What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does NACCO Industries (NC) spend its free cash flow?

For TTM through Q1 2026, NACCO Industries generated $58.3M of operating cash flow and -$19.6M of free cash flow — a free cash flow margin of -33.7% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did NACCO Industries (NC) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent NACCO Industries's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

NACCO Industries (NC) Cash Flow Waterfall

Operating CF

$58.3M

Capex

-$77.9M

Free Cash Flow

-$19.6M

FCF Margin

-33.7%

Cash flow waterfall for NACCO Industries (NC) — TTM through Q1 2026

Free cash flow: -$19.6M

Cash flow breakdown for NACCO Industries (NC) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$58.3M	$58.3M
Capital Expenditure	-$77.9M	-$19.6M
Free Cash Flow	-$19.6M	-$19.6M
Acquisitions	-$9.68M	-$29.3M
Other Investing	-$589K	-$29.9M
Share Buybacks	-$1.84M	-$31.8M
Dividends Paid	-$7.55M	-$39.3M
Net Debt Change	$30.6M	-$8.72M
Net Cash Decrease	-$8.72M	-$8.72M

Operating Cash Flow$58.3M
Capital Expenditure-$77.9M
Free Cash Flow-$19.6M
Acquisitions-$9.68M
Other Investing-$589K
Share Buybacks-$1.84M
Dividends Paid-$7.55M
Net Debt Change$30.6M
Net Cash Decrease-$8.72M

Want to see what drove the FCF change?Free Cash Flow Bridge

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