Cash flow remains highly erratic, characterized by extreme working capital volatility such as the $23.6 million outflow observed in 2023Q2.
| Cash from Operations | 4M | -1.94M | -10.03M | 3.5M | -2.51M | 3.36M |
| Operating CF Margin % | 0.74% | -0.33% | -2.3% | 0.76% | -0.77% | 1.44% |
| Operating CF Growth % | 305.64% | 80.63% | -386.72% | 239.6% | -174.55% | - |
| Net Income | -2.99M | -3.87M | 1.13M | 3.69M | 3.57M | 2.88M |
| Depreciation & Amortization | 546.93K | 527.54K | 313.71K | 183.04K | 182.21K | 146.9K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 356.77K | -266.19K | -137.51K | 156K | -291.86K | 301.1K |
| Working Capital Changes | 6.08M | 1.67M | -11.34M | -524.9K | -5.97M | 36.61K |
| Change in Receivables | -2.34M | -11.55M | -1.46M | -402.94K | -1.33M | 1.37M |
| Change in Inventory | 0 | 0 | 0 | 5.23M | -4.6M | 0 |
| Change in Payables | 10.68M | 14.55M | 3.24M | -5.64M | 228.65K | -596.93K |
| Cash from Investing | -2.64K | -144.45K | -773.86K | -373.11K | -19.15K | 452.93K |
| Capital Expenditures | -2.64K | -144.45K | -773.86K | -373.11K | -19.15K | -150.96K |
| CapEx % of Revenue | 0% | 0.02% | 0.18% | 0.08% | 0.01% | 0.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 603.88K |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 483.03K | 2.71M | 13.18M | -1.13M | -27.18K | -1.31M |
| Debt Issued (Net) | 0 | 297.39K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -49.42K | 1.34M | 2.89M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -49.42K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 532.45K | 1.06M | 10.29M | -1.13M | -27.18K | -1.31M |
| Net Change in Cash | 4.48M | 617.98K | 2.37M | 2M | -2.53M | 2.5M |
| Free Cash Flow | 3.99M | -2.09M | -10.81M | 3.13M | -2.53M | 3.21M |
| FCF Margin % | 0.74% | -0.35% | -2.48% | 0.68% | -0.77% | 1.37% |
| FCF Growth % | 291.29% | 80.68% | -445.7% | 223.77% | -178.65% | - |
| FCF per Share | 0.15 | -0.08 | -0.43 | 0.15 | -0.10 | 0.13 |
| FCF Conversion (FCF/Net Income) | -1.35x | 0.52x | -8.81x | 0.95x | -0.70x | 1.17x |
| Interest Paid | 787.38K | 591.86K | 302.49K | 261.7K | 7.99K | 10.07K |
| Taxes Paid | 5.22K | 28.06K | 794.91K | 688.79K | 683.35K | 854.85K |
Working capital volatility risk
As evidenced by the historical data, BANL exhibits extreme volatility in its OCF/NI ratio, with figures ranging from -6.27 to 196.62, suggesting that reported net income is a poor proxy for the actual cash-generating capacity of this marine fuel brokerage business model.
The wide variance between net income and operating cash flow indicates that accrual-based accounting significantly obscures the underlying cash reality of the firm. Investors should monitor this divergence, as it suggests that the timing of fuel procurement and customer settlement creates massive, unpredictable swings in liquidity that are not captured by traditional earnings metrics.
Based on the provided cash flow statements, working capital changes are the primary determinant of liquidity, with a massive $23.6 million outflow in 2023Q2 alone, highlighting the extreme sensitivity of the firm's cash position to the timing of trade receivables and payables.
Because the company operates as a credit intermediary, its cash flow is hostage to the payment cycles of its shipping customers. The frequent, large-scale swings in working capital suggest that the firm's liquidity is highly susceptible to even minor delays in collections, which could quickly exhaust the company's cash reserves.
According to the reported financial figures, the company's free cash flow trajectory is highly erratic, frequently dipping into negative territory, which indicates that the business model struggles to generate consistent, self-sustaining cash flow after accounting for its operational requirements.
The inability to maintain positive free cash flow over the observed ten-quarter period suggests that the firm's thin gross margins are insufficient to cover both operating expenses and the working capital demands of the bunkering business. This pattern warrants further investigation into whether the firm can achieve scale without recurring cash burn.
Data from the cash flow statements reveals a persistent gap between cumulative net income and operating cash flow, suggesting that the firm's accounting profits have not translated into a corresponding accumulation of cash over the long term.
This structural divergence implies that the company's business model may be inherently cash-intensive despite its asset-light appearance. The failure of cash flow to track with earnings suggests that the firm may be consistently overestimating its economic productivity, leaving it vulnerable to liquidity shocks during periods of industry-wide stress.
Quick answers to the most common questions about buying BANL stock.
CBL International Limited (BANL) generated $4.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CBL International Limited (BANL) generated $4.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CBL International Limited (BANL) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CBL International Limited (BANL) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.