Operating cash flow remains highly volatile, fluctuating from a $24.6M deficit in 2024Q1 to a $204.1B peak in 2025Q4, reflecting significant risks in trade receivable realization.
| Metric | TTM | Dec'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 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 243.32B | 468.95B | 241.92M | 369.17M | 62.61B | 230.83M | 225.49M | 11.97B | 3.71B | 2.39B | 2.09B | 1.16B | 219.52M | -44.57M | 137.83M | 286.85M | -62.53M | 137.31M | 216.62M | 172.69M | -3.27M | 178.14M |
| Operating CF Growth % | 408620.14% | 193742.8% | -34.47% | -99.41% | 27023.56% | 2.37% | -98.12% | 223.09% | 55.13% | 14.38% | 80.79% | 426.27% | 592.53% | -132.34% | -51.95% | 558.75% | -145.54% | -36.62% | 25.44% | 5382.12% | -101.84% | - |
| Operating CF / Revenue % | 12.08% | 36.67% | 0.03% | 0.05% | 9.11% | 0.07% | 0.2% | 16.2% | 25.98% | 40.11% | 39.26% | 35.8% | 16.89% | -8.59% | 13.19% | 15.04% | -3.29% | 14.14% | 18.96% | 23.02% | -0.7% | 30.97% |
| Net Income | 688.59B | 403.52B | 54.17M | 502.82M | 23.92B | -7.79M | 97.5M | 14.41B | 23.84B | 4.81B | 2.72B | 2.02B | 419.87M | 119.91M | -59.53M | 231.85M | 248.43M | 131.65M | 9.67M | 206.8M | 179.99M | -86.09M |
| Depreciation & Amortization | 124.27B | 189.89B | 124.26M | 238.49M | 24.44B | 112.5M | 84.25M | 3.39B | 1.49B | 327.38M | 242.03M | 194.2M | 105.48M | 100.49M | 104.66M | 51.09M | 32.47M | 23.05M | 57.87M | 48.88M | 50.17M | 78.99M |
| Deferred Taxes | -22.11M | 0 | 0 | 0 | 0 | 0 | 0 | -13.35B | -19.99B | -1.24B | 0 | -77.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -37.48B | -124.4B | 85.51M | -355.25M | 2.01B | 177.13M | -45.41M | -5.86B | -8.62B | -556.8M | -1.09B | 99.11M | -140.27M | -229.17M | -61.06M | 127.11M | 8.4M | 63.74M | 119.57M | -26.01M | -196.27M | 121.13M |
| Working Capital Changes | -25.35B | -55.88M | -22.02M | -16.88M | 12.24B | -51M | 89.15M | 13.29B | 6.96B | -956.49M | 211.21M | -357.02M | -165.56M | -35.8M | 153.76M | -123.19M | -351.83M | -81.14M | 29.52M | -56.98M | -37.16M | 64.1M |
| Capital Expenditures | -442.68B | -344.17B | -155.63M | -233.15M | -39.59B | -56.42M | -169.35M | -27.9B | -6.96B | -3.48B | -2.19B | -1.14B | -271.66M | -49.28M | -197.63M | -114.37M | -4.22M | -33.63M | -26.22M | 183.91M | -3.28M | -4.72M |
| CapEx / Revenue % | 21.97% | 26.91% | 0.02% | 0.03% | 5.76% | 0.02% | 0.15% | 37.76% | 48.78% | 58.48% | 41.13% | 35.45% | 20.91% | 9.5% | 18.91% | 6% | 0.22% | 3.46% | 2.29% | 24.52% | 0.7% | 0.82% |
| CapEx / D&A | 3.56x | 1.81x | 1.25x | 0.98x | 1.62x | 0.50x | 2.01x | 8.23x | 4.66x | 10.64x | 9.04x | 5.89x | 2.58x | 0.49x | 1.89x | 2.24x | 0.13x | 1.46x | 0.45x | 3.76x | 0.07x | 0.06x |
| CapEx Coverage (OCF/CapEx) | 0.55x | 1.36x | 1.55x | 1.58x | 1.58x | 4.09x | 1.33x | 0.43x | 0.53x | 0.69x | 0.95x | 1.01x | 0.81x | -0.90x | 0.70x | 2.51x | -14.81x | 4.08x | 8.26x | 0.94x | -1.00x | 37.72x |
| Cash from Investing | -347.93B | -353.33B | -188.99M | -233.15M | -39.59B | -74.2M | -246.58M | -27.9B | -5.07B | -2.32B | -1.93B | -1.21B | -271.66M | 20.48M | -190.81M | -109.06M | -4.22M | -33.63M | -26.07M | 183.91M | -3.34M | -4.72M |
