Algoma Steel Group Inc. (ASTL) Cash Flow Statement
Where ASTL’s cash came from and went, FY2026
March 31, 2026 · Canadian dollars- Cash from operations
- −C$66.1M
- Capital expenditures
- C$328.5M 15.8% of revenue
- Free cash flow
- −C$394.6M −18.9% margin
- Returned to shareholders
- C$14.8M
- Change in cash
- −C$189.4M cash at year-end C$77.5M
Cash from operations
−C$66.1M
Capital expenditures
−C$328.5M
Acquisitions & other
+C$16.2M
Dividends
−C$14.8M
Net borrowing (repayment)
+C$257.1M
Other financing
−C$41.5M
Currency & other
−C$11.8M
Change in cash
−C$189.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ASTL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ASTL cash flow trends, FY2013–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$8.1MFY2013 | −C$66.1MFY2026 | — | |
| Capital expenditures | C$51.2MFY2013 | C$328.5MFY2026 | +22.9%/yr | |
| Free cash flow | −C$43.1MFY2013 | −C$394.6MFY2026 | — | |
| Free cash flow margin | −2.3%FY2013 | −18.9%FY2026 | −16.6 pts | |
| Operating cash flow / net income | 8.57FY2019 | 2.80FY2024 | −5.76 | |
| Stock-based compensation | −C$69.9MFY2020 | −C$19.8MFY2026 | — | |
| Dividends paid | C$9.3MFY2014 | C$14.8MFY2026 | +6.0%/yr | |
| Share buybacks (net) | C$384.2MFY2022 | C$0FY2024 | −100.0% | |
| Capex / revenue | 2.7%FY2013 | 15.8%FY2026 | +13.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ASTL cash flow by activity
OperatingInvestingFinancingChange in cash
ASTL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ASTL cash flow statement in Canadian dollars
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −C$984.9M | −C$222.7M | C$105.2M | C$298.5M | C$857.7M | −C$76.1M | −C$175.9M | C$32.2M | −C$313.8M | −C$203.3M |
| Depreciation & amortization | C$355.9M | C$99.6M | C$115.0M | C$95.3M | C$87.0M | C$87.2M | C$128.1M | C$73.8M | C$108.6M | C$137.2M |
| Stock-based compensation | −C$19.8M | C$24.5M | C$1.2M | −C$4.6M | C$39.6M | C$14.1M | −C$69.9M | — | — | — |
| Change in working capital | C$75.1M | −C$4.1M | C$33.1M | −C$178.7M | −C$21.1M | −C$137.7M | C$34.3M | −C$53.6M | C$216.7M | C$10.4M |
| Other non-cash items | C$507.6M | C$15.7M | C$40.4M | −C$33.2M | C$300.2M | C$120.6M | C$78.7M | C$223.4M | C$58.8M | C$63.8M |
| Cash from operating activities | −C$66.1M | −C$86.9M | C$294.9M | C$177.3M | C$1.26B | C$8.1M | −C$4.7M | C$275.8M | C$70.3M | C$8.1M |
| Investing activities | ||||||||||
| Capital expenditures | −C$328.5M | −C$208.5M | −C$490.1M | −C$333.5M | −C$167.9M | −C$71.8M | −C$113.9M | −C$86.9M | −C$29.7M | −C$51.2M |
| Investments (net) | — | — | −C$490.1M | −C$333.5M | −C$165.7M | −C$72.9M | −C$115.1M | — | — | — |
| Acquisitions & other investing | C$16.2M | C$19.4M | C$490.1M | C$333.5M | C$167.9M | C$71.8M | C$113.9M | −C$482.8M | −C$1.9M | −C$7.6M |
| Cash from investing activities | −C$312.3M | −C$189.2M | −C$490.1M | −C$333.5M | −C$165.7M | −C$72.9M | −C$115.1M | −C$569.7M | −C$31.6M | −C$58.8M |
