Cash conversion remains inconsistent, highlighted by an OCF/NI ratio of 0.08 in 2025Q3, indicating that reported net income is frequently unsupported by core operational cash generation.
Castor Maritime Inc. (CTRM) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Sep'18 | Sep'18 | Sep'17 |
|---|
| Cash from Operations | 30.83M | 10.05M | 41.91M | 42.59M | 123.75M | 60.78M | -2.34M | 2.31M | 902.71K | 902.71K | 770.75K |
| Operating CF Margin % | - | 12.28% | 63.27% | 43.68% | 82.38% | 46.02% | -18.77% | 38.74% | 22.79% | 22.79% | 38.19% |
| Operating CF Growth % | 1002.54% | -76.03% | -1.6% | -65.58% | 103.62% | 2693.02% | -201.38% | 156.11% | 17.12% | 17.12% | - |
| Net Income | 98.57M | 21.54M | 15.3M | 21.3M | 118.56M | 52.27M | -1.75M | 1.09M | 980.94K | 980.94K | 878.64K |
| Depreciation & Amortization | 15.71M | 14.76M | 15.04M | 22.97M | 18.54M | 14.36M | 1.9M | 897.17K | 637.61K | 637.61K | 182.35K |
| Stock-Based Compensation | 190.1K | 515.35K | 9.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.51M | -1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -106.92M | -4.19M | -345.5K | 11.13M | 483.71K | -5.25M | -400.5K | -18.81K | 0 | 0 | 0 |
| Working Capital Changes | -5.91M | -21.57M | 11.9M | -12.81M | -13.83M | -604.63K | -2.09M | 345.45K | -715.84K | -715.84K | -290.24K |
| Change in Receivables | -3.45M | -2.98M | 3.5M | -4.73M | -5.37M | -6.92M | -1.12M | 454.49K | 340.15K | 340.15K | -342.61K |
| Change in Inventory | -292.69K | 868.04K | -260K | 539.74K | 1.6M | -3.72M | -571.28K | -86K | -14.11K | -14.11K | -46.59K |
| Change in Payables | 1.57M | 1.08M | -1.79M | -3.26M | 4.65M | 3.07M | 584.53K | 129.2K | -71.62K | -71.62K | 105.1K |
| Cash from Investing | -10.05M | 97.07M | -133.48M | -9.12M | -63.74M | -348.64M | -35.47M | -17.23M | -7.55M | -7.55M | -7.55M |
| Capital Expenditures | -80.48M | -889.26K | -72.17M | -623.28K | -76.41M | -348.64M | -35.47M | -17.23M | 0 | 0 | -7.55M |
| CapEx % of Revenue | 89.07% | 1.09% | 108.95% | 0.64% | 50.86% | 264.02% | 284.06% | 288.67% | 0% | 0% | 374.09% |
| Acquisitions | 2.86M | -21.87M | -163.63M | 63.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 58.62K | 62.35M | 109.28M | -153.86K | 12.64M | 0 | 0 | 0 | -7.55M | -7.55M | 0 |
| Cash from Financing | 43.99M | -46.32M | 59.56M | -2.14M | 48.9M | 321.82M | 42.18M | 18.09M | 7.62M | 7.62M | 7.62M |
| Debt Issued (Net) | 22.79M | -50.6M | 13.13M | -53.86M | 53.01M | 69.01M | -2.05M | 5M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 50M | 49.94M | -65.8K | 250.91M | 48.55M | 13.63M | 0 | 0 | 7.62M |
| Dividends Paid | -5.31M | -4.91M | -2.5M | -479.17K | 0 | 0 | -3.38T | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -60M | 0 | 0 | 0 | -14.4M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 26.52M | 9.2M | -1.07M | 2.26M | -4.04M | 1.91M | 3.38T | -538.46K | 7.62M | 7.62M | 0 |
| Net Change in Cash | 63.53M | 64.16M | -32.28M | -31.41M | 108.92M | 33.96M | 4.37M | 3.17M | 902.71K | 902.71K | 836.47K |
| Free Cash Flow | -49.65M | 9.16M | -30.26M | 41.97M | 47.35M | -287.87M | -37.82M | -14.92M | 902.71K | 902.71K | -6.78M |
| FCF Margin % | -54.95% | 11.19% | -45.68% | 43.04% | 31.52% | -218% | -302.83% | -249.93% | 22.79% | 22.79% | -335.89% |
| FCF Growth % | 15.03% | 130.26% | -172.1% | -11.36% | 116.45% | -661.23% | -153.54% | -1752.31% | 113.32% | 113.32% | - |
| FCF per Share | -0.83 | 0.17 | -0.78 | 1.91 | 5.00 | -33.73 | -55.83 | -560.25 | 37.61 | 37.61 | -282.44 |
| FCF Conversion (FCF/Net Income) | -0.50x | 0.52x | 2.87x | 1.10x | 1.04x | 1.16x | 1.34x | 2.12x | 0.92x | 0.92x | 0.88x |
| Interest Paid | 0 | 3.13M | 3.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 7.15M | 33.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CTRM stock.
Castor Maritime Inc. (CTRM) generated $10.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Castor Maritime Inc. (CTRM) generated $9.2M 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.
Castor Maritime Inc. (CTRM) spent $0.9M 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, Castor Maritime Inc. (CTRM) returned $4.9M to shareholders via cash dividends and spent $60.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Operational Cash Flow Volatility
Earnings Quality Lacks Cash Support
According to quarterly financial data, the OCF/NI ratio has frequently dipped below 0.20, such as the 0.08 reading in 2025Q3, indicating that reported net income is consistently decoupled from actual cash generation and likely inflated by non-operating accounting gains or vessel sale proceeds.
The persistent gap between net income and operating cash flow suggests that the company's accounting profitability is not translating into liquid resources. Investors should monitor this divergence, as it implies that core shipping operations may be struggling to cover overheads despite headline earnings figures.
FCF Volatility Hinders Capital Stability
As reported in recent filings, free cash flow margins have swung wildly from a negative 195.3% in 2024Q4 to a positive 54.5% in 2025Q4, highlighting a trajectory that remains highly sensitive to the timing of vessel acquisitions and divestitures rather than steady operational performance.
This erratic FCF profile suggests that the company lacks a predictable cash engine, making it difficult to rely on internal funds for long-term capital allocation. The reliance on asset-level transactions to drive cash flow may indicate that the underlying fleet is not generating sufficient organic returns.
Working Capital Swings Mask Inefficiency
Based on the provided cash flow statements, working capital changes have been highly erratic, including a significant $10.0 million outflow in 2025Q3, which suggests that the company's cash management is subject to unpredictable timing differences in collections and payments across its diverse shipping segments.
These fluctuations in working capital often obscure the true cash-generating capacity of the fleet. The lack of a stable working capital cycle warrants further investigation into whether the company is effectively managing its trade receivables or if it is experiencing delays in charterer payments.
Capital Recycling Over Shareholder Returns
Data from recent periods shows that Castor Maritime prioritizes net vessel acquisitions, such as the $31.3 million spent in 2025Q2, while maintaining minimal dividend payouts, suggesting a strategy focused on fleet turnover rather than returning excess cash to common shareholders through buybacks or meaningful dividends.
The company's capital deployment appears to be driven by opportunistic asset trading rather than a commitment to shareholder value creation. This approach may continue to suppress the stock's valuation if the market perceives the fleet expansion as a mechanism for dilution rather than growth.