Earnings quality remains volatile, evidenced by a -2.04 OCF/NI ratio in 2026Q1, as massive seasonal working capital outflows of $203.2 million frequently decouple cash generation from reported net income.
| 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 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 548.52M | 545.74M | 642.57M | 959.89M | 831.57M | 512.48M | 336.48M | 349.29M | 116.69M | 136.58M | 172.52M | 168.8M | 73.12M | 53.36M | -5.72M | 11.26M | 29.34M | 128.35M | 88.55M | 87.08M | 152.32M | 74.13M | 50.23M | 70.38M | 16.63M | 78.06M | 67M | 32.5M | 66.6M | 19.1M | 4.3M |
| Operating CF Margin % | - | 8.63% | 9.66% | 13.3% | 8.64% | 5.93% | 6.53% | 7.91% | 2.6% | 3.47% | 5.32% | 5.85% | 2.75% | 2.16% | -0.28% | 0.62% | 1.55% | 7.67% | 3.97% | 3.46% | 5.72% | 2.75% | 2.05% | 3.71% | 1.01% | 5.1% | 4.83% | 2.27% | 5.38% | 1.79% | 0.48% |
| Operating CF Growth % | 2.35% | -15.07% | -33.06% | 15.43% | 62.26% | 52.31% | -3.67% | 199.35% | -14.57% | -20.83% | 2.21% | 130.85% | 37.03% | 1032.72% | -150.83% | -61.63% | -77.14% | 44.94% | 1.69% | -42.83% | 105.47% | 47.57% | -28.62% | 323.21% | -78.7% | 16.49% | 106.17% | -51.2% | 248.69% | 344.19% | -89.69% |
| Net Income | 263.98M | 294.79M | 418.73M | 489.17M | 704.96M | 552.36M | 253.88M | 182.4M | 152.41M | 124.04M | 105.5M | 85.13M | 61.56M | 45.8M | 26.01M | 4.55M | 17.41M | 24.27M | 4.34M | 21.05M | 70.13M | 67.37M | 48.6M | 40.12M | 36.64M | 33.14M | 30.44M | 31.4M | 26.4M | 17M | 17.8M |
| Depreciation & Amortization | 120.94M | 161.05M | 148.16M | 131.89M | 113.56M | 98.13M | 72.68M | 66.82M | 61.34M | 53.4M | 43.62M | 41.24M | 36.32M | 33.56M | 33.38M | 35.99M | 37.35M | 41.23M | 47.37M | 47.58M | 39.52M | 34.8M | 30.84M | 27.55M | 24.64M | 24.48M | 21.46M | 18.2M | 15M | 10M | 8.3M |
| Stock-Based Compensation | 8.81M | 0 | 38.16M | 34.9M | 28.16M | 11.22M | 4.03M | 4.01M | 3.57M | 3.81M | 2.33M | 1.96M | 2.01M | 1.93M | 1.37M | 1.36M | 2.42M | 1.71M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 48.11M | 49.91M | -15.38M | -5.57M | -16.29M | 5.65M | 1.86M | 7.18M | 857K | -8.63M | 2.46M | -1.37M | 4.93M | 4.45M | 2.53M | -1.94M | -2.71M | 4.74M | -7.75M | -4.13M | -1.1M | -7.38M | 790K | 1.75M | 3.1M | 4.59M | 237K | -800K | 1.3M | -600K | -600K |
| Other Non-Cash Items | 71.3M | 43.17M | 2.39M | 21.78M | 13.5M | -12.21M | 6.75M | -958K | -4.72M | -888K | -267K | -235K | -3.79M | -1K | -5.35M | 4.04M | 3.45M | -903K | 7.51M | 6.68M | -4M | 6.79M | 1.09M | 2.4M | 702K | 1.45M | 422K | 500K | 100K | 100K | -1M |
| Working Capital Changes | 32.42M | -3.19M | 50.5M | 287.72M | -12.32M | -142.69M | -2.72M | 89.84M | -96.78M | -35.14M | 18.87M | 42.07M | -27.91M | -32.39M | -63.66M | -32.74M | -28.59M | 57.3M | 35.94M | 13.88M | 43.21M | -27.45M | -31.08M | -1.44M | -48.45M | 14.41M | 14.45M | -16.8M | 23.4M | -8.1M | -20.2M |