| Financing activities | ||||||||||
| Dividends paid | −C$14.8M | −C$14.9M | −C$27.9M | −C$30.7M | −C$9.3M | −C$9.3M | −C$9.3M | −C$9.3M | −C$9.3M | — |
| Share repurchases & issuance (net) | — | — | C$0 | −C$553.2M | −C$384.2M | — | — | — | — | — |
| Net borrowing (repayment) | C$257.1M | — | C$63.1M | C$17.5M | −C$544.3M | −C$151.8M | C$281.8M | C$483.2M | C$54.1M | C$178.2M |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$393.5M | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$41.5M | C$351.1M | C$9.2M | −C$3.2M | C$345.6M | −C$6.3M | −C$25.8M | −C$44.1M | −C$114.8M | −C$124.6M |
| Cash from financing activities | C$200.8M | C$336.1M | C$44.4M | −C$569.6M | −C$198.7M | −C$167.4M | C$246.7M | C$429.8M | −C$70.0M | C$53.6M |
| Summary | ||||||||||
| Net change in cash | −C$189.4M | −C$43.7M | −C$149.5M | −C$667.9M | C$894.1M | −C$243.8M | C$129.5M | C$137.5M | −C$28.9M | C$6.8M |
| Cash at end of period | C$77.5M | C$142.1M | C$97.9M | C$247.4M | C$915.3M | C$21.2M | C$265.0M | C$168.7M | C$3.6M | C$32.5M |
| Free cash flow | −C$394.6M | −C$295.4M | −C$195.2M | −C$156.2M | C$1.10B | −C$63.7M | −C$118.6M | C$188.9M | C$40.6M | −C$43.1M |
| Free cash flow margin | −18.9% | −17.3% | −7.0% | −5.6% | 28.8% | −3.5% | −6.1% | 7.0% | 2.3% | −2.3% |
| Capex / revenue | 15.8% | 12.2% | 17.5% | 12.0% | 4.4% | 4.0% | 5.8% | 3.2% | 1.7% | 2.7% |
| Operating cash flow / net income | — | — | 2.80 | 0.59 | 1.47 | — | — | 8.57 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −C$96.0M | −C$159.4M | −C$364.7M | −C$485.1M | −C$110.6M | −C$24.5M | −C$66.5M | −C$106.6M | C$6.1M | C$28.0M | −C$84.8M | C$31.1M |
| Depreciation & amortization | C$23.0M | C$33.4M | C$239.3M | C$43.4M | C$38.2M | C$35.0M | C$38.1M | C$40.9M | C$33.2M | C$34.8M | C$31.6M | C$25.3M |
| Stock-based compensation | −C$100,000 | C$100,000 | C$1.9M | −C$6.2M | C$5.1M | −C$15.4M | C$2.2M | C$20.4M | −C$5.8M | −C$4.8M | C$11.3M | −C$1.3M |
| Change in working capital | C$26.2M | C$107.0M | C$38.0M | −C$24.0M | −C$70.1M | C$165.4M | C$116.6M | C$15.4M | −C$15.8M | C$84.5M | −C$72.5M | C$6.6M |
| Other non-cash items | −C$32.5M | C$6.7M | C$82.5M | C$354.6M | C$99.5M | −C$68.4M | −C$167.3M | C$55.4M | −C$5.2M | −C$21.3M | C$67.0M | −C$4.5M |
| Cash from operating activities | −C$79.4M | −C$12.2M | −C$3.0M | −C$117.3M | −C$37.9M | C$92.1M | −C$76.9M | C$25.5M | C$12.5M | C$121.2M | −C$47.4M | C$57.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$29.0M | −C$20.4M | −C$30.4M | −C$73.7M | −C$97.4M | −C$127.0M | −C$112.4M | −C$89.4M | −C$98.3M | −C$120.4M | −C$96.5M | −C$154.6M |
| Investments (net) | — | — | — | −C$73.7M | −C$82.4M | −C$127.0M | — | −C$61.5M | −C$98.3M | −C$120.4M | −C$96.5M | −C$154.6M |
| Acquisitions & other investing | C$0 | — | C$1.2M | C$73.7M | C$97.4M | C$127.0M | C$0 | C$89.4M | C$98.3M | C$120.4M | C$96.5M | C$154.6M |
