Cash generation remains inconsistent, with free cash flow margins swinging between 0.6% and 17.7% and an operating cash flow to net income ratio that reached a low of 0.09 in 2026Q1.
| 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 |
|---|
| Cash from Operations | 346M | 410M | 427M | 267M | 167M | 58M | 168M | 183M | 204M | 217M | 120M | 338M | 284M | 312M | 239M | 175M | 174M | 141M | -116M | 293M | 281M | 417M | 418M | 370M | 1.15B | 436M | -526M | 2.48B | 1.38B |
| Operating CF Margin % | - | 10.88% | 11.04% | 6.75% | 4.45% | 2.09% | 6.59% | 6.22% | 6.84% | 6.9% | 3.8% | 10.42% | 3.78% | 4.19% | 3.49% | 2.17% | 2.33% | 2.11% | -1.22% | 2.6% | 2.46% | 2.46% | 2.24% | 2.1% | 6.23% | 2.44% | -2.7% | 12.82% | 7.75% |
| Operating CF Growth % | -37.04% | -3.98% | 59.93% | 59.88% | 187.93% | -65.48% | -8.2% | -10.29% | -5.99% | 80.83% | -64.5% | 19.01% | -8.97% | 30.54% | 36.57% | 0.57% | 23.4% | 221.55% | -139.59% | 4.27% | -32.61% | -0.24% | 12.97% | -67.71% | 162.84% | 182.89% | -121.19% | 80.38% | - |
| Net Income | 201M | 213M | 284M | 505M | 130M | 50M | -48M | 81M | 174M | 192M | 91M | 2.33B | -206M | 775M | 167M | 154M | 1.1B | 184M | -663M | -372M | -163M | -270M | -1.5B | -1.21B | -352M | -118M | 270M | 735M | 703M |
| Depreciation & Amortization | 113M | 109M | 96M | 104M | 108M | 108M | 104M | 100M | 91M | 87M | 84M | 169M | 270M | 262M | 259M | 316M | 280M | 352M | 416M | 472M | 430M | 595M | 685M | 674M | 631M | 666M | 676M | 651M | 565M |
| Stock-Based Compensation | 46M | 45M | 41M | 36M | 26M | 18M | 18M | 17M | 8M | 12M | 8M | 8M | 8M | 15M | 25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -6M | 55M | -49M | -313M | 0 | 0 | -5M | -6M | -21M | 26M | 21M | 127M | 336M | -496M | -98M | 0 | 0 | 0 | 0 | 0 | -31M | 0 | 865M | -56M | -142M | -143M | -87M | 20M | 76M |
| Other Non-Cash Items | -67M | 4M | 17M | 7M | 8M | 35M | 7M | 8M | 3M | 4M | 26M | -2.38B | 9M | 6M | 7M | -5M | -1.14B | -291M | 223M | 1M | -56M | -220M | 65M | 421M | 23M | 5M | 189M | -80M | 32M |
| Working Capital Changes | 25M | -16M | 38M | -72M | -105M | -153M | 92M | -17M | -51M | -104M | -110M | 86M | -133M | -250M | -121M | -290M | -63M | -104M | -92M | 192M | 149M | 312M | -76M | 544M | 713M | 26M | -1.57B | 1.15B | 27M |
| Change in Receivables | -41M | 6M | 61M | 13M | -156M | -78M | 51M | -33M | 44M | 10M | -19M | 1M | -121M | -21M | -38M | -106M | -132M | -127M | 509M | 216M | 84M | 684M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1M | 30M | 1M | 52M | -105M | -92M | -2M | 13M | 1M | -3M | 30M | -20M | -27M | -49M | -26M | -33M | -70M | 33M | 44M | 6M | 55M | 34M | 3M | 143M | 85M | 86M | -205M | -62M | 0 |
| Change in Payables | 45M | -4M | -32M | -130M | 146M | 28M | -13M | 73M | -19M | -54M | -10M | 33M | 22M | 97M | -26M | -29M | 229M | 79M | -504M | -123M | -104M | -593M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -196M | -181M | -189M | -123M | -68M | -63M | -98M | -128M | -98M | -175M | 302M | 2.36B | -740M | 698M | -40M | -331M | -151M | -123M | -208M | -177M | -337M | -231M | -782M | -788M | -607M | -743M | -842M | -1.45B | -940M |
| Capital Expenditures | -76M | 0 | 0 | -125M | -81M | -70M | -104M | -142M | -127M | -99M | -75M | -187M | -340M | -269M | -229M | -258M | -209M | -151M | -294M | -376M | -373M | -585M | -827M | -879M | -723M | -752M | -793M | -876M | -861M |
