Free cash flow remains highly unstable, swinging to a negative 165.0% margin in 2026Q1, which suggests that the firm's current cash position of $24.6M may be insufficient to support ongoing R&D requirements.
Westport Fuel Systems Inc. (WPRT) cash flow statement — 28-year operating, investing & financing cash flows
| 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 | Mar'11 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | -11.93M | -15.11M | 7.18M | -13.19M | -34.62M | -43.79M | -35.15M | -15.83M | -27.44M | -47.46M | -79.63M | -69.07M | -106.76M | -116.79M | -85.73M | -21.63M | -7.35M | -15.35M | -12.49M | -10.01M | -11.7M | -20.67M | -26.81M | -21.59M | -12.5M | -6.88M | -3.45M | -2.11M | -652.22K |
| Operating CF Margin % | - | -64.78% | 2.38% | -3.98% | -11.32% | -14.02% | -13.92% | -5.19% | -10.15% | -19.21% | -35.41% | -66.86% | -81.76% | -71.2% | -55.09% | -16.87% | -7.61% | -22.09% | -23.83% | -26.79% | -41.11% | -83.56% | -159.74% | -104.06% | -24600.73% | -3333.35% | -1733.34% | -3000.01% | -900% |
| Operating CF Growth % | 36.48% | -310.27% | 154.45% | 61.89% | 20.96% | -24.59% | -122.01% | 42.3% | 42.19% | 40.4% | -15.29% | 35.3% | 8.59% | -36.23% | -296.3% | -194.48% | 52.14% | -22.87% | -24.82% | 14.48% | 43.37% | 22.91% | -24.16% | -72.69% | -81.63% | -99.78% | -63.06% | -224.03% | - |
| Net Income | -41.83M | -61.63M | -21.84M | -49.72M | -32.7M | 13.66M | -7.36M | 41K | -40.77M | -61.11M | -97.57M | -98.39M | -149.62M | -185.41M | -98.77M | -36.92M | -19.34M | -10.02M | -9.8M | -14.46M | -21.67M | -28.77M | -33.05M | -29.28M | -18.06M | -7.44M | -4.37M | -2.32M | -579.75K |
| Depreciation & Amortization | 804.61K | 735K | 8.66M | 12.49M | 11.8M | 14.04M | 14.03M | 19.85M | 16.51M | 14.98M | 16.02M | 13.65M | 18.67M | 16.29M | 11.39M | 2.09M | 1.57M | 1.51M | 1.22M | 2.36M | 5.23M | 5.23M | 4.55M | 3.58M | 2.37M | 757.29K | 265.08K | 70.45K | 0 |
| Stock-Based Compensation | 0 | 808K | 1.07M | 1.73M | 2.07M | 1.91M | 2.37M | 1.47M | 3.04M | 6.96M | 10.45M | 14.87M | 9.68M | 14.28M | 12.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 1.8M | -784K | -440K | -10.3M | -1.01M | 0 | -1.84M | -1.64M | 3.01M | -514K | -1.19M | -541K | -409K | -1.32M | 2.57M | -4.56M | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 17.23M | 42.94M | 1.07M | 13.68M | -12.64M | -35.74M | -19.07M | -25.6M | -4.17M | -12.01M | -2.55M | 3.01M | 21.63M | 19.44M | -13.76M | 6.81M | -6.87M | 401.24K | 2.17M | 4.67M | 5.22M | 4.47M | 2.02M | 3.35M | -806 | 68.84K | -66.27K | 70.45K | 0 |
| Working Capital Changes | 9.71M | 2.04M | 16.43M | 9.41M | -2.7M | -27.35M | -24.11M | -11.6M | -206K | 5.36M | -8.98M | -1.7M | -5.94M | 19.15M | 3.34M | 2.97M | 12.95M | 1.74M | -2.68M | -2.58M | -484.27K | -1.61M | -328.91K | 760.54K | 3.19M | -275.38K | 728.97K | 70.45K | -72.47K |
| Change in Receivables | 11.7M | 2.27M | 25.57M | 5.34M | -1.53M | -11.12M | -22.72M | -11.14M | 3.51M | 2.6M | -4.67M | 975K | 11.63M | -12.29M | 6.73M | -5.93M | 795.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -423.23K | 3.37M | -6.84M | 9.48M | -3.5M | -31.74M | -3.23M | -2M | -78K | 4.57M | 26.15M | -6M | -1.37M | 5.18M | -7.92M | 5.7M | -3.93M | -6.03M | -1.7M | 539.17K | -1.22M | 0 | 0 | -484.18K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.83M | -3.82M | 0 | 0 | 0 | 0 | 0 | 0 | -2.79M | 332K | -25.24M | 4.83M | -11.1M | 21.05M | 1.42M | 2.04M | 6.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 14.32M | 12.59M | 4.47M | -15.41M | 17.65M | 2.29M | 13.84M | 16.18M | 19.89M | -8.74M | 76.58M | 16.41M | 21.27M | -22.76M | -49.29M | 7.38M | -12.96M | 16.78M | -10.2M | 11.05M | -863.39K | 2.86M | 29.47M | -26.14M | -21.45M | -19.83M | -5.1M | -422.68K | -217.41K |
