Valhi, Inc. (VHI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | -46.1M | 100.6M | -1.9M | 21.7M | -155.9M | 45.8M | 13.5M | 33.5M | -48.8M | 65.1M | 33.9M | 31.7M | -126.8M | 7M | 100K | 50.6M | -22.8M | 270.5M | 112.5M | 20.1M |
| Operating CF Margin % | -8.23% | 20.34% | -0.38% | 4.02% | -28.95% | 9.52% | 2.53% | 5.99% | -9.2% | 14.37% | 7.23% | 6.25% | -25.74% | 1.74% | 0.02% | 7.97% | -3.62% | 39.59% | 19.43% | 3.83% |
| Operating CF Growth % | 70.43% | 119.65% | -114.07% | -35.22% | -219.47% | -29.65% | -60.18% | 5.68% | 61.51% | 830% | 33800% | -37.35% | -456.14% | -97.41% | -99.91% | 151.74% | -140.28% | 152.8% | 186.99% | -16.94% |
| Net Income | 7.8M | -69.2M | -21.9M | 7.5M | 16.9M | 32.4M | 101.2M | 19.9M | 13.6M | 10.7M | -1.7M | -1.2M | -3.7M | -10.5M | 40.8M | 42.4M | 63.4M | 88.4M | 54.5M | 30.3M |
| Depreciation & Amortization | 16.9M | 17.4M | 17.1M | 16.5M | 15.4M | 15.5M | 18.8M | 19.9M | 12.5M | 13.4M | 13.4M | 13M | 14.3M | 14.2M | 14.4M | 15.1M | 14.8M | 15.1M | 14.7M | 14.8M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.5M | -27.3M | 14.6M | 1.4M | 1.8M | 23.5M | 24M | -3.9M | -100K | -10.7M | -13.8M | -24.9M | 300K | -4.5M | 2.1M | -100K | 3.1M | 9.4M | 1.2M | 200K |
| Other Non-Cash Items | 1.6M | 33.2M | 2.4M | -2M | 4.9M | 2M | -227.2M | 17.7M | 1.8M | 11.8M | 4.1M | -2.5M | -1M | 4.2M | 6.4M | 17.5M | 700K | 10M | -6.8M | 200K |
| Working Capital Changes | -77.9M | 146.5M | -14.1M | -1.7M | -194.9M | -27.6M | 96.7M | -20.1M | -76.6M | 39.9M | 31.9M | 47.3M | -136.7M | 3.6M | -63.6M | -24.3M | -104.8M | 147.6M | 48.9M | -25.4M |
| Change in Receivables | -100.9M | 51M | 4.3M | 32.8M | -51M | 51.1M | 11.5M | -19.8M | -59.5M | 16.3M | 7.1M | -19.1M | -39M | 104.7M | 36.9M | -60.5M | -43.9M | 2.5M | -29.2M | -8.2M |
| Change in Inventory | 72.7M | 32.8M | 26.1M | 43.8M | -28M | -137.4M | -7M | 24.7M | 78.7M | -46.6M | 34.7M | 67.1M | 1.5M | -62.2M | -104M | -2.7M | -35.3M | -17.3M | -7.1M | 47M |
| Change in Payables | -66.6M | 4.3M | -9.8M | -27.4M | -73.4M | 50.2M | 19.7M | -4.8M | 0 | 0 | 5.6M | 0 | -82.6M | 0 | 54.7M | 3.1M | 0 | 0 | 0 | -40.9M |
| Cash from Investing | -9.5M | -11M | -12.1M | -12.4M | -12.3M | -7.4M | -151.6M | 14.5M | 19.5M | 19.1M | 8.6M | -14.7M | -42M | -89.1M | -24.2M | -17.9M | -15.5M | -25M | 0 | -5.1M |
| Capital Expenditures | -10.6M | -10.8M | -10.4M | -12.6M | -12.8M | -12.5M | -9.6M | -3.8M | -5M | -5.8M | -8.3M | -17.7M | -16.7M | -19.6M | -14.8M | -17M | -16.2M | -24.9M | -15.7M | -12M |
