Operational cash flow quality has deteriorated sharply, with the OCF/NI ratio falling to 0.21 in 2026Q1, reflecting a significant drag from working capital requirements.
| 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 |
|---|
| Cash from Operations | 104.49M | 135.75M | 170.53M | 138.83M | 141.92M | 117.25M | 71.43M | 25.66M | -5.03M | 14.21M | 1M | 4.61M | -4.81M | 10.73M | -7.28M |
| Operating CF Margin % | - | 13.8% | 19.16% | 16.66% | 19.81% | 23.6% | 18.97% | 5.96% | -1.36% | 4.52% | 0.33% | 1.92% | -2.44% | 5.86% | -5.59% |
| Operating CF Growth % | -160.89% | -20.39% | 22.84% | -2.18% | 21.04% | 64.14% | 178.34% | 610.12% | -135.41% | 1315.24% | -78.21% | 195.8% | -144.81% | 247.38% | - |
| Net Income | 149.27M | 159.57M | 161.31M | 182.88M | 156.41M | 68.43M | 23.84M | 24.27M | 8.49M | 5.72M | 23.32M | -1.54M | 20.32M | 22.31M | 5.89M |
| Depreciation & Amortization | 40.26M | 37.7M | 26.47M | 21.88M | 19.69M | 22.29M | 21.59M | 22.73M | 23.16M | 20.97M | 15.67M | 12.01M | 8.54M | 7.24M | 7.67M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 284K | 300K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.55M | 0 | -1.87M | 8.35M | 5.48M | 4.4M | 6.58M | -2.7M | -3.29M | -6.14M | -435K | 63K | -915K | 4.51M | 496K |
| Other Non-Cash Items | -10.98M | -14.82M | 8.79M | -26M | 10.7M | 13.89M | 7.48M | 9.01M | 1.31M | 13.05M | -2.06M | -136K | 168K | -9.75M | 283K |
| Working Capital Changes | -75.62M | -46.69M | -24.17M | -48.28M | -50.36M | 8.24M | 11.94M | -27.65M | -38.37M | -19.68M | -35.79M | -31.9M | -34.89M | -17.45M | -21.62M |
| Change in Receivables | -18.23M | 6.01M | -44.39M | -780K | -54.18M | -38.52M | 5.83M | -27.71M | -23.7M | 2.5M | -25.98M | -22.93M | -5M | -20.89M | -14.94M |
| Change in Inventory | -70.68M | -45.08M | -2.88M | -522K | -63.94M | -16.75M | -1.68M | 8.42M | -28.06M | -16.45M | -4.3M | -27.82M | -10.7M | -6.14M | -5.23M |
| Change in Payables | 17.04M | 0 | 14.66M | -17.43M | 7.22M | 38M | -20.77M | -1.61M | 34.59M | 13.05M | 1.65M | 15.73M | 11.85M | -11.22M | 2.68M |
| Cash from Investing | -96.14M | -87.55M | -77.29M | -76.02M | -72.58M | -50.76M | -18.06M | -59.14M | -18.73M | -14.93M | -27.64M | -6.91M | -16.38M | -20.63M | -9.97M |
| Capital Expenditures | -88.1M | -101.26M | -79.56M | -77.96M | -71.33M | -51.51M | -18.32M | -24.95M | -13.12M | -7.03M | -28.39M | -14.9M | -24.85M | -20M | -25.94M |
| CapEx % of Revenue | 8.72% | 10.29% | 8.94% | 9.36% | 9.95% | 10.37% | 4.87% | 5.79% | 3.54% | 2.23% | 9.32% | 6.22% | 12.58% | 10.91% | 19.9% |
| Acquisitions | -6.84M | -6.84M | 0 | 0 | 0 | 130K | 6K | -34.1M | -6M | -7.87M | 2.55M | 2.49M | 3.21M | 3K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2K | 20.55M | 2.7M | 2.28M | 0 | 0 | 0 | 0 | 391K | -29K | 686K | 4.47M | 3.63M | -3.75M | 13.79M |
| Cash from Financing | -77.24M | -85.53M | -84.55M | -42.77M | -44.8M | -43.79M | -33.54M | 48.33M | 17.03M | 14.76M | 31.54M | 4.14M | 33.52M | 8.37M | 9.18M |
| Debt Issued (Net) | 82.3M | 61.6M | -62.02M | 196K | -31.93M | -29.94M | -29.73M | 17.08M | 19.74M | 17.23M | 33.34M | 10.92M | 9.19M | 8.37M | -171.25K |
| Equity Issued (Net) | -134.29M | -117.95M | -291K | -23.54M | 0 | 0 | 0 | 36.48M | 0 | 0 | 0 | 0 | 1M | 0 | 38.55M |
| Dividends Paid | -27.79M | -28.13M | -19.74M | -16.43M | -12.87M | -5.24M | -3.8M | -5.23M | -2.71M | -2.47M | -3M | 0 | 0 | 0 | 0 |
| Share Repurchases | -134.29M | -117.95M | -291K | -23.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.54M | -1.04M | -2.5M | -3M | 0 | -8.61M | 0 | 0 | 0 | 0 | 1.2M | -1.41M | 23.34M | 0 | -29.2M |
| Net Change in Cash | -66.19M | -33.98M | 5.37M | 25.84M | 18.66M | 17.34M | 19.04M | 14.82M | -7.88M | 14.01M | 4.25M | 2.57M | 13.06M | 731K | -2.43M |
| Free Cash Flow | 16.38M | 34.49M | 90.97M | 60.87M | 70.59M | 65.74M | 53.11M | 712K | -18.15M | 7.18M | -27.39M | -10.29M | -29.66M | -9.27M | -33.22M |