| Capital Expenditures | -1.78M | -2.69M | -16.92M | -15.57M | -14.24M | -14.16M | -7.12M | -8.86M | -10.27M | -25.29M | -9.35M | -4.84M | -10.25M | -26.45M | -31.35M | -251.13K | -4.68M | -1.64M | -1.02M | -339.77K | -462.01K | -2.06M | -2.78M | -5.1M | -8.05M | -2.27M | -994.05K | -422.68K | -217.41K |
| CapEx % of Revenue | -3.23% | 11.55% | 5.6% | 4.69% | 4.66% | 4.53% | 2.82% | 2.9% | 3.8% | 10.24% | 4.16% | 4.69% | 7.85% | 16.12% | 20.15% | 0.2% | 4.85% | 2.36% | 1.94% | 0.91% | 1.62% | 8.34% | 16.54% | 24.57% | 15828.6% | 1100% | 500% | 600% | 300% |
| Acquisitions | -18.71K | 0 | -9.9M | 0 | 0 | -5.95M | 0 | 0 | 0 | -88.06K | 45.34M | 787K | -3.05M | 1.18M | -1.13M | 0 | 0 | 0 | 10.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 20.74M | -3.17M | 1.29M | 161K | 444K | 22.4M | 20.96M | 25.04M | 30.16M | 16.63M | 13.22M | 20.46M | 3.2M | 8.29M | 760K | -4.7M | -1.04M | -5.58M | 2.98M | 79.65K | 114.38K | 0 | 0 | 111.99K | -8.36M | 0 | -265.08K | 0 | 0 |
| Cash from Financing | 5.23M | -10.16M | -25.21M | -2.22M | -19.42M | 104.73M | 39.69M | -14.76M | -8.14M | -14.26M | 31.39M | -2.88M | 6.47M | 134.34M | 260.8M | 52.17M | 40.58M | 4.26M | 23.26M | -418.41K | 11.64M | 17.13M | -1.21M | 46.73M | 35.13M | 26.78M | 7.55M | 3.52M | 1.09M |
| Debt Issued (Net) | -4M | -4M | -25.21M | 6.46M | -14.22M | -8.55M | 31.73M | -8.73M | -7.73M | -41.66M | 31.39M | -2.88M | 8.26M | -9.65M | -5.6M | -3.32M | -2.56M | 5.94M | 3.26M | 24.06M | -418.13K | -1.01M | 280.05K | -1.58M | 2.37M | -225.94K | -275.38K | -66.27K | 1.62M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 120.73M | 13.9M | 0 | 0 | 25.95M | 0 | 0 | 0 | 152.34M | 273.56M | 134.56M | 59.63M | 42.14M | 1.17M | -4.2K | 1.06M | 12.58M | 16.85M | 369.47K | 44.37M | 35.26M | 26.99M | 7.62M | 1.9M |
| 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 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 9.23M | -6.17M | 0 | -8.69M | -5.2M | -7.45M | -5.95M | -6.03M | -415.22K | 1.45M | 0 | 0 | -1.79M | -8.36M | -7.16M | -6.07M | -3.04M | 11.2M | -156.13K | -792K | -1.06M | 74.27K | 0 | 0 | 0 | 93.96K | 68.84K | -198.81K | 0 |
| Net Change in Cash | 2.68M | -10.49M | -17.21M | -31.33M | -38.71M | 60.63M | 18.25M | -15.11M | -10.72M | 10.94M | 32.91M | -66.14M | -85.23M | -10.45M | 125.67M | 31.93M | 24.93M | 5.69M | 568.65K | 622.7K | -923.23K | -668.72K | 1.45M | -994.4K | 1.17M | 68.84K | -927.78K | 915.82K | 289.88K |
| Free Cash Flow | -13.72M | -17.8M | -9.74M | -28.77M | -49.14M | -57.95M | -42.27M | -24.69M | -37.71M | -72.75M | -88.98M | -73.91M | -117.01M | -143.24M | -117.08M | -21.88M | -12.02M | -16.99M | -13.51M | -10.35M | -12.17M | -22.73M | -29.59M | -26.69M | -20.55M | -9.16M | -4.44M | -2.54M | -869.63K |
| FCF Margin % | 24.86% | -76.33% | -3.22% | -8.67% | -16.08% | -18.55% | -16.74% | -8.09% | -13.95% | -29.44% | -39.56% | -71.55% | -89.61% | -87.32% | -75.23% | -17.07% | -12.46% | -24.45% | -25.77% | -27.7% | -42.73% | -91.9% | -176.28% | -128.63% | -40429.33% | -4433.35% | -2233.34% | -3600.02% | -1200% |
| FCF Growth % | -1.21% | -82.76% | 66.15% | 41.46% | 15.2% | -37.09% | -71.2% | 34.52% | 48.16% | 18.24% | -20.38% | 36.83% | 18.31% | -22.34% | -435.01% | -82.04% | 29.25% | -25.76% | -30.56% | 14.94% | 46.48% | 23.18% | -10.84% | -29.89% | -124.43% | -106.22% | -75.08% | -191.63% | - |
| FCF per Share | -0.77 | -1.03 | -0.56 | -1.68 | -2.87 | -3.58 | -3.08 | -1.84 | -2.85 | -6.08 | -9.77 | -11.53 | -18.53 | -24.85 | -21.65 | -6.41 | -3.97 | -6.75 | -6.29 | -4.88 | -6.14 | -13.47 | -20.36 | -21.31 | -18.96 | -10.37 | -6.06 | -4.30 | -2.28 |
