Cash generation is frequently impaired by working capital requirements, evidenced by a $9.9 million outflow in 2026Q1 and a negative free cash flow margin of 1.7% for the same period.
| 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 | 39.94M | 32.98M | 25.51M | 24M | -20.84M | 70.58M | 74.37M | 115.86M | 97.79M | 88.22M | 48.87M | 74.26M | 51.23M | 76.72M | 82.59M | 71.77M | 46.41M | 103.22M | 75.41M | 95.55M | 104.61M | 53.7M | 93.82M | 76.38M | 65.27M | 74.91M | 21.58M | 92M | 70.8M | 66.3M | 45.3M |
| Operating CF Margin % | - | 4.56% | 4.27% | 4.19% | -2.74% | 8.54% | 9.85% | 14.02% | 11.48% | 9.18% | 5.9% | 8.29% | 5.38% | 8.06% | 9.36% | 8.13% | 6.28% | 15.71% | 8.43% | 10.34% | 9.37% | 5.61% | 10.7% | 10.23% | 8.85% | 9.76% | 2.48% | 11.21% | 10.12% | 11.41% | 8.65% |
| Operating CF Growth % | 1710.88% | 29.28% | 6.31% | 215.12% | -129.53% | -5.1% | -35.81% | 18.48% | 10.86% | 80.5% | -34.18% | 44.93% | -33.21% | -7.11% | 15.08% | 54.64% | -55.04% | 36.88% | -21.09% | -8.65% | 94.78% | -42.76% | 22.83% | 17.02% | -12.87% | 247.19% | -76.55% | 29.94% | 6.79% | 46.36% | -8.67% |
| Net Income | 29.04M | 33.48M | -64.56M | -105.91M | 28.45M | 57.83M | -75.44M | 48.26M | 24.84M | 38.25M | 24.47M | -32.13M | 36.88M | 21.95M | 28.25M | 24.86M | 27.03M | -1.35M | 28.94M | 15.25M | 38.2M | 16.23M | 29.18M | -26.35M | -2.53M | 9.75M | 111.38M | 52.6M | 68.9M | 58.4M | 45M |
| Depreciation & Amortization | 22.57M | 21.73M | 25.54M | 27.68M | 26.4M | 23.78M | 31.96M | 44.28M | 33.8M | 40.28M | 32.47M | 34.98M | 40.82M | 44.66M | 49.27M | 44.73M | 43.59M | 40M | 43.19M | 46.04M | 44.28M | 38.79M | 34.42M | 32.62M | 31.93M | 37.91M | 36.98M | 31.7M | 22.5M | 18.5M | 20.3M |
| Stock-Based Compensation | 1.34M | 1.81M | 2.5M | 1.98M | 3.62M | 5.17M | 5.4M | 7.29M | 1.16M | 264K | 56K | 483K | 1.27M | 1.16M | 1.43M | 0 | 0 | 0 | 782K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6.25M | 6.22M | -8.2M | -56.1M | 544K | -4.94M | -16.89M | 5.86M | 8.63M | -36.41M | -3.69M | -10.52M | -11.49M | -5.27M | -762K | 2.11M | -6.39M | 6.77M | 22.18M | -24.24M | 10.15M | 9.22M | 1.95M | 37.37M | 7.69M | -8.91M | -4.67M | 1.5M | 400K | 3.3M | 1.8M |
| Other Non-Cash Items | 5.49M | -14.3M | 91.71M | 118M | -34.5M | -1.59M | 133.64M | -15.39M | -3.46M | -8.32M | -7.45M | -703K | 2.45M | -2.19M | -3.51M | 2.6M | -180K | -7.72M | 483K | 33.63M | 5.3M | -2.17M | -1.86M | -661K | 65.32M | 313K | -2.64M | -900K | -3.8M | -2.1M | -2M |
| Working Capital Changes | -14.72M | -15.96M | -21.47M | 38.34M | -45.37M | -9.66M | -4.29M | 25.57M | 7.21M | -23.8M | -7.59M | 4.76M | -22.36M | 5.42M | 13.72M | -4.13M | -19.35M | 37.41M | -20.17M | 28.2M | 6.99M | -16.58M | 27.88M | -29.34M | -37.14M | 16.73M | -5.51M | 1.2M | -6.3M | 7.4M | -4.9M |
