Operating cash flow remains volatile and negative at $41.2 million in 2025Q3, highlighting the difficulty in generating consistent liquidity while managing legacy insurance liabilities.
| Metric | TTM | 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Cash from Operations | -34.95M | 762K | 200M | 70.37M | -131M | -175M | -311M | -1.54B | -212.77M | 843.54M | 87.54M | -971.51M | 186.22M | -613.9M | 3.56M | -2.09B | -1.85B | -1.42B | 945.38M | 903.13M | 1.01B | 949.7M | 1B | 805.49M | 671.83M | 481.33M | 454.4M | 337.66M | 324.52M | 190.63M | 231.3M |
| Operating CF Growth % | -321.2% | -99.62% | 184.22% | 153.72% | 25.14% | 43.73% | 79.85% | -625.33% | -125.22% | 863.58% | 109.01% | -621.69% | 130.33% | -17358.87% | 100.17% | -12.77% | -30.06% | -250.53% | 4.68% | -10.36% | 6.09% | -5.37% | 24.6% | 19.89% | 39.58% | 5.93% | 34.57% | 4.05% | 70.23% | -17.58% | -12.91% |
| Operating CF / Revenue % | -35.26% | 0.32% | 160.35% | 131.25% | -53.04% | -112.18% | -62.7% | -303.79% | -34.54% | 168.06% | 13.58% | -240.83% | 27.16% | -71.11% | 1.22% | -480.73% | -47.45% | 51.68% | -22.43% | 49.29% | 62.42% | 67.76% | 78.89% | 84.03% | 70.96% | 53.99% | 85.21% | 73.89% | 85.02% | 42.09% | 81.93% |
| Net Income | -780.16M | -58.92M | 4M | -35.24M | -16M | -437M | -216M | 267.4M | -328.71M | 74.32M | 492.69M | 483.7M | 3.85B | -259.35M | -1.96B | 753.14M | -14.62M | -5.61B | -3.25B | 875.91M | 751.01M | 724.55M | 618.91M | 432.59M | 432.91M | 366.17M | 307.9M | 254M | 223.03M | 276.32M | 167.5M |
| Depreciation & Amortization | -5.88M | 19.95M | 31M | 3.79M | 57M | 58M | 295M | 107.98M | 151.85M | 175.83M | 172.77M | 155.41M | 102.61M | 3.07M | 3.73M | 3.65M | 2.98M | 3.16M | 3.94M | 6.15M | 1.55M | -1.58M | 21.53M | 12.34M | -12.44M | -9.36M | -1.5M | -2.4M | -1.33M | 383K | 5.1M |
| Stock-Based Compensation | 5.71M | 9.36M | 17M | 11.23M | 14M | 11M | 12M | 11.85M | 4.29M | 5.25M | 3.1M | 3.45M | 1.11M | 0 | -15.46M | 5.36M | 14.08M | 17.41M | 37.34M | 37.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 2M | 8M | 36M | -28.93M | 5.67M | 9.24M | 260K | 4.84M | 600K | 2.65M | -142.94M | -225.53M | 1.24B | 822.29M | -2.2B | 5.05M | 71.28M | 19.99M | -12.28M | -52.11M | 4.99M | 24.3M | 3.27M | -2.03M | 12.02M | 4.5M | 13.7M |
| Other Non-Cash Items | 73.7M | 15.36M | 18M | 64.42M | -93M | 17M | -101M | -188.81M | -186.03M | -212.99M | 367.53M | 126.96M | -3.9B | 262.92M | 262.07M | -3.49B | -3.88B | 3.37B | 6.25B | -85.48M | 46.89M | -337.85M | -6.82M | 83.76M | 84.07M | -38.52M | -83.15M | 80.36M | 30.67M | 67.25M | 44.2M |
| Working Capital Changes | -73.5M | 15.02M | 130M | 26.17M | -95M | 168M | -337M | -1.71B | 140.17M | 791.89M | -948.82M | -1.75B | 126.66M | -390.61M | 1.86B | 863.93M | 787.65M | -31.3M | 101.62M | 64.3M | 139.5M | 549.07M | 363.91M | 320.03M | 178.22M | 151.71M | 224.32M | 1.77M | 84.59M | -20.04M | 20M |
| Cash from Investing | 112.78M | -166.37M | 435M | -41.16M | 776M | 432M | 1B | 1.59B | 928.77M | -714.64M | -172.6M | 1.28B | -132.19M | 1.04B | 228.03M | 2.47B | 4.59B | 5.25B | -1.42B | -1.51B | -1.46B | -1.61B | -1.07B | -2.51B | -1.4B | 776.49M | -630.29M | -2.06B | -1.89B | -658.25M | -401.3M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | -178M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | -229.66M | -7M | -18.44M | 0 | 104M | 543M | 348.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.68M | 0 | 0 | 0 | 0 | 0 | 0 | -120.01M | 202.61M | 0 |