| CapEx % of Revenue | 2.01% | 3.53% | 3.54% | 3.16% | 2.16% | 2.52% | 4.08% | 4.82% | 4.26% | 3.15% | 2.37% | 5.76% | 4.53% | 3.62% | 3.34% | 3.21% | 2.8% | 2.26% | 3.08% | 3.34% | 3.27% | 3.45% | 4.43% | 4.98% | 3.93% | 4.21% | 4.07% | 4.52% | 4.85% |
| Acquisitions | -50M | -50M | -55M | 0 | -3M | -5M | -2M | 0 | 16M | -97M | -25M | 2.5B | -458M | 967M | 0 | -81M | -3M | 39M | 83M | -8M | -6M | -21M | 48M | -4M | 0 | -7M | -28M | -579M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -70M | -131M | -134M | 2M | 3M | 8M | -2M | 3M | 13M | -83M | 355M | 88M | 58M | 977M | 189M | 8M | 61M | -11M | 86M | 207M | 42M | 375M | 34M | 25M | 36M | 102M | 44M | 2M | -79M |
| Cash from Financing | -145M | -116M | -100M | -156M | -9M | -29M | -58M | -49M | -335M | -233M | -2.26B | -774M | -359M | -141M | -115M | -3M | -82M | -259M | -193M | 547M | 214M | -51M | 135M | 128M | -383M | -75M | 924M | 290M | -234M |
| Debt Issued (Net) | -14M | -18M | -18M | -13M | -4M | 4M | -37M | -19M | 12M | 8M | -2M | -250M | 221M | 126M | -40M | -496M | -1.72B | -135M | -137M | 582M | 213M | -30M | 174M | 164M | -279M | -22M | 940M | 948M | 0 |
| Equity Issued (Net) | -51M | -54M | -63M | -106M | 0 | 0 | -16M | -20M | -300M | -200M | -500M | -500M | -500M | -250M | -50M | -33M | 0 | 0 | 0 | 0 | 0 | -2M | -11M | -5M | -24M | -25M | 0 | 0 | 0 |
| Dividends Paid | -25M | -15M | 0 | 0 | 0 | 0 | 0 | 0 | -14M | -1M | -1.74B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -31M | -32M | -31M | -31M | -16M | 0 | 0 |
| Share Repurchases | -81M | -57M | -63M | -106M | 0 | 0 | -16M | -20M | -300M | -200M | -500M | -500M | -500M | -250M | -50M | -33M | 0 | 0 | 0 | 0 | 0 | -2M | -11M | -5M | -24M | -25M | 0 | 0 | 0 |
| Other Financing | -55M | -29M | -19M | -37M | -5M | -33M | -5M | -10M | -33M | -41M | -24M | -24M | -80M | -17M | -25M | 526M | 1.63B | -124M | -56M | -35M | 1M | -19M | 3M | 1M | -49M | 3M | 0 | -658M | -234M |
| Net Change in Cash | 24M | 147M | 108M | -5M | 68M | -45M | 31M | 2M | -242M | -172M | -1.85B | 1.9B | -850M | 852M | 102M | -182M | -57M | -218M | -578M | 701M | 192M | 113M | -201M | -251M | 180M | -388M | -437M | 1.31B | 198M |
| Free Cash Flow | 305M | 277M | 290M | 142M | 86M | -12M | 64M | 41M | 77M | 118M | 45M | 151M | -56M | 43M | 10M | -83M | -35M | -10M | -410M | -83M | -92M | -168M | -409M | -509M | 423M | -316M | -1.32B | 1.61B | 515M |
| FCF Margin % | 8.05% | 7.35% | 7.5% | 3.59% | 2.29% | -0.43% | 2.51% | 1.39% | 2.58% | 3.75% | 1.42% | 4.65% | -0.75% | 0.58% | 0.15% | -1.03% | -0.47% | -0.15% | -4.3% | -0.74% | -0.81% | -0.99% | -2.19% | -2.88% | 2.3% | -1.77% | -6.78% | 8.29% | 2.9% |
| FCF Growth % | 4.1% | -4.48% | 104.23% | 65.12% | 816.67% | -118.75% | 56.1% | -46.75% | -34.75% | 162.22% | -70.2% | 369.64% | -230.23% | 330% | 112.05% | -137.14% | -250% | 97.56% | -393.98% | 9.78% | 45.24% | 58.92% | 19.65% | -220.33% | 233.86% | 76.04% | -182.13% | 211.84% | - |
| FCF per Share | 11.01 | 10.04 | 10.39 | 4.98 | 3.02 | -0.42 | 2.29 | 1.45 | 2.59 | 3.66 | 1.27 | 3.48 | -1.19 | 0.84 | 0.19 | -1.60 | -0.32 | -0.08 | -3.17 | -0.64 | -0.72 | -1.33 | -3.22 | -4.12 | 3.41 | -2.38 | -10.15 | 12.35 | 3.96 |
| FCF Conversion (FCF/Net Income) | 1.52x | 2.04x | 1.56x | 0.55x | 1.35x | 1.41x | -3.00x | 2.61x | 1.24x | 1.23x | 1.60x | 0.15x | -0.96x | 0.45x | 2.39x | 2.19x | 0.17x | 1.10x | 0.17x | -0.79x | -1.72x | -1.54x | -0.28x | -0.31x | -3.26x | -3.69x | -1.95x | 3.38x | 1.96x |