| Acquisitions | -338.59B | 0 | 1.22M | -122.33M | -12.95B | 38.28M | 0 | -8.47B | 414.96M | -6K | 25.05M | 0 | -44.91M | -10.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 94.7B | -9.17B | -34.58M | -77.42M | -22.43B | -56.06M | -77.23M | -2.67B | 0 | -6.82K | 0 | -183.23M | -58.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -61.79K | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 392.02M | 1.28B | 249.25M | 0 | 39.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 86.49B | -1.45K | 0 | 0 | 0 | 0 | 0 | 737.07M | 1.89B | 1.17B | 237.56M | 118.96M | -162.68M | 80.1M | 6.82M | 5.31M | 0 | 0 | 152.77K | 186.19M | 0 | 0 |
| Cash from Financing | 73.96B | -70.73B | -70.94M | -196.19M | -12.88B | -157.21M | -2.66M | 17.13B | 687.41M | -58.59M | -433.01M | 150.29M | 128.89M | 27.05M | -13.72M | -90.71M | 90.66M | -228.81M | -300.93M | -122.14M | -366.64M | -39.36K |
| Dividends Paid | -1.19B | -1.18B | -18.19M | -74.43M | -4.51B | -1.24M | 0 | -1.4B | -1.42B | -1.28B | -1.39B | -365M | 0 | 0 | 0 | -51.33M | -7.26M | -123.91M | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | 0.29% | 0.04% | 0.02% | 3.49% | - | - | 8.34% | 12.45% | 53.85% | 78.71% | 25.53% | - | - | - | 22.14% | 2.92% | 94.12% | - | - | - | - |
| Debt Issuance (Net) | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 253K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -5.64M | -35.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.73B | -2.9K | 8.38K | 0 | 0 | 0 | -904.83K | -6.78B | 519.22M | 1.12B | 1.22B | 69.57M | -29.57M | -16.35M | -13.97M | 0 | 0 | 0 | 0 | 0 | 1.41M | -39.36K |
| Net Change in Cash | -44.34B | 32.26B | -12.93M | -35.53M | 8.12B | -571.63K | -21.64M | 1.14B | 99.08M | 58.63M | -262.48M | 103.13M | 133.63M | 3.66M | -66.22M | 87.09M | 23.91M | -125.14M | -110.37M | 234.47M | -373.25M | 173.37M |
| Exchange Rate Effect | -13.7B | -12.63B | 5.07M | 24.64M | -2.02B | 7.66K | 2.1M | 634.96M | 1.33B | 45.53M | 7.67M | 5.7M | 5.5M | 698K | 473K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 37.68B | 5.41B | 16.66M | 52.19M | 450.7M | 3.32M | 24.95M | 353.74M | 130.86M | 30.01M | 292.49M | 179.32M | 45.69M | 42.03M | 108.25M | 39.53M | 15.62M | 140.75M | 251.12M | 16.65M | 389.9M | 216.53M |
| Cash at End | 26.35B | 37.67B | 3.73M | 16.66M | 8.57B | 2.74M | 3.32M | 1.49B | 229.95M | 88.63M | 30.01M | 282.44M | 179.32M | 45.69M | 42.03M | 126.61M | 39.53M | 15.62M | 140.75M | 251.12M | 16.65M | 389.9M |
| Free Cash Flow | -199.35B | 124.78B | 86.29M | 136.02M | 23.02B | 174.41M | 56.15M | -15.93B | -3.25B | -1.09B | -99.75M | 11.4M | -52.14M | -93.85M | -59.8M | 172.48M | -66.75M | 103.68M | 190.41M | 356.6M | -6.55M | 173.41M |
| FCF Growth % | -597205.81% | 144496.64% | -36.56% | -99.41% | 13098.49% | 210.64% | 100.35% | -389.73% | -197.2% | -997.26% | -974.63% | 121.87% | 44.44% | -56.94% | -134.67% | 358.4% | -164.38% | -45.55% | -46.61% | 5544.64% | -103.78% | - |
| FCF Margin % | -9.9% | 9.76% | 0.01% | 0.02% | 3.35% | 0.05% | 0.05% | -21.56% | -22.8% | -18.38% | -1.87% | 0.35% | -4.01% | -18.09% | -5.72% | 9.04% | -3.52% | 10.68% | 16.67% | 47.54% | -1.4% | 30.15% |
| FCF / Net Income % | -28.95% | 30.92% | 0.17% | 0.04% | 17.83% | -3.87% | 0.28% | -88.01% | -18.57% | -31.2% | -5.64% | 0.86% | -16.41% | -103.95% | 199.04% | 74.39% | -26.87% | 78.75% | 1969.86% | 172.44% | -3.64% | -201.44% |
