Free cash flow has deteriorated into negative territory, reaching a -13.4% margin in 2026Q3, while working capital swings, such as the $10.7 million outflow in 2026Q1, continue to impair liquidity.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 |
|---|
| Cash from Operations | -11.09M | 17.41M | -10.59M | -8.97M | 4.88M | -20.01M | 7.76M | 11.09M | 22.4M | 31.7M | 25.5M | 9.21M | 39.59M | 29.37M | 39.94M | 30.07M | 9.95M | 33.82M | -443K | -19.19M | -5.26M | -3.26M | 321K | -760K |
| Operating CF Margin % | - | 22.27% | -21.56% | -13.19% | 8.7% | -63.68% | 19.76% | 20.71% | 33.09% | 35.07% | 24.42% | 8.73% | 37.95% | 36.22% | 52.17% | 51.46% | 14.41% | 43.66% | -0.55% | -40.73% | -31.3% | -30.59% | 4.46% | -17.98% |
| Operating CF Growth % | -808.86% | 264.36% | -18.04% | -283.93% | 124.39% | -357.76% | -30% | -50.49% | -29.34% | 24.29% | 176.89% | -76.74% | 34.82% | -26.46% | 32.79% | 202.32% | -70.58% | 7733.86% | 97.69% | -265.04% | -61.36% | -1114.95% | 142.24% | - |
| Net Income | -9.22M | 3.76M | -21.27M | -9.73M | 2.27M | -62.82M | -4.43M | -16.23M | -18.45M | -15.13M | -42.51M | -32.17M | -25.86M | -21.07M | -23.04M | -29.24M | -29.51M | -37.37M | -35.69M | -26M | -16.81M | -6.79M | -4.8M | -3.4M |
| Depreciation & Amortization | 4.42M | 3.8M | 3.77M | 3.83M | 4.57M | 6.92M | 9.39M | 13.75M | 17.99M | 33.44M | 43.2M | 43.38M | 41.96M | 39.23M | 39.79M | 37.96M | 36.67M | 36.64M | 34.16M | 18.31M | 5.24M | 3.68M | 2.81M | 1.69M |
| Stock-Based Compensation | 418K | 1.93M | 1.54M | 4.47M | 5.49M | 2.89M | 0 | 0 | 0 | 0 | 1.83M | 2.2M | 2.51M | 2.28M | 3.42M | 2.27M | 1.48M | 945K | 453K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -888K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -387K | -2.47M | 16.91M | 3.29M | 661K | 46.53M | -5.06M | 29.46M | 35.74M | 78.63M | 24.89M | 13.87M | 11.55M | 18.11M | 17.57M | 13.63M | 5.56M | 18.07M | 12.38M | 8.49M | 6.93M | 1.28M | 1.94M | 381K |
| Working Capital Changes | -6.37M | 10.39M | -11.54M | -10.83M | -7.22M | -13.53M | 7.86M | 6.32M | 11.96M | 3.4M | -1.9M | -18.07M | 9.43M | -4.17M | 2.21M | 5.45M | -4.25M | 15.53M | -11.76M | -19.99M | -614K | -1.44M | 377K | 576K |
| Change in Receivables | 16.37M | -619K | 7.57M | 10.26M | -9.06M | 14.43M | 311K | 5.61M | 13.73M | -2.27M | 5.48M | -1.77M | -8.45M | -1.54M | -11.34M | -6.84M | -1.04M | 10.67M | -9.36M | -13.05M | -1.75M | -455K | -283K | 88K |
| Change in Inventory | 0 | 0 | 0 | 0 | 50K | 251K | 495K | 211K | 737K | 511K | 286K | -146K | -1.21M | -127K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -13.42M | 0 | -12.76M | -18.05M | 4.1M | -29.77M | 7.98M | -540K | -3.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.41M | -635K | -531K | -1.27M | -12.3M | -1.71M | -1.25M | -1.97M | -931K | -447K | -1.39M | 514K | -52.01M | -4.25M | -17.32M | -41.07M | -19.39M | -34.24M | -96.86M | -135.28M | -51.1M | -5.92M | -3.59M | -2.63M |
| Capital Expenditures | -1.5M | -1.17M | -1.07M | -1.27M | -641K | -2.61M | -1.25M | -1.97M | -931K | -486K | -1.38M | -1.57M | -1.36M | -6.48M | -16.39M | -43.31M | -14.23M | -22.03M | -96.35M | -156.51M | -26.69M | -1.93M | -279K | -327K |