| Interest Paid | 0 | 0 | 14M | 5M | 12M | 15M | 18M | 14M | 15M | 16M | 14M | 24M | 39M | 43M | 48M | 51M | 184M | 126M | 226M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 73M | 68M | 29M | 15M | 19M | 40M | 47M | 49M | 92M | 67M | 130M | 291M | 133M | 127M | 103M | 77M | 86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
OEM Vertical Integration Risk
As reported in recent financial statements, Visteon's operating cash flow to net income ratio has exhibited extreme volatility, ranging from a low of 0.09 in 2026Q1 to a high of 8.43 in 2025Q4, suggesting that reported net income is a poor proxy for actual cash generation.
The significant disconnect between accounting profits and cash inflows indicates that non-cash charges and working capital swings frequently distort the company's earnings quality. Investors should monitor whether this divergence stems from aggressive revenue recognition on long-term contracts or the timing of milestone-based payments from automotive OEMs.
Based on the provided quarterly data, Visteon's free cash flow margins have fluctuated wildly between 0.6% and 17.7% over the last ten quarters, reflecting the inherent lumpiness of project-based automotive electronics contracts and the company's sensitivity to cyclical production volumes.
The erratic nature of FCF suggests that Visteon struggles to maintain a consistent cash conversion profile, likely due to the timing of large-scale program launches and associated capital expenditures. This inconsistency complicates the assessment of the company's ability to self-fund its R&D-heavy growth strategy without relying on its existing cash buffer.
According to recent SEC filings, Visteon's working capital changes have swung from a $85 million inflow in 2024Q4 to a $57 million outflow in 2024Q2, highlighting the significant impact of inventory and receivable management on the company's quarterly cash position.
These sharp swings in working capital suggest that Visteon is highly susceptible to the inventory management practices of its OEM customers and the supply chain constraints inherent in semiconductor procurement. Such volatility warrants further investigation into whether these fluctuations are temporary timing issues or indicative of structural inefficiencies in the company's supply chain.
As evidenced by the company's financial disclosures, Visteon has prioritized share repurchases and dividends despite inconsistent free cash flow, with buybacks totaling $50 million in 2025Q4 alone, suggesting a management preference for returning capital over aggressive reinvestment or debt reduction.
While the company maintains a fortress balance sheet, the decision to return capital during periods of volatile cash generation may limit the resources available for strategic M&A in the software space. Investors should monitor whether this capital allocation strategy reflects a lack of high-return internal investment opportunities or a defensive posture against industry cyclicality.
Quick answers to the most common questions about buying VC stock.
Visteon Corporation (VC) generated $410.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Visteon Corporation (VC) generated $277.0M 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.
Visteon Corporation (VC) spent $0.0M 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, Visteon Corporation (VC) returned $15.0M to shareholders via cash dividends and spent $57.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.