| Change in Receivables | -13.95M | -16.99M | -14.79M | 17.4M | 18.57M | -16.99M | -335K | 16.47M | -11.88M | -10.57M | 92K | 9.18M | -18.7M | -1.76M | 9.45M | 0 | -10.98M | 18.45M | -678K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -15.15M | -13.56M | -6.91M | 47.61M | -37.77M | -23.13M | -4.37M | 11.31M | -9.58M | -9.13M | 1.13M | 1.14M | -8.8M | 1.73M | -9.91M | 2.41M | -7.72M | 2.2M | 13.37M | 4.1M | -5.08M | 2.8M | -13.96M | -2.29M | 1.64M | 1.25M | 4.18M | -2.1M | -4M | 1M | 1.3M |
| Change in Payables | 13.12M | 13.57M | 0 | 0 | 0 | 0 | 0 | -2.94M | 5.57M | 21.12M | 161K | -2.46M | 0 | 2.39M | -100.25M | 0 | -128.25M | -109.38M | -138.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -16.96M | -5.5M | 40.51M | -26.18M | -35.46M | 24.45M | 32.88M | -39.93M | -34.08M | -125.6M | -41.99M | -31.41M | -38.27M | -77.6M | -75.56M | -195.23M | -22.15M | -31.7M | 3.47M | -36.28M | -40.64M | -54.98M | -50.31M | -36.49M | -42.09M | -13.45M | 5.15M | -338.2M | -124.2M | -39.6M | 56.9M |
| Capital Expenditures | -19.43M | -17.24M | -14.35M | -26.45M | -36.88M | -27.36M | -23.36M | -50.86M | -40.81M | -44.36M | -45.46M | -32.83M | -44.9M | -79.66M | -33.25M | -15.88M | -20.42M | -35.85M | -19.23M | -20.64M | -40.57M | -62.54M | -55.65M | -65.81M | -31.34M | -38.99M | -79.83M | -260.4M | -95M | -22.7M | -24M |
| CapEx % of Revenue | 2.61% | 2.39% | 2.4% | 4.61% | 4.84% | 3.31% | 3.09% | 6.16% | 4.79% | 4.61% | 5.49% | 3.66% | 4.72% | 8.37% | 3.77% | 1.8% | 2.76% | 5.46% | 2.15% | 2.23% | 3.63% | 6.54% | 6.35% | 8.82% | 4.25% | 5.08% | 9.18% | 31.74% | 13.58% | 3.91% | 4.58% |
| Acquisitions | 12.3M | 11.74M | 54.63M | 0 | 0 | 47.06M | 56.24M | 10.94M | 1.1M | -87.11M | 2.31M | 1.42M | 0 | 867K | -45.87M | -180.97M | -5.5M | 0 | 18.02M | 0 | 0 | 0 | -1.42M | 9.6M | 2.02M | -1.92M | -3.08M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.84M | 0 | 83K | 0 | 10K | -42.31M | 56.24M | 0 | 6.73M | 5.87M | 3.46M | 1.42M | 2.13M | 1.19M | 3.56M | 1.62M | 3.77M | 4.15M | -9.15M | 7.87M | 475K | 8.65M | 1.55M | 1.02M | -1.32M | 2.49M | 11.13M | -81.7M | -29.2M | -16.9M | 80.9M |
| Cash from Financing | -11.61M | -28.16M | -64.98M | -4.48M | 45.38M | -76.84M | -125.59M | -77.31M | -64.09M | 43.16M | -23.75M | -44.2M | -12.38M | 5.28M | -26.74M | 120.39M | -42.12M | -28.24M | -80.66M | -54.08M | -47.05M | 3.59M | -40.46M | -129.88M | -10.07M | -9.19M | -7.95M | 246.5M | -41.2M | -7.9M | -3.1M |
| Debt Issued (Net) | -10.34M | -28.16M | -64.39M | 8.42M | 64M | -61M | 92M | -59.5M | -50.5M | 57M | -9M | -33.25M | -1.75M | 11M | 1.65M | 124.91M | -2.81M | -21.54M | -59.49M | 19.54M | -50.53M | 8.65M | -36.18M | -119.65M | -5.22M | -3.6M | -5.13M | 245M | -5M | -5M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -850K | -854K | -328K | -124K | 0 | 0 | 0 | 0 | 0 | 0 | -34.16M | -1.52M | -19.79M | -73.96M | 9.7M | 1.13M | 1.87M | -4.12M | 1.28M | 517K | 3.26M | 7.4M | -30.8M | -2.5M | -2M |
| Dividends Paid | 0 | 0 | 0 | -8.88M | -16.97M | -16.17M | -216.05M | -15.32M | -14.59M | -14.53M | -14.46M | -13.72M | -11.01M | -9.04M | -30.78M | -5.76M | -5.14M | -5.43M | -5.45M | -6.13M | -6.22M | -6.19M | -6.15M | -6.1M | -6.13M | -6.1M | -6.08M | -6M | -5.4M | -4.2M | -3.2M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -850K | -854K | -328K | -124K | 0 | 0 | 0 | 0 | 0 | 0 | -35.14M | -1.52M | -19.79M | -73.96M | 0 | 0 | 0 | -5.17M | -1.43M | 0 | -629K | 0 | -37M | -2.5M | -2M |
