SS&C maintains strong cash conversion efficiency, evidenced by an OCF/NI ratio of 3.39 in 2025Q4, supported by a disciplined CapEx/Revenue ratio that frequently falls below 2%.
| 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | 1.78B | 1.75B | 1.39B | 1.22B | 1.13B | 1.43B | 1.18B | 1.33B | 640.1M | 470.36M | 418.41M | 230.62M | 252.5M | 208.27M | 134.42M | 110.41M | 75.57M | 59.85M | 61.66M | 57.06M | 30.71M |
| Operating CF Margin % | - | 27.85% | 23.61% | 22.08% | 21.47% | 28.29% | 25.38% | 28.67% | 18.71% | 28.08% | 28.24% | 23.06% | 32.88% | 29.22% | 24.36% | 29.77% | 22.98% | 22.09% | 22.02% | 22.99% | 14.95% |
| Operating CF Growth % | 84.29% | 25.78% | 14.28% | 7.12% | -20.62% | 20.62% | -10.81% | 107.51% | 36.09% | 12.42% | 81.42% | -8.66% | 21.24% | 54.94% | 21.75% | 46.1% | 26.26% | -2.92% | 8.06% | 85.8% | - |
| Net Income | 810M | 798.7M | 761.7M | 607.1M | 649M | 800.6M | 625.2M | 438.5M | 103.2M | 328.86M | 131M | 42.86M | 131.13M | 117.89M | 45.82M | 51.02M | 32.41M | 19.02M | 18.8M | 6.58M | 1.07M |
| Depreciation & Amortization | 715.9M | 703.8M | 680.1M | 670.4M | 671.6M | 667.4M | 725.3M | 775.2M | 518.5M | 237.19M | 228.68M | 150.83M | 99.83M | 99.78M | 75.81M | 42.22M | 40.73M | 36.03M | 35.04M | 35.05M | 27.13M |
| Stock-Based Compensation | 266.7M | 0 | 203.3M | 159.5M | 124.8M | 114M | 87.8M | 72.4M | 96.9M | 41.49M | 50.56M | 44.08M | 11.48M | 8.39M | 5.59M | 13.49M | 13.25M | 5.61M | 7.32M | 10.98M | 3.87M |
| Deferred Taxes | 64.8M | -17.4M | -115.4M | -82.9M | -77M | -88M | -155.4M | -87.1M | -105.2M | -152.01M | -94.04M | -72.77M | -30.1M | -35.26M | -9.88M | -12.42M | -13.7M | -8.86M | -7.37M | -6.12M | -10.11M |
| Other Non-Cash Items | -144.6M | 338.6M | 43.6M | -40.8M | -19M | -3.7M | 15.5M | 1M | 62.4M | 14.83M | 14.33M | 13.55M | 7.14M | 6.81M | 9.64M | 5.3M | 4.21M | 2.53M | 5.29M | 2.18M | 2.71M |
| Working Capital Changes | 70.2M | -77.1M | -184.7M | -98.2M | -215.1M | -61.3M | -113.7M | 128.3M | -35.7M | 7K | 87.88M | 52.06M | 33.03M | 10.66M | 7.44M | 10.79M | -1.34M | 5.53M | 2.57M | 8.39M | 6.04M |
| Change in Receivables | -69.5M | -66.2M | -119.1M | 0 | -38.1M | -72.2M | 24.3M | 9.9M | 50.4M | -1.85M | -10.85M | -12.16M | 3.9M | 814K | -14.05M | -1.82M | 1.07M | 3.36M | -1.3M | -6.63M | 2.51M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 47.9M | -97.6M | -42.2M | 6.7M | -22.15M | 17.84M | -1.95M | 4.76M | -3M | 10.59M | 1.26M | -64.68M | 15.23M | -4.49M | 6.91M | 4.95M |
| Change in Payables | 25.4M | 14.1M | -10.7M | 33M | 7.6M | 600K | -13.1M | -700K | -91M | 13.84M | -1.3M | -5.59M | 1.52M | -4.03M | 1.83M | 278K | -1.04M | 1.55M | -494K | 101K | -114K |
| Cash from Investing | -1.32B | -1.33B | -855.7M | -268.4M | -1.76B | -148.2M | -210.5M | -140.5M | -7.1B | -63.38M | -495.29M | -2.75B | -104.44M | -17.91M | -984.98M | -29.35M | -51.1M | -54.13M | -24.61M | -12.84M | -18.63M |
| Capital Expenditures | -74.1M | -302.7M | -61.4M | -251.5M | -208.3M | -136.6M | -106.4M | -130.4M | -89.1M | -45.97M | -37.55M | -17.87M | -18.56M | -14.32M | -18.29M | -7.63M | -5.34M | -2.56M | -6.75M | -7.72M | -4.22M |
| CapEx % of Revenue | 1.16% | 4.83% | 1.04% | 4.57% | 3.94% | 2.7% | 2.28% | 2.81% | 2.6% | 2.74% | 2.53% | 1.79% | 2.42% | 2.01% | 3.31% | 2.06% | 1.62% | 0.94% | 2.41% | 3.11% | 2.06% |
