Cash generation is inconsistent, as evidenced by the FFO-to-NI ratio swinging from a negative 5.96 in 2025Q3 to a positive 1.51 in 2025Q2, highlighting the disconnect between accounting earnings and cash flow.
| 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 | Dec'04 |
|---|
| Cash from Operations | -1.56M | 4.8M | 11.26M | 9M | 8.09M | 7.81M | 3.44M | 9.89M | 16.25M | 5.06M | -11.82M | 2.56M | -5.22M | -4.34M | -16.04M | 12.74M | 15.39M | 11.93M | 12.9M | 116.5M | -86.36M | -131.09M | 11.15M |
| Operating CF Growth % | -1251.65% | -57.4% | 25.08% | 11.26% | 3.65% | 127.21% | -65.26% | -39.14% | 220.93% | 142.86% | -561.56% | 149% | -20.4% | 72.95% | -225.95% | -17.26% | 29.01% | -7.5% | -88.93% | 234.9% | 34.12% | -1276.07% | - |
| Operating CF / Revenue % | -2.31% | 7.63% | 21.95% | 20.13% | 20.58% | 25.11% | 15.28% | 39.07% | 28.64% | 11.15% | -28.42% | 4.17% | -10.89% | -7.94% | -112.16% | 57.35% | 64.53% | 47.6% | 27.64% | 43.77% | -35.12% | -58.44% | 11.6% |
| Net Income | 17.45M | 17.05M | 14.56M | 7.78M | 7.73M | 16.04M | 2.14M | 1.46M | -4.05M | -4.78M | -6.76M | -1.96M | -3.11M | 2.66M | -5.64M | 1.6M | -7.7M | -26.75M | -17.06M | -87.51M | -39.84M | 27.56M | 14.3M |
| Depreciation & Amortization | 298K | 306K | 302K | 212K | 206K | 94K | 100K | 217K | 168K | 181K | 181K | 164K | 100K | 553K | 122K | 196K | 98K | 843K | 896K | 6.99M | 3.47M | 2.52M | 106K |
| Stock-Based Compensation | 1.35M | 1.06M | 0 | 968K | 834K | 633K | 701K | 0 | 234K | 346K | 69K | 94K | 295K | 483K | 1.45M | 932K | 780K | 158K | 148K | 198K | 2.39M | 2.35M | 101K |
| Other Non-Cash Items | -528K | -42K | 1.84M | 1.19M | -264K | -867K | 120K | 9.89M | 2.6M | 1.1M | 3.49M | 2.32M | 304K | 482K | 1.28M | -219K | 1.55M | -1.97M | 18.02M | 78.59M | 55.21M | -2.24M | 5.14M |
| Working Capital Changes | -15.84M | -9.4M | -1.61M | -1.62M | -357K | 3.21M | 374K | -1.68M | 18.23M | 7.65M | -8.8M | 3.01M | -5.55M | -8.28M | -9.28M | 8.95M | 22.3M | 20.6M | 23.75M | 107.57M | -85.77M | -159.54M | -7.98M |
| Cash from Investing | -6.43M | -1.76M | -936K | -1.55M | -2.1M | 1.24M | 1.67M | -1.38M | -41K | -834K | 227K | -741K | 260K | 1.18M | 18.92M | -9.84M | -4K | 0 | 0 | -129K | -17.88M | 702K | 963K |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 1.02M | 0 | 0 | 0 | 0 | -579K | 14.5M | 2.45M | 0 | -7K | 0 | 0 | 0 | 0 | 0 | 0 | -15.49M | 0 | 1.22M |
| Purchase of Investments | -34K | 0 | -140K | -52K | -2.71M | 0 | 0 | -1.2M | 0 | 0 | 0 | 0 | 0 | -7K | 0 | -9.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 169K | 112K | 0 | 0 | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 286K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -6.35M | -1.49M | -428K | -1.25M | -796K | 1.43M | 1.82M | 27K | 39K | -201K | 269K | -578K | 512K | 1M | 19.07M | -9.76M | 0 | 0 | 0 | 0 | 0 | 1M | 120K |
| Cash from Financing | -674K | -514K | -352K | -390K | -10.09M | -256K | -1.59M | -5.85M | -12.15M | -8.19M | 4.9M | 3.13M | 567K | 11.51M | -4.98M | 2.27M | -16M | -16.82M | -13.74M | -130.81M | 83.34M | 104.99M | 38.29M |
| Dividends Paid | -39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | -44K | -15.07M | -28.35M |
| Common Dividends | -39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | -44K | -15.07M | -14.17M |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | -1000K | -5K | -228K | -228K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 472K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | 0 | -390K | -4M | -222K | -54K | 0 | -38K | -89K | -8K | -79K | -103K | -143K | 0 | 0 | 0 | 0 | 0 | 0 | -2.44M | 0 | 0 |
| Other Financing | -760K | -626K | -578K | 0 | -594K | -29K | -1.3M | -5.99M | -9.25M | -1.67M | 9.4M | 19K | -14.85M | 9.16M | -1.93M | -552K | 828K | 0 | 0 | -3K | -44K | -14.98M | -14.18M |
| Net Change in Cash | -8.67M | 2.52M | 9.97M | 7.07M | -4.1M | 8.79M | 3.52M | 2.66M | 4.06M | -3.96M | -6.69M | 4.95M | -4.4M | 8.36M | -2.1M | 5.16M | -610K | -4.89M | -845K | -14.44M | -20.9M | -25.39M | 50.4M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | -1K | 0 | 0 |
