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Orion S.A. cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$46.0M in Q3 2026 · $43.6M over twelve months

Operating cash flow$57.8M
Capital spending−$11.8M
Free cash flow+$46.0M
Cash conversion cycle70 days

Analysis

In Q3 2026, Orion S.A. generated $57.8M of operating cash flow and spent $11.8M on capital projects, leaving free cash flow of $46.0M. That is $18.1M more than in Q3 2025 ($27.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $166M; the largest uses were capital spending ($122M), net borrowing (+) / repaid (−) ($18.0M), dividends ($4.7M); the cash balance rose by $20.0M.

Operating cash flow was $57.8M against net income of −$3.1M. The largest differences: depreciation & amortization +$39.6M, receivables +$32.8M, other operating capital −$5.0M.

Its cash conversion cycle was 70 days (receivables 56 + inventory 67 − payables 52).

Free cash flow

Orion S.A.: free cash flow by quarterOrion S.A.: free cash flow by quarter$23.5MQ4 2024−$28.8MQ1 2025$11.5MQ2 2025$27.9MQ3 2025$44.2MQ4 2025−$48.5MQ1 2026$1.9MQ2 2026$46.0MQ3 2026
Operating cash flow less capital spending.
Orion S.A.: operating cash flow against capital spendingOrion S.A.: operating cash flow against capital spendingOperating cash flowCapital spending$94.5M$71.0MQ4 2024$400K$29.2MQ1 2025$53.7M$42.2MQ2 2025$68.8M$40.9MQ3 2025$92.9M$48.7MQ4 2025−$12.4M$36.1MQ1 2026$27.3M$25.4MQ2 2026$57.8M$11.8MQ3 2026
Latest (Q3 2026): Operating cash flow $57.8M, Capital spending $11.8M.

Capital allocation, year by year

Orion S.A.: where the cash came from (up) and went (down), by fiscal yearOrion S.A.: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksDividendsFY2021: Operating cash flow $145MFY2021: Net borrowing $400KFY2021: Capital spending −$215M$146MFY2021FY2022: Operating cash flow $81.0MFY2022: Net borrowing $44.8MFY2022: Capital spending −$233MFY2022: Buybacks −$4.3MFY2022: Dividends −$5.0M$126MFY2022FY2023: Operating cash flow $346MFY2023: Net borrowing $9.6MFY2023: Capital spending −$173MFY2023: Buybacks −$65.6MFY2023: Dividends −$4.9M$356MFY2023FY2024: Operating cash flow $125MFY2024: Net borrowing −$4.1MFY2024: Capital spending −$207MFY2024: Buybacks −$26.6MFY2024: Dividends −$4.8M$125MFY2024FY2025: Operating cash flow $216MFY2025: Net borrowing −$8.9MFY2025: Capital spending −$161MFY2025: Buybacks −$24.8MFY2025: Dividends −$4.7M$216MFY2025
Over these 5 years operating cash flow totalled $913M; the largest uses were capital spending ($988M) and buybacks ($121M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$71.3M
Debt$988M
Net debt$916M
Due within a year$657M

Orion S.A. funds itself: free cash flow was $43.6M over the last twelve months, and $71.3M of cash and investments stands against $988M of debt ($657M due within a year, 0.1× covered by cash).

Where the cash came from and went

Orion S.A.: sources (+) and uses (−) of cash, Q3 2026Orion S.A.: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$57.8MOther financing−$25.1MCash drawn (+) / kept (−)−$20.5MCapital spending−$11.8MDividends−$1.2MExchange rates$800K
Orion S.A.: sources (+) and uses (−) of cash, TTM to Q3 2026Orion S.A.: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$166MCapital spending−$122MCash drawn (+) / kept (−)−$20.0MNet borrowing (+) / repaid (−)−$18.0MDividends−$4.7MOther financing−$1.1MExchange rates$1.0MBuybacks−$800K

From profit to cash

Orion S.A.: net income to operating cash flow, Q3 2026Orion S.A.: net income to operating cash flow, Q3 2026Net income−$3.1MDepreciation & amortization$39.6MStock-based pay$3.1MDeferred taxes$1.8MReceivables$32.8MInventory−$1.7MPayables−$2.8MIncome taxes payable$100KOther operating capital−$5.0MOperating cash flow$57.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202656675270
Q2 202652594368
Q1 202647634367
Q4 202553775278
Q3 202555714581
Q2 202553724481
Q1 202546704076
Q4 202451804486

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$57.8M−$11.8M—−$1.2M—−$20.5M$46.0M
Q2 2026$27.3M−$25.4M—−$1.1M−$6.7M−$300K$1.9M
Q1 2026−$12.4M−$36.1M−$800K−$1.2M−$7.6M$9.2M−$48.5M
Q4 2025$92.9M−$48.7M—−$1.2M−$3.7M−$8.4M$44.2M
Q3 2025$68.8M−$40.9M—−$1.1M−$800K−$8.7M$27.9M
Q2 2025$53.7M−$42.2M−$5.0M−$1.2M−$3.6M−$5.0M$11.5M
Q1 2025$400K−$29.2M−$19.8M−$1.2M−$800K$5.6M−$28.8M
Q4 2024$94.5M−$71.0M−$8.7M−$1.2M−$1.3M$10.0M$23.5M

Orion S.A.: income statement and cash flow

Orion S.A., Q3 2026: revenue $473M (+5% year over year), operating margin 4.8%. The chart follows the revenue to costs, profit and cash.

Orion S.A.: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.