| FCF Conversion (FCF/Net Income) | 0.33x | 0.25x | -0.33x | 0.27x | 1.06x | -3.21x | 4.78x | -386.15x | 0.87x | 4.76x | 0.82x | 0.70x | 0.71x | 0.63x | 0.87x | 0.59x | 0.38x | 1.53x | 1.27x | 0.69x | 0.54x | 0.72x | 0.81x | 0.74x | 0.69x | 0.93x | 0.79x | 0.91x | 1.13x |
| Interest Paid | 0 | 1.48M | 2.72M | 2.97M | 3.04M | 3.92M | 4.7M | 3.95M | 4.04M | 4.42M | 4.34M | 4.55M | 4.7M | 3.91M | 3.53M | 1.73M | 0 | 757.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.57M | 1.93M | 2.11M | 2.3M | 1.79M | 3.11M | 1.37M | 0 | 540K | 722K | 2.48M | 1.24M | 871K | 1.32M | 1.98M | 11.39M | 0 | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying WPRT stock.
Westport Fuel Systems Inc. (WPRT) generated $-15.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Westport Fuel Systems Inc. (WPRT) reported negative free cash flow of $17.8M in 2025, indicating capital requirements exceeded cash from operations.
Westport Fuel Systems Inc. (WPRT) spent $2.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and structural insolvency
Persistent Disconnect Between Earnings Reality
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating wildly between 0.18 and 2.00, suggesting that accruals and non-cash adjustments are masking the underlying volatility of the company's core cash-generating capabilities.
The frequent divergence between net losses and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items or timing differences in working capital. Investors should monitor this instability, as it implies that the firm lacks a predictable mechanism for converting its operational activities into actual liquidity.
Free Cash Flow Margin Instability
Based on the provided quarterly data, FCF margins have swung from a positive 30.6% in 2024Q2 to a negative 165.0% in 2026Q1, indicating that the company's ability to self-fund its operations is currently non-existent and highly sensitive to episodic revenue recognition events.
The extreme volatility in free cash flow suggests that the business model is not yet optimized for consistent cash generation. This trajectory warrants further investigation, as the inability to maintain positive FCF suggests that the company remains reliant on external financing to bridge its operational gaps.
Working Capital Volatility Impairs Liquidity
According to recent SEC filings, working capital changes have been a primary driver of cash flow variance, with swings as large as $14.9M in 2024Q4, highlighting the company's struggle to manage its cash conversion cycle effectively amidst a shifting revenue base.
The erratic nature of working capital changes suggests that the company may be facing challenges in managing its inventory or collecting receivables in a timely manner. This inconsistency appears to exacerbate the firm's liquidity constraints, making it difficult to forecast cash availability for upcoming operational requirements.
Capital Intensity Amidst Revenue Decline
As reported in financial statements, the company's CapEx/Rev ratio has reached as high as 31.8% in 2025Q3, which appears disproportionately high given the significant contraction in top-line revenue and the ongoing need to preserve cash for core operational survival.
The high capital intensity relative to revenue suggests that the company is still heavily investing in its technology infrastructure despite its precarious financial position. This strategy may indicate a commitment to long-term R&D, but it also places significant pressure on the company's limited cash reserves.