| Change in Receivables | 67.09M | 27.46M | 47.07M | 81.66M | 130.7M | -85.44M | -87.55M | -16.87M | -8.51M | -30.79M | -5.12M | -26.01M | -9.71M | -17.89M | -32.27M | -7.04M | -18.43M | 31.07M | 4.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.19M | 7.29M | 6.36M | 250.56M | 718K | -260.3M | -76.02M | 73.12M | -84.3M | -49.26M | -3.25M | 34.14M | -49.58M | -42.29M | -45.53M | -4.5M | -24.95M | 31.52M | 42.92M | 27.8M | 22.26M | -36.5M | -42.82M | -3.56M | -40.78M | 10.05M | 13M | -23.1M | 20.1M | -20.8M | -19.5M |
| Change in Payables | -27.73M | -20.19M | 22.39M | -3.58M | -137.91M | 78.06M | 62.41M | -24.13M | -5.21M | 21.16M | 11.26M | 4.8M | 15.39M | 6.76M | 16.28M | -9.96M | 9.65M | -253.39M | -20.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -249.46M | -273.24M | -270.75M | -240.16M | -353.94M | -611.19M | -154.72M | -142.04M | -121.23M | -137.66M | -227.47M | -46.82M | -67.06M | -43.6M | -28.05M | -33M | -42.77M | -3.33M | -11.37M | -91.97M | -111.7M | -55.41M | -37.26M | -31.41M | -48.77M | -68.49M | -62.69M | -30M | -128.1M | -12.8M | -19.1M |
| Capital Expenditures | -250.37M | -269.38M | -232.27M | -180.38M | -174.12M | -151.17M | -89.18M | -84.93M | -95.86M | -71.12M | -53.76M | -43.52M | -45.3M | -40.17M | -30.44M | -33.11M | -31.54M | -15.6M | -18.94M | -39.36M | -43.5M | -40.23M | -40.72M | -40.58M | -31.35M | -22.75M | -29.44M | -35.4M | -126.6M | -13.6M | -9.1M |
| CapEx % of Revenue | 4.05% | 4.26% | 3.49% | 2.5% | 1.81% | 1.75% | 1.73% | 1.92% | 2.14% | 1.8% | 1.66% | 1.51% | 1.7% | 1.63% | 1.48% | 1.82% | 1.67% | 0.93% | 0.85% | 1.57% | 1.63% | 1.49% | 1.66% | 2.14% | 1.91% | 1.49% | 2.12% | 2.47% | 10.22% | 1.28% | 1.02% |
| Acquisitions | 16.06M | 13.85M | 0 | -54.51M | -180.15M | -475.96M | -65.25M | -39.12M | -54.02M | -60.59M | -80.97M | -3.76M | -34.64M | -11.48M | -16.97M | 0 | -6.53M | 0 | -23.34M | -57.09M | -71.81M | -20.75M | -10.07M | -787K | -17.54M | -49.53M | -32.56M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.15M | 1.1M | -13.92M | -5.4M | 7.34M | 24.85M | 2.97M | -14.46M | 38.31M | 2.46M | -89.64M | 7.21M | 12.88M | 8.04M | 19.37M | 107K | -4.71M | 12.95M | 30.91M | 4.48M | 3.61M | 5.57M | 13.54M | 9.95M | 119K | 3.79M | -698K | 5.4M | -1.5M | 800K | -10M |
| Cash from Financing | -480.64M | -530.14M | -307.12M | -162.86M | -210.21M | -45.01M | 85.22M | -67.27M | 4.39M | -5.25M | 3.21M | -33M | -5.21M | -18.42M | 36.7M | -10.31M | -10.61M | -56.13M | -107.45M | -2.61M | -35.72M | 2.22M | -5.13M | -39.07M | 22.71M | 10.93M | -6.03M | 600K | 59.3M | -4.4M | -5.4M |
| Debt Issued (Net) | 1.7M | -3.71M | -48.65M | -1.69M | -41.17M | 3.38M | 150.36M | -38.48M | 59.8M | 30.74M | 23.71M | -13.61M | 13.95M | -11.09M | 43.32M | -2.85M | 1.36M | -48.66M | -104.97M | 6.18M | -40.93M | 420K | -5.17M | -33.21M | 64.5M | 14.93M | 3.25M | 11.7M | 60.2M | -1.8M | -2.8M |
| Equity Issued (Net) | -394.07M | -430.56M | -138.31M | -82.15M | -95.77M | 2.12M | -27.82M | 1.09M | -23.6M | -12.98M | 536K | 274K | -4.87M | 2.14M | 2.06M | 2.97M | -3.89M | -2.73M | 2.96M | -5.24M | 5.94M | 4.49M | 2.73M | -748K | -38.84M | -666K | -7.67M | -9.6M | 500K | -500K | -500K |
