Cash flow generation remains volatile, highlighted by a negative $43.8 million free cash flow in 2026Q1 and inconsistent OCF/NI conversion ratios.
| Cash from Operations | 302.38M | 254.74M | 261.39M | 285.94M | 100.89M | 146.52M | 366.43M | 86.89M | 176.07M | 147.75M | 28.91M | 8.63M | 5.89M |
| Operating CF Margin % | - | 13.63% | 14.28% | 17.24% | 6.32% | 10.38% | 33.56% | 9.51% | 22.61% | 23.11% | 3.53% | 1.84% | 3.99% |
| Operating CF Growth % | 66.2% | -2.54% | -8.59% | 183.41% | -31.14% | -60.01% | 321.7% | -50.65% | 19.17% | 411.05% | 235.2% | 46.36% | - |
| Net Income | 158.63M | 165.39M | 175.69M | 169.88M | 89.69M | 212.6M | 155.8M | 50.43M | 57.76M | 15.4M | 48.79M | 74.22M | 14.21M |
| Depreciation & Amortization | 40.91M | 54.23M | 48.13M | 46.43M | 39.85M | 32.07M | 30.54M | 28.96M | 24.78M | 20.77M | 11.67M | 7.53M | 6.8M |
| Stock-Based Compensation | 31.67M | 47.69M | 40.72M | 29.8M | 17.8M | 15.47M | 9.01M | 52.33M | 13.25M | 13.39M | 118.42M | 624K | 233K |
| Deferred Taxes | 27.17M | 28.08M | -11.17M | 25.56M | -403K | 5.15M | -3.83M | 15.62M | 2.23M | 8.5M | -15.8M | -1.66M | 2.13M |
| Other Non-Cash Items | 38.85M | 3.47M | 25.95M | -407K | 101.05M | 4.17M | 2.98M | 3.45M | 6.33M | 2.95M | 1.28M | 722K | 298K |
| Working Capital Changes | 5.15M | -44.12M | -17.94M | 14.67M | -147.09M | -122.95M | 171.93M | -63.9M | 71.73M | 86.74M | -135.44M | -72.81M | -17.78M |
| Change in Receivables | -12.11M | -18.16M | -23.66M | -15.68M | 30.45M | -44.68M | 16.35M | -19.94M | 7.67M | -29.91M | 8.83M | -47.12M | -7.47M |
| Change in Inventory | 17.18M | 23.86M | 39.75M | 33.67M | -91.62M | -179.8M | 46.05M | -40.54M | 29.58M | 71.04M | -150.65M | -70.61M | -9.48M |
| Change in Payables | 6.96M | -27.69M | -47.02M | -15.14M | -86.24M | 112.77M | 89.13M | 6.61M | 43.74M | 27.99M | 7.89M | 36M | 9.28M |
| Cash from Investing | -100.86M | -101.84M | -131.45M | -72.82M | -56.91M | -65.76M | -22.94M | -48.69M | -31.72M | -38.72M | -55.88M | -10.9M | -4.09M |
| Capital Expenditures | -92.91M | -42.67M | -41.83M | -50.67M | -45.93M | -56.12M | -15.57M | -48.69M | -31.89M | -42.2M | -60.3M | -10.9M | -4.09M |
| CapEx % of Revenue | 4.9% | 2.28% | 2.29% | 3.05% | 2.88% | 3.98% | 1.43% | 5.33% | 4.09% | 6.6% | 7.36% | 2.32% | 2.77% |
| Acquisitions | 0 | 0 | -36.16M | 0 | 0 | 0 | 0 | 0 | 165K | -2.87M | 4.95M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.94M | -59.17M | -53.45M | -22.15M | -10.98M | -9.63M | -7.38M | -16.61M | 2.17M | 6.34M | -538K | -2.05M | -271K |
| Cash from Financing | -326.51M | -321.39M | -209.22M | -13.6M | -122.63M | -23.02M | -163.19M | -45.69M | -117.99M | -72.24M | 8.01M | 33.64M | -1.14M |
| Debt Issued (Net) | -16.87M | -20.22M | -8.05M | -9.86M | -24.56M | -23.61M | -165.19M | -32.96M | -151.79M | -65.55M | 485.55M | 33.04M | -1.47M |
| Equity Issued (Net) | -307.79M | -297.78M | -200M | 0 | -100.03M | 0 | 0 | -13.52M | 36.12M | 0 | 708K | 254K | 621K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -636K | -2.52M | -2.81M | -453.91M | 0 | 0 |
| Share Repurchases | -307.79M | -297.78M | -200M | 0 | -100.03M | 0 | 0 | -13.52M | -1.97M | -2.02M | 0 | 0 | 0 |
| Other Financing | -1.85M | -3.39M | -1.17M | -3.73M | 1.96M | 589K | 1.99M | 1.43M | 205K | -3.88M | -24.34M | 346K | -294K |
| Net Change in Cash | -131.25M | -170.45M | -80.17M | 204.22M | -77.45M | 58.91M | 180.77M | -7.54M | 26.4M | 32.36M | -18.96M | 31.37M | 657K |
| Free Cash Flow | 264.11M | 212.07M | 219.55M | 213.12M | 43.98M | 80.76M | 343.48M | 38.2M | 144.18M | 105.55M | -31.39M | -2.28M | 1.8M |
| FCF Margin % | 13.92% | 11.35% | 12% | 12.85% | 2.76% | 5.72% | 31.46% | 4.18% | 18.51% | 16.51% | -3.83% | -0.49% | 1.22% |
