Cash flow generation remains inconsistent, evidenced by a $70.7M working capital outflow in 2024Q2 and a high CapEx/Revenue ratio that reached 10.2% in 2024Q4.
| 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 | 168.66M | 210.17M | 169.48M | 138.31M | 80.17M | 16.14M | 70.39M | 26.86M | -34.38M | 24.77M | -10.83M | 427.76M | 368.86M | 277.43M | 344.78M | 180.71M |
| Operating CF Margin % | - | 13.08% | 9.89% | 9.14% | 6.27% | 1.96% | 10.43% | 4.63% | -6.58% | 5.45% | -2.22% | 43.89% | 28.34% | 20.04% | 28.65% | 17.82% |
| Operating CF Growth % | 340.33% | 24.01% | 22.54% | 72.52% | 396.59% | -77.07% | 162.03% | 178.15% | -238.76% | 328.73% | -102.53% | 15.97% | 32.96% | -19.53% | 90.79% | - |
| Net Income | 45.91M | 51.69M | 51.92M | -23.36M | -20.14M | -131.89M | -307.05M | -235.33M | -90.73M | -159.46M | -135.34M | 79.11M | 159.04M | 212.83M | 350.93M | 170.79M |
| Depreciation & Amortization | 146.69M | 192.11M | 163.47M | 172.26M | 139.77M | 123.87M | 113.69M | 92.8M | 111.29M | 122.1M | 114.22M | 108.96M | 90.04M | 78.08M | 66.22M | 54.58M |
| Stock-Based Compensation | 0 | 29.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -6.4M | -19.34M | -5.76M | -10.48M | -1.33M | -737K | -20.6M | 727K | -14.63M | 62.42M | -27.54M | 4.87M | 28M | 3.62M | 1.45M | -412K |
| Other Non-Cash Items | 23.73M | -21.63M | 9.72M | 17.11M | 10.07M | 42.65M | 267.97M | 161.53M | 9.45M | -40.97M | 36.92M | 50.04M | 117.64M | 122.3M | -8.8M | 3.86M |
| Working Capital Changes | -33.09M | -21.83M | -49.86M | -17.23M | -48.2M | -17.75M | 16.37M | 7.13M | -49.75M | 40.68M | 907K | 184.77M | -25.85M | -139.4M | -65.02M | -48.1M |
| Change in Receivables | 3.81M | 41.64M | -17.3M | -34.9M | -97.76M | -20.26M | 38.49M | 22.15M | -63.65M | 21.27M | 70.39M | 140.66M | -43.35M | -82.03M | -76.73M | -72.27M |
| Change in Inventory | -3.83M | -8.86M | 4.93M | 10.57M | -26.04M | 906K | 2.78M | -10.69M | -2.92M | 12.1M | 27.38M | 41.5M | -30.28M | -81.98M | -15.35M | -4.61M |
| Change in Payables | -26.71M | -65.08M | -11.08M | 34.6M | 35.49M | 5.37M | -25.16M | -3.94M | 15.31M | 7.34M | -3.48M | -3.04M | 4.99M | 3.35M | -533K | 5.27M |
| Cash from Investing | -74.28M | -107.39M | -165.14M | -148.23M | -71.21M | 112.05M | -96.77M | -10.05M | 10.4M | -77.71M | -178.91M | -174.69M | -173.64M | -137.5M | -182.53M | -126.66M |
| Capital Expenditures | -79.28M | -112.39M | -143.58M | -122.11M | -81.9M | -81.51M | -112.39M | -36.94M | -56.47M | -21.91M | -42.13M | -99.72M | -172.95M | -184.5M | -180.19M | -117.88M |
| CapEx % of Revenue | 5.01% | 6.99% | 8.38% | 8.07% | 6.4% | 9.87% | 16.65% | 6.37% | 10.81% | 4.82% | 8.64% | 10.23% | 13.29% | 13.33% | 14.97% | 11.62% |
| Acquisitions | 5M | 0 | -29.07M | -26.69M | -688K | 3.82M | 15.61M | 791K | 7.09M | 14.03M | -146.58M | -74.1M | 848K | 50.96M | 5.26M | 391K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 5M | 7.5M | 0 | 0 | 189.74M | 0 | -512K | 0 | -85K | -307K | 0 | 0 | -2.14M | -4.85M | -4.64M |
| Cash from Financing | -81.62M | -96.72M | 29.57M | -49.34M | -25.61M | -7.18M | -625K | -5.76M | -6.21M | -52.47M | -96.77M | -141.21M | -115.75M | 110.23M | -107.21M | -71.87M |
| Debt Issued (Net) | -45.36M | -43.75M | 72.92M | -15.1M | 0 | 0 | 0 | -5.63M | -5.89M | -680K | -6.84M | -614K | -72K | -472.9M | -36.19M | -34.63M |
| Equity Issued (Net) | -30.07M | -40.09M | -14.15M | -20.02M | -13M | 0 | 0 | -134K | -321K | -1.64M | -2.89M | -4.21M | -4.8M | -105.37M | 0 | 2.73M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50.15M | -79.01M | -92.85M | -69.31M | -11.51M | -87.02M | -39.97M |
| Share Repurchases | -30.07M | -40.09M | -14.15M | -20.02M | -13M | 0 | 0 | -1.89M | -1.64M | -2.9M | -3.86M | -4.5M | -4.8M | 0 | 0 | 0 |
| Other Financing | -6.19M | -12.88M | -29.19M | -14.22M | -12.62M | -7.18M | -625K | 0 | 0 | 0 | -8.03M | -43.54M | -41.56M | 700.01M | 16M | 0 |
| Net Change in Cash | -9.4M | 12.81M | 31.5M | -65.29M | -21.39M | 119.14M | -76.03M | 10.53M | -26.8M | -106.51M | -282.83M | 113M | 84.41M | 252M | 54.3M | 98.65M |
