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 STAG Industrial (STAG) spend its free cash flow?

For TTM through Q1 2026, STAG Industrial generated $477M of operating cash flow and $431M of free cash flow — a free cash flow margin of 90.4% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did STAG Industrial (STAG) return via buybacks and dividends?

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

STAG Industrial (STAG) Cash Flow Waterfall

Operating CF

$477M

Capex

-$45.8M

Free Cash Flow

$431M

FCF Margin

+90.4%

Cash flow waterfall for STAG Industrial (STAG) — TTM through Q1 2026

Free cash flow: $431M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for STAG Industrial (STAG) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$477M	$477M
Capital Expenditure	-$45.8M	$431M
Free Cash Flow	$431M	$431M
Other Investing	-$519M	-$87.1M
Dividends Paid	-$237M	-$324M
Net Debt Change	$161M	-$163M
Other Financing & FX	$155M	-$8.9M
Net Cash Decrease	-$8.9M	-$8.9M

Operating Cash Flow$477M
Capital Expenditure-$45.8M
Free Cash Flow$431M
Other Investing-$519M
Dividends Paid-$237M
Net Debt Change$161M
Other Financing & FX$155M
Net Cash Decrease-$8.9M

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

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STAG Industrial (STAG) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin37.9%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees93.0

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