Cash flow generation is inconsistent and disconnected from net income, as demonstrated by an OCF/NI ratio that has ranged from -0.20 to 102.41, complicating the sustainability of dividend payments.
| 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 |
|---|
| Cash from Operations | 75.4M | 76.83M | 88.19M | 55.38M | 35.28M | -49.25M | 198.73M | 126.04M | -114.58M | -413.63M | -225.96M | -372.71M | -324.7M | -135.29M | -3.53M |
| Operating CF Margin % | - | 38.18% | 61.75% | 28.82% | 31.85% | -30.07% | 573.82% | 115.54% | -133.11% | -349.79% | -170.59% | -3164.47% | -1465.72% | -2133.92% | -18557.89% |
| Operating CF Growth % | 576.52% | -12.88% | 59.25% | 56.98% | 171.63% | -124.78% | 57.68% | 210% | 72.3% | -83.05% | 39.37% | -14.79% | -140% | -3736.94% | - |
| Net Income | -957K | -20.63M | 33.9M | 95.31M | 50.14M | 118.76M | -11.02M | 51.84M | 31.31M | 85.9M | 119.67M | -1.44M | 16.34M | 6.1M | 25K |
| Depreciation & Amortization | 0 | 0 | 33.65M | 0 | 5.31M | -43.62M | 19.88M | 10.55M | 53.25M | -9.45M | -21.58M | 27.59M | 2.75M | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 75.36M | 99.9M | 39.63M | -31.46M | -10.29M | -137.92M | 179.77M | 92.44M | -201.28M | -628.78M | -417.25M | -304.8M | -254.19M | -102.26M | -3.81M |
| Working Capital Changes | 998K | -2.44M | -18.99M | -8.47M | -9.89M | 13.52M | 10.1M | -28.8M | 2.14M | 138.69M | 93.19M | -94.06M | -89.6M | -39.13M | 259K |
| Change in Receivables | -3.64M | -253K | -12.51M | -15.05M | -2.26M | -1.02M | 15.56M | -14.67M | 18.7M | 112.26M | 1.46M | -103.39M | -1.23M | -950K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 2.26M | 1.02M | -15.56M | 14.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.13M | 0 | -3.67M | 4.72M | -910K | 1.23M | -121K | -124K | -493K | -84K | 777K | 177K | -94K | 551.51K | 0 |
| Cash from Investing | -28.14M | 0 | 0 | -49.95M | -487.95M | -660.99M | -282M | -318.19M | -1.02B | -1.03B | -534.05M | -366.61M | -309.56M | -92.15M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.8B | 1.81B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46K | 0 | 0 | 1.55M | 12.39K |
| Other Investing | 0 | 0 | 421.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -64.68M | -76.34M | -88.94M | 22.83M | 43.69M | 33.11M | -184.95M | -137.48M | 75.8M | 452.94M | 201.27M | 402.98M | 333.73M | 135.74M | 3.53M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -24.74M | -17.19M | -11.35M | -11.52M | -15.44M | -10.47M | -23.3M | -29.28M | -97.04M | 17.63M | 22.46M | 476.51M | 378.54M | 150.95M | 3.64M |
| Dividends Paid | -90.6M | -78.02M | -89.48M | -91.96M | -66.64M | -56.04M | -39.98M | -48.97M | -44.75M | -42.4M | -38.41M | -27.38M | -11.45M | -3.08M | 0 |
| Share Repurchases | -24.74M | -17.19M | -11.35M | -11.52M | -15.44M | -10.47M | -23.3M | -35.8M | -97.04M | -40.41M | -17.83M | -7.1M | -485K | 0 | 0 |
| Other Financing | -2.42M | -3.63M | -13.11M | 0 | -1.73M | -5.38M | -5.63M | -1.72M | 30.52M | -9.32M | -7.2M | -44.15M | -33.37M | -13.6M | -113K |
| Net Change in Cash | 1.53M | 489K | -745K | -74.32M | 78.97M | -16.14M | 13.78M | -11.44M | -38.77M | 39.31M | -24.7M | 30.27M | 9.02M | 449.91K | 0 |
| Free Cash Flow | 75.4M | 76.83M | 88.19M | 55.38M | 35.28M | -49.25M | 198.73M | 126.04M | -114.58M | -413.63M | -225.96M | -372.71M | -324.7M | -135.29M | -3.53M |
| FCF Margin % | 51.05% | 38.18% | 61.75% | 28.82% | 31.85% | -30.07% | 573.82% | 115.54% | -133.11% | -349.79% | -170.59% | -3164.47% | -1465.72% | -2133.92% | -18557.89% |
| FCF Growth % | 639.93% | -12.88% | 59.25% | 56.98% | 171.63% | -124.78% | 57.68% | 210% | 72.3% | -83.05% | 39.37% | -14.79% | -140% | -3736.94% | - |
| FCF per Share | 1.48 | 1.47 | 1.65 | 1.01 | 0.62 | -0.87 | 3.50 | 2.22 | -2.01 | -7.37 | -4.27 | -9.50 | -19.31 | -48.99 | -14.09 |
| FCF Conversion (FCF/Net Income) | -78.79x | -3.72x | 2.60x | 0.58x | 0.70x | -0.41x | -18.03x | 2.43x | -3.66x | -4.82x | -1.89x | 258.47x | -19.88x | -22.17x | -141.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Volatility
As reported in quarterly financial statements, CION's OCF/NI ratio has exhibited extreme volatility, ranging from -0.20 to 102.41, which suggests that net income is a poor proxy for the firm's actual cash-generating capacity due to heavy reliance on non-cash valuation adjustments.
The wide divergence between net income and operating cash flow indicates that accounting earnings are frequently distorted by unrealized mark-to-market fluctuations on Level 3 assets. Investors should monitor this disconnect, as it implies that reported profitability may not reflect the underlying liquidity available for dividend distributions.
Based on the provided cash flow data, CION's free cash flow trajectory remains highly inconsistent, with quarterly figures swinging from a $44.4M inflow in 2025Q3 to a $38.8M outflow in 2024Q3, reflecting the inherent instability of a BDC model dependent on portfolio performance.
The lack of a stable FCF trend suggests that the firm's ability to fund operations and dividends is subject to significant quarterly variance. This volatility warrants further investigation into whether the current dividend payout policy is sustainable during periods of portfolio stress.
According to historical cash flow records, CION's working capital changes have been highly erratic, including a $32.2M swing in 2024Q4, which indicates that timing differences in interest collections and accruals are significantly impacting the firm's short-term cash position.
These fluctuations in working capital appear to be a primary driver of the firm's inconsistent operating cash flow. Analysts should interpret these shifts as a sign of potential friction in the cash collection process, which may be exacerbated by the nature of the underlying loan portfolio.
As evidenced by recent cash flow filings, CION has consistently utilized cash for dividends and share repurchases despite periods of negative net income, with dividend payments totaling $15.2M in 2026Q1 alone, suggesting a reliance on capital recycling rather than pure earnings.
The firm's commitment to returning capital to shareholders while experiencing negative net income may indicate a strategy to maintain investor confidence despite portfolio volatility. This approach warrants caution, as it may limit the firm's ability to reinvest in new originations if cash inflows remain constrained.
Quick answers to the most common questions about buying CION stock.
CION Investment Corporation (CION) generated $76.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CION Investment Corporation (CION) generated $76.8M 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.
CION Investment Corporation (CION) 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, CION Investment Corporation (CION) returned $78.0M to shareholders via cash dividends and spent $17.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.