Liquidity remains a critical concern as the company reported a negative 19.3% free cash flow margin in 2024Q4, further exacerbated by a minimal cash buffer of only $1.0 million.
| Metric | TTM | Sep'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | -75.45M | -1.73M | -15.48M | -60.37M | -15.73M | -8.02M | -295.91K | 6.27M | -6.48M | -1.99M | -7.21M | 167.94M | 22.97M | 52.86M | 189.64M | 122.69M | 199.84M | 159.95M | 159.16M | 103.18M |
| Operating CF Margin % | - | -2.14% | -15.68% | -11.82% | -5.4% | -71.45% | -0.17% | 1.92% | -1.25% | -0.25% | -0.87% | 15.99% | 2.23% | 5.64% | 13.26% | 8.36% | 19.15% | 19.15% | 21.11% | 16.5% |
| Operating CF Growth % | -456.3% | 88.81% | 74.35% | -283.74% | -96.21% | -2609.56% | -104.72% | 196.8% | -224.75% | 72.34% | -104.29% | 631.21% | -56.55% | -72.12% | 54.56% | -38.6% | 24.94% | 0.5% | 54.26% | - |
| Net Income | -99.46M | -14.35M | -10.58M | -12.99M | -5.54M | -18.83M | -182.55M | -9.48M | -435M | -85.81M | -336.61M | -374.11M | -30.12M | -2.04M | 241.36M | 289.65M | 220.21M | 152.79M | 168.78M | 140.06M |
| Depreciation & Amortization | 4.96M | 606.66K | 178K | 361.29K | 260.38K | 13.98M | 12.38M | 12.17M | 11.95M | 14.98M | 46.63M | 70.17M | 69.58M | 70.6M | 66.18M | 48.28M | 30.14M | 15.62M | 15.97M | 14.23M |
| Stock-Based Compensation | 0 | 0 | 5.99M | 49.48M | 2.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 53.95M | 9.14M | 1.3M | -58.67M | 2.34M | 1.39M | 143.55M | 15.53M | 476.25M | 112.92M | 343.89M | 446.19M | 68.99M | 33.19M | -24.71M | 31.04M | 5.29M | 25.27M | -333.41K | -51.12M |
| Working Capital Changes | -36.34M | 2.86M | -12.38M | -38.55M | -15.01M | -4.55M | 26.33M | -11.95M | -59.67M | -44.08M | -61.12M | 25.68M | -85.48M | -48.88M | -93.18M | -246.28M | -55.8M | -33.73M | -25.26M | 0 |
| Change in Receivables | -17.68M | 1.53M | -16.69M | -38.01M | 3.46M | -24.98M | -69.51M | -21.51M | -24.22M | -37.36M | -61.82M | 25.57M | -58.37M | -35.29M | 39.21M | -204.33M | -16.37M | -74.89M | -14.94M | 0 |
| Change in Inventory | 0 | -5K | 0 | 0 | 0 | 118.3M | 109.1M | 18.77M | 8.67M | 23.21M | 19.91M | 16.77M | -25.57M | -40.46M | -3.03M | -112.7M | -49.89M | 16.9M | 25.24M | 0 |
| Change in Payables | -2.19M | 1.13M | 831K | -3.08M | 472.79K | 2.57M | -14.96M | -1.75M | -38.19M | -22.59M | -27.21M | -12.29M | -30.17M | 37.65M | -136.16M | 73.09M | 39.63M | 31.94M | -46.08M | 0 |
| Cash from Investing | 15.61M | 31K | -2.59M | 18.55M | -10.68M | -1.26M | -43.49K | 0 | 0 | -5.41M | 1.05M | -169.96M | 12.46M | -129.82M | -19.06M | -426.78M | -248.52M | -152.63M | -7.18M | -4M |
| Capital Expenditures | -4.7M | -381K | -4.2M | -502.97K | -20.55K | -1.26M | -43.49K | 0 | 0 | -5.48M | 0 | -170.01M | 0 | -97.59M | -19.32M | -434.43M | -217.06M | -8.04M | -7.18M | -4.16M |
| CapEx % of Revenue | 0.76% | 0.47% | 4.25% | 0.1% | 0.01% | 11.25% | 0.03% | - | 0% | 0.68% | 0% | 16.19% | - | 10.41% | 1.35% | 29.61% | 20.8% | 0.96% | 0.95% | 0.67% |
| Acquisitions | -518.53K | 282K | 0 | -255.03K | 0 | 0 | 0 | 0 | 0 | 68.23K | 1.05M | 51.61K | 11.09M | 2M | 266.27K | 7.65M | -31.47M | -144.59M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 12.16M | 130K | 1.51M | 11.48M | -2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.38M | -34.24M | 0 | 0 | 0 | 0 | 0 | 161.6K |
| Cash from Financing | 61.79M | 3.34M | 18.98M | 42.82M | 2.32M | 24.08M | 1.26M | -5.89M | 16.05M | 9.3M | -35.45M | -49.04M | -3.38M | 16.08M | -123.73M | 86.57M | 159.44M | 91.06M | -118.13M | -93.49M |
| Debt Issued (Net) | 2.84M | 2.37M | 4.57M | 7.11M | 8.56M | 0 | 123.85K | -13.85M | 193.25K | 0 | -41.92M | -47.49M | -15.82M | 39.86M | -123.73M | 86.57M | 10.25M | 14.19M | 2.86M | 0 |
| Equity Issued (Net) | 73.13M | 1.31M | 12.99M | 58.95M | 5.83M | 39.33M | 15.17M | 7.96M | 15.86M | 9.3M | 6.47M | 0 | 0 | 0 | 0 | 0 | 149.18M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.55M | -1.49M | -11.89M | 0 | 0 | 0 | -22.44M | -122.73M | -87.77M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.64M | 0 | 0 | 0 |
| Other Financing | -14.18M | -342K | 1.42M | -23.24M | -12.07M | -15.25M | -14.03M | 0 | 0 | 0 | 0 | 0 | 13.94M | -11.89M | 0 | 0 | 0 | 99.31M | 1.73M | -5.72M |
