Liquidity has tightened significantly, with cash reserves plummeting to $21.0M in 2025Q3 from a peak of $320.3M in 2023Q4, reflecting the erratic nature of the company's free cash flow generation.
| Metric | TTM | 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 |
|---|
| Cash from Operations | 233.7M | 265.8M | 157.3M | -150.7M | 324.9M | 416.7M | 307.7M | 505.8M | 506M | 478.61M | 285.32M | 211.96M | 216.69M | 204.56M | 156.07M | 244.65M | 104.84M | 175.64M | 96.4M | 59.63M | 51.81M | 91.19M | 68.09M | 0 |
| Operating CF Margin % | - | 7.92% | 4.58% | -4.57% | 11.54% | 9.58% | 7.17% | 11.02% | 10.43% | 7.75% | 8.9% | 7.19% | 9.45% | 9.37% | 7.61% | 13.46% | 6.94% | 11.7% | 8.33% | 6.35% | 7.32% | 13.13% | 9.78% | - |
| Operating CF Growth % | -51.63% | 68.98% | 204.38% | -146.38% | -22.03% | 35.42% | -39.17% | -0.04% | 5.72% | 67.75% | 34.61% | -2.18% | 5.93% | 31.07% | -36.21% | 133.35% | -40.31% | 82.19% | 61.68% | 15.09% | -43.19% | 33.93% | - | - |
| Net Income | -241.8M | 26.9M | 59M | -9.2M | -80.9M | 49.2M | -110.3M | -61.4M | -286.2M | -228.59M | 114.91M | 89.88M | 86.99M | 88.36M | 94.41M | 90.92M | 81.31M | 28.56M | 41.62M | 44.86M | 11.58M | 44.67M | 63.86M | 45.01M |
| Depreciation & Amortization | 162.8M | 147.1M | 141.9M | 139.6M | 148.9M | 203.2M | 210.6M | 258.3M | 287.6M | 288.24M | 122.07M | 115.92M | 108.64M | 98.22M | 83.02M | 69.78M | 47.34M | 45.85M | 35.15M | 24.7M | 16.94M | 14.86M | 14.03M | 1.55M |
| Stock-Based Compensation | 18.8M | 19.1M | 24.8M | 19.8M | 0 | 26.1M | 22.6M | 32.4M | 30M | 29.86M | 22.88M | 25.07M | 16.12M | 12.82M | 15.11M | 15.84M | 13.3M | 12.19M | 0 | 18.79M | 9.62M | 0 | 0 | 0 |
| Deferred Taxes | -3.5M | -7.5M | 3.5M | 9.1M | -12.4M | 63.4M | -63.3M | -17.3M | -231.1M | -12.45M | -6.01M | 8.1M | -11.89M | 5.72M | 15.11M | 9.2M | 18.6M | 5.31M | 5.94M | 12.96M | -4.86M | 7.8M | 7.41M | 0 |
| Other Non-Cash Items | 287.2M | 26.8M | 11.7M | -169.9M | 187.2M | 50.4M | 219.4M | 27.4M | 637.6M | 332.42M | 22.24M | 30.01M | 5.14M | 3.54M | -583K | -7.66M | -11.33M | 21.29M | 13.58M | -22.32M | 17.23M | 7.99M | -707K | -46.56M |
| Working Capital Changes | 10.2M | 53.4M | -83.6M | -140.1M | 82.1M | 24.4M | 28.7M | 266.4M | 68.1M | 69.14M | 9.23M | -57.02M | 11.69M | -4.11M | -50.99M | 66.58M | -44.38M | 62.43M | 611K | -19.38M | 1.31M | 15.86M | -16.51M | 0 |
| Change in Receivables | 6.7M | 28.1M | -15.2M | -8.9M | 61.3M | -36.2M | 80.6M | -29.1M | 103.3M | -59.7M | 21.53M | -18.56M | -9.27M | -2.64M | 7.81M | 6.16M | 3.74M | -14.39M | 0 | -20.5M | 1.64M | 0 | 0 | 0 |
| Change in Inventory | -11.1M | -10.5M | 51.6M | -128.3M | -58M | -30.8M | 65.5M | 69.2M | 13M | 54.32M | 17K | -27.19M | -11.39M | -8.26M | -43.04M | 34.32M | -14.06M | 43.4M | -27.11M | -23.22M | 2.26M | 17.37M | -3.44M | 0 |
| Change in Payables | 8.2M | 66M | -82.4M | -14.8M | 126.1M | 108.3M | -80.9M | 187.9M | -29.3M | 86.15M | -33.27M | -5.36M | 29.69M | 1.28M | -19.51M | 25.88M | -33.41M | 35.49M | 0 | 26.28M | 736K | 0 | 0 | 0 |
| Cash from Investing | -329.5M | -138.3M | 226.7M | 412M | -16.8M | -332.4M | -68.1M | -160.9M | -159.8M | -2.83B | -86.32M | -1.09B | -306.85M | -109.36M | -74.3M | -906.11M | -34.12M | -41.84M | -467.82M | -296.78M | -14.23M | -22.72M | -28.33M | 0 |