| Free Cash Flow | 89.39M | 97.78M | 25.9M | 16.2M | -1.74M | -65.37M | -42M | -10.08M | -90.85M | 2.87M | -52.96M | 328.04M | 195.91M | 92.93M | 164.59M | 62.83M |
| FCF Margin % | 5.64% | 6.08% | 1.51% | 1.07% | -0.14% | -7.92% | -6.22% | -1.74% | -17.39% | 0.63% | -10.86% | 33.66% | 15.05% | 6.71% | 13.68% | 6.19% |
| FCF Growth % | 154.66% | 277.5% | 59.9% | 1033.66% | 97.35% | -55.65% | -316.71% | 88.91% | -3266.54% | 105.42% | -116.14% | 67.44% | 110.82% | -43.54% | 161.97% | - |
| FCF per Share | 0.79 | 0.84 | 0.22 | 0.15 | -0.02 | -0.81 | -0.59 | -0.27 | -0.41 | 0.01 | -0.30 | 1.80 | 0.94 | 0.47 | 1.65 | 0.63 |
| FCF Conversion (FCF/Net Income) | 1.95x | 4.07x | 3.26x | -5.92x | -3.98x | -0.12x | -0.23x | -0.11x | 0.38x | -0.16x | 0.08x | 5.41x | -0.29x | -0.39x | -0.53x | -0.11x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 19.59M | 0 | 39.25M | 44.27M | 33.17M | 20.13M | 21.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Offshore project cycle volatility
As reported in financial statements, XPRO frequently exhibits a significant divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from -11.18 in 2024Q1 to 9.89 in 2025Q4, suggesting that reported earnings are often decoupled from actual cash generation capabilities.
The extreme volatility in the OCF/NI ratio indicates that accounting accruals and non-cash adjustments play an outsized role in the company's bottom line. Investors should monitor whether this disconnect stems from aggressive revenue recognition or the lumpy nature of mobilization fees, as it obscures the true underlying cash-generating power of the business.
Based on recent quarterly data, free cash flow has demonstrated extreme instability, swinging from a negative $49.5M in 2024Q2 to a peak of $53.0M in 2024Q4, which highlights the company's difficulty in maintaining consistent cash flow margins amidst a challenging offshore project environment.
The erratic FCF trajectory suggests that the company's cash flow is highly sensitive to the timing of project milestones and the associated working capital requirements. This lack of predictability makes it difficult to rely on FCF as a stable indicator of long-term value creation, particularly given the negative FCF margins observed in several recent periods.
According to historical filings, XPRO maintains a high capital intensity, with CapEx/Revenue ratios frequently exceeding 8% and reaching as high as 10.2% in 2024Q4, reflecting the ongoing necessity to reinvest in specialized subsea equipment to remain competitive in the deepwater services market.
The persistent level of capital expenditure suggests that the company must continuously refresh its fleet to maintain its technical moat in subsea well access. This high maintenance burden limits the company's ability to generate significant free cash flow, even during periods of relative operational stability.
As evidenced by the $70.7M working capital outflow in 2024Q2, XPRO's cash flow is frequently disrupted by significant swings in working capital, which often negate the benefits of positive net income and complicate the company's short-term liquidity management.
These large working capital fluctuations appear to be driven by the mobilization of equipment and personnel for large-scale offshore projects. The inability to smooth these cycles suggests that the company's cash position remains vulnerable to the timing of client payments and the operational demands of remote project sites.
Quick answers to the most common questions about buying XPRO stock.
Expro Group Holdings N.V. (XPRO) generated $210.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Expro Group Holdings N.V. (XPRO) generated $97.8M 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.
Expro Group Holdings N.V. (XPRO) spent $112.4M 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, Expro Group Holdings N.V. (XPRO) spent $40.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.