| CapEx % of Revenue | 1.89% | 2.18% | 2.07% | 2.33% | 2.38% | 2.6% | 1.8% | 0.68% | 0.94% | 1.28% | 1.77% | 3.49% | 3.39% | 4.87% | 2.66% | 2.68% | 2.58% | 3.64% | 2.71% | 2.28% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -156.8M | 0 | 0 | -1.7M | 8.3M | 0 | 25.3M | 8.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 5.6M | 2.8M | 0 | 0 | 100K | -8.3M | 1.8M | -25.3M | -8.5M | -8.6M | 100K | 0 | 0 | 15M | 8.4M |
| Cash from Financing | 42.5M | -85.2M | 14.8M | -20.6M | 19.9M | -20.4M | 71.3M | -21.2M | -32M | -22.7M | -16.5M | -20.4M | -16.3M | -29.5M | -39.1M | -31M | -14.4M | -64.9M | -64.6M | -47.9M |
| Debt Issued (Net) | 47.2M | -72.2M | 25.3M | -14.1M | 27.5M | -15.9M | 87.3M | -10.5M | -19.5M | -5.3M | -7.9M | -9.2M | -7.4M | -14.5M | -26.1M | -15.5M | -5.9M | -32.8M | -38.3M | -27.3M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | -80.2M | 80.2M | 0 | 0 | 0 | 0 | -1.5M | -1.4M | -1.2M | 0 | -1.7M | -1.1M | -700K | 0 | 0 |
| Dividends Paid | -2.3M | -2.3M | -2.3M | -2.2M | -2.3M | -2.3M | -2.3M | -2.2M | -2.3M | -2.3M | -2.3M | -2.2M | -2.3M | -2.3M | -2.2M | -2.3M | -2.2M | -2.2M | -2.3M | -2.3M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M | -1.4M | -1.2M | 0 | -1.7M | -1.1M | -700K | 0 | 0 |
| Other Financing | -2.4M | -10.7M | -8.2M | -4.3M | -5.3M | 78M | -93.9M | -8.5M | -10.2M | -15.1M | -6.3M | -7.5M | -5.2M | -11.5M | -10.8M | -11.5M | -5.2M | -29.2M | -24M | -18.3M |
| Net Change in Cash | -13.5M | 4.8M | 900K | -8.8M | -147.1M | 13.5M | -62.2M | 27.7M | -62.4M | 65.3M | 24.1M | -3.6M | -185.8M | -101.1M | -70.1M | -6.6M | -53.1M | 177.7M | 45.1M | -30.8M |
| Free Cash Flow | -56.7M | 89.8M | -12.3M | 9.1M | -168.7M | 33.3M | 3.9M | 29.7M | -53.8M | 59.3M | 25.6M | 14M | -143.5M | -12.6M | -14.7M | 33.6M | -39M | 245.6M | 96.8M | 8.1M |
| FCF Margin % | -10.12% | 18.16% | -2.44% | 1.68% | -31.32% | 6.92% | 0.73% | 5.31% | -10.14% | 13.09% | 5.46% | 2.76% | -29.13% | -3.13% | -2.64% | 5.29% | -6.2% | 35.95% | 16.72% | 1.54% |
| FCF Growth % | 66.39% | 169.67% | -415.38% | -69.36% | -213.57% | -43.84% | -84.77% | 112.14% | 62.51% | 570.63% | 274.15% | -58.33% | -267.95% | -105.13% | -115.19% | 314.81% | -186.47% | 200.24% | 278.13% | -40% |
| FCF per Share | -1.99 | 3.15 | -0.43 | 0.32 | -5.92 | 1.17 | 0.14 | 1.04 | -1.89 | 2.08 | 0.90 | 0.49 | -5.04 | -0.44 | -0.52 | 1.18 | -1.37 | 8.62 | 3.40 | 0.28 |
| FCF Conversion (FCF/Net Income) | -23.05x | -1.89x | 0.09x | 24.11x | -9.22x | 2.01x | 0.23x | 1.68x | -6.26x | 16.69x | -5.84x | -9.91x | 25.88x | -0.74x | 0.00x | 1.81x | -0.50x | 5.20x | 2.88x | 0.94x |
| Interest Paid | 0 | 0 | 23M | 3.7M | 21.1M | 7.9M | 23.9M | 4.2M | 9.1M | 2.6M | 12.6M | 2.8M | 0 | 2.9M | 9.9M | 2.8M | 10.2M | 2.5M | 11.3M | 3.4M |
| Taxes Paid | 0 | 0 | -2M | 48.5M | 2.2M | -41.1M | 5.4M | 34.9M | 800K | 2.9M | 1.8M | 0 | 0 | 6.4M | 7.4M | 23.7M | 6.2M | 20M | 11.8M | 30.2M |