| Capital Expenditures | -132.9M | -139.7M | -137M | -93.5M | -86.1M | -90.5M | -146.8M | -196.2M | -185.8M | -187.07M | -86.1M | -99.22M | -81.18M | -79.52M | -77.8M | -61.65M | -36.99M | -55.47M | -19.81M | -11.37M | -14.24M | -21.99M | -17.1M | 0 |
| CapEx % of Revenue | 3.98% | 4.17% | 3.99% | 2.84% | 3.06% | 2.08% | 3.42% | 4.28% | 3.83% | 3.03% | 2.69% | 3.37% | 3.54% | 3.64% | 3.79% | 3.39% | 2.45% | 3.7% | 1.71% | 1.21% | 2.01% | 3.17% | 2.46% | - |
| Acquisitions | -209.3M | 0 | -100.6M | 4.8M | 400K | -229.8M | 4.8M | 30.8M | 18.8M | -2.64B | 606K | -993.01M | -218.65M | -29.95M | 3.24M | -844.5M | 0 | -251K | -449.94M | -287.7M | 0 | 0 | -12.58M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 12.7M | 1.4M | 464.3M | 500.7M | 51.7M | -12.1M | 73.9M | 4.5M | 34.5M | 53K | 606K | 2.84M | 960K | 113K | 251K | 43K | 6K | 13.88M | 1.93M | 2.3M | 14K | -732K | 1.35M | 0 |
| Cash from Financing | 13.8M | -159.3M | -107.5M | -522.7M | -362.3M | 74M | -206.9M | -311M | -278.3M | 2.38B | -208.56M | 885.19M | 45.72M | -5.96M | -83.54M | 662.62M | -69.72M | -139.73M | 380.7M | 229.16M | -29.74M | -69.41M | -42.23M | 0 |
| Debt Issued (Net) | 85.2M | -900K | -600K | -518.1M | -328.7M | 108.3M | -201.9M | -253.9M | -249.9M | 1.58B | -215.3M | 511.81M | 40.05M | -4.74M | -79.73M | 573.39M | -74.48M | -145.54M | 380.65M | 229.64M | -62K | -3.5M | -302K | 0 |
| Equity Issued (Net) | -1000K | -1000K | -1000K | 0 | -1000K | -1000K | 0 | -1000K | -1000K | 0 | 0 | 1000K | 0 | 0 | 0 | 1000K | 0 | 0 | 44K | 1000K | 1000K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -61M | -149.7M | -100M | 0 | -25M | -25M | 0 | -54.6M | -28.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.4M | -8.7M | -6.9M | -4.6M | -8.6M | -9.3M | -5M | -2.5M | 300K | 800.73M | 6.74M | 15.02M | 5.66M | -1.22M | -3.81M | -21.46M | 4.76M | 5.81M | 0 | -1.96M | -32.21M | -65.91M | -41.93M | 0 |
| Net Change in Cash | -81M | -30.7M | 277.3M | -261.5M | -60.1M | 162.3M | 38M | 31.5M | 70.7M | 27.19M | -17.06M | 5.51M | -47.93M | 91.13M | -3.04M | 1.91M | 1.73M | -6.54M | 9.22M | -8M | 7.84M | -940K | -2.47M | 0 |
| Free Cash Flow | 100.8M | 126.1M | 16.5M | -236.5M | 253.3M | 311M | 160.9M | 309.6M | 320.2M | 291.54M | 199.22M | 112.74M | 135.51M | 125.04M | 78.28M | 183M | 67.86M | 120.17M | 76.59M | 48.25M | 37.56M | 69.2M | 50.99M | 0 |
| FCF Margin % | 3.02% | 3.76% | 0.48% | -7.17% | 9% | 7.15% | 3.75% | 6.75% | 6.6% | 4.72% | 6.21% | 3.83% | 5.91% | 5.73% | 3.82% | 10.07% | 4.49% | 8.01% | 6.61% | 5.14% | 5.31% | 9.96% | 7.32% | - |
| FCF Growth % | 360.47% | 664.24% | 106.98% | -193.37% | -18.55% | 93.29% | -48.03% | -3.31% | 9.83% | 46.34% | 76.71% | -16.8% | 8.37% | 59.74% | -57.23% | 169.68% | -43.53% | 56.9% | 58.73% | 28.45% | -45.72% | 35.72% | - | - |
| FCF per Share | 2.00 | 2.40 | 0.29 | -4.22 | 4.53 | 5.49 | 2.86 | 5.53 | 5.61 | 5.23 | 4.56 | 2.80 | 3.62 | 3.37 | 2.12 | 5.06 | 2.07 | 3.82 | 2.44 | 1.54 | 1.21 | 2.23 | 1.64 | - |
| FCF Conversion (FCF/Net Income) | -0.42x | 9.88x | 2.96x | 1.03x | -25.99x | 30.20x | -0.85x | -7.85x | -1.81x | -2.09x | 2.48x | 2.36x | 2.49x | 2.31x | 1.65x | 2.69x | 1.29x | 6.22x | 2.32x | 1.33x | 4.48x | 2.60x | 1.00x | - |
