Cementos Pacasmayo S.A.A. (CPAC) Cash Flow Statement
Where CPAC’s cash came from and went, 2025
December 31, 2025 · PEN- Cash from operations
- PEN 339.9M +5.9% vs 2024
- Capital expenditures
- PEN 96.9M 4.6% of revenue
- Free cash flow
- PEN 243.0M 11.5% margin
- Returned to shareholders
- PEN 164.8M 68% of free cash flow
- Change in cash
- −PEN 11.5M cash at year-end PEN 53.6M
Cash from operations
PEN 339.9M
Capital expenditures
−PEN 96.9M
Acquisitions & other
−PEN 11.4M
Dividends
−PEN 164.8M
Net borrowing (repayment)
−PEN 89.6M
Other financing
+PEN 5.1M
Currency & other
+PEN 6.1M
Change in cash
−PEN 11.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CPAC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CPAC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | PEN 241.7M2016 | PEN 339.9M2025 | +3.9%/yr | |
| Capital expenditures | PEN 137.1M2016 | PEN 96.9M2025 | −3.8%/yr | |
| Free cash flow | PEN 104.6M2016 | PEN 243.0M2025 | +9.8%/yr | |
| Free cash flow margin | 8.5%2016 | 11.5%2025 | +3.0 pts | |
| Operating cash flow / net income | 1.312016 | 2.342025 | +1.03 | |
| Stock-based compensation | PEN 16.1M2016 | PEN 7.2M2024 | −9.6%/yr | |
| Dividends paid | PEN 154.4M2016 | PEN 164.8M2025 | +0.7%/yr | |
| Share buybacks (net) | PEN 02016 | PEN 02019 | — | |
| Capex / revenue | 11.1%2016 | 4.6%2025 | −6.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CPAC cash flow by activity
OperatingInvestingFinancingChange in cash
CPAC 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).
CPAC cash flow statement in PEN
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | PEN 145.4M | PEN 198.9M | PEN 168.9M | PEN 262.4M | PEN 224.1M | PEN 85.9M | PEN 194.4M | PEN 116.1M | PEN 127.1M | PEN 185.1M |
| Depreciation & amortization | PEN 159.5M | PEN 158.2M | PEN 144.2M | PEN 138.5M | PEN 135.6M | PEN 139.2M | PEN 129.8M | PEN 129.8M | PEN 124.2M | PEN 111.3M |
| Stock-based compensation | — | PEN 7.2M | — | — | — | PEN 5.8M | PEN 6.5M | PEN 9.5M | PEN 11.4M | PEN 16.1M |
| Change in working capital | PEN 80.4M | −PEN 29.2M | PEN 53.2M | −PEN 235.8M | −PEN 163.4M | PEN 100.3M | −PEN 129.7M | −PEN 71.2M | −PEN 35.2M | −PEN 58.8M |
| Other non-cash items | −PEN 45.4M | −PEN 13.9M | PEN 46.0M | −PEN 53.4M | −PEN 25.8M | PEN 289,000 | PEN 4.1M | PEN 19.4M | PEN 32.0M | −PEN 12.0M |
| Cash from operating activities | PEN 339.9M | PEN 321.1M | PEN 412.3M | PEN 111.8M | PEN 170.6M | PEN 331.4M | PEN 205.1M | PEN 203.6M | PEN 259.5M | PEN 241.7M |
| Investing activities | ||||||||||
| Capital expenditures | −PEN 96.9M | −PEN 64.3M | −PEN 289.3M | −PEN 178.5M | −PEN 94.5M | −PEN 52.5M | −PEN 83.0M | −PEN 111.3M | −PEN 80.8M | −PEN 137.1M |
| Investments (net) | −PEN 512,000 | −PEN 76.6M | −PEN 335.8M | −PEN 176.2M | −PEN 1.8M | −PEN 48.4M | −PEN 79.6M | −PEN 98.8M | −PEN 70.6M | −PEN 135.6M |
| Acquisitions & other investing | −PEN 11.4M | PEN 64.3M | PEN 335.7M | PEN 178.5M | PEN 4.5M | PEN 52.5M | PEN 83.0M | PEN 111.3M | PEN 77.7M | PEN 137.1M |
| Cash from investing activities | −PEN 108.8M | −PEN 76.6M | −PEN 289.4M | −PEN 176.2M | −PEN 91.8M | −PEN 48.4M | −PEN 79.6M | −PEN 98.8M | −PEN 73.8M | −PEN 135.6M |
| Financing activities | ||||||||||
