Liquidity is under severe pressure, with the firm reporting a negative $28.9M free cash flow in 2026Q1 and an OCF/NI ratio of 0.50, indicating a disconnect between accounting figures and actual cash generation.
| 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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -7.46M | 22.72M | -15.12M | -22.23M | -10.6M | -6.6M | -4.02M | -3.02M | -2.73M | -3.27M | 70K | -4.62M | -9.52M | -5.27M | -3.82M | -4.36M | -8.69M | -7.83M | -6.41M | -8.63M | 6.66M | -525.74K | -385.9K | -685.98K | -1.55M | 2.43M | 1.7M | -1.1M | -1.1M | 2.5M | 700K |
| Operating CF Growth % | -1640.88% | 250.28% | 32% | -109.8% | -60.49% | -64.21% | -33.28% | -10.55% | 16.6% | -4774.29% | 101.52% | 51.45% | -80.57% | -38.11% | 12.48% | 49.85% | -10.99% | -22.21% | 25.72% | -229.6% | 1366.34% | -36.24% | 43.74% | 55.8% | -163.92% | 43.06% | 254.29% | 0% | -144% | 257.14% | -50% |
| Net Income | -47.3M | -20.47M | -14.7M | -22.88M | -22.11M | -7.17M | -12.34M | -4.18M | 1.73M | -3.31M | -6.48M | -51.47M | -30.53M | -17.96M | -3.86M | -3.46M | -7.74M | -9.15M | -5.62M | -938.37K | 3.51M | -2.85M | -2.82M | -2.26M | -2.92M | 567.82K | 591.07K | -5.2M | -2M | -100K | 100K |
| Depreciation & Amortization | 411K | 328K | 496K | 442K | -188K | 0 | 0 | 0 | 1.44M | 1.38M | 2.14M | 6.32M | 9.83M | 291K | 63.67K | 69.83K | 77.86K | 84.38K | 85.72K | 210.42K | 2.6M | 2.57M | 2.28M | 1.5M | 1.59M | 1.42M | 1.31M | 1.7M | 1.3M | 600K | 700K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 0 | -756.11K | 2.61M | 7.8M | 0 | -552.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 200K | -400K | -200K |
| Other Non-Cash Items | -24.14M | -30.37M | 4.48M | 2.56M | 10.66M | 704K | 7.99M | 1.05M | -6.24M | -137K | 794K | 40.31M | 879K | 2.7M | 245.51K | -3.46M | -7.74M | 5.4K | -39.14K | -8.56M | 92.56K | 52.88K | 37.48K | 31.76K | 107.59K | -33.3K | -81.77K | 100K | 100K | -100K | 100K |
| Working Capital Changes | 37M | 39.26M | -7.02M | -5.33M | -439K | -450K | 243K | -214K | 25K | -1.23M | 3.05M | -156K | -2.38M | -271K | 431.81K | -153.03K | -1.14M | 1.15M | -378.77K | 656.56K | 451K | -304.12K | 120.99K | 36.03K | -331.14K | 468.91K | -127.02K | -100K | -700K | 2.2M | -200K |
| Cash from Investing | 39.45M | 1.89M | 16.36M | -7.17M | -14.6M | -8.85M | -24.96M | 1.26M | -151K | 1.26M | -2.97M | 125K | -1M | 662K | 1.79K | -4.85K | 375K | 1.52M | 7.44K | 13.95M | 586.22K | -659.28K | -3.92M | -2.26M | -1.02M | -1.27M | -1.92M | -1.5M | -3.9M | -1.5M | -500K |
| Purchase of Investments | -18.29M | -18.03M | -7.98M | -34.2M | -43.81M | -103.3M | -98.83M | -8.66M | -15.2M | -12.27M | -18.04M | -7.99M | 0 | 0 | 0 | 0 | 0 | 0 | -1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 57.82M | 18.39M | 25.49M | 27.57M | 28.75M | 103.94M | 75.33M | 10.28M | 15.06M | 14.21M | 15.06M | 8.12M | 0 | 0 | 0 | 0 | 375K | 1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | 39.53M | 361K | 17.51M | -6.63M | -15.06M | 644K | -23.49M | 1.62M | -141K | 1.94M | -2.97M | 127K | 0 | 0 | 0 | 0 | 375K | 1.52M | -1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | -1.11M | 0 | 617K | 460K | 360K | 0 | -675K | 0 | 0 | 0 | 2.66M | 0 | 0 | 0 | 0 | 2.07M | 15.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -84K | 1.53M | -1.15M | 995K | 2.3M | -9.5M | -460K | -360K | 26K | 1.26M | -2.97M | 127K | 4K | -2M | 4.1K | 0 | 0 | 700 | 15.19K | -1.32M | 2M | 700K | -706.64K | -18.39K | -14.23K | -100.72K | -29K | -100K | 0 | 0 | 300K |
