Cash flow generation remains volatile, as evidenced by the OCF/NI ratio swinging to 5.49 in 2026Q1, while aggressive share buybacks of $6.8 million in 2025Q4 occurred despite a limited cash balance of only $2.9 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 27.27M | 21.1M | 21.05M | 21.34M | 36.03M | 28.58M | 18.68M | 22.92M | 14.92M | 34.41M | 44.58M | 60.81M | 55.54M | 48.65M | 54.66M | 64.49M | 47.07M | 22.56M | 54.18M | 55.65M | 40.82M | 7.75M |
| Operating CF Margin % | - | 16.51% | 14.83% | 14.05% | 24.07% | 23.84% | 16.81% | 19.55% | 9.23% | 16.55% | 19.64% | 23.41% | 21.15% | 22.79% | 27.98% | 36% | 36.49% | 20.51% | 34.95% | 39.1% | 48.79% | 45.56% |
| Operating CF Growth % | 301.48% | 0.27% | -1.41% | -40.77% | 26.08% | 52.98% | -18.5% | 53.66% | -56.65% | -22.81% | -26.7% | 9.48% | 14.18% | -11.01% | -15.25% | 37.02% | 108.64% | -58.36% | -2.65% | 36.34% | 426.96% | - |
| Net Income | -2.23M | -13.51M | 253K | 3.49M | 4.18M | -29.74M | -30.02M | 12.55M | 7.17M | 15.98M | -5.4M | -10.97M | 27.61M | 16.25M | 38.09M | 34.1M | 18.9M | 13.49M | 15.36M | 15.51M | 6.78M | -1.72M |
| Depreciation & Amortization | 13.22M | 14.24M | 17.97M | 16.91M | 17.49M | 17.12M | 12.02M | 9.74M | 9.76M | 11.89M | 16.64M | 23.19M | 27.2M | 17.4M | 12.31M | 14.8M | 15.55M | 17.98M | 21.16M | 22.82M | 15.27M | 4.65M |
| Stock-Based Compensation | 3.66M | 4.88M | 8.06M | 9.92M | 9.52M | 8.3M | 6.33M | 5.7M | 6.61M | 8.61M | 11.14M | 10.19M | 7.5M | 8.13M | 6.13M | 4.68M | 3.59M | 5.09M | 5.59M | 0 | 0 | 0 |
| Deferred Taxes | -209K | -1.25M | -817K | -3.04M | -3.82M | -725K | -3.36M | 2.6M | 1.52M | 558K | -4.19M | -945K | -2.92M | -7.37M | -5.77M | -474K | -2.03M | -4.75M | 2.92M | 2.31M | 3.13M | -939K |
| Other Non-Cash Items | 8.55M | 19.62M | 320K | -671K | 529K | 30.88M | 40.77M | 684K | -3.03M | -3.78M | 25.58M | 35.22M | 540K | 15.41M | 1.03M | 3.06M | 352K | -672K | 9.17M | 6.98M | 1.47M | 189K |
| Working Capital Changes | 4.27M | -2.89M | -4.75M | -5.27M | 8.14M | 2.75M | -7.06M | -8.36M | -7.12M | 1.16M | 800K | 4.13M | -4.38M | -1.18M | 2.87M | 8.33M | 10.7M | -8.59M | -18K | 11.88M | 12.54M | 5.31M |
| Change in Receivables | 5.75M | 4.16M | 105K | -1.4M | -2.11M | -1.1M | 859K | 1.69M | 11.95M | 1.98M | 2.28M | -2.14M | -9.71M | -1.44M | -3.25M | -3.73M | -3.9M | 1.63M | 4.44M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | -335K | 0 | 1.52M | 0 | 0 | 1.76M | -1.12M | -132K | 1.73M | -1.14M | 1.42M | -835K | 16.41M | 10.13M | -15.23M | -4.42M | 0 | 0 | 0 |
| Change in Payables | -899K | -2.86M | -413K | -7.09M | 7.78M | -1.52M | 0 | 0 | 1.74M | 1.66M | -2.95M | -1.05M | -1.07M | 2.66M | 544K | 176K | 4.37M | 4.28M | 4.28M | 0 | 0 | 0 |
| Cash from Investing | -13.18M | -8.71M | -13.93M | -15.31M | -17.66M | -19.3M | -15.9M | -11.51M | 7.49M | -775K | -10.77M | -9.08M | -35.71M | -66.36M | -33.94M | -10.61M | -46.43M | -3.27M | -10.34M | -2.76M | -66.44M | -164.76M |
| Capital Expenditures | -6.8M | -7.31M | -13.93M | -20.25M | -17.98M | -14.31M | -16.1M | -14.19M | -10.05M | -13.22M | -11.7M | -9.08M | -8.71M | -9.95M | -5.9M | -7.78M | -4.63M | -2.75M | -3.97M | -3.52M | -2.69M | -582K |
