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 First Financial (THFF) spend its free cash flow?

For TTM through Q1 2026, First Financial generated $92M of operating cash flow and $90.7M of free cash flow — a free cash flow margin of 98.6% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did First Financial (THFF) return via buybacks and dividends?

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

First Financial (THFF) Cash Flow Waterfall

Operating CF

$92M

Capex

-$1.32M

Free Cash Flow

$90.7M

FCF Margin

+98.6%

Cash flow waterfall for First Financial (THFF) — TTM through Q1 2026

Free cash flow: $90.7M

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

Cash flow breakdown for First Financial (THFF) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$92M	$92M
Capital Expenditure	-$1.32M	$90.7M
Free Cash Flow	$90.7M	$90.7M
Acquisitions	-$11.8M	$78.9M
Other Investing	-$193M	-$114M
Dividends Paid	-$24.8M	-$139M
Net Debt Change	$261M	$122M
Other Financing & FX	-$112M	$10.7M
Net Cash Increase	$10.7M	$10.7M

Operating Cash Flow$92M
Capital Expenditure-$1.32M
Free Cash Flow$90.7M
Acquisitions-$11.8M
Other Investing-$193M
Dividends Paid-$24.8M
Net Debt Change$261M
Other Financing & FX-$112M
Net Cash Increase$10.7M

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

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