| FCF Margin % | 1.62% | 3.51% | 10.22% | 7.3% | 9.85% | 13.23% | 14.1% | 0.17% | -4.89% | 2.28% | -8.99% | -4.3% | -15.02% | -5.06% | -25.49% |
| FCF Growth % | -80.47% | -62.08% | 49.46% | -13.78% | 7.38% | 23.78% | 7359.41% | 103.92% | -352.69% | 126.22% | -166.07% | 65.29% | -220.04% | 72.1% | - |
| FCF per Share | 0.37 | 0.74 | 1.94 | 1.28 | 1.48 | 1.38 | 1.14 | 0.02 | -0.48 | 0.20 | -0.91 | -0.37 | -1.07 | -0.45 | -21.09 |
| FCF Conversion (FCF/Net Income) | 0.11x | 0.85x | 1.06x | 0.76x | 0.91x | 1.72x | 2.99x | 1.05x | -0.56x | 2.61x | 0.04x | -3.00x | -0.24x | 0.48x | -1.24x |
| Interest Paid | 7.06M | 6.6M | 9.98M | 11.62M | 6.42M | 15.53M | 19.17M | 19.7M | 18.22M | 15.77M | 8.7M | 6.92M | 7.45M | 7.3M | 0 |
| Taxes Paid | 60.15M | 0 | 86.6M | 107.15M | 27.19M | 13.4M | 10.86M | 12.3M | 8.4M | 17.83M | 25.82M | 13.21M | 3.1M | 4.18M | 0 |
Working capital cycle volatility
According to recent quarterly filings, TGLS experienced a sharp decline in cash conversion quality, with the OCF/NI ratio plummeting to 0.21 in 2026Q1 from a historical average often exceeding 1.0, signaling a significant disconnect between reported accounting profits and the actual cash generated by core operations.
The dramatic compression in the OCF/NI ratio suggests that earnings are increasingly driven by non-cash accruals rather than realized cash inflows. Investors should monitor whether this divergence is a temporary timing issue related to project-based revenue recognition or a more permanent deterioration in the company's ability to collect on its architectural contracts.
As reported in financial statements, TGLS's free cash flow trajectory has turned negative, with FCF margins falling to -4.2% in 2026Q1 compared to a peak of 14.8% in 2024Q4, reflecting a rapid erosion of the company's ability to fund internal growth through its own operational cash flow.
The shift from positive to negative FCF suggests that the company's capital requirements are currently outpacing its operational efficiency. This trend warrants further investigation into whether the recent decline in FCF is a result of aggressive capacity expansion or a fundamental weakening in the underlying profitability of the business.
Based on TGLS's reported figures, working capital changes have become a significant cash drain, reaching a negative $30.2 million in 2026Q1, which highlights the company's struggle to manage its cash conversion cycle amidst fluctuating demand and potentially longer payment terms for its large-scale commercial projects.
The volatility in working capital suggests that the company is tying up substantial cash in inventory or receivables, which may be a byproduct of its vertical integration strategy. If these cycles do not normalize, the company may face increased pressure on its liquidity position despite its historically low debt levels.
Data from recent financial disclosures indicates that TGLS continued to prioritize shareholder returns, including $16.5 million in buybacks during 2026Q1, even as operational cash flow weakened significantly, raising questions about the sustainability of this capital allocation strategy in a period of tightening cash generation.
The decision to maintain buybacks while FCF turned negative appears to be a management signal of confidence, yet it may also indicate a lack of more productive internal investment opportunities. Investors should monitor whether this capital deployment strategy remains prudent if the current cash flow volatility persists throughout the fiscal year.
Quick answers to the most common questions about buying TGLS stock.
Tecnoglass Inc. (TGLS) generated $135.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tecnoglass Inc. (TGLS) generated $34.5M 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.
Tecnoglass Inc. (TGLS) spent $101.3M 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, Tecnoglass Inc. (TGLS) returned $28.1M to shareholders via cash dividends and spent $118.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.