| Cash from Financing | -10.83M | 5.32M | 0 | -939K | -7.19M | 78.3M | 31.61M | 1.83M | 2.7M | 2.07M | 2.9M | 3.83M | 8.2M | 3.23M | 3.4M | 3.7M | 4.87M | 5.93M | -33.3K | 655.65K | 1.04M | 376.91K | 3.51M | -1.44M | 4.65M | -124.76K | 4.33M | 1.7M | 2.1M | 3.5M | 500K |
| Dividends Paid | -14.79M | -11.9M | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | -939K | -3.08M | 0 | 0 | 0 | 0 | -24K | -4K | -935K | -14.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -74.35K | 0 | -62.57K | -33.12K | -44.17K | 0 | -100K | 0 | 0 |
| Stock Issued | 10.62M | 19.18M | 0 | 0 | 0 | 78.22M | 24.4M | 1.94M | 2.7M | 2.1M | 2.14M | 4.77M | 22.26M | 310K | 3.4M | 4.03M | 0 | 5.93M | 0 | 757.5K | 3.09M | 329.23K | 3.46M | 455.5K | 4.02M | 43.33K | 6.23M | 3.3M | 600K | 3.1M | 200K |
| Net Stock Activity | 10.62M | 19.18M | 0 | -939K | -3.08M | 78.22M | 24.4M | 1.94M | 2.7M | 2.07M | 2.14M | 3.83M | 8.2M | 310K | 3.4M | 4.03M | 0 | 5.93M | 0 | 757.5K | 3.09M | 329.23K | 3.38M | 455.5K | 3.95M | 10.21K | 6.19M | 3.3M | 500K | 3.1M | 200K |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 0 | 0 | 0 | 0 | -33.3K | 28.97K | -1000K | 47.68K | 132.53K | 800.26K | 696.51K | -134.97K | -1000K | -1000K | 1000K | 200K | -100K |
| Other Financing | -6.66M | -1.96M | 0 | 0 | 0 | 84K | 7.2M | -106K | 0 | 0 | 760K | 0 | 8.2M | 2.73M | -2K | -333.8K | 0 | 0 | 0 | -130.82K | -558.85K | 0 | 0 | -2K | -5.99K | 0 | 0 | 0 | 0 | 200K | 400K |
| Net Change in Cash | 21.16M | 29.93M | 1.25M | -30.34M | -32.39M | 62.85M | 2.62M | 74K | -180K | 63K | -8K | -663K | -2.32M | -1.37M | -413.11K | -663.96K | -3.45M | -378.84K | -6.44M | 5.98M | 8.28M | -808.11K | -791.15K | -4.39M | 2.07M | 1.03M | 4.11M | -900K | 2.1M | 4.4M | 500K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | -100K | -200K |
| Cash at Beginning | 34.01M | 4.08M | 2.83M | 33.17M | 65.56M | 2.71M | 91K | 17K | 197K | 134K | 142K | 805K | 3.13M | 4.5M | 4.91M | 5.58M | 9.03M | 9.4M | 15.84M | 9.86M | 2.67M | 3.48M | 4.27M | 8.66M | 6.58M | 5.55M | 1.44M | 2.3M | 5.2M | 800K | 300K |
| Cash at End | 27.48M | 34.01M | 4.08M | 2.83M | 33.17M | 65.56M | 2.71M | 91K | 17K | 197K | 134K | 142K | 805K | 3.13M | 4.5M | 4.91M | 5.58M | 9.03M | 9.4M | 15.84M | 10.95M | 2.67M | 3.48M | 4.27M | 8.66M | 6.58M | 5.55M | 1.4M | 7.3M | 5.2M | 800K |
| Interest 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -7.46M | 22.72M | -15.12M | -22.66M | -12.43M | -7.22M | -5.49M | -3.38M | -2.77M | -3.27M | 66K | -4.62M | -10.52M | -7.27M | -3.82M | -4.36M | -8.69M | -7.83M | -6.59M | -8.65M | 5.24M | -1.89M | -3.6M | -2.93M | -2.56M | 1.26M | -190.58K | -2.5M | -5M | 1M | -100K |
| FCF Growth % | -40.99% | 250.28% | 33.28% | -82.29% | -72.16% | -31.51% | -62.57% | -22.13% | 15.5% | -5057.58% | 101.43% | 56.06% | -44.7% | -90.41% | 12.52% | 49.79% | -10.99% | -18.81% | 23.82% | -265.14% | 378% | 47.61% | -22.71% | -14.66% | -303.31% | 759.98% | 92.38% | 50% | -600% | 1100% | -111.11% |
