Cash flow generation remains highly volatile, with the company reporting a $54.7M free cash flow outflow in 2026Q1 despite recording $6.8M in net income.
| 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 |
|---|
| Cash from Operations | 144.65M | 161.46M | 696.06M | 195.26M | 444.28M | 415.96M | 587.99M | 315.98M | 310.66M | 101.67M | -158.31M | 31M | -113.37M | -220.21M | -104.24M | -66.44M |
| Operating CF Margin % | - | 4.65% | 15.49% | 5.26% | 10.22% | 10.45% | 18.03% | 10.25% | 9.52% | 3.62% | -6.58% | 1.29% | -6.65% | -85.37% | -132.7% | -343.75% |
| Operating CF Growth % | -586.06% | -76.8% | 256.48% | -56.05% | 6.81% | -29.26% | 86.08% | 1.71% | 205.55% | 164.22% | -610.6% | 127.35% | 48.52% | -111.26% | -56.88% | - |
| Net Income | 183.83M | 240.99M | 457.97M | 349.19M | 582.41M | 469.27M | 282.21M | 207.19M | 271.51M | 187.55M | 196.13M | 207.18M | 84.2M | 15.37M | 2.51M | -4.59M |
| Depreciation & Amortization | 30.5M | 30.27M | 31.02M | 26.85M | 28.01M | 32.42M | 29.5M | 28.4M | 29.1M | 3.5M | 3.09M | 8.27M | 11.42M | 866K | 431K | 758K |
| Stock-Based Compensation | 25.23M | 30.83M | 33.51M | 19.92M | 18.78M | 0 | 0 | 14.81M | 14.81M | 15.91M | 12.61M | 11.94M | 8.63M | 2.37M | 466K | 466K |
| Deferred Taxes | 0 | 0 | -7.98M | -3.15M | 22.25M | -9.57M | 2.38M | 17.86M | 11.07M | 46.81M | 7.43M | 27.16M | 5.72M | -4.61M | 0 | 0 |
| Other Non-Cash Items | 41.77M | 40.12M | -868K | 14.25M | 10.64M | 23.27M | 9.06M | 24.82M | 6.14M | 14.28M | 2.59M | -761K | 13.21M | 229.93M | -10.43M | 0 |
| Working Capital Changes | -135.37M | -180.75M | 182.41M | -211.81M | -217.81M | -99.42M | 264.84M | 22.91M | -21.98M | -166.37M | -380.17M | -222.79M | -236.54M | -234.21M | -107.64M | -63.07M |
| Change in Receivables | 13.28M | -35.64M | 113.02M | -55.19M | -52.45M | -53.45M | 5.72M | -69.8M | 76.45M | -44.28M | 576K | -23.59M | 40.93M | -1.15M | -477M | 3.01M |
| Change in Inventory | -88.09M | -74.77M | 182.72M | -172.73M | -123.15M | -161.01M | 157.06M | 120.27M | -91.76M | -205.23M | -388.14M | -235.03M | -276.31M | -261.56M | -112.06M | -67.92M |
| Change in Payables | -12.5M | -26.4M | 3.4M | 2.51M | -22.53M | 5.16M | 13.57M | -15.19M | 3.22M | 2.62M | 5.41M | -4.02M | 5.57M | 15.57M | 6.58M | 1.66M |
| Cash from Investing | -80.7M | -45.82M | -63.45M | -26.42M | -58.12M | -72.13M | -88.04M | -37.26M | -95.41M | -3.58M | -4.01M | -862K | 44.66M | -506K | -288K | -308K |
| Capital Expenditures | -31.53M | -32.92M | -23.3M | -25.38M | -43.62M | -29.49M | -22.8M | -30.28M | -31.65M | -2.6M | -3.98M | -809K | -7.85M | -506K | -288K | -308K |
| CapEx % of Revenue | 0.97% | 0.95% | 0.52% | 0.68% | 1% | 0.74% | 0.7% | 0.98% | 0.97% | 0.09% | 0.17% | 0.03% | 0.46% | 0.2% | 0.37% | 1.59% |
| Acquisitions | -3.72M | 0 | 0 | 0 | -14.5M | -42.64M | -65.27M | -7.02M | -61.49M | -980K | -32K | -1.47M | 52.49M | 506K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -45.45M | 0 | -40.16M | -1.04M | -14.5M | 2K | 28K | 46K | 8K | 6K | 9K | 1.42M | 23K | -506K | 1.41M | 0 |
| Cash from Financing | -28.99M | -102.87M | -531.52M | -189.55M | -178.02M | -283.6M | -207.66M | -227.41M | -220.47M | -23.84M | 156.49M | 13.71M | 234.83M | 236.15M | 114.19M | 65.17M |
| Debt Issued (Net) | 186.99M | 166.72M | -363.27M | 910K | 36.92M | -8.47M | 45.42M | -131.9M | -68.11M | 86.27M | 207.77M | 20.38M | 292.07M | 47.54M | -57.8M | 3.41M |
| Equity Issued (Net) | -202.31M | -277.35M | -146.66M | -174.56M | -200.96M | -270.49M | -247.61M | -92.84M | -152.11M | -99.93M | -43.44M | -2.19M | 0 | 155.41M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.61M | 0 | 0 | 0 |
| Share Repurchases | -202.31M | -277.35M | -146.66M | -174.56M | -202.64M | -276.05M | -250.72M | -89.22M | -146.06M | -115.11M | -42.08M | -2.19M | 0 | 0 | -2.35M | 0 |
| Other Financing | -13.67M | 7.76M | -21.59M | -15.9M | -13.98M | -4.64M | -5.47M | -2.68M | -251K | -10.19M | -7.84M | -4.48M | -48.64M | 33.2M | -877K | 61.76M |
| Net Change in Cash | 34.97M | 12.77M | 101.09M | -20.71M | 208.14M | 60.23M | 292.28M | 51.31M | -5.22M | 74.26M | -5.83M | 43.86M | 166.12M | 15.44M | 9.66M | -1.58M |
