Free cash flow remains highly unstable, evidenced by a massive $1.1B outflow in 2024Q3 followed by a $1.4B inflow in 2026Q1, highlighting unpredictable liquidity management.
| Cash from Operations | 614.79M | -291.09M | -19.64M | -1.96B | -972.2M | 765.44M | -427.09M | -4.09B | -795.9M |
| Operating CF Margin % | 5.8% | -3.66% | -0.47% | -51.27% | -48.87% | 60.21% | -7.43% | -54.52% | -7.36% |
| Operating CF Growth % | 311.2% | -1382.49% | 99% | -101.85% | -227.01% | 279.22% | 89.57% | -414.4% | - |
| Net Income | -233.64M | 10.65M | -4.24M | -241.38M | -465.56M | -1.13B | -659.03M | -2.07B | -3.7B |
| Depreciation & Amortization | 432.99M | 308.9M | 2.39M | 190.15M | 308.15M | 749.48M | 622.65M | 616.85M | 378M |
| Stock-Based Compensation | 0 | 125M | 0 | 152.05M | 209.56M | 77.1M | 100K | 263.4M | 720.7M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 341.52M | -164.48M | -2.01M | -30.79M | -127.93M | -214.13M | 268.72M | 51.5M | 861M |
| Working Capital Changes | 73.92M | -571.16M | -15.77M | -2.03B | -896.42M | 1.28B | -659.53M | -2.95B | 943.8M |
| Change in Receivables | 0 | -693.16M | -25.24M | -1.59B | -1.12B | 1.69B | 2.3B | -1.08B | -14.2M |
| Change in Inventory | 0 | 0 | 278 | 173K | 1.27M | 1.07M | 0 | 610K | 3M |
| Change in Payables | 0 | 0 | 9.47M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -468.95M | 49.03M | 64.46M | -145.95M | -86.54M | -230.37M | 125.17M | -641.3M | 1.2B |
| Capital Expenditures | 0 | -62.59M | -3.22M | -19.79M | -8.93M | -1.09M | -16.6M | -29.7M | -124M |
| CapEx % of Revenue | 5.8% | 0.79% | 0.08% | 0.52% | 0.45% | 0.09% | 0.29% | 0.4% | 1.15% |
| Acquisitions | 0 | -1.29B | 92.9M | 0 | 0 | -410.38M | -3.5M | -253.4M | -353.5M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -468.95M | -31.28M | 0 | -117.55M | -67.31M | -34.8M | -134.63M | -367.05M | 1.68B |
| Cash from Financing | -415.32M | -1.03B | -27.86M | 1.75B | 135.26M | 535.28M | 315.02M | 3.58B | 696.7M |
| Debt Issued (Net) | 0 | -751.23M | -21M | 1.91B | 185.88M | -144.88M | 64.9M | -258.21M | 385.1M |
| Equity Issued (Net) | 0 | -199.06M | -5.91M | 0 | 0 | 772.21M | 453.22M | 3.64B | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -199.06M | -2.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -415.32M | -75.88M | -951.98K | -157.82M | -50.61M | -92.04M | -203.1M | 201.38M | 311.6M |
| Net Change in Cash | 325.25M | -1.19B | 14.76M | -296.68M | -911.31M | 1.07B | 17.95M | -1.15B | 1.71B |
| Free Cash Flow | 0 | -586.35M | -19.88M | -2.12B | -1.07B | 686.47M | -619.89M | -4.51B | -919.9M |
| FCF Margin % | - | -7.37% | -0.47% | -55.3% | -53.87% | 54% | -10.79% | -60.08% | -8.51% |
| FCF Growth % | 100% | -2849.36% | 99.06% | -97.51% | -256.1% | 210.74% | 86.26% | -390.42% | - |
| FCF per Share | - | -5.31 | -0.15 | -13.49 | -9.58 | 4.37 | -3.95 | -28.75 | -5.86 |
| FCF Conversion (FCF/Net Income) | -2.63x | 2.72x | 0.06x | 6.78x | 2.03x | -0.65x | 0.61x | 1.93x | 0.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75.2M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Erratic working capital volatility
As reported in recent financial statements, YTRA's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 39.54 in 2024Q3, suggesting that reported earnings provide little insight into the actual cash-generating capacity of the underlying travel services business model.
The massive swings in the relationship between net income and operating cash flow indicate that accruals and non-cash adjustments are dominating the bottom line. Investors should monitor this disconnect, as it implies that the company's profitability is highly sensitive to accounting timing rather than sustainable operational cash inflows.
Based on the provided quarterly data, YTRA's free cash flow trajectory is characterized by extreme instability, swinging from a $1.4B inflow in 2026Q1 to a $1.1B outflow in 2024Q3, which highlights the company's inability to maintain a consistent or predictable cash generation profile.
The erratic nature of FCF margins suggests that the business is struggling to balance its growth ambitions with the cash requirements of its operations. This lack of consistency makes it difficult to project future liquidity needs and raises concerns about the durability of the current business model.
According to historical filings, YTRA's working capital changes are highly erratic, with a massive $1.1B outflow in 2024Q3 followed by a $1.1B inflow in 2026Q1, indicating that the company's cash position is heavily dependent on the timing of collections and payments within its travel ecosystem.
These violent shifts in working capital suggest that the company may be managing its payables and receivables in a way that creates significant liquidity lumpy-ness. Such volatility warrants further investigation into whether these movements are driven by seasonal business cycles or underlying stress in the vendor payment chain.
As evidenced by the quarterly data, YTRA's capital expenditure as a percentage of revenue has fluctuated significantly, reaching 7.8% in 2026Q2, which suggests that the company's investment in technology and infrastructure is not yet aligned with a stable or predictable growth strategy.
The inconsistency in CapEx spending may indicate that the company is forced to make reactive investments to maintain its platform rather than following a disciplined long-term capital allocation plan. This variability complicates the assessment of the company's true maintenance versus growth investment requirements.
Quick answers to the most common questions about buying YTRA stock.
Yatra Online, Inc. (YTRA) generated $614.8M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Yatra Online, Inc. (YTRA) reported negative free cash flow of $0.0M in 2026, indicating capital requirements exceeded cash from operations.
Yatra Online, Inc. (YTRA) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.