| Purchase of Investments | 234.31M | -62.99M | -495M | -96.66M | -470M | -1.45B | -1.31B | -541.75M | -2.48B | -3.06B | -2.37B | -3.16B | -5.93M | -677.33M | -1.25B | -1.12B | -2.24B | -3.9B | -4.82B | -4.88B | -5.17B | -6B | -7.91B | -7.84B | -7.11B | -2.7B | -4.69B | -5.07B | -4.78B | -3.86B | -3.86B |
| Sale/Maturity of Investments | 2M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Investing | -118.45M | -3.75M | 396M | 2.33M | 175M | 178M | 99M | -57.35M | 106.05M | 30.41M | -13M | -142.7M | -132.19M | 13.17M | -40.31M | 193.28M | 946.95M | 157.26M | 546.14M | -1.73B | -50.69M | -6.42M | 414.44M | -330.09M | 926.75M | -6.55M | 284M | -49.48M | 217.28M | 68.44M | -158.2M |
| Cash from Financing | -78.88M | 194.22M | -423M | -19.23M | -657M | -303M | -691M | -585.38M | -182.12M | -69.71M | 46.9M | -307.11M | -20.5M | -396.24M | -225.08M | -487.28M | -2.73B | -3.84B | 564.87M | 613.22M | 465.03M | 655.27M | 69.1M | 1.65B | 760.76M | -1.23B | 181.24M | 1.72B | 1.56B | 463.19M | 177.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -817K | -12.51M | -15.8M | -79.57M | -69.91M | -58.8M | -50.91M | -44.74M | -40.25M | -35.94M | -32.21M | -29.37M | -26.57M | -24.16M | -21.5M | -19.5M |
| Share Repurchases | -15M | -11.7M | -5M | -14.22M | -6M | -3M | -3M | -1M | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.09M | -449.39M | -126.7M | -309.67M | -51.78M | -20.25M | -41.1M | -40.88M | -23.62M | -17.6M | -52.7M | -40.4M | -31.8M | -5.9M |
| Stock Issued | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 0 | -2.71M | -5.37M | 0 | 0 | 0 | 0 | 0 | 0 | 1.18B | 21.22M | 61.01M | 32.37M | 74.06M | 62.54M | 54.97M | 38.29M | 37.93M | 17.5M | 46M | 29.2M | 17.2M | 6.3M |
| Debt Issuance (Net) | -2M | 1000K | -1000K | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 0 | 0 | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 0 | 0 | 0 |
| Other Financing | 216.12M | 58.92M | -321M | 2.98M | -184M | -179M | -522M | -350.03M | -313M | -20.68M | -5.37M | -199.95M | -5.93M | -186.79M | -225.08M | -486.46M | -1.72B | 141.68M | 1.89M | -1.35B | -1.16B | 11.36M | 42.36M | -8.45M | -8.47M | -1.21B | 210.74M | 1.56B | 1.6B | 499.3M | 196.8M |
| Net Change in Cash | -56.32M | 28.05M | 213M | 9.97M | -12M | -46M | -2M | -541.19M | 532.68M | 55.28M | -38.16M | -3.47M | 186.32M | 27.84M | 6.5M | -102.58M | 5.42M | -16.12M | 92.06M | 4.25M | 8.34M | -4.58M | -1.37M | -50.76M | 31.15M | 31.84M | 5.35M | -1.02M | 1.52M | -4.43M | 177.7M |
| Exchange Rate Effect | 544K | -558K | 1000K | 0 | 0 | 0 | 0 | -403K | -1000K | -1000K | -1000K | -263K | -100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K |
| Cash at Beginning | 46.38M | 19.22M | 61M | 9.97M | 35M | 81M | 83M | 624.68M | 91.03M | 35.74M | 73.9M | 77.37M | 44M | 16M | 9.5M | 112.08M | 107.81M | 123.93M | 31.87M | 27.62M | 19.96M | 24.54M | 25.82M | 76.58M | 45.43M | 13.59M | 8.24M | 9.26M | 7.73M | 12.17M | 4.4M |
| Cash at End | 51.77M | 47.27M | 274M | 19.94M | 23M | 35M | 81M | 83.49M | 623.7M | 91.03M | 35.74M | 73.9M | 230.32M | 43.84M | 16M | 9.5M | 113.23M | 107.81M | 123.93M | 31.87M | 28.3M | 19.96M | 24.45M | 25.82M | 76.58M | 45.43M | 13.59M | 8.24M | 9.26M | 7.73M | 182.1M |
| Free Cash Flow | -34.95M | 762K | 200M | 70.37M | -131M | -353M | -311M | -1.54B | -212.77M | 843.54M | 87.54M | -971.51M | 186.22M | -613.9M | 3.56M | -2.09B | -1.85B | -1.42B | 945.38M | 903.13M | 1.01B | 949.7M | 1B | 805.49M | 671.83M | 481.33M | 454.4M | 337.66M | 324.52M | 190.63M | 231.3M |
| FCF Growth % | -120.74% | -99.62% | 184.22% | 153.72% | 62.89% | -13.5% | 79.85% | -625.33% | -125.22% | 863.58% | 109.01% | -621.69% | 130.33% | -17358.87% | 100.17% | -12.77% | -30.06% | -250.53% | 4.68% | -10.36% | 6.09% | -5.37% | 24.6% | 19.89% | 39.58% | 5.93% | 34.57% | 4.05% | 70.23% | -17.58% | -12.91% |
