Cash flow generation remains highly erratic, evidenced by an OCF/NI ratio that swung from -33.47 in 2025Q2 to 4.87 in 2026Q3, reflecting a business model sensitive to crypto market movements.
| Cash from Operations | -1.22B | -1.92B | 3.9B | -3.8B | 7.4B | 1.03B | 3.5B |
| Operating CF Margin % | -0.24% | -0.5% | 1.74% | -2.15% | 1.07% | 0.2% | 91.74% |
| Operating CF Growth % | 36.1% | -149.08% | 202.6% | -151.37% | 615.96% | -70.46% | - |
| Net Income | -1.94B | -13.36B | 2.84B | -846M | 13.92B | 13.68B | 209M |
| Depreciation & Amortization | 0 | 727M | 679M | 483M | 448M | 409M | 563M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 60M | 34M | 32M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.36B | 11.63B | -339M | -2.13B | -5.77B | -88M | -69M |
| Working Capital Changes | -644.67M | -915M | 722M | -1.31B | -1.25B | -13B | 2.77B |
| Change in Receivables | -130.42M | -367M | -280M | 151M | -63M | -485M | -42M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 295.83M | -903M | -435M | -749M | -219M | -269M | -30M |
| Capital Expenditures | -1.06B | -176M | -308M | -93M | -39M | -24M | -2M |
| CapEx % of Revenue | 0.21% | 0.05% | 0.14% | 0.05% | 0.01% | 0% | 0.05% |
| Acquisitions | - | - | - | - | - | - | - |
| Investments | 493.13M | 68M | 42M | 1.25B | 331M | 49.8B | 321M |
| Other Investing | -534.4M | -491M | -430M | -576M | -182M | -169M | -28M |
| Cash from Financing | 1.27B | 565M | -327M | -5.46B | -6.65B | -225M | -240M |
| Debt Issued (Net) | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | -207.09M | 0 | 392M | 16M | 2M |
| Dividends Paid | 0 | 0 | 0 | -5B | -7B | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -400.8M | 407M | 207.09M | 0 | -1M | 1M | 0 |
| Net Change in Cash | -14.26B | -2.25B | 3.14B | -10.01B | 535M | 540M | 3.23B |
| Free Cash Flow | -1.3B | -2.62B | 3.59B | -4.19B | 7.18B | 838M | 3.35B |
| FCF Margin % | -0.26% | -0.68% | 1.6% | -2.37% | 1.04% | 0.16% | 87.89% |
| FCF Growth % | 50.13% | -172.76% | 185.69% | -158.4% | 757.04% | -75.01% | - |
| FCF per Share | -9.60 | -20.16 | 356.62 | -138.81 | 237.70 | 6.61 | 26.45 |
| FCF Conversion (FCF/Net Income) | 0.63x | 0.13x | 1.98x | 6.80x | 0.76x | 0.10x | 25.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Principal trading volatility exposure
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -33.47 in 2025Q2 to 4.87 in 2026Q3, indicating that accounting earnings provide little visibility into the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that non-cash items and significant working capital swings dominate the bottom line. Investors should monitor this instability, as it implies that reported earnings are not a reliable proxy for the underlying cash economics of the exchange.
Based on the provided cash flow data, free cash flow margins have fluctuated wildly between -1.7% and 2.3% over the last ten quarters, reflecting a business model that struggles to maintain consistent cash generation despite massive top-line transaction volumes reported in recent filings.
The inability to sustain positive free cash flow suggests that the company's operational costs and capital requirements are highly sensitive to market cycles. This volatility warrants further investigation into whether the business can ever achieve the scale necessary to generate reliable, self-sustaining cash flows.
According to recent SEC filings, working capital changes have been the primary driver of cash flow variance, with a massive $2.6 billion outflow in 2026Q2 followed by a $1.6 billion inflow in 2026Q3, highlighting the extreme sensitivity of the company's liquidity to crypto market movements.
These massive swings in working capital appear to be tied to the company's principal-based trading model, where it acts as a counterparty to retail users. Such dynamics suggest that the company's cash position is highly vulnerable to sudden shifts in retail sentiment and trading volume.
As indicated by the company's financial statements, capital deployment has been characterized by significant acquisition activity, including a $1.6 billion outlay in 2026Q4, which appears to be a strategic attempt to bolster the platform's competitive position despite persistent operational losses and cash flow instability.
The reliance on inorganic growth through acquisitions may indicate that management is struggling to drive sufficient organic user growth or margin expansion. Investors should monitor whether these capital-intensive moves will eventually yield the necessary synergies to stabilize the company's cash position.
Quick answers to the most common questions about buying CNCK stock.
Coincheck Group N.V. (CNCK) generated $-1223.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Coincheck Group N.V. (CNCK) reported negative free cash flow of $1.30B in 2026, indicating capital requirements exceeded cash from operations.
Coincheck Group N.V. (CNCK) spent $1.06B on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.