| FCF Growth % | 31.58% | -3.41% | 3.02% | 384.54% | -45.54% | -76.49% | 799.12% | -73.5% | 36.59% | 436.32% | -1278.35% | -226.64% | - |
| FCF per Share | 3.44 | 2.60 | 2.56 | 2.44 | 0.50 | 0.91 | 3.91 | 0.44 | 1.73 | 1.26 | -0.38 | -0.03 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.66x | 1.54x | 1.49x | 1.68x | 1.12x | 0.69x | 2.35x | 1.72x | 3.05x | 9.59x | 0.60x | 0.12x | 0.41x |
| Interest Paid | 0 | 0 | 5.81M | 6.69M | 2.96M | 2.37M | 8.36M | 19.4M | 28.5M | 29.88M | 0 | 5.28M | 3.15M |
| Taxes Paid | 0 | 0 | 65.2M | 14.13M | 58.82M | 58.82M | 36.31M | 3.52M | 16.35M | 20.64M | 0 | 28.19M | 7.17M |
Inventory and recall volatility
As reported in recent financial statements, YETI exhibits significant volatility in cash conversion, with the OCF/NI ratio swinging from a high of 4.24 in 2024Q4 to a negative 3.31 in 2026Q1, highlighting a disconnect between accounting profits and actual cash generation capabilities.
The wide variance between net income and operating cash flow suggests that accrual-based accounting may be masking underlying operational cash flow instability. Investors should monitor whether this divergence is a temporary byproduct of seasonal inventory management or a more permanent structural issue regarding the company's ability to convert sales into cash.
Based on the provided cash flow data, working capital changes have become a primary driver of cash flow volatility, with a massive $144.8 million outflow in 2024Q1 followed by a $128.6 million inflow in 2024Q4, indicating aggressive inventory management cycles that directly impact liquidity.
These sharp fluctuations in working capital suggest that YETI's cash position is highly sensitive to the timing of inventory builds and wholesale channel sell-in. The reliance on large swings in working capital to manage cash flow may indicate that the company is struggling to align its production schedules with actual consumer demand.
According to historical quarterly filings, YETI's free cash flow trajectory has been inconsistent, oscillating between a peak margin of 33.2% in 2024Q4 and a negative 36.8% in 2024Q1, which complicates the assessment of the company's long-term ability to self-fund its operations.
The inability to maintain a consistent positive free cash flow margin suggests that the business model remains vulnerable to cyclical demand shifts and operational disruptions. This inconsistency warrants further investigation into whether the company's capital expenditure requirements are becoming increasingly difficult to manage alongside its variable operating cash flow.
As noted in recent financial disclosures, YETI has prioritized share repurchases, including $149.9 million in 2025Q3, even during periods of significant cash flow volatility, which may indicate a management preference for returning capital over maintaining a larger cash buffer for potential operational contingencies.
The decision to aggressively buy back shares while operating cash flow remains erratic suggests a high degree of confidence from management, though it may also limit the company's flexibility if market conditions deteriorate. Investors should monitor whether this capital allocation strategy remains sustainable if the current deceleration in revenue growth persists.
Quick answers to the most common questions about buying YETI stock.
YETI Holdings, Inc. (YETI) generated $254.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
YETI Holdings, Inc. (YETI) generated $212.1M 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.
YETI Holdings, Inc. (YETI) spent $42.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, YETI Holdings, Inc. (YETI) spent $297.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.