Operating cash flow remains deeply negative, with a FCF margin of -61.4% in 2026Q1, highlighting a structural inability to fund operations through internal cash generation.
| Cash from Operations | -12.96M | -12.06M | 555K | -18.72M | -7.43M | -15.02M | -15.77M | 5.09M | 3.07M |
| Operating CF Margin % | - | -60.03% | 1.09% | -20.59% | -8.85% | -26.8% | -41.63% | 9.04% | 6.02% |
| Operating CF Growth % | -7073.94% | -2273.87% | 102.96% | -151.99% | 50.52% | 4.78% | -409.62% | 65.63% | - |
| Net Income | -20.98M | -21.8M | -21.47M | -27.59M | 13.95M | -21.17M | -25.55M | 6.47M | -2.99M |
| Depreciation & Amortization | 1.32M | 2.31M | 6.17M | 10.88M | 9.34M | 10.48M | 8.03M | 8.37M | 7.03M |
| Stock-Based Compensation | 713K | 1.94M | 2.38M | 3.73M | 547K | 24K | -110K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -26.59M | 0 | -1.06M | 0 | 0 |
| Other Non-Cash Items | 12.24M | 10.37M | 9.36M | -3.62M | 377K | -3.04M | 1.02M | -9.39M | 8.92M |
| Working Capital Changes | -5.82M | -4.88M | 4.12M | -2.12M | -5.05M | -1.31M | 1.9M | -350K | 4.68M |
| Change in Receivables | -3.79M | -3.7M | 633K | -2.27M | -1.01M | -5.04M | 1.23M | -1.7M | -268.46K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -3.08M | 0 | 0 | 0 |
| Change in Payables | -993K | -1.96M | 2.58M | 2.07M | 4.11M | 4.65M | -2.43M | 745.19K | -229.44K |
| Cash from Investing | -23.03M | -23.51M | -19.63M | 10.69M | -31.75M | -14.31M | -9.67M | 5.96M | -26.99M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -679K | 0 | -794K | -4.47M | -20.05M |
| CapEx % of Revenue | 0% | - | - | - | 0.81% | - | 2.1% | 7.94% | 39.29% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - |
| Investments | 16.02M | 18.47M | 15.64M | 3.34M | 3.16M | 2.38M | 1.54M | 0 | 0 |
| Other Investing | -9.26M | -23.51M | -1.08M | -7.38M | -15.14M | -13.86M | -9.5M | -1.9M | 1.13M |
| Cash from Financing | 36.24M | 36.69M | 6.33M | 9.74M | 38.58M | 35.05M | 19.56M | -5.19M | 21.98M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 36.76M | 36.01M | 1.98M | 2.42M | -300K | -317K | -256K | -200.63K | 2.44M |
| Dividends Paid | -278K | 0 | 0 | 0 | 0 | 0 | -244K | -439.88K | -398.11K |
| Share Repurchases | 0 | 0 | 0 | -183K | -313K | -317K | -291K | -266.57K | -73.6K |
| Other Financing | 33K | -910K | 8.31M | -10.01M | 19.43M | 13.32M | 7.54M | 539.08K | -2.09M |
| Net Change in Cash | 246K | 1.12M | -12.74M | 1.71M | -598K | 5.72M | -5.88M | 5.86M | -1.94M |
| Free Cash Flow | -12.96M | -12.06M | 555K | -18.72M | -8.11M | -15.02M | -16.56M | 622.11K | -16.98M |
| FCF Margin % | -97.69% | -60.03% | 1.09% | -20.59% | -9.66% | -26.8% | -43.73% | 1.1% | -33.26% |
| FCF Growth % | -3868.02% | -2273.87% | 102.96% | -130.88% | 46% | 9.35% | -2762.39% | 103.66% | - |
| FCF per Share | -4.58 | -4.26 | 0.03 | -0.93 | -0.39 | -0.71 | -0.79 | 0.03 | -0.81 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.55x | -0.03x | 1.47x | -3.68x | 21.51x | 2.90x | 0.79x | -0.24x |
| Interest Paid | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
According to the provided cash flow statements, CaliberCos Inc. consistently reports negative net income alongside operating cash flow deficits, with the OCF/NI ratio fluctuating wildly, such as the 3.21x reading in 2023Q4, suggesting that accruals and non-cash adjustments are masking the underlying cash burn.
The persistent gap between net income and operating cash flow indicates that the firm's accounting earnings are not reflective of its actual cash generation capabilities. Investors should monitor this divergence, as it suggests that the company is struggling to convert its reported service activities into tangible liquidity.
As reported in financial statements, CaliberCos Inc. has struggled to maintain positive free cash flow, with the FCF margin reaching a low of -126.9% in 2025Q3, highlighting a structural inability to cover operating expenses through its current fee-based revenue model in the prevailing interest rate environment.
The consistent negative FCF trajectory suggests that the firm is consuming capital at an unsustainable rate to maintain its operations. This trend implies that without a significant pivot in revenue generation or cost management, the firm may continue to erode its remaining cash reserves.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $4.7M inflow in 2024Q2 to a $3.3M outflow in 2025Q4, which suggests significant challenges in managing the timing of cash collections and fund-level reimbursements within the asset management platform.
The volatility in working capital movements appears to reflect the firm's reliance on lumpy, transaction-based fee structures rather than stable recurring income. This instability complicates cash flow forecasting and may indicate that the firm is frequently forced to bridge liquidity gaps through its own balance sheet.
Data from recent filings indicates that stock-based compensation and depreciation expenses are significant non-cash items, with SBC reaching $737K in 2024Q3, which effectively masks the true extent of the firm's cash-based operating losses and the dilution risk facing current equity holders.
By adding back these non-cash charges, the firm's reported operating cash flow appears less dire than the underlying cash burn would suggest. Analysts should treat these adjustments with caution, as they do not mitigate the reality that the firm is consistently spending more cash than it collects.
Quick answers to the most common questions about buying CWD stock.
CaliberCos Inc. (CWD) generated $-12.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CaliberCos Inc. (CWD) reported negative free cash flow of $12.1M in 2025, indicating capital requirements exceeded cash from operations.
CaliberCos Inc. (CWD) 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.