -26.5M | 68.8M | -18.5M |
| Debt Issued (Net) | 703.11M | 982.04M | -161.5M | 101.25M | -145.45M | -634.5M | 575M | -253.5M | -93.5M | 1.22B | -42.87M | -15.66M | -230.1M | 305M | -706K | 34.49M | -196.87M | -349.04M | -134.94M | 1.16B | -123.79M | -133.22M | 295.89M | -2.44M | -55.85M | 103.23M | -4.41M | 5.8M | -15.8M | 78.7M | -12M |
| Equity Issued (Net) | -6.57M | -300M | -200M | 0 | 0 | 11.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.61M | 9M | 34.01M | 10.66M | 1.55M | 7.3M | 24.17M | -81.6M | -23.34M | 16.23M | 6.5M | 9.85M | 8.23M | 5.26M | 5.9M | 5.9M | 4.4M | 5.5M |
| Dividends Paid | -60.13M | -60.27M | -63.54M | -63.9M | -63.79M | -63.65M | -63.22M | -62.83M | -62.16M | -61.24M | -58.96M | -56.53M | -56.26M | -55.92M | -55.59M | -55.14M | -54.31M | -54.02M | -53.05M | -48.93M | -44.1M | -39.32M | -34.58M | -30.88M | -27.86M | -25.59M | -22.16M | -19.1M | -16.6M | -14.3M | -12.1M |
| Share Repurchases | -6.57M | -300M | -200M | 0 | -4.31M | 0 | 0 | -21.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -93.55M | -46.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.34M | -10.23M | 3.12M | 1.19M | -8.27M | -28.77M | -56.62M | -102.51M | -50.77M | -21.43M | -16.87M | -13.39M | -1.34M | -24.09M | 0 | -18.52M | -96.1M | -702K | -37.32M | -47.71M | -618K | -63.03M | 0 | -775K | -355K | 0 | 0 | -100K | 0 | 0 | 100K |
| Net Change in Cash | -11.15M | 73.68M | 104.8M | -69.19M | -153.05M | 69.2M | 74.8M | -56.08M | 23.6M | -210.23M | 205.42M | 35.13M | -128.75M | 94.94M | -247.05M | 375.64M | 20.15M | 81.03M | -94.07M | -47.07M | 8.87M | 123.58M | 59.38M | 12.09M | -2.41M | 1.76M | 16.1M | -37.7M | -26.5M | 68.8M | -18.5M |
| Free Cash Flow | 249.02M | 245.44M | 509.31M | 419.2M | 262.95M | 579.8M | 345.71M | 336.83M | 356.58M | 348.98M | 355.35M | 239.36M | 218.99M | 162.96M | 120.66M | 49.39M | 179.56M | 173.76M | 131.9M | 348.85M | 281.43M | 266.04M | 191.85M | 130.97M | 113.42M | 90.51M | 108.76M | -6.3M | 40.5M | 6.2M | 31.1M |
| FCF Margin % | 8.86% | 12.32% | 16.71% | 14.09% | 9.42% | 20.64% | 13.63% | 12.98% | 14.56% | 16.26% | 19.02% | 13.23% | 11.9% | 9.61% | 7.78% | 3.23% | 9.97% | 9.19% | 5.45% | 18.03% | 10.63% | 10.58% | 7.72% | 5.74% | 5.46% | 4.75% | 6.16% | -0.39% | 2.82% | 0.54% | 3.34% |
| FCF Growth % | -48.1% | -51.81% | 21.5% | 59.42% | -54.65% | 67.71% | 2.64% | -5.54% | 2.18% | -1.79% | 48.46% | 9.3% | 34.38% | 35.06% | 144.3% | -72.49% | 3.34% | 31.74% | -62.19% | 23.96% | 5.78% | 38.67% | 46.49% | 15.47% | 25.31% | -16.78% | 1826.4% | -115.56% | 553.23% | -80.06% | -22.44% |
| FCF per Share | 5.63 | 5.49 | 10.81 | 8.86 | 5.56 | 12.23 | 7.31 | 7.15 | 7.62 | 7.48 | 7.46 | 4.98 | 4.71 | 3.73 | 2.95 | 1.21 | 4.46 | 4.35 | 3.31 | 8.89 | 7.04 | 6.50 | 4.74 | 3.28 | 2.79 | 2.30 | 2.82 | -0.16 | 1.05 | 0.16 | 0.86 |
| FCF Conversion (FCF/Net Income) | -0.25x | -0.38x | 9.12x | 1.43x | 0.94x | 1.34x | 1.30x | 0.95x | 2.18x | 2.75x | 1.72x | 1.23x | 1.53x | 1.50x | -0.98x | 0.29x | 1.06x | 0.67x | 1.43x | 2.69x | 2.47x | 2.42x | 26.00x | 2.06x | 1.60x | 1.68x | 1.73x | 1.41x | 1.59x | 1.15x | 1.25x |
