Cash flow quality remains highly erratic, highlighted by an OCF/NI ratio of -25.96 in 2025Q4 and a free cash flow margin that swung to -7.2% in 2026Q1.
Utz Brands, Inc. (UTZ) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 103.4M | 112.2M | 106.17M | 76.64M | 48.19M | 48.39M | 29.7M | 27.99M | 15.75M |
| Operating CF Margin % | - | 7.8% | 7.53% | 5.33% | 3.42% | 4.1% | 3.08% | 3.64% | 2.04% |
| Operating CF Growth % | -45.46% | 5.68% | 38.53% | 59.03% | -0.4% | 62.95% | 6.08% | 77.76% | - |
| Net Income | -29M | -3.3M | 30.74M | -40.03M | -14.04M | 8M | -96.62M | -13.36M | -27.64M |
| Depreciation & Amortization | 110.3M | 82.4M | 70.94M | 79.49M | 86.8M | 80.72M | 44.74M | 29.29M | 30.36M |
| Stock-Based Compensation | 11.8M | 17.1M | 18.3M | 17.07M | 10.63M | 12.96M | 0 | 0 | -1.17M |
| Deferred Taxes | 6M | 2.4M | 14.14M | -8.94M | -29.36M | 4.83M | 2.63M | 1.95M | 900K |
| Other Non-Cash Items | -6M | -33.9M | -49.73M | 19.25M | 5.2M | -34.62M | 95.98M | -4.09M | 2.35M |
| Working Capital Changes | 19.4M | 47.5M | 21.78M | 9.8M | -11.04M | -23.5M | -17.03M | 14.21M | 10.95M |
| Change in Receivables | 25.1M | 19.1M | 6.78M | 1.85M | -5.6M | -4.53M | 4.83M | 11.54M | -76K |
| Change in Inventory | -6.3M | -17.9M | -4.63M | 12.65M | -38.49M | -10.6M | -6M | 3.48M | 2.93M |
| Change in Payables | -7.5M | 54.5M | 123.09M | 9.73M | 51.43M | -5.45M | -5.34M | 1.18M | 7.51M |
| Cash from Investing | -60.6M | -86.9M | 74.96M | -48.49M | -76.07M | -136.1M | -703.4M | -115.88M | -2.17M |
| Capital Expenditures | -78.3M | -102.8M | -98.64M | -55.72M | -87.97M | -33.5M | -101.38M | -20M | -13.04M |
| CapEx % of Revenue | 5.39% | 7.14% | 7% | 3.87% | 6.25% | 2.84% | 10.51% | 2.6% | 1.69% |
| Acquisitions | 200K | 0 | 0 | 0 | -75K | -117.58M | -598.79M | -137.84M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 17.5M | 15.9M | 173.6M | 5.53M | 8.04M | 14.98M | -3.22M | 41.96M | 10.87M |
| Cash from Financing | -85.5M | 39M | -177.01M | -49.05M | 58.91M | 82.78M | 231.52M | 96.03M | -16.37M |
| Debt Issued (Net) | -36M | 80.6M | -134.83M | -15.73M | 67.56M | 65.65M | 125.97M | -13.89M | -4.25M |
| Equity Issued (Net) | 0 | 0 | -1.4M | 0 | 28M | 0 | 124.5M | 123.91M | 0 |
| Dividends Paid | -28.7M | -22.3M | -21.72M | -18.55M | -17.16M | -11.91M | -9.38M | -11.46M | -10.16M |
| Share Repurchases | 0 | 0 | -1.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -20.8M | -19.3M | -19.06M | -14.78M | -19.49M | 29.04M | -9.56M | -2.53M | -1.95M |
| Net Change in Cash | -42.7M | 64.3M | 4.12M | -20.91M | 31.03M | -4.93M | 46.25M | 8.14M | -2.79M |
| Free Cash Flow | 25.1M | 9.4M | 7.53M | 20.92M | -39.77M | 14.89M | 7.97M | 8M | 2.71M |
| FCF Margin % | 1.73% | 0.65% | 0.53% | 1.45% | -2.82% | 1.26% | 0.83% | 1.04% | 0.35% |
| FCF Growth % | 204.05% | 24.88% | -64.01% | 152.59% | -367.09% | 86.72% | -0.26% | 195.16% | - |
| FCF per Share | 0.28 | 0.11 | 0.09 | 0.26 | -0.50 | 0.18 | 0.11 | 0.14 | 0.05 |
| FCF Conversion (FCF/Net Income) | -0.87x | 140.25x | 6.65x | -3.07x | -122.94x | 2.35x | -0.31x | -1.73x | -0.52x |
| Interest Paid | 0 | 0 | 0 | 0 | 41.71M | 31.64M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 6.99M | 3.65M | 0 | 0 | 0 |
Quick answers to the most common questions about buying UTZ stock.
Utz Brands, Inc. (UTZ) generated $112.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Utz Brands, Inc. (UTZ) generated $9.4M 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.
Utz Brands, Inc. (UTZ) spent $102.8M 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, Utz Brands, Inc. (UTZ) returned $22.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile working capital cycles
Metrics are mathematically derived from official filings.
Earnings Quality Remains Highly Volatile
Based on the provided quarterly data, the relationship between net income and operating cash flow is erratic, with OCF/NI ratios frequently swinging into extreme negative territory, such as the -25.96 observed in 2025Q4, indicating that reported earnings are currently poor proxies for actual cash generation.
The persistent divergence between net income and operating cash flow suggests that non-cash charges and significant working capital fluctuations are obscuring the underlying cash-generating capacity of the business. Investors should monitor whether this disconnect is a temporary byproduct of integration efforts or a structural feature of the company's current accounting practices.
Free Cash Flow Margin Instability
As reported in financial statements, UTZ's free cash flow trajectory is characterized by sharp quarterly swings, ranging from a -16.8% margin in 2025Q1 to a 15.0% margin in 2025Q4, reflecting a lack of consistent cash flow predictability across the company's recent operational periods.
The inability to maintain positive free cash flow suggests that the company's current capital intensity and operational overhead are consuming the majority of its cash inflows. This volatility warrants further investigation into whether the business can achieve sustainable cash conversion as it attempts to scale its national footprint.
Capital Intensity Pressures Cash Reserves
According to recent SEC filings, UTZ's capital expenditure as a percentage of revenue has fluctuated significantly, peaking at 11.1% in 2024Q4, which indicates that the company is currently in a high-investment phase that continues to weigh heavily on its overall free cash flow generation.
The elevated level of capital spending appears to be driven by the need to maintain and expand the DSD infrastructure, which is essential for competitive positioning. However, the high capital intensity relative to revenue suggests that the company may struggle to generate meaningful excess cash until these investments reach a maturity phase.
Working Capital Swings Drive Volatility
Data from the cash flow statements reveals that working capital changes are a primary driver of quarterly cash flow variance, with a notable $54.7 million inflow in 2025Q4 followed by a $35.8 million outflow in 2026Q1, highlighting significant instability in the company's cash conversion cycle.
These dramatic shifts in working capital suggest that the company's inventory management and accounts receivable collections are highly sensitive to seasonal demand and promotional activity. Such fluctuations make it difficult to forecast short-term liquidity and may indicate underlying inefficiencies in the supply chain or distribution network.