| CapEx % of Revenue | 5.43% | 5.72% | 9.82% | 13.33% | 12.01% | 11.93% | 14.49% | 12.1% | 6.22% | 6.36% | 5.15% | 3.49% | 3.32% | 4.66% | 3.02% | 4.34% | 3.59% | 2.5% | 2.56% | 2.47% | 3.22% | 3.42% |
| Acquisitions | -6.39M | -1.4M | 0 | 0 | 0 | 0 | 0 | 2.68M | 17.54M | 12.95M | 2.43M | 0 | -27M | -58.6M | -30.8M | 0 | -43.8M | -2.69M | 32K | -6K | -64.14M | -164.44M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -3.19M | 0 | 0 | 17.54M | 12.95M | 2.43M | 0 | 0 | 2.19M | -28.04M | 0 | 0 | -32K | -32K | -32K | 0 | 0 |
| Cash from Financing | -13.72M | -13.19M | -7.62M | -4.83M | -16.91M | -15.39M | -542K | -12.42M | -27.17M | -44.78M | -44.21M | -44.66M | -31.41M | 16.46M | -36.83M | -41.59M | -1.77M | -31.17M | -43.2M | -1.17M | 27.96M | 160.38M |
| Debt Issued (Net) | -3M | -2M | -6M | 8M | 7M | 3M | 10M | -8M | -24M | -44M | -15M | -9.5M | -8.5M | 73M | 31M | -26M | -9.3M | -31.2M | -42.9M | 35.4M | 40M | 48.94M |
| Equity Issued (Net) | -10.7M | -11.19M | -1.87M | -13.13M | -23.68M | -18.39M | -10.54M | -4.42M | -2.67M | -1.18M | -32.44M | -40.05M | -34.33M | -56.91M | -68.64M | -19.63M | 4.31M | 0 | -354K | 76.11M | 0 | 110.23M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -107.72M | -107.72M | -107.9M | -11.18M | 0 |
| Share Repurchases | -11.69M | -11.32M | -1.87M | -13.13M | -23.68M | -18.39M | -10.54M | -4.42M | -2.67M | -1.18M | -32.44M | -40.05M | -34.33M | -56.91M | -68.64M | -31.58M | 0 | 0 | -354K | 0 | 0 | 0 |
| Other Financing | -30K | 0 | 257K | 299K | -228K | 0 | 0 | 0 | -504K | 403K | 3.23M | 4.88M | 11.41M | 354K | 814K | 4.04M | 3.22M | 30K | 58K | -175K | -856K | 1.15M |
| Net Change in Cash | 357K | -794K | -504K | 1.2M | 1.47M | -6.1M | 2.26M | -1.09M | -5.6M | -10.92M | -11.06M | 7.27M | -12.57M | -662K | -15.22M | 12.21M | -1.9M | -10.22M | -2.38M | 51.84M | 2.43M | 160.38M |
| Free Cash Flow | 20.47M | 13.79M | 7.11M | 1.09M | 18.06M | 14.27M | 2.58M | 8.73M | 4.87M | 21.19M | 32.88M | 51.73M | 46.83M | 38.7M | 48.76M | 56.72M | 42.44M | 19.81M | 50.2M | 52.13M | 38.12M | 7.16M |
| FCF Margin % | 16.35% | 10.79% | 5.01% | 0.72% | 12.07% | 11.9% | 2.32% | 7.45% | 3.01% | 10.19% | 14.49% | 19.91% | 17.83% | 18.13% | 24.96% | 31.66% | 32.9% | 18.01% | 32.39% | 36.62% | 45.57% | 42.14% |
| FCF Growth % | 114.19% | 93.91% | 550.78% | -93.95% | 26.52% | 453.47% | -70.48% | 79.55% | -77.04% | -35.56% | -36.45% | 10.46% | 21.02% | -20.63% | -14.03% | 33.64% | 114.21% | -60.54% | -3.7% | 36.74% | 432.16% | - |
| FCF per Share | 0.48 | 0.31 | 0.16 | 0.02 | 0.39 | 0.31 | 0.05 | 0.17 | 0.10 | 0.44 | 0.68 | 1.01 | 0.86 | 0.65 | 0.75 | 0.81 | 0.62 | 0.30 | 0.77 | 565.42 | 413.55 | 77.67 |
| FCF Conversion (FCF/Net Income) | -9.19x | -1.56x | 83.18x | 6.11x | 8.63x | -0.96x | -0.62x | 1.83x | 2.08x | 2.15x | -8.26x | -5.54x | 2.01x | 2.99x | 1.44x | 1.89x | 2.49x | 1.67x | 3.53x | 3.59x | 6.02x | -4.50x |
| Interest Paid | 0 | 0 | 3.18M | 3.47M | 1.48M | 825K | 1.1M | 639K | 1.81M | 3.25M | 3.26M | 2.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.53M | 3.45M | 2.85M | 393K | 457K | 1.51M | 2.63M | 4.7M | 9.1M | 6.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Scale Constraints