| Other Financing | -1.27M | 0 | -587K | -4.02M | -1.64M | 325K | -693K | -1.63M | 1.33M | 819K | -293K | 2.78M | 381K | 3.32M | 2.4M | 1.24M | 0 | 244K | 4.07M | 6.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 3.8M | 2.1M |
| Net Change in Cash | 11.95M | -333K | -6.39M | -5.78M | -11.29M | 18.68M | -19.58M | -2.98M | -2.09M | 6.98M | -14.64M | -5.9M | -2.56M | 3.79M | -20.12M | -4.25M | -17.47M | 44.69M | -2.24M | 7.32M | 17.46M | 440K | 3.05M | -89.98M | 13.12M | 52.28M | 18.78M | 400K | -41.2M | -7.9M | -3.1M |
| Free Cash Flow | 20.51M | 15.74M | 11.16M | -2.45M | -57.72M | 43.22M | 51.02M | 65M | 56.98M | 43.85M | 3.42M | 41.42M | 6.34M | -2.95M | 49.33M | 55.88M | 25.99M | 67.36M | 56.17M | 74.91M | 64.03M | -8.84M | 38.17M | 10.57M | 33.94M | 35.92M | -58.25M | -168.4M | -24.2M | 43.6M | 21.3M |
| FCF Margin % | 2.75% | 2.18% | 1.87% | -0.43% | -7.57% | 5.23% | 6.75% | 7.87% | 6.69% | 4.56% | 0.41% | 4.62% | 0.67% | -0.31% | 5.59% | 6.33% | 3.51% | 10.25% | 6.28% | 8.1% | 5.73% | -0.92% | 4.35% | 1.42% | 4.6% | 4.68% | -6.7% | -20.53% | -3.46% | 7.5% | 4.07% |
| FCF Growth % | 53.32% | 40.99% | 555.37% | 95.75% | -233.54% | -15.28% | -21.51% | 14.07% | 29.93% | 1184.13% | -91.76% | 553.7% | 315.11% | -105.97% | -11.72% | 115.02% | -61.42% | 19.93% | -25.02% | 16.99% | 824.34% | -123.16% | 261% | -68.85% | -5.53% | 161.67% | 65.41% | -595.87% | -155.5% | 104.69% | 2.4% |
| FCF per Share | 0.59 | 0.45 | 0.32 | -0.07 | -1.71 | 1.28 | 1.53 | 1.95 | 1.72 | 1.33 | 0.10 | 1.27 | 0.19 | -0.09 | 1.53 | 1.73 | 0.80 | 1.99 | 1.64 | 1.92 | 1.64 | -0.23 | 0.99 | 0.28 | 0.94 | 0.92 | -1.50 | -4.35 | -0.63 | 1.17 | 0.58 |
| FCF Conversion (FCF/Net Income) | 0.71x | 0.99x | -0.40x | -0.23x | -0.73x | 1.22x | -0.99x | 2.40x | 3.94x | 2.31x | 2.00x | -2.31x | 1.39x | 2.08x | 1.91x | 1.66x | 1.72x | -76.29x | 2.61x | 6.27x | 2.74x | 3.31x | 3.22x | -2.90x | -25.79x | 7.68x | 0.19x | 1.75x | 1.03x | 1.14x | 1.01x |
| Interest Paid | 0 | 0 | 13.52M | 10.5M | 4.42M | 2.92M | 1.68M | 4.36M | 5.42M | 5.81M | 3.07M | 3.51M | 3.32M | 2.58M | 2.99M | 1.97M | 911K | 786K | 2.46M | 2.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 12.23M | 2.28M | 10.81M | 4.71M | 1.67M | 2.6M | 24.02M | 9.19M | 15.41M | 20.12M | 20.89M | 19.48M | 14.72M | 8.59M | 23.54M | 3.02M | 8.79M | 16.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Liquidity Constraints
As reported in financial statements, Tredegar's OCF/NI ratio has fluctuated wildly, ranging from a negative 2.35 in 2024Q1 to a positive 2.84 in 2025Q3, indicating that reported net income is a poor proxy for the actual cash-generating capacity of the underlying manufacturing operations.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and significant working capital swings are masking the true economic performance of the business. Investors should monitor whether this volatility stems from structural accounting choices or an inability to stabilize cash inflows during cyclical downturns.