| Dividends Paid | -81.48M | -82.35M | -80.78M | -68.24M | -58.86M | -40.21M | -30.67M | -24.55M | -22.07M | -19.61M | -17.68M | -16.51M | -12.21M | -8.17M | -7.91M | -7.82M | -7.73M | -5.29M | -5.94M | -2.19M | -2.07M | -3.14M | -2.92M | -2.52M | -2.95M | -1.68M | -1.6M | -1.5M | -1.5M | -1.1M | -1M |
| Share Repurchases | -396.47M | -433.03M | -141.12M | -82.15M | -95.77M | 0 | -29.21M | 0 | -24.63M | -12.98M | 0 | -800K | -4.87M | 0 | 0 | 0 | -5M | -3.38M | 0 | -8.78M | 0 | 0 | -129K | -2.03M | -39.69M | -1.54M | -8.15M | -10.5M | 0 | -1.1M | -800K |
| Other Financing | -6.79M | -13.53M | -39.38M | -10.78M | -14.41M | -10.29M | -6.66M | -5.33M | -9.73M | -3.4M | -3.35M | -3.15M | -2.08M | -1.31M | -777K | -2.61M | -356K | 275K | -3.15M | -1.37M | 1.34M | -767K | 223K | -2.59M | 0 | -1.65M | 0 | 0 | 100K | -1M | -200K |
| Net Change in Cash | -176.22M | -254.52M | 57.34M | 562.63M | 268.4M | -145.38M | 267.94M | 140.47M | -618K | -5.67M | -53.66M | 87.76M | 0 | -8.73M | 3.17M | -32.06M | -24.05M | 68.88M | -30.27M | -7.5M | 4.89M | 20.94M | 7.84M | -104K | -9.43M | 20.5M | -1.71M | 3.2M | 59.3M | -4.4M | -5.4M |
| Free Cash Flow | 298.15M | 276.36M | 410.3M | 779.51M | 657.44M | 361.31M | 247.29M | 264.36M | 20.82M | 65.47M | 118.76M | 125.27M | 27.82M | 13.2M | -36.16M | -21.85M | -2.2M | 112.74M | 69.61M | 47.72M | 108.82M | 33.9M | 9.51M | 29.8M | -14.72M | 55.31M | 37.57M | -2.9M | -60M | 5.5M | -4.8M |
| FCF Margin % | 4.82% | 4.37% | 6.17% | 10.8% | 6.83% | 4.18% | 4.8% | 5.99% | 0.46% | 1.66% | 3.66% | 4.34% | 1.05% | 0.53% | -1.76% | -1.2% | -0.12% | 6.74% | 3.12% | 1.9% | 4.08% | 1.26% | 0.39% | 1.57% | -0.9% | 3.61% | 2.71% | -0.2% | -4.84% | 0.52% | -0.54% |
| FCF Growth % | -0.67% | -32.64% | -47.36% | 18.57% | 81.96% | 46.11% | -6.45% | 1169.55% | -68.19% | -44.87% | -5.2% | 350.38% | 110.8% | 136.49% | -65.48% | -892.33% | -101.95% | 61.97% | 45.87% | -56.15% | 221.01% | 256.38% | -68.08% | 302.4% | -126.62% | 47.22% | 1395.48% | 95.17% | -1190.91% | 214.58% | -117.52% |
| FCF per Share | 5.23 | 4.69 | 6.97 | 12.85 | 10.84 | 5.99 | 4.13 | 4.40 | 0.34 | 1.06 | 1.94 | 2.07 | 0.46 | 0.22 | -0.61 | -0.37 | -0.04 | 1.93 | 1.21 | 0.82 | 1.87 | 0.59 | 0.17 | 0.54 | -0.26 | 0.90 | 0.61 | -0.05 | -0.97 | 0.10 | -0.09 |
| FCF Conversion (FCF/Net Income) | 1.13x | 1.85x | 1.55x | 1.87x | 1.20x | 0.96x | 1.36x | 1.94x | 0.79x | 1.14x | 1.71x | 2.09x | 1.27x | 1.24x | -0.24x | 2.47x | 1.68x | 5.29x | 20.39x | 4.14x | 2.17x | 1.10x | 1.03x | 1.75x | 0.45x | 2.36x | 2.20x | 1.04x | 2.52x | 1.12x | 0.24x |
| Interest Paid | 2.35M | 0 | 12.76M | 12.74M | 13.95M | 14.08M | 7.2M | 8.76M | 8.86M | 6.02M | 4.55M | 5.12M | 4.33M | 4.88M | 3.98M | 3.65M | 0 | 4.91M | 12.42M | 17.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 51.08M | 0 | 128.12M | 158.15M | 274.62M | 167.04M | 77.96M | 50.22M | 51.58M | 56.66M | 57.31M | 42.77M | 38.48M | 14.43M | 16.75M | 6.16M | 0 | 12.35M | 8K | 16.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility exposure