Unsustainable cash burn rate
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the 2026Q1 OCF/NI ratio of 0.50 highlighting a significant disconnect between accounting profits and the actual cash generated by the firm's core wealth management and investment banking operations.
The wide variance in the OCF/NI ratio suggests that reported net income is heavily influenced by non-cash items and accounting adjustments rather than operational efficiency. Investors should monitor this divergence closely, as it indicates that the firm's current earnings profile may not be a reliable proxy for its underlying cash-generating capacity.
Based on the provided cash flow data, Dominari's free cash flow trajectory is characterized by persistent volatility, with a negative $28.9M FCF reported in 2026Q1, underscoring the firm's ongoing struggle to achieve self-sustaining cash flow amidst its aggressive and capital-intensive inorganic expansion strategy.
The inability to maintain positive free cash flow suggests that the firm's growth is currently being subsidized by external capital rather than internal operations. This trend warrants further investigation into whether the company can reach a scale where operational cash inflows eventually cover the high costs of talent acquisition.
According to recent SEC filings, working capital fluctuations have become a primary driver of cash flow variability, evidenced by the $45.5M swing in 2025Q4, which suggests that the firm's cash position is highly sensitive to the timing of client collections and the settlement of transactional investment banking fees.
These large swings in working capital may indicate inefficiencies in the revenue cycle or the lumpy nature of investment banking income. Such volatility complicates cash flow forecasting and suggests that the firm's liquidity position could be vulnerable to sudden shifts in market activity or client payment delays.
As indicated by the financial data, the firm's reliance on stock-based compensation, which reached $19.2M in 2026Q1, effectively masks the true extent of the company's operational cash burn by substituting equity for cash in its advisor compensation packages, thereby preserving liquidity at the expense of shareholder dilution.
While this strategy preserves cash in the short term, it creates a structural reliance on equity performance to attract and retain talent. Investors should consider whether this model is sustainable if the stock price faces downward pressure, as it could force the firm to pivot toward more cash-intensive compensation structures.
Quick answers to the most common questions about buying DOMH stock.
Dominari Holdings Inc. (DOMH) generated $22.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dominari Holdings Inc. (DOMH) generated $22.7M 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.
Dominari Holdings Inc. (DOMH) 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.
In 2025, Dominari Holdings Inc. (DOMH) returned $11.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.