| Cash at Beginning | 31.28M | 28.76M | 18.79M | 11.72M | 15.82M | 7.03M | 3.51M | 854K | 2.95M | 5.76M | 12.45M | 7.5M | 11.89M | 3.54M | 5.64M | 475K | 1.08M | 5.98M | 6.82M | 21.26M | 42.17M | 67.56M | 17.16M |
| Cash at End | 19.63M | 31.28M | 28.76M | 18.79M | 11.72M | 15.82M | 7.03M | 3.51M | 7.01M | 1.81M | 5.76M | 12.45M | 7.5M | 11.89M | 3.54M | 5.64M | 475K | 1.08M | 5.98M | 6.82M | 21.26M | 42.17M | 67.56M |
| Free Cash Flow | -3.03M | 4.42M | 10.89M | 8.76M | 7.47M | 7.62M | 3.29M | 9.68M | 16.17M | 5.01M | -11.86M | 2.4M | -5.48M | -4.43M | -16.2M | 12.66M | 15.39M | 11.93M | 12.9M | 116.37M | -88.75M | -131.38M | 10.77M |
| FCF Growth % | -124.09% | -59.45% | 24.41% | 17.28% | -2.01% | 131.65% | -66.04% | -40.12% | 222.79% | 142.25% | -594.7% | 143.77% | -23.61% | 72.65% | -227.97% | -17.74% | 28.97% | -7.5% | -88.92% | 231.12% | 32.45% | -1319.44% | - |
| FCF / Revenue % | -4.48% | 7.03% | 21.24% | 19.58% | 18.99% | 24.5% | 14.63% | 38.25% | 28.5% | 11.03% | -28.52% | 3.91% | -11.42% | -8.11% | -113.26% | 56.99% | 64.52% | 47.6% | 27.64% | 43.72% | -36.1% | -58.57% | 11.22% |
Regional office market concentration
As reported in financial statements, CHCI exhibits significant volatility in FFO-to-OCF conversion, with the FFO/NI ratio swinging from a negative 5.96 in 2025Q3 to a positive 1.51 in 2025Q2, illustrating the disconnect between accounting earnings and actual cash generation within their development-heavy business model.
The frequent divergence between FFO and GAAP operating cash flow suggests that the company's cash generation is heavily influenced by the timing of project-based milestones rather than steady-state rental income. Investors should monitor this variance, as it indicates that reported FFO may not always reflect the immediate liquidity available from operations.
According to recent SEC filings, CHCI maintains a conservative dividend policy with a payout ratio of just 0.06 of AFFO in 2025Q3, suggesting that the company prioritizes capital retention for its development pipeline over immediate shareholder distributions in the current interest rate environment.
The low payout ratio appears to provide a substantial buffer, ensuring that even with lumpy development fee recognition, the company can sustain its current dividend obligations. This strategy seems prudent given the inherent volatility in project-based revenue streams that characterize the firm's current operational structure.
Based on reported figures, CHCI's maintenance capital expenditures remain remarkably low, with quarterly outflows often falling below $200,000, which reflects the company's strategic focus on asset management and development services rather than the heavy capital intensity typical of traditional, older-vintage commercial real estate portfolios.
The minimal recurring capex suggests that the company's portfolio is either relatively new or that the management platform effectively shifts maintenance burdens to third-party owners. This low capital intensity is a key driver of the firm's ability to maintain a strong balance sheet despite the cyclical nature of its development business.
As evidenced by the consistent gap between Net Income and FFO, depreciation and amortization charges significantly distort GAAP earnings, with FFO often exceeding Net Income by substantial margins, such as the $13.6 million FFO reported against $13.5 million in Net Income during 2025Q4.
The reliance on FFO as a primary performance metric is justified here, as GAAP Net Income appears to be heavily impacted by non-cash charges that do not reflect the underlying cash-generating capacity of the asset management platform. Analysts should continue to focus on AFFO to strip away these accounting distortions and assess the true run-rate profitability.
Quick answers to the most common questions about buying CHCI stock.
Comstock Holding Companies, Inc. (CHCI) generated $4.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Comstock Holding Companies, Inc. (CHCI) generated $4.4M 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.
Comstock Holding Companies, Inc. (CHCI) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.