| Free Cash Flow | 113.13M | 128.54M | 672.76M | 169.88M | 400.65M | 386.47M | 565.19M | 285.7M | 279.01M | 99.07M | -162.29M | 30.2M | -121.22M | -220.72M | -104.53M | -66.75M |
| FCF Margin % | 3.48% | 3.7% | 14.97% | 4.57% | 9.21% | 9.71% | 17.33% | 9.27% | 8.55% | 3.53% | -6.75% | 1.26% | -7.12% | -85.56% | -133.07% | -345.34% |
| FCF Growth % | -77.15% | -80.89% | 296.01% | -57.6% | 3.67% | -31.62% | 97.83% | 2.4% | 181.63% | 161.04% | -637.47% | 124.91% | 45.08% | -111.16% | -56.59% | - |
| FCF per Share | 1.33 | 1.49 | 7.09 | 1.70 | 3.85 | 3.40 | 4.35 | 2.02 | 1.87 | 0.64 | -1.01 | 0.19 | -0.83 | -7.17 | -3.31 | -2.11 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.67x | 1.52x | 0.57x | 0.77x | 0.89x | 2.08x | 1.53x | 1.15x | 0.54x | -0.81x | 0.15x | -1.35x | -14.32x | -41.59x | 14.47x |
| Interest Paid | 2.11M | 0 | 144K | 4.18M | 7.87M | 10.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 81.63M | 0 | 181.06M | 115.11M | 186.15M | 144.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.23M | 0 | 0 |
Cyclical Working Capital Volatility
As evidenced by the 2026Q1 data, TPH reported net income of $6.8M while simultaneously suffering an operating cash outflow of $48.0M, highlighting a significant divergence between accounting profitability and the actual cash generation capacity of the underlying homebuilding operations during this period of cyclical contraction.
The negative OCF/NI ratio of -7.07 in the most recent quarter suggests that reported earnings are currently decoupled from cash reality, largely driven by the timing of inventory investments. Investors should interpret this as a warning that accounting profits may be overstated relative to the cash required to sustain the current land development pipeline.
Based on historical financial statements, TPH's free cash flow trajectory has been highly erratic, swinging from a peak inflow of $355.9M in 2024Q4 to a significant outflow of $54.7M in 2026Q1, reflecting the inherent sensitivity of the company's cash profile to seasonal and market-driven closing volumes.
The sharp reversal in FCF margins from 28.4% in 2024Q4 to -10.5% in 2026Q1 indicates that the company's cash generation is highly dependent on the timing of home deliveries. This volatility suggests that the business model remains vulnerable to sudden shifts in buyer demand and the subsequent impact on inventory turnover.
According to reported cash flow statements, working capital changes have been the primary driver of cash volatility, with a massive $129.7M inflow in 2025Q4 followed by a $66.2M outflow in 2026Q1, illustrating the aggressive nature of the company's land and construction inventory management strategy.
The frequent and large swings in working capital suggest that management is actively adjusting its land development pace in response to market conditions. This behavior implies that cash flow is less a function of operational efficiency and more a result of strategic decisions regarding the timing of capital deployment into new community starts.
As shown in recent financial disclosures, TPH has prioritized share repurchases, utilizing $100.1M in 2025Q2 alone, even as operating cash flows turned negative, suggesting a management preference for returning capital to shareholders over maintaining a liquidity buffer during periods of revenue contraction.
The decision to continue buybacks despite inconsistent operating cash flow warrants further investigation into management's long-term capital allocation priorities. It appears that the company is attempting to support its valuation through share count reduction, which may limit its flexibility should the current housing market downturn persist longer than anticipated.
Quick answers to the most common questions about buying TPH stock.
Tri Pointe Homes, Inc. (TPH) generated $161.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tri Pointe Homes, Inc. (TPH) generated $128.5M 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.
Tri Pointe Homes, Inc. (TPH) spent $32.9M 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, Tri Pointe Homes, Inc. (TPH) spent $277.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.