| Cash from investing activities | −C$29.0M | — | −C$29.2M | −C$73.7M | −C$82.4M | −C$127.0M | −C$112.4M | −C$61.5M | −C$98.3M | −C$120.4M | −C$96.5M | −C$154.6M |
| Financing activities | ||||||||||||
| Dividends paid | C$0 | C$0 | −C$192,655 | −C$31,233 | −C$14.8M | C$0 | −C$7.3M | −C$14.2M | C$0 | −C$7.1M | −C$6.9M | −C$13.9M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | C$0 | C$0 | C$0 |
| Net borrowing (repayment) | C$132.0M | C$23.6M | C$155.3M | C$82.0M | C$26.2M | −C$6.4M | — | C$10.4M | C$484.6M | — | — | — |
| Shares issued | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$27.3M | −C$4.3M | −C$48.8M | C$30.5M | −C$24.1M | C$1.1M | −C$9.7M | C$4.7M | −C$4.7M | C$7.4M | C$31.5M | C$19.2M |
| Cash from financing activities | C$104.7M | C$19.3M | C$106.3M | C$112.5M | −C$12.7M | −C$5.3M | −C$17.0M | C$900,000 | C$479.9M | C$300,000 | C$24.6M | C$5.3M |
| Summary | ||||||||||||
| Net change in cash | −C$2.7M | −C$12.2M | C$73.0M | −C$78.0M | −C$144.0M | −C$40.4M | −C$185.1M | −C$41.4M | C$395.5M | C$3.2M | −C$118.9M | −C$87.0M |
| Cash at end of period | C$62.6M | C$65.3M | C$77.5M | C$4.5M | C$82.5M | C$226.5M | C$266.9M | C$452.0M | C$493.4M | C$97.9M | C$94.7M | C$213.6M |
| Free cash flow | −C$108.4M | −C$32.6M | −C$33.4M | −C$191.0M | −C$135.3M | −C$34.9M | −C$189.3M | −C$63.9M | −C$85.8M | C$800,000 | −C$143.9M | −C$97.4M |
| Free cash flow margin | −40.5% | −11.0% | −7.3% | −36.5% | −22.9% | −6.7% | −32.1% | −10.6% | −13.2% | 0.1% | −23.4% | −13.3% |
| Capex / revenue | 10.8% | 6.9% | 6.7% | 14.1% | 16.5% | 24.6% | 19.0% | 14.9% | 15.1% | 19.4% | 15.7% | 21.1% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | 2.05 | 4.33 | — | 1.84 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
ASTL cash generation
In fiscal 2026 (ended March 31, 2026), Algoma Steel generated -C$66.1 million of cash from operations and spent C$328.5 million on capital expenditures, leaving free cash flow of -C$394.6 million, −18.9% of revenue. It returned C$14.8 million to shareholders through dividends (C$14.8 million) and net share buybacks (C$0). Cash and equivalents fell by C$189.4 million over the year.
Related: ASTL income statement, ASTL balance sheet, ASTL dividend history. See the ASTL stock overview for the latest quote and news.
ASTL cash flow FAQ
What is Algoma Steel's free cash flow?
Algoma Steel's free cash flow was -C$394.6 million in fiscal 2026: -C$66.1 million of operating cash flow minus C$328.5 million of capital expenditures It was -C$295.4 million a year earlier..
How much cash does Algoma Steel generate from operations?
Algoma Steel generated -C$66.1 million of cash from operating activities in fiscal 2026.
How much does Algoma Steel spend on capital expenditures?
Algoma Steel spent C$328.5 million on capital expenditures in fiscal 2026, 15.8% of revenue, compared with C$208.5 million the year before.
How much does Algoma Steel pay in dividends?
Algoma Steel paid C$14.8 million in dividends in fiscal 2026.