| CapEx % of Revenue | 2.71% | 1.5% | 2.18% | 1.87% | 1.14% | 8.3% | 3.17% | 3.68% | 1.38% | 0.54% | 1.32% | 1.49% | 1.3% | 7.99% | 21.42% | 74.1% | 20.61% | 28.44% | 118.97% | 332.22% | 158.93% | 18.14% | 3.87% | 7.73% |
| Acquisitions | 0 | 0 | 0 | 0 | -11.67M | 84K | 0 | 0 | 0 | 39K | 0 | 2.95M | -48.5M | -3.13M | 4.27M | 0 | 0 | 0 | -50K | -3.16M | 0 | -3.39M | -3.07M | -2.31M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8K | -865K | -2.15M | -4.12M | -2.19M | 800K | 2.75M | -12.2M | -603K | 0 | -231K | -599K | -248K | 1K |
| Cash from Financing | 8.86M | -8M | 9.14M | 4.33M | 2.64M | 24.27M | -10.09M | -9.2M | -16.08M | -44.17M | -17.63M | -40.94M | 49.18M | -29.51M | -15.53M | 12.65M | 2.71M | -13.41M | 97.58M | 147.2M | 88.22M | 11.63M | 4.65M | 3.35M |
| Debt Issued (Net) | 4.49M | -6.56M | 1.38M | 4.33M | -9.74M | -18.38M | -15.94M | -9.2M | -43.17M | -52.15M | 1.2M | -40.81M | 3.13M | -33.54M | -22.15M | 11.57M | 8.98M | -16.6M | 100.7M | 147.31M | -2.12M | 6.74M | -133K | 850K |
| Equity Issued (Net) | 6.49M | -215K | 8.52M | 0 | 12.38M | 42.65M | 5.85M | 0 | 27.87M | 0 | -2.67M | -87K | 50.21M | 11M | 7.07M | 1.14M | -31K | 3.19M | -3.16M | 139K | 90.34M | 4.89M | 4.78M | 2.5M |
| Dividends Paid | 0 | 0 | 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 | -215K | 0 | 0 | 0 | 0 | 0 | 0 | -163K | 0 | -2.67M | 0 | 0 | 0 | 0 | -66K | -31K | -755K | -3.16M | 0 | 0 | -172K | 0 | 0 |
| Other Financing | -2.12M | -1.23M | -769K | 0 | 0 | 0 | 0 | 0 | -781K | 7.98M | -16.16M | -46K | -4.16M | -6.97M | -449K | -66K | -6.23M | 0 | 35K | -251K | 0 | 0 | 0 | 0 |
| Net Change in Cash | -3.62M | 8.77M | -1.99M | -5.91M | -3.79M | 2.56M | -3.58M | -80K | 5.39M | -12.91M | 6.48M | -31.22M | 36.77M | -4.39M | 7.09M | 1.65M | -6.73M | -13.83M | 279K | -7.26M | 31.86M | 2.45M | 1.37M | -45K |
| Free Cash Flow | -12.59M | 16.24M | -11.66M | -10.24M | 4.24M | -22.62M | 6.51M | 9.12M | 21.47M | 31.21M | 24.11M | 6.78M | 36.09M | 19.77M | 21.35M | -13.85M | -5.12M | 10.08M | -97.32M | -175.7M | -31.95M | -5.19M | 42K | -1.09M |
| FCF Margin % | -22.75% | 20.77% | -23.74% | -15.06% | 7.56% | -71.98% | 16.58% | 17.03% | 31.72% | 34.53% | 23.09% | 6.42% | 34.59% | 24.38% | 27.89% | -23.7% | -7.42% | 13.02% | -120.17% | -372.95% | -190.23% | -48.73% | 0.58% | -25.71% |
| FCF Growth % | -686.72% | 239.26% | -13.83% | -341.74% | 118.74% | -447.14% | -28.55% | -57.52% | -31.23% | 29.43% | 255.94% | -81.22% | 82.53% | -7.4% | 254.17% | -170.52% | -150.77% | 110.36% | 44.61% | -449.93% | -515.59% | -12457.14% | 103.86% | - |
| FCF per Share | -0.66 | 0.91 | -0.95 | -1.15 | 0.49 | -3.54 | 2.96 | 4.81 | 18.58 | 77.56 | 74.57 | 17.65 | 126.43 | 83.21 | 117.76 | -89.94 | -35.77 | 73.39 | -761.02 | -1480.83 | -453.63 | -107.36 | 1.74 | -71.80 |
| FCF Conversion (FCF/Net Income) | 1.37x | 4.83x | 0.49x | 0.92x | 2.21x | 0.32x | -0.53x | -0.68x | -1.21x | -2.10x | -0.61x | -0.29x | -1.53x | -1.39x | -1.73x | -1.03x | -0.34x | -0.90x | 0.01x | 0.74x | 0.31x | 0.48x | -0.07x | 0.22x |