According to recent financial disclosures, UFPI's operating cash flow frequently decouples from net income, as evidenced by the extreme OCF/NI ratio fluctuations ranging from -2.04 in 2026Q1 to 3.91 in 2025Q3, highlighting the significant impact of non-cash working capital adjustments on reported earnings quality.
The wide variance between net income and operating cash flow suggests that reported earnings are highly sensitive to the timing of inventory and accounts receivable cycles. Investors should monitor this divergence, as it indicates that cash generation is less a function of operational efficiency and more a reflection of commodity-driven working capital swings.
As reported in quarterly filings, UFPI experiences massive seasonal working capital outflows, such as the $203.2 million drain observed in 2026Q1, which periodically overwhelms net income and forces the company to rely on its substantial cash reserves to maintain operational continuity during cyclical troughs.
The recurring pattern of large negative working capital changes in the first quarter of each year suggests a structural reliance on inventory build-up ahead of peak building seasons. This cyclicality warrants further investigation into whether the company's inventory management can remain efficient if demand continues to contract.
Based on UFPI's reported figures, capital expenditures have remained consistent, averaging roughly 3% to 5% of revenue, which suggests that management is maintaining its manufacturing footprint despite the broader top-line contraction and the ongoing normalization of demand across its primary construction and retail segments.
The stability of capital spending relative to revenue indicates that the company is prioritizing the maintenance of its decentralized manufacturing network over aggressive expansion. This approach appears prudent given the current cyclical headwinds, though it may limit the company's ability to capture market share if industry conditions deteriorate further.
Data from recent financial statements indicates that UFPI has accumulated significant cash reserves, yet the company continues to engage in inconsistent share repurchases, such as the $191.4 million outflow in 2025Q2, while failing to articulate a clear strategy for deploying its $925 million cash position.
The lack of a consistent capital return policy or major acquisition activity suggests that management may be struggling to find accretive opportunities in the current environment. Investors should monitor whether this cash pile remains idle, as it may eventually drag on return on equity metrics if not deployed effectively.
Quick answers to the most common questions about buying UFPI stock.
UFP Industries, Inc. (UFPI) generated $545.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UFP Industries, Inc. (UFPI) generated $276.4M 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.
UFP Industries, Inc. (UFPI) spent $269.4M 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, UFP Industries, Inc. (UFPI) returned $82.3M to shareholders via cash dividends and spent $433.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.