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Cash flow generation remains highly unstable, evidenced by a $31.0 million free cash flow outflow in 2025Q1 that contrasts sharply with the $5.3 million inflow reported in 2026Q1.
AlTi Global, Inc. (ALTI) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -3.48M | -51.44M | -50.65M | -81.71M | 6.86M | 14.45M | 3.33M | 3.23M |
| Operating CF Growth % | 4045.04% | -1.55% | 38.01% | -1291.4% | -52.55% | 333.93% | 3.24% | - |
| Net Income | -113.02M | -123.72M | -174.31M | -311.21M | -5.88M | 1.95M | -3.38M | -4.89M |
| Depreciation & Amortization | 18.87M | 18.45M | 14.55M | 17.04M | 2.34M | 6.28M | 6.36M | 7.37M |
| Deferred Taxes | 23.43M | 16.7M | -24.05M | -12.39M | 0 | -536.46K | -315.16K | 670.04K |
| Other Non-Cash Items | 75.58M | 27.84M | 95.25M | 209.14M | 1.6M | 4.36M | -682.26K | 7.48M |
| Working Capital Changes | 11.06M | -21.03M | 20.45M | -21.04M | 5.08M | 2.41M | 1.34M | -7.41M |
| Cash from Investing | -345K | 13.68M | -75.69M | -132.95M | -7.23M | -9.75M | -2.5M | -18.41M |
| Purchase of Investments | -10.42M | -10.45M | -20.38M | -15.69M | -606K | -170.21K | -78.9K | -32.55K |
| Sale/Maturity of Investments | -20.49M | 188K | 818K | 2.11M | 1.03M | 102.74K | 224.36K | 27.7K |
| Net Investment Activity | -30.92M | -10.26M | -19.56M | -13.58M | 426K | -67.47K | 145.46K | -4.86K |
| Acquisitions | 0 | -6.56M | -47.02M | -118.81M | -7.63M | 4K | 71.07K | -10.66M |
| Other Investing | 31.31M | 31.3M | -1.39M | 75K | 127K | -9.27M | -2.34M | -7.32M |
| Cash from Financing | 5.69M | 12M | 174.26M | 36.02M | -345K | -38.75K | 422.54K | 7.33M |
| Dividends Paid | 0 | 0 | -6.77M | -11.86M | -9.84M | -8.58M | -186.86K | -13.55M |
| Share Repurchases | 0 | 0 | 0 | -4.21M | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 18.47M | 94.66M | 0 | 0 | 346.46M | 1.92M | 13.77M |
| Net Stock Activity | 0 | 18.47M | 94.66M | -4.21M | 0 | 346.46M | 1.92M | 13.77M |
| Debt Issuance (Net) | -610K | 126K | -1000K | 1000K | 1000K | -1000K | -303.63K | 1000K |
| Other Financing | 6.3M | -6.59M | -19.62M | -10.95M | 0 | -334.57M | -1.01M | -969.31K |
| Net Change in Cash | 1.56M | -24.34M | 47.25M | -175.84M | -909K | 4.66M | 1.24M | -7.97M |
| Exchange Rate Effect | -312K | 1.42M | -673K | 2.79M | -193K | -2.54K | -10.11K | -112.52K |
| Cash at Beginning | 39.72M | 65.49M | 18.25M | 194.09M | 8.04M | 8.3M | 7.06M | 17.22M |
| Cash at End | 43.98M | 41.16M | 65.49M | 18.25M | 7.13M | 12.96M | 8.3M | 9.25M |
| Interest Paid | 0 | 37K | 16.71M | 14.08M | 622K | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 2.32M | 1.47M | 848K | 0 | 0 | 0 | 0 |
| Free Cash Flow | -4.22M | -52.25M | -58.37M | -82.34M | 6.7M | 14.04M | 2.95M | -4.53M |
| FCF Growth % | 93.23% | 10.47% | 29.11% | -1328.53% | -52.25% | 375.99% | 165.08% | - |
Quick answers to the most common questions about buying ALTI stock.
AlTi Global, Inc. (ALTI) generated $-51.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AlTi Global, Inc. (ALTI) reported negative free cash flow of $52.3M in 2025, indicating capital requirements exceeded cash from operations.
AlTi Global, Inc. (ALTI) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent negative operating cash
Metrics are mathematically derived from official filings.
Earnings Quality Remains Highly Disconnected
According to the provided financial data, ALTI's operating cash flow frequently diverges from net income, as evidenced by the 2025Q1 period where the firm reported a $1.9 million net profit while simultaneously suffering a $30.2 million cash outflow from core operations, indicating significant accrual-based volatility.
The persistent mismatch between GAAP earnings and cash generation suggests that reported profits are often driven by non-cash accounting adjustments rather than operational efficiency. Investors should monitor whether this disconnect reflects the timing of performance fee realizations or underlying structural issues in the firm's revenue recognition process.
Free Cash Flow Remains Volatile
As reported in recent quarterly filings, ALTI's free cash flow trajectory is characterized by extreme instability, swinging from a $31.0 million outflow in 2025Q1 to a $5.3 million inflow in 2026Q1, highlighting the firm's ongoing struggle to maintain consistent cash generation amidst its aggressive expansion strategy.
The inability to sustain positive free cash flow suggests that the firm's current business model is not yet self-funding. This volatility may imply that the company remains heavily reliant on external capital infusions to bridge the gap between its high operating overhead and its cyclical transactional revenue streams.
Working Capital Swings Obscure Liquidity
Based on the historical cash flow statements, ALTI experiences massive fluctuations in working capital, including a $36.1 million positive impact in 2024Q4 followed by a $27.8 million drain in 2025Q1, which suggests that the firm's cash position is highly sensitive to the timing of client-related settlements.
These erratic working capital movements indicate that the firm's cash flow is subject to significant timing differences between billing and collection. Such variability warrants further investigation into the firm's credit terms and the potential for liquidity pressure during periods of slower transactional activity.
Stock-Based Compensation Masks Cash Reality
Analysis of the cash flow statements reveals that ALTI consistently utilizes stock-based compensation, with quarterly figures reaching as high as $7.4 million in 2025Q1, which effectively serves as a non-cash substitute for the compensation expenses that would otherwise further depress the firm's already negative operating cash flow.
By relying on equity-based incentives, the firm appears to be preserving cash at the expense of shareholder dilution. This practice may mask the true cost of talent retention, and investors should consider the long-term impact of this dilution on the firm's per-share value proposition.