| Interest Paid | 0 | 0 | 98.38M | 100.22M | 70.92M | 73.6M | 0 | 0 | 101.79M | 74.26M | 44.2M | 45.97M | 49.8M | 43.58M | 46.68M | 45.34M | 76.4M | 88.58M | 113.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 164.9M | 114.21M | 162.05M | 108.61M | 0 | 0 | 65.61M | 49.14M | 23.95M | 56.08M | 52.87M | 43.98M | 74.91M | 67.42M | 97.54M | 181.05M | 206.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
UroLift market saturation risk
According to reported financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from -5.72 in 2026Q1 to 7.26 in 2024Q1, indicating that GAAP earnings are currently poor proxies for the company's actual cash-generating capacity.
The massive divergence between net income and operating cash flow suggests that significant non-cash items, likely related to asset impairments and divestiture-related charges, are obscuring core operational performance. Investors should monitor whether this gap narrows as the company moves past the recent portfolio pruning phase.
As reported in recent filings, free cash flow margins have fluctuated significantly, reaching a peak of 27.4% in 2024Q3 before contracting to 8.5% in 2026Q1, reflecting the impact of divestitures and the ongoing integration of specialized interventional product lines into the broader business model.
The inconsistency in FCF generation appears to be a byproduct of the company's strategic shift away from lower-margin respiratory assets. While the core business remains cash-generative, the current trajectory suggests that management is still in the process of stabilizing cash flow margins following these structural changes.
Based on historical cash flow data, working capital changes have been a major source of quarterly volatility, including a notable $164.1 million inflow in 2025Q4 followed by a $10.9 million outflow in 2026Q1, highlighting the sensitivity of cash flow to inventory and receivable management cycles.
These fluctuations suggest that Teleflex's cash flow is highly susceptible to timing differences in hospital procurement and distributor stocking patterns. The erratic nature of these changes warrants further investigation into whether they represent genuine operational efficiency gains or merely temporary shifts in the timing of cash collections.
As indicated by recent cash flow statements, Teleflex has utilized significant capital for both share repurchases and acquisitions, including a $300 million buyback in 2025Q1 and an $826.5 million acquisition outflow in 2025Q3, signaling a management preference for aggressive capital deployment despite recent earnings volatility.
The reliance on large-scale acquisitions to drive growth, contrasted with the moderation of the UroLift platform, suggests that future capital allocation will be critical to restoring investor confidence. Investors should monitor whether management continues to prioritize inorganic growth over debt reduction or dividend growth in the coming quarters.
Quick answers to the most common questions about buying TFX stock.
Teleflex Incorporated (TFX) generated $340.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Teleflex Incorporated (TFX) generated $245.4M 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.
Teleflex Incorporated (TFX) spent $95.2M 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, Teleflex Incorporated (TFX) returned $60.3M to shareholders via cash dividends and spent $300.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.