Free cash flow remains deeply negative at -$18.9M for 2026Q1, reflecting the ongoing burden of heavy capital intensity as the firm builds out its manufacturing footprint.
| Cash from Operations | -8.66M | -19.01M | -13.24M | -64.06M | -56.63M | 2.88M | -13.45M |
| Operating CF Margin % | - | -1.6% | -1.56% | -7.41% | -6.52% | 0.41% | -2.44% |
| Operating CF Growth % | -6583.88% | -43.58% | 79.33% | -13.13% | -2068.3% | 121.39% | - |
| Net Income | -71.76M | -90.44M | -80.3M | -34.57M | -55.46M | -21.31M | -128.87M |
| Depreciation & Amortization | 47.74M | 55.84M | 34.74M | 26.58M | 24.21M | 25.5M | 23.84M |
| Stock-Based Compensation | 9.32M | 14.55M | 11.61M | 8.71M | 2.63M | 1.22M | 1.55M |
| Deferred Taxes | -3.88M | -3.09M | 3.29M | -6.51M | -2.04M | -3.43M | -18.26M |
| Other Non-Cash Items | -4.16M | 2.79M | -278K | -312K | 45.67M | 1.21M | 102.05M |
| Working Capital Changes | -5.02M | 1.34M | 17.69M | -57.97M | -71.64M | -312K | 6.23M |
| Change in Receivables | -15.37M | -6.96M | -2.77M | 1.69M | -16.79M | -20.1M | 965K |
| Change in Inventory | -1.27M | -46.9M | -6.56M | 915K | -45.08M | -16.54M | 16.87M |
| Change in Payables | 25.51M | 34.45M | 5.69M | -59.29M | 27.65M | 18.72M | -32.15M |
| Cash from Investing | -44.01M | -82.18M | -145.92M | -168.35M | -74.17M | -22.65M | -411.82M |
| Capital Expenditures | -36.55M | -88.8M | -159.63M | -164.61M | -63.43M | -25.44M | -19.47M |
| CapEx % of Revenue | 2.85% | 7.47% | 18.76% | 19.04% | 7.31% | 3.64% | 3.53% |
| Acquisitions | -2.95M | 0 | 0 | -3.78M | -14.88M | 2.79M | -393.34M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -4.51M | 9.08M | 13.7M | 33K | 4.14M | 0 | 987K |
| Cash from Financing | 49.82M | 136.71M | 156.63M | 244.21M | 134.68M | 23.84M | 442.58M |
| Debt Issued (Net) | 35.9M | 84.17M | 168.9M | 59.29M | -104.34M | 8.43M | 228.66M |
| Equity Issued (Net) | 11.92M | 11.92M | 635K | 118.77M | 230.86M | -162K | 444.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | -4.38M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -162K | 0 |
| Other Financing | 2M | 40.62M | -12.9M | 66.15M | 12.53M | 15.57M | -230.38M |
| Net Change in Cash | -2.85M | 35.48M | -2.28M | 11.44M | 3.54M | 4.22M | 17.27M |
| Free Cash Flow | -63.37M | -107.81M | -172.87M | -228.85M | -120.06M | -22.56M | -32.92M |
| FCF Margin % | -4.94% | -9.07% | -20.32% | -26.47% | -13.83% | -3.23% | -5.98% |
| FCF Growth % | 63.89% | 37.63% | 24.46% | -90.62% | -432.19% | 31.48% | - |
| FCF per Share | -0.65 | -1.13 | -1.93 | -2.84 | -2.48 | -0.65 | -0.96 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.21x | 0.16x | 1.85x | 1.03x | -0.13x | 0.10x |
| Interest Paid | 0 | 0 | 37.55M | 29.45M | 30.45M | 28.5M | 20.79M |
| Taxes Paid | 0 | 0 | 411K | 1.43M | 814K | 1.41M | 98K |
High Capital Intensity Risk
According to the provided cash flow data, the persistent disconnect between net losses and operating cash flow, highlighted by the 1.38 OCF/NI ratio in 2026Q1, suggests that reported earnings are not yet reflective of the underlying cash-generating capacity of the firm's core beverage operations.
The frequent divergence between net income and operating cash flow indicates that non-cash items and working capital volatility are masking the true operational burn rate. Investors should monitor whether this ratio stabilizes as the company moves past its heavy investment phase, as current figures suggest a reliance on external financing to bridge the gap.
As reported in financial statements, WEST continues to experience significant free cash flow deficits, with a negative $18.9M FCF in 2026Q1, underscoring the ongoing challenge of funding large-scale manufacturing expansion while the business model remains in a pre-profitability state.
The consistent negative FCF trajectory reflects the heavy capital requirements of the Conway facility, which continues to outpace the cash generated from operations. This trend suggests that the company remains in a high-risk growth phase where liquidity is prioritized over immediate self-sustainability.
Based on historical quarterly filings, the company's capital intensity has been substantial, with CapEx/Revenue ratios peaking at 35.8% in 2024Q1, indicating that the firm is aggressively deploying capital to build out its liquid extract and RTD production capabilities.
While the recent moderation in CapEx/Revenue to 2.3% in 2026Q1 may suggest a transition toward operational maturity, the cumulative investment remains significant. Analysts should investigate whether this reduction in capital spending is a sign of completed infrastructure or a forced constraint due to tightening liquidity.
Data from recent quarters reveals erratic working capital swings, including a $37.7M inflow in 2025Q4 followed by a $17.3M outflow in 2026Q1, which complicates the assessment of the company's underlying efficiency in managing inventory and trade receivables.
These sharp fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of green coffee procurement and customer payment cycles. Such volatility warrants further investigation into whether these shifts are seasonal or indicative of structural challenges in managing the supply chain.
Analysis of the cash flow statement indicates that non-cash adjustments, particularly the $16.6M in depreciation and amortization recorded in 2026Q1, are significant components of the cash flow bridge, potentially obscuring the true economic cost of the company's asset-heavy manufacturing strategy.
The inclusion of stock-based compensation and high depreciation charges suggests that the reported operating cash flow may be overstated relative to the actual cash required to maintain the business. Investors should be wary of these adjustments, as they do not represent a reduction in the firm's long-term capital obligations.
Quick answers to the most common questions about buying WEST stock.
Westrock Coffee Company, LLC (WEST) generated $-19.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Westrock Coffee Company, LLC (WEST) reported negative free cash flow of $107.8M in 2025, indicating capital requirements exceeded cash from operations.
Westrock Coffee Company, LLC (WEST) spent $88.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.