CAMMESA payment cycle volatility
As reported in recent quarterly filings, CEPU’s operating cash flow exhibits significant volatility, with figures ranging from a $24.6M deficit in 2024Q1 to a $204.1B peak in 2025Q4, highlighting the inherent instability of cash generation within the current Argentine regulatory and macroeconomic framework.
The wide variance in operating cash flow suggests that cash collection is not merely a function of operational efficiency but is heavily dependent on the timing of CAMMESA settlements. Investors should monitor whether the recent cash flow spikes represent a genuine improvement in payment cycles or merely the lumpy recognition of delayed receivables.
Based on the provided financial data, CEPU’s capital expenditure intensity is highly variable, with the 2026Q1 investment of $323.2B representing a significant acceleration compared to the $60.4M spent in 2025Q2, indicating a shift toward more aggressive reinvestment in the company's aging thermal and renewable generation infrastructure.
This surge in CAPEX appears to be a strategic necessity to maintain the availability factors required for capacity payments. While this investment is essential for long-term grid reliability, it places immediate pressure on free cash flow and necessitates a disciplined approach to capital allocation in a high-inflation environment.
According to the company's historical financial statements, CEPU maintains a remarkably low debt profile, with minimal long-term debt issuance observed across the last ten quarters, which suggests that the company is currently funding its capital requirements primarily through internal cash generation rather than external capital markets.
The company's ability to avoid significant debt issuance in a volatile macro environment appears to be a deliberate strategy to preserve its fortress balance sheet. However, should the CAMMESA payment cycle deteriorate further, the company may need to test its access to credit markets, which could prove costly given the current interest rate environment.
As indicated by the discrepancy between reported net income and actual operating cash flow, CEPU’s financial statements may mask significant liquidity risks, particularly regarding the collectability of trade receivables from the state-controlled clearinghouse, which remains the primary threat to the company's long-term cash flow sustainability.
The reliance on CAMMESA for the majority of cash inflows means that the company's cash flow statement is essentially a proxy for government fiscal policy. Analysts should be wary of the potential for future 'haircuts' or forced debt restructurings that could render current receivable balances significantly less valuable than their accounting carrying amounts.
Quick answers to the most common questions about buying CEPU stock.
Central Puerto S.A. (CEPU) generated $468.95B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Central Puerto S.A. (CEPU) generated $124.78B 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.
Central Puerto S.A. (CEPU) spent $344.17B 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, Central Puerto S.A. (CEPU) returned $1.18B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.