| Dividends paid | −PEN 164.8M | −PEN 175.0M | −PEN 175.4M | −PEN 179.8M | −PEN 336.8M | −PEN 143.6M | −PEN 120.6M | −PEN 171.8M | −PEN 125.0M | −PEN 154.4M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | PEN 0 | PEN 0 | −PEN 34.2M | PEN 0 |
| Net borrowing (repayment) | −PEN 89.6M | −PEN 86.6M | −PEN 26.1M | PEN 73.5M | PEN 217.6M | PEN 115.1M | PEN 27.3M | PEN 68.7M | PEN 68.7M | PEN 68.7M |
| Shares issued | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 |
| Other financing | PEN 5.1M | PEN 297,000 | PEN 86.1M | −PEN 15.2M | −PEN 10.9M | −PEN 15.4M | −PEN 13.5M | −PEN 2.2M | −PEN 94.9M | −PEN 91.8M |
| Cash from financing activities | −PEN 249.2M | −PEN 261.3M | −PEN 115.4M | −PEN 121.5M | −PEN 130.1M | −PEN 43.8M | −PEN 106.8M | −PEN 105.3M | −PEN 185.4M | −PEN 177.5M |
| Summary | ||||||||||
| Net change in cash | −PEN 11.5M | −PEN 17.5M | PEN 8.4M | −PEN 191.6M | −PEN 35.5M | PEN 240.6M | PEN 19.2M | −PEN 149,000 | −PEN 31.0M | −PEN 77.8M |
| Cash at end of period | PEN 53.6M | PEN 72.7M | PEN 90.2M | PEN 81.8M | PEN 273.4M | PEN 308.9M | PEN 68.3M | PEN 49.1M | PEN 49.2M | PEN 80.2M |
| Free cash flow | PEN 243.0M | PEN 256.8M | PEN 123.0M | −PEN 66.7M | PEN 76.0M | PEN 278.8M | PEN 122.1M | PEN 92.4M | PEN 178.7M | PEN 104.6M |
| Free cash flow margin | 11.5% | 13.0% | 6.3% | −3.2% | 3.9% | 21.5% | 8.8% | 7.3% | 14.6% | 8.5% |
| Capex / revenue | 4.6% | 3.3% | 14.8% | 8.4% | 4.9% | 4.1% | 6.0% | 8.8% | 6.6% | 11.1% |
| Operating cash flow / net income | 2.34 | 1.61 | 2.44 | 0.43 | 0.76 | 3.86 | 1.06 | 1.75 | 2.04 | 1.31 |
| 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 | PEN 115.1M | PEN 81.9M | PEN 18.0M | PEN 106.4M | PEN 69.6M | PEN 73.9M | PEN 50.1M | PEN 93.2M | PEN 36.8M | PEN 70.5M | PEN 35.9M | PEN 67.1M |
| Depreciation & amortization | PEN 38.4M | PEN 38.2M | PEN 41.6M | PEN 39.3M | PEN 39.6M | PEN 39.0M | PEN 44.7M | PEN 38.1M | PEN 39.0M | PEN 37.8M | PEN 38.9M | PEN 37.4M |
| Stock-based compensation | — | PEN 855,000 | — | — | — | PEN 7.2M | — | — | — | — | — | — |
| Change in working capital | PEN 82.7M | −PEN 49.5M | PEN 64.0M | PEN 59.8M | −PEN 35.7M | −PEN 2.7M | PEN 19.1M | PEN 39.9M | PEN 7.3M | −PEN 88.2M | −PEN 18.0M | PEN 171.1M |
| Other non-cash items | −PEN 45.1M | −PEN 30.9M | −PEN 42.8M | −PEN 35.5M | −PEN 23.4M | −PEN 57.7M | −PEN 5.6M | −PEN 34.0M | PEN 7.9M | −PEN 35.5M | PEN 59.2M | −PEN 27.7M |
| Cash from operating activities | PEN 191.0M | PEN 40.6M | PEN 80.8M | PEN 170.0M | PEN 50.2M | PEN 59.7M | PEN 108.3M | PEN 137.2M | PEN 91.0M | −PEN 15.4M | PEN 115.9M | PEN 247.9M |
| Investing activities | ||||||||||||
| Capital expenditures | −PEN 15.1M | −PEN 26.8M | −PEN 34.0M | −PEN 26.8M | −PEN 22.5M | −PEN 35.4M | −PEN 24.5M | −PEN 15.7M | −PEN 14.8M | −PEN 16.1M | −PEN 34.8M | −PEN 98.5M |
| Investments (net) | PEN 0 | PEN 0 | PEN 0 | PEN 0 | −PEN 20.1M | −PEN 36.2M | PEN 2.7M | −PEN 44.3M | −PEN 18.7M | −PEN 16.3M | −PEN 26.6M | −PEN 97.1M |
| Acquisitions & other investing | PEN 449,000 | −PEN 60,000 | PEN 1.6M | PEN 24,000 | PEN 22.5M | PEN 35.4M | — | PEN 15.7M | PEN 14.8M | PEN 16.1M | PEN 34.8M | PEN 98.5M |
| Cash from investing activities | −PEN 14.7M | −PEN 26.9M | −PEN 32.4M | −PEN 26.8M | −PEN 20.1M | −PEN 36.2M | — | −PEN 44.3M | −PEN 18.7M | −PEN 16.3M | −PEN 26.6M | −PEN 97.1M |