As reported in quarterly filings, the relationship between net income and operating cash flow remains highly volatile, with OCF/NI ratios swinging from -27.63 in 2024Q3 to 5.49 in 2026Q1, indicating that reported earnings are frequently decoupled from the company's actual ability to generate cash.
The extreme variance in the OCF/NI ratio suggests that non-cash charges and working capital fluctuations are the primary drivers of cash flow rather than core operational profitability. Investors should monitor this disconnect, as it implies that net income is an unreliable proxy for the company's underlying cash-generating capacity.
Based on the provided cash flow data, free cash flow margins have fluctuated significantly, reaching a peak of 22.8% in 2026Q1 while dipping into negative territory as recently as 2024Q1, reflecting the difficulty of maintaining consistent cash generation during periods of sustained revenue contraction.
The inconsistency in FCF margins suggests that the company's cost structure is not sufficiently flexible to offset revenue declines. This volatility warrants further investigation into whether the recent improvement in FCF is a result of sustainable operational efficiency or merely a temporary reduction in discretionary spending.
According to historical financial statements, the company's capital intensity has trended downward, with CapEx/Revenue ratios falling from 14.1% in 2023Q4 to 5.6% in 2026Q1, suggesting a potential shift toward reduced investment in platform infrastructure or a more disciplined approach to capital allocation.
While lower capital intensity may improve short-term free cash flow, it may also indicate a reduced commitment to the product innovation necessary to compete with larger, better-capitalized platforms. Analysts should consider whether this decline in investment risks the long-term relevance of the company's digital assets.
As reported in recent filings, the company has continued to prioritize share repurchases, utilizing $861,000 in 2026Q1 and $6.8 million in 2025Q4, despite maintaining a limited cash position of only $2.9 million, which appears to prioritize shareholder returns over strengthening the balance sheet.
The decision to allocate scarce cash to buybacks while operating margins are negative may indicate a management preference for supporting the stock price over building a liquidity buffer. This strategy appears risky given the company's current revenue headwinds and the potential need for capital to fund future operational pivots.
Quick answers to the most common questions about buying DHX stock.
DHI Group, Inc. (DHX) generated $21.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DHI Group, Inc. (DHX) generated $13.8M 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.
DHI Group, Inc. (DHX) spent $7.3M 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, DHI Group, Inc. (DHX) spent $11.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.