| Acquisitions | -1.05B | -1.06B | -647.1M | -34.1M | -1.64B | -58.7M | -116M | -94.1M | -7.07B | -17.41M | -457.51M | -2.73B | -86.91M | -3.66M | -967.15M | -20.58M | -45.81M | -51.48M | -17.86M | -5.13M | -13.98M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -197.7M | 10.5M | -154M | 9.8M | 87.4M | 16.3M | 12.5M | 19.2M | 16.7M | 4K | 10.32M | 517K | 1.02M | 67K | 461K | -1.15M | 59K | -98K | 2K | 8K | -424K |
| Cash from Financing | -1.92B | -221.7M | -152.3M | 712.8M | -1.18B | 556.7M | -1.43B | -513.4M | 7.52B | -466.41M | -236.09M | 2.85B | -120.14M | -189.85M | 894.52M | -125.36M | 41.15M | -17.9M | -25.53M | -37.41M | -16.43M |
| Debt Issued (Net) | 576.9M | 421.9M | 289.9M | -374.7M | 1.13B | -519.9M | -738.2M | -1.12B | 5.6B | -467.5M | -263.44M | 2.16B | -137M | -239M | 878.44M | -191.05M | -108.12M | -17.68M | -25.57M | -42.69M | -17.12M |
| Equity Issued (Net) | -605.4M | -610.5M | -737.5M | -471.6M | -476.1M | -487.9M | -38M | 65.4M | 1.4B | 60.2M | 39.22M | 717.8M | -11.22M | -943K | 0 | 51.97M | 133.39M | -2.21M | -2.36M | -10K | 595K |
| Dividends Paid | -257.5M | -253.8M | -244.9M | -220.9M | -203.1M | -174M | -136.1M | -107.7M | -70.9M | -54.36M | -50.14M | -45.45M | -10.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -997.1M | -1.04B | -737.5M | -471.6M | -476.1M | -487.9M | -227.7M | -60.3M | 0 | -4.8M | -15K | 0 | -11.22M | -943K | 0 | 0 | -1.17M | -2.21M | -2.36M | -10K | -68K |
| Other Financing | -1.63B | 220.7M | 540.2M | 1.78B | -1.63B | 1.74B | -515.8M | 652.7M | 585.8M | -6.3M | 38.26M | 10.09M | 38.55M | 50.09M | 16.09M | 13.72M | 15.88M | 2M | 2.4M | 5.29M | 96K |
| Net Change in Cash | -4.57B | -2.9B | 371.9M | 1.66B | -1.83B | 1.83B | -451.5M | 676.1M | 1.05B | -55.02M | -316.6M | 324.58M | 25.11M | -1.69M | 45.84M | -44.52M | 65.79M | -10.24M | 10.12M | 7.46M | -3.87M |
| Free Cash Flow | 1.71B | 1.66B | 1.33B | 963.6M | 926M | 1.29B | 1.08B | 1.2B | 551M | 424.39M | 380.86M | 212.75M | 233.94M | 193.95M | 116.13M | 102.78M | 70.22M | 57.29M | 54.91M | 49.34M | 26.49M |
| FCF Margin % | 26.69% | 26.53% | 22.56% | 17.51% | 17.53% | 25.59% | 23.1% | 25.86% | 16.11% | 25.33% | 25.71% | 21.27% | 30.47% | 27.21% | 21.04% | 27.72% | 21.35% | 21.15% | 19.61% | 19.88% | 12.89% |
| FCF Growth % | 18.93% | 25.38% | 37.73% | 4.06% | -28.35% | 19.86% | -9.98% | 117.4% | 29.83% | 11.43% | 79.02% | -9.06% | 20.62% | 67.01% | 12.99% | 46.36% | 22.57% | 4.34% | 11.29% | 86.29% | - |
| FCF per Share | 6.91 | 6.57 | 5.23 | 3.79 | 3.53 | 4.84 | 4.04 | 4.53 | 2.26 | 2.01 | 1.85 | 1.11 | 1.34 | 1.13 | 0.70 | 0.64 | 0.48 | 0.45 | 0.43 | 0.38 | 0.21 |
| FCF Conversion (FCF/Net Income) | 2.11x | 2.19x | 1.83x | 2.00x | 1.74x | 1.79x | 1.89x | 3.03x | 6.20x | 1.43x | 3.19x | 5.38x | 1.93x | 1.77x | 2.93x | 2.16x | 2.33x | 3.15x | 3.28x | 8.68x | 28.57x |
| Interest Paid | 0 | 0 | 452.4M | 461.8M | 298M | 192.5M | 236.2M | 353.7M | 249.8M | 102.7M | 126.7M | 42.22M | 21.33M | 36.55M | 29.55M | 14.21M | 29.29M | 34.06M | 38.51M | 43.45M | 45.55M |
| Taxes Paid | 0 | 0 | 286.2M | 348.5M | 281.1M | 310.4M | 227.4M | 222.7M | 143.4M | 67.6M | 8.8M | 42.21M | 33.41M | 21.58M | 28.82M | 25.25M | 18.34M | 23.51M | 12.47M | 1.63M | 635K |