| Financing activities | ||||||||||||
| Dividends paid | −PEN 22,000 | −PEN 470,000 | −PEN 174.8M | −PEN 125,000 | −PEN 120,000 | −PEN 454,000 | −PEN 174.6M | −PEN 141,000 | −PEN 101,000 | −PEN 184,000 | −PEN 174.4M | −PEN 127,000 |
| Net borrowing (repayment) | −PEN 55.5M | PEN 11.9M | −PEN 2.7M | −PEN 41.3M | −PEN 4.5M | −PEN 41.1M | −PEN 3.1M | −PEN 40.4M | — | — | — | −PEN 40.0M |
| Shares issued | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 | PEN 0 |
| Other financing | PEN 300,000 | PEN 0 | PEN 111,000 | PEN 215,000 | PEN 334,000 | PEN 0 | PEN 0 | PEN 0 | −PEN 40.2M | −PEN 2.6M | −PEN 2.3M | PEN 163,000 |
| Cash from financing activities | −PEN 55.2M | PEN 11.4M | −PEN 177.3M | −PEN 41.2M | −PEN 4.3M | −PEN 41.6M | −PEN 177.7M | −PEN 40.6M | −PEN 40.3M | −PEN 2.8M | −PEN 176.7M | −PEN 40.0M |
| Summary | ||||||||||||
| Net change in cash | PEN 120.9M | PEN 25.0M | −PEN 128.8M | PEN 101.8M | PEN 25.9M | −PEN 18.0M | −PEN 66.8M | PEN 52.2M | PEN 32.0M | −PEN 34.9M | −PEN 86.9M | PEN 111.5M |
| Cash at end of period | PEN 199.5M | PEN 78.6M | PEN 53.6M | PEN 182.4M | PEN 80.6M | PEN 54.8M | PEN 72.7M | PEN 139.5M | PEN 87.3M | PEN 55.3M | PEN 90.2M | PEN 177.1M |
| Free cash flow | PEN 175.9M | PEN 13.8M | PEN 46.8M | PEN 143.2M | PEN 27.7M | PEN 24.2M | PEN 83.8M | PEN 121.5M | PEN 76.2M | −PEN 31.4M | PEN 81.2M | PEN 149.4M |
| Free cash flow margin | 31.5% | 2.5% | 8.4% | 24.9% | 5.7% | 4.9% | 15.9% | 23.5% | 16.7% | −6.6% | 15.9% | 28.9% |
| Capex / revenue | 2.7% | 4.8% | 6.1% | 4.7% | 4.6% | 7.1% | 4.7% | 3.0% | 3.2% | 3.4% | 6.8% | 19.1% |
| Operating cash flow / net income | 1.66 | 0.50 | 4.48 | 1.60 | 0.72 | 0.81 | 2.16 | 1.47 | 2.47 | −0.22 | 3.23 | 3.69 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in PEN as reported; data from EODHD.
CPAC cash generation
In fiscal 2025 (ended December 31, 2025), Cementos Pacasmayo S.A.A. generated PEN 339.9 million of cash from operations (up 5.9%) and spent PEN 96.9 million on capital expenditures, leaving free cash flow of PEN 243.0 million, 11.5% of revenue. It returned PEN 164.8 million to shareholders through dividends (PEN 164.8 million) and net share buybacks (PEN 0). Cash and equivalents fell by PEN 11.5 million over the year.
Related: CPAC income statement, CPAC balance sheet, CPAC dividend history. See the CPAC stock overview for the latest quote and news.
CPAC cash flow FAQ
What is Cementos Pacasmayo S.A.A.'s free cash flow?
Cementos Pacasmayo S.A.A.'s free cash flow was PEN 243.0 million in fiscal 2025: PEN 339.9 million of operating cash flow minus PEN 96.9 million of capital expenditures It was PEN 256.8 million a year earlier..
How much cash does Cementos Pacasmayo S.A.A. generate from operations?
Cementos Pacasmayo S.A.A. generated PEN 339.9 million of cash from operating activities in fiscal 2025, 2.34 times its net income of PEN 145.4 million.
How much does Cementos Pacasmayo S.A.A. spend on capital expenditures?
Cementos Pacasmayo S.A.A. spent PEN 96.9 million on capital expenditures in fiscal 2025, 4.6% of revenue, compared with PEN 64.3 million the year before.
How much does Cementos Pacasmayo S.A.A. pay in dividends?
Cementos Pacasmayo S.A.A. paid PEN 164.8 million in dividends in fiscal 2025, 67.8% of free cash flow.