| Interest Paid | 92.5M | 85.2M | 93.7M | 0 | 0 | 84.3M | 0 | 0 | 115.4M | 93M | 41.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 21.8M | 10.2M | 19.3M | 0 | 0 | 0 | 0 | 0 | 12.4M | 60.2M | 50.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -0.14 in 2025Q3 to a massive 16.28 in 2025Q2, indicating that accounting earnings are currently poor proxies for actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that non-cash charges and significant working capital swings are masking the underlying cash-generating capability of the business. Investors should interpret these figures as a sign that reported net income is currently an unreliable metric for assessing the company's true operational health.
Based on the provided quarterly data, TreeHouse Foods has struggled to maintain positive free cash flow, with FCF margins fluctuating wildly from a peak of 27.4% in 2024Q4 to a low of -10.0% in 2025Q1, reflecting the lumpy nature of the company's cash conversion cycle.
The inability to sustain consistent positive free cash flow suggests that the company's current operational model is highly sensitive to timing differences in contract settlements and inventory management. This inconsistency warrants further investigation into whether the business can achieve a stable cash flow profile post-divestiture.
According to the company's reported cash flow data, working capital changes have been a primary source of instability, evidenced by a massive $211.7M inflow in 2024Q4 followed by a $100.7M outflow in 2025Q2, highlighting the significant impact of inventory and receivable management on liquidity.
These dramatic shifts in working capital suggest that the company's cash position is heavily dependent on the timing of retailer payments and inventory build-ups. Such fluctuations may indicate that the company lacks the operational control necessary to smooth out its cash conversion cycle effectively.
As indicated by the quarterly cash flow filings, capital expenditures have remained a consistent burden, with CapEx/Revenue ratios peaking at 6.9% in 2023Q4, suggesting that the company must continue to reinvest heavily in its manufacturing footprint to maintain its category captain status.
The persistent level of capital spending relative to revenue implies that the company's infrastructure requires ongoing maintenance to support its complex product portfolio. This capital intensity appears to be a structural requirement that limits the amount of free cash flow available for other corporate purposes.
Based on the provided financial data, the company has largely ceased share repurchases and dividends, instead utilizing cash for significant acquisitions like the $209.3M outlay in 2025Q1, which suggests a strategic pivot toward inorganic growth despite the current volatility in core cash generation.
The shift away from shareholder returns toward acquisition-led growth indicates that management is attempting to reshape the business profile through M&A. Investors should monitor whether these capital deployments can eventually generate the returns necessary to justify the current strain on the company's cash position.
Quick answers to the most common questions about buying THS stock.
TreeHouse Foods, Inc. (THS) generated $265.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
TreeHouse Foods, Inc. (THS) generated $126.1M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TreeHouse Foods, Inc. (THS) spent $139.7M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, TreeHouse Foods, Inc. (THS) spent $149.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.