Operational cash flow remains unreliable, highlighted by a FCF margin of -158.7% in 2025Q4, indicating that capital expenditures are consistently outpacing internal cash generation.
| Cash from Operations | -1.56M | -2.03M | 89.68K | 848.03K | 576.26K | 377.29K |
| Operating CF Margin % | - | -68.42% | 2.72% | 23.86% | 19.15% | 15.66% |
| Operating CF Growth % | -878.35% | -2361.86% | -89.43% | 47.16% | 52.74% | - |
| Net Income | -5.2M | -3.68M | -183.7K | 386.13K | 323.19K | 278.49K |
| Depreciation & Amortization | 233.47K | 220.5K | 201.11K | 174.21K | 163.37K | 158.29K |
| Stock-Based Compensation | 49.33K | 1.89M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -152.66K | -82.09K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.58M | 287.37K | 58.81K | 100K | 108.96K | -58.7K |
| Working Capital Changes | -71.56K | -668.05K | 13.46K | 187.7K | -19.27K | -797 |
| Change in Receivables | 15.51K | -29.25K | 15.52K | -7.08K | 7.2K | -4.62K |
| Change in Inventory | 26.17K | 21.4K | -113 | 3.66K | -33.74K | 2.33K |
| Change in Payables | 97.61K | 0 | 0 | 187.54K | 0 | 0 |
| Cash from Investing | -21.09M | -1.07M | -133.46K | -251.39K | -207.58K | -46.65K |
| Capital Expenditures | -1.44M | -1.07M | -126.68K | -251.39K | -207.58K | -46.65K |
| CapEx % of Revenue | 46.23% | 36.23% | 3.84% | 7.07% | 6.9% | 1.94% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 342.63K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 31.85M | 31.31M | -145.37K | -643.5K | -364.78K | 35.68K |
| Debt Issued (Net) | -349.61K | -2.7M | -592.94K | -390.54K | 101.22K | 78.62K |
| Equity Issued (Net) | 32.2M | 34.17M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -171.18K | 447.57K | -252.96K | -466K | -42.93K |
| Net Change in Cash | 9.2M | 28.21M | -189.15K | -46.86K | 3.89K | 366.32K |
| Free Cash Flow | -3M | -3.1M | -37K | 596.64K | 368.67K | 330.63K |
| FCF Margin % | -96.53% | -104.65% | -1.12% | 16.78% | 12.25% | 13.72% |
| FCF Growth % | -495.51% | -8284.07% | -106.2% | 61.83% | 11.51% | - |
| FCF per Share | -0.22 | -0.22 | -0.00 | 0.04 | 0.03 | 0.03 |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.55x | -0.49x | 2.20x | 1.78x | 1.35x |
| Interest Paid | 0 | 0 | 25.55K | 0 | 36.17K | 19.5K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Operational viability and scale
According to the provided quarterly data, AGH exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio frequently swinging into negative territory, which suggests that reported earnings are not reliably supported by actual cash generation from core leisure operations.
The erratic nature of the OCF/NI ratio indicates that non-cash items and working capital fluctuations are significantly distorting the company's bottom line. Investors should monitor whether this divergence reflects a fundamental inability to convert service revenue into liquid assets or merely timing differences in seasonal leisure receipts.
As reported in financial statements, AGH has struggled to maintain positive free cash flow, with FCF margins plummeting to -158.7% in 2025Q4, highlighting a trend where capital expenditures continue to outpace the company's ability to generate internal cash from its aquatic golf range operations.
The consistent failure to achieve sustained positive FCF suggests that the business model is currently reliant on external liquidity rather than self-funding. This trajectory warrants further investigation into whether the company's capital-intensive maintenance requirements are structurally incompatible with its current revenue scale.
Based on the reported figures, AGH's capital expenditure as a percentage of revenue reached a high of 116.2% in 2025Q3, which indicates that the company is reinvesting more than its total top-line intake into property maintenance and facility upgrades without achieving commensurate growth.
This level of capital intensity appears unsustainable for a leisure operator with contracting revenue. It suggests that the company may be trapped in a cycle of heavy restorative spending just to maintain existing assets, rather than deploying capital toward high-return growth initiatives.
Analysis of the cash flow statements reveals that working capital changes have been highly inconsistent, with swings ranging from a $281.7K inflow in 2025Q4 to a $472.6K outflow in 2025Q3, suggesting significant instability in the company's collection and payment cycles.
Such volatility in working capital may indicate challenges in managing seasonal inventory or delays in collecting receivables from the aquatic range segment. The lack of a predictable working capital trend complicates the assessment of the company's underlying operational efficiency.
As indicated by the quarterly filings, the company's $28.6 million cash position appears to obscure the underlying cash burn, as the core business consistently fails to generate positive operating cash flow, effectively subsidizing operational losses through the depletion of existing liquid reserves.
The reliance on a large cash pile may provide a false sense of security regarding the company's long-term viability. Analysts should consider whether this liquidity is being used to mask a terminal decline in the core leisure business rather than facilitating a successful strategic pivot.
Quick answers to the most common questions about buying AGH stock.
Aureus Greenway Holdings Inc. (AGH) generated $-2.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aureus Greenway Holdings Inc. (AGH) reported negative free cash flow of $3.1M in 2025, indicating capital requirements exceeded cash from operations.
Aureus Greenway Holdings Inc. (AGH) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.