| Net Change in Cash | -1.87M | 880K | 509K | -545.47K | -25.76M | 15.83M | 2.01M | 104.51K | 8.29M | 2.25M | -45.04M | -52M | 21.86M | -21.14M | 47.84M | -211.69M | 118.96M | 98.5M | 53.75M | 0 |
| Free Cash Flow | -80.15M | -2.11M | -19.68M | -60.87M | -15.76M | -9.28M | -339.39K | 6.27M | -6.48M | -7.47M | -7.21M | -2.07M | 22.97M | -44.72M | 170.32M | -311.73M | -17.22M | 151.91M | 151.98M | 99.02M |
| FCF Margin % | -12.95% | -2.61% | -19.93% | -11.92% | -5.4% | -82.7% | -0.2% | 1.92% | -1.25% | -0.93% | -0.87% | -0.2% | 2.23% | -4.77% | 11.91% | -21.24% | -1.65% | 18.19% | 20.16% | 15.84% |
| FCF Growth % | -224.08% | 89.26% | 67.66% | -286.26% | -69.82% | -2634.42% | -105.41% | 196.8% | 13.31% | -3.61% | -247.56% | -109.03% | 151.35% | -126.26% | 154.64% | -1710.66% | -111.33% | -0.04% | 53.49% | - |
| FCF per Share | -84.12 | -0.49 | -59.39 | -1096.72 | -753.25 | -4328.49 | -277.05 | 7430.33 | -10379.56 | -16108.20 | -18798.39 | -5849.52 | 64749.89 | -126088.85 | 480165.21 | -878855.79 | -74605.44 | 999999.00 | 999999.00 | 637239.61 |
| FCF Conversion (FCF/Net Income) | 0.81x | 0.12x | 1.47x | 29.81x | 0.27x | 0.09x | 0.00x | -0.66x | 0.01x | 0.02x | 0.02x | -0.45x | -0.76x | -25.88x | 0.79x | 0.42x | 0.91x | 1.05x | 0.94x | 0.74x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Structural liquidity and insolvency
According to the provided financial data, AEHL's operating cash flow consistently trails net income, with the 2024Q4 OCF/NI ratio reaching 2.13, suggesting that the company's reported losses are being compounded by significant cash outflows rather than being mitigated by non-cash accounting adjustments or accrual benefits.
The divergence between net income and operating cash flow indicates that the company is struggling to convert its business activities into liquidity. This pattern suggests that the underlying operations are not only unprofitable on an accrual basis but are also actively consuming cash reserves at an accelerating rate.
As reported in recent financial statements, AEHL has sustained a negative free cash flow trajectory, with the 2024Q4 FCF margin hitting -19.3%, reflecting a structural inability to generate self-sustaining cash flow despite the company's ongoing efforts to manage its cost base during a period of severe revenue contraction.
The consistent negative FCF margins across the last ten quarters imply that the business model is currently incapable of funding its own operations. Investors should monitor whether this trend forces further reliance on external financing, which may be difficult to secure given the company's current financial profile.
Based on the reported figures, working capital changes have been highly erratic, with a significant $6.1 million outflow in 2024Q4, indicating that the company is facing substantial challenges in managing its receivables and payables cycle amidst the broader downturn in the Chinese construction sector.
The volatility in working capital suggests that the company may be struggling to collect payments from distressed property developers, effectively trapping cash in accounts receivable. This lack of efficient working capital management appears to be a primary driver of the company's current liquidity constraints.
As indicated by the financial data, AEHL's capital expenditure reached 4.3% of revenue in 2024Q4, a concerning trend given that the company is simultaneously experiencing deep negative operating margins and a lack of clear competitive advantage in its core ceramic tile manufacturing segment.
The allocation of capital toward maintenance or growth projects during a period of severe operational distress warrants further investigation. It appears that these expenditures may be failing to yield any meaningful improvement in production efficiency or market positioning, potentially accelerating the depletion of the company's limited cash reserves.
Quick answers to the most common questions about buying AEHL stock.
Antelope Enterprise Holdings Limited (AEHL) generated $-1.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Antelope Enterprise Holdings Limited (AEHL) reported negative free cash flow of $2.1M in 2025, indicating capital requirements exceeded cash from operations.
Antelope Enterprise Holdings Limited (AEHL) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.