High Acquisition Leverage
As reported in recent financial filings, SS&C consistently demonstrates an OCF/NI ratio significantly above 1.0, with a peak of 3.39 in 2025Q4, indicating that the company's reported net income is heavily suppressed by non-cash charges such as the amortization of intangible assets from past acquisitions.
The persistent gap between net income and operating cash flow suggests that the firm's true economic earnings are higher than GAAP figures imply. Investors should monitor this conversion quality as a primary indicator of the company's ability to generate cash despite the accounting noise inherent in its roll-up strategy.
Based on the provided quarterly data, SS&C's free cash flow margins have fluctuated between 8.7% and 39.0% over the last ten quarters, reflecting the lumpy nature of working capital changes and the timing of acquisition-related integration costs that periodically impact the company's cash generation profile.
While the trajectory appears stable on an annual basis, the quarterly variance suggests that cash flow is sensitive to operational timing. This volatility warrants further investigation into whether the lower-margin periods represent structural shifts or merely temporary timing mismatches in service delivery.
According to the latest financial statements, SS&C maintains a disciplined capital expenditure profile, with CapEx/Revenue ratios frequently falling below 2%, which highlights the company's ability to scale its software-enabled services without requiring massive, recurring investments in physical infrastructure or heavy hardware replacement cycles.
The low capital intensity suggests that the firm's primary investment is in human capital and software development rather than tangible assets. This model appears to provide a structural advantage in maintaining free cash flow, provided that maintenance R&D remains sufficient to prevent technical obsolescence.
As evidenced by the quarterly cash flow statements, SS&C consistently prioritizes share repurchases and M&A activity, with buybacks totaling $318.7 million in 2025Q4 alone, signaling management's preference for returning capital to shareholders and pursuing inorganic growth over significant debt reduction or organic reinvestment.
The reliance on share repurchases alongside acquisition spending suggests a management team focused on EPS accretion and market signaling. Investors should monitor whether this deployment strategy remains sustainable if credit market conditions tighten or if organic growth fails to offset the costs of integration.
Quick answers to the most common questions about buying SSNC stock.
SS&C Technologies Holdings, Inc. (SSNC) generated $1.75B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SS&C Technologies Holdings, Inc. (SSNC) generated $1.66B 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.
SS&C Technologies Holdings, Inc. (SSNC) spent $302.7M 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, SS&C Technologies Holdings, Inc. (SSNC) returned $253.8M to shareholders via cash dividends and spent $1.04B on share repurchases. This shows the company's commitment to returning capital to its equity investors.