| FCF Margin % | -35.26% | 0.32% | 160.35% | 131.25% | -53.04% | -226.28% | -62.7% | -303.79% | -34.54% | 168.06% | 13.58% | -240.83% | 27.16% | -71.11% | 1.22% | -480.73% | -47.45% | 51.68% | -22.43% | 49.29% | 62.42% | 67.76% | 78.89% | 84.03% | 70.96% | 53.99% | 85.21% | 73.89% | 85.02% | 42.09% | 81.93% |
| FCF per Share | -0.73 | 0.02 | 4.38 | 1.52 | -2.82 | -7.65 | -6.77 | -33.15 | -4.69 | 18.45 | 1.9 | -20.7 | 3.97 | -6.52 | 0.04 | -22.16 | -19.65 | -15.11 | 9.18 | 8.4 | 9.21 | 8.56 | 9.18 | 7.39 | 6.16 | 4.48 | 4.24 | 3.15 | 3.09 | 1.8 | 2.18 |
Legacy liability settlement volatility
As reported in recent financial statements, Ambac's operating cash flow fluctuated significantly, reaching a negative $41.2 million in 2025Q3, which underscores the persistent difficulty in generating consistent net float from its evolving specialty P&C and legacy financial guarantee segments during this complex structural transition.
The erratic nature of operating cash flows suggests that the company is struggling to achieve a stable premium-to-claims equilibrium. Investors should monitor whether the growth in the Cirrata MGA platform can eventually offset the lumpy and unpredictable cash outflows associated with legacy loss settlements.
Based on quarterly data, the company's investment activity shows a net purchase of $169.9 million in 2025Q3, indicating that management is actively deploying capital into the portfolio despite the ongoing cash burn observed in the core insurance operations during the same reporting period.
This deployment of capital appears to be a strategic attempt to bolster investment income, yet it warrants further investigation given the simultaneous pressure on operating cash. The reliance on portfolio purchases while operating cash flow is negative suggests a potential reliance on existing liquidity reserves to fund growth initiatives.
According to recent SEC filings, claims and loss payments reached $29.0 million in 2025Q3, reflecting the ongoing impact of legacy liabilities that continue to create significant cash outflows, which complicates the assessment of the underlying profitability of the newer specialty P&C underwriting business.
The persistence of these claims payments suggests that the legacy runoff remains a primary driver of cash volatility. It appears that until these legacy exposures are fully resolved, the company's cash flow profile will likely remain decoupled from the operational success of its newer, fee-based business lines.
As indicated by the OCF/NI ratio of 0.37 in 2025Q3, there is a notable disconnect between reported net income and actual cash generation, which suggests that non-cash accounting adjustments continue to play a dominant role in the company's financial reporting and overall valuation.
This divergence highlights the difficulty in using GAAP net income as a proxy for the company's true economic health. The reliance on non-cash items may indicate that the company's reported losses are not fully reflective of the cash-based reality of its ongoing business transformation.
Quick answers to the most common questions about buying AMBC stock.
Ambac Financial Group, Inc. (AMBC) generated $0.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Ambac Financial Group, Inc. (AMBC) generated $0.8M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ambac Financial Group, Inc. (AMBC) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Ambac Financial Group, Inc. (AMBC) spent $11.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.