Based on recent SEC filings, Tredegar's FCF trajectory is characterized by frequent negative quarters, including a $3.2 million outflow in 2026Q1, which underscores the difficulty in maintaining positive cash flow margins amidst volatile demand for aluminum extrusions and specialty film products.
The inability to generate consistent free cash flow suggests that the company's current cost structure is ill-equipped to handle the cyclicality of its end markets. This pattern warrants further investigation into whether the business model requires a fundamental shift in operating leverage to achieve sustainable cash generation.
According to the provided cash flow data, working capital changes have been a persistent drag on liquidity, with a $9.9 million outflow in 2026Q1 alone, reflecting the company's struggle to manage inventory and receivables efficiently during periods of shifting commodity price environments.
The recurring negative impact of working capital changes suggests that the company is frequently forced to tie up cash in inventory or extend credit to customers to maintain volume. This dynamic appears to be a primary driver of the company's thin cash position and limited financial flexibility.
As indicated by the quarterly cash flow statements, Tredegar's capital expenditures have remained a consistent burden, with CapEx/Revenue ratios peaking at 13.3% in 2024Q4, which limits the company's ability to retain cash during periods of operational stress.
While maintenance capital is necessary to support aging manufacturing assets, the high capital intensity relative to revenue suggests that the company is struggling to achieve a return on invested capital that justifies these outlays. This may indicate that the firm is over-investing in low-margin segments.
Based on the provided figures, the cash flow statement reveals that net income is frequently bolstered by non-cash items, while actual cash generation is often undermined by significant net acquisition activity and working capital volatility that the headline earnings figures fail to fully capture.
The reliance on acquisition-related cash flows and the lack of transparency regarding the timing of pass-through commodity settlements suggest that the cash flow statement may be hiding underlying operational inefficiencies. Analysts should be wary of the company's ability to sustain operations without relying on external financing or asset divestitures.
Quick answers to the most common questions about buying TG stock.
Tredegar Corporation (TG) generated $33.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tredegar Corporation (TG) generated $15.7M 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.
Tredegar Corporation (TG) spent $17.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.