| Interest Paid | 35K | 995K | 376K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 26K | 34K | 55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Deficits
According to the provided cash flow statements, the relationship between net income and operating cash flow is erratic, with the OCF/NI ratio reaching an extreme 14.36 in 2025Q4, suggesting that reported earnings are frequently decoupled from the actual cash generation capabilities of the underlying business model.
The wide variance in the OCF/NI ratio indicates that accruals and non-cash adjustments are significantly distorting the company's reported profitability. Investors should monitor this divergence, as it suggests that the firm's accounting earnings may not be a reliable proxy for its ability to fund operations internally.
As reported in financial statements, Cineverse's free cash flow has trended into negative territory, culminating in a -13.4% FCF margin in 2026Q3, which highlights the company's ongoing struggle to achieve self-sustaining cash generation despite its strategic pivot toward a digital-first streaming and technology services model.
The consistent inability to generate positive free cash flow suggests that the company's current scale is insufficient to cover its operating and capital requirements. This trajectory warrants further investigation into whether the business model can reach a sustainable inflection point without requiring additional external financing or further dilution.
Based on the reported figures, working capital changes have been a significant drag on cash flow, with a notable $10.7 million outflow in 2026Q1, indicating that the company's cash conversion cycle is highly sensitive to fluctuations in receivables and payables management within the FAST ecosystem.
These large, periodic working capital outflows suggest that the company may be experiencing difficulty in timing its cash collections relative to its content-related obligations. Such volatility in working capital management appears to be a primary driver of the company's recurring cash burn, necessitating closer scrutiny of its credit terms.
Data from recent filings indicates that stock-based compensation and depreciation adjustments frequently mask the true cash cost of operations, as seen in the 2026Q1 period where SBC added $418,000 back to the cash flow statement while the company simultaneously faced a massive working capital drain.
The reliance on non-cash add-backs to bolster operating cash flow figures may obscure the underlying cash burn associated with the company's growth initiatives. Analysts should be wary of these adjustments, as they appear to provide a temporary buffer that does not address the fundamental lack of operational cash generation.
Quick answers to the most common questions about buying CNVS stock.
Cineverse Corp. (CNVS) generated $17.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cineverse Corp. (CNVS) generated $16.2M 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.
Cineverse Corp. (CNVS) spent $1.2M 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, Cineverse Corp. (CNVS) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.