Free cash flow remains strained with a 2025Q4 margin of only 2.0%, while capital expenditures peaked at 183.1% of revenue in 2024Q4, highlighting the heavy cash requirements of the ongoing strategic transition.
| Cash from Operations | 443.38M | 439.34M | 854.9M | 260.24M | -24.33M | 1.04B | 272.78M | 782.93K | 225M | 417.72M |
| Operating CF Margin % | 26.61% | 46.73% | 69.22% | 29.9% | -6.03% | 80.12% | 29.17% | 0.13% | 41.17% | 64.02% |
| Operating CF Growth % | 0.92% | -48.61% | 228.51% | 1169.44% | -102.34% | 281.58% | 34740.91% | -99.65% | -46.14% | - |
| Net Income | 167.24M | 833.42M | 875.98M | 206.98M | -325.78M | 507.93M | 112.56M | -106.66M | 1.47M | 194.56M |
| Depreciation & Amortization | 403.76M | 158.9M | 225.67M | 226.68M | 331.76M | 343.19M | 338.68M | 262.3M | 244.72M | 217.17M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -3.97M | 1.15M | 1.14M | -189.44K | 1.47M | -465.35K | 195.73K | 0 | -108.7K |
| Other Non-Cash Items | -135.17M | -586.62M | -355.99M | -90.32M | -10.41M | -5.53M | -12.09M | -44.04M | -44.76M | -30.5M |
| Working Capital Changes | 7.56M | 37.62M | 108.1M | -84.24M | -19.72M | 193.81M | -165.9M | -111.01M | 23.56M | 36.6M |
| Change in Receivables | 52.98M | 102.07M | 42.79M | -115.15M | -20.91M | 101.61M | -21.72M | -104.51M | 36.95M | 33.52M |
| Change in Inventory | -29.64M | 4.97M | 19.53M | 27.89M | 6.49M | 115.49M | -161.59M | 0 | 0 | 0 |
| Change in Payables | 36.1M | -14.23M | 17.7M | -1.34M | -1.17M | 4.82M | 6.49M | -7.93M | 1.24M | -6.5M |
| Cash from Investing | -1.82B | -651.01M | 887.88M | -161.76M | -339.7M | -125.69M | 43.88M | 184.15M | -42.84M | -95.94M |
| Capital Expenditures | -1.07B | -1.07B | -345.75M | -550.15M | -397.46M | -241.94M | -8.08M | -230.68M | -189.39M | -326.76M |
| CapEx % of Revenue | 64.42% | 114.15% | 27.99% | 63.21% | 98.46% | 18.62% | 0.86% | 39.68% | 34.65% | 50.08% |
| Acquisitions | -755.7M | 542.7M | 1.23B | 363.27M | 53.7M | 85.95M | 82.5M | 284.89M | 103.14M | 209.77M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 8.95M | 3.44M | 1.74M | -8.33M | 1.91M | 1.92M | 1.25M | 0 | 43.41M | 21.06M |
| Cash from Financing | 1.49B | -165.54M | -1.49B | -64.05M | 359.55M | -1.07B | -191.74M | -155.2M | -250.16M | -249.01M |
| Debt Issued (Net) | 2.03B | 1.12B | -825.32M | -14.49M | 435.65M | -527.42M | -104.3M | -131.65M | -203.17M | -36.39M |
| Equity Issued (Net) | 0 | -121.46M | 0 | 1.1M | 0 | -127.17M | -31.05M | -1.61M | 0 | -5.87M |
| Dividends Paid | -20.98M | -1.08B | -643.74M | -24.67M | -23.28M | -377.85M | -26.09M | -21.94M | -46.98M | -206.75M |
| Share Repurchases | 0 | -121.46M | 0 | 0 | 0 | -127.17M | -31.05M | -1.61M | 0 | -5.87M |
| Other Financing | -521.71M | -84.39M | -22.4M | -26M | -52.82M | -40.55M | -30.3M | 0 | 0 | 0 |
| Net Change in Cash | 107.68M | -390.16M | 248.58M | 27.98M | -9.03M | -135.48M | 123.82M | 29.48M | -63.04M | 75.03M |
| Free Cash Flow | -628.34M | -632.47M | 509.22M | -273.02M | -421.69M | 799.18M | 264.72M | -229.9M | 35.62M | 90.98M |
| FCF Margin % | -37.71% | -67.27% | 41.23% | -31.37% | -104.46% | 61.52% | 28.31% | -39.54% | 6.52% | 13.94% |
| FCF Growth % | 0.65% | -224.21% | 286.51% | 35.25% | -152.76% | 201.9% | 215.15% | -745.44% | -60.85% | - |
| FCF per Share | -2.74 | -3.23 | 2.52 | -1.35 | -2.09 | 3.80 | 1.23 | -1.20 | 0.23 | 0.57 |
| FCF Conversion (FCF/Net Income) | 2.76x | 0.50x | 1.00x | 1.28x | 0.07x | 2.20x | 2.42x | -0.01x | 152.82x | 2.15x |
| Interest Paid | 0 | 109.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensive Transition Risk
As reported in recent financial statements, CMBT's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 7.23 in 2025Q3, which suggests that reported earnings are significantly decoupled from the actual cash-generating capacity of the underlying maritime and hydrogen infrastructure operations.
The extreme variance in the OCF/NI ratio indicates that net income is heavily influenced by non-cash accounting adjustments or asset-related gains rather than core operational performance. Investors should monitor this divergence, as it implies that the company's reported profitability may not be translating into the liquidity required to fund its ambitious capital expenditure program.
Based on the provided quarterly data, CMBT's free cash flow margins have remained largely negative throughout 2024 and 2025, with a trough of -137.3% in 2024Q4, highlighting the heavy cash burn associated with the company's ongoing strategic pivot toward hydrogen-integrated maritime technology.
The persistent negative free cash flow trajectory suggests that the company is currently in a capital-intensive phase where growth investments significantly outpace operational inflows. While the return to positive FCF in 2025Q4 is a notable development, it remains to be seen if this represents a sustainable trend or a temporary benefit from asset divestitures.
According to the company's cash flow filings, capital expenditures have remained elevated, peaking at 183.1% of revenue in 2024Q4, which underscores the aggressive nature of the fleet renewal and hydrogen infrastructure build-out currently being executed by the management team.
The high ratio of CapEx to revenue suggests that the company is prioritizing long-term asset modernization over short-term cash preservation. This level of capital intensity warrants further investigation into whether these investments will achieve the expected returns or if they will continue to pressure the company's liquidity position.
Data from the last ten quarters indicates inconsistent working capital management, with swings ranging from a $91.0M inflow in 2024Q1 to a $77.7M outflow in 2024Q2, reflecting the operational complexity of integrating diverse marine and hydrogen business units into a single reporting structure.
These fluctuations suggest that the company's cash conversion cycle is highly sensitive to the timing of large-scale projects and maritime charter settlements. Investors should monitor these movements closely, as they may indicate underlying challenges in managing liquidity across the company's evolving business segments.
Quick answers to the most common questions about buying CMBT stock.
Cmb.Tech N.V. (CMBT) generated $443.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cmb.Tech N.V. (CMBT) reported negative free cash flow of $628.3M in 2025, indicating capital requirements exceeded cash from operations.
Cmb.Tech N.V. (CMBT) spent $1.07B 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, Cmb.Tech N.V. (CMBT) returned $21.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.