Cash flow generation remains erratic, evidenced by an OCF/NI ratio that fluctuated from -0.51 in 2023Q4 to 18.45 in 2024Q1, complicating the assessment of true operational performance.
| Metric | 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 |
|---|
| Cash from Operations | 47.51M | 83.53M | 70.38M | 158.86M | 89.7M | 17.23M | 49.88M | 79.93M | 23.41M | -21M | 23.95M | 44.91M | 67.4M | 119.89M | 154.23M | 178.29M | 151.9M | 261.15M | 148.96M | 82.37M | 69.26M | 47.38M | 15.22M | 5.45M | 5.13M |
| Operating CF Margin % | 22.25% | 36.6% | 26.85% | 54.78% | 41.88% | 10.15% | 22.6% | 35.34% | 14.46% | -18.38% | 15.18% | 25.58% | 40.98% | 53.7% | 60.06% | 64.73% | 63.47% | 77.4% | 78.2% | 70.95% | 67.17% | 74.22% | 60.2% | 45.65% | 45.17% |
| Operating CF Growth % | -43.13% | 18.68% | -55.7% | 77.09% | 420.51% | -65.45% | -37.59% | 241.39% | 211.5% | -187.69% | -46.68% | -33.37% | -43.78% | -22.27% | -13.5% | 17.37% | -41.83% | 75.32% | 80.84% | 18.94% | 46.17% | 211.34% | 179.18% | 6.24% | - |
| Net Income | 17.83M | 12.75M | 49.84M | 119.06M | 57.39M | -134.2M | -10.54M | 16.58M | -511.71M | -164.24M | -64.71M | -10.27M | -21.2M | 54.64M | 107.5M | 127.87M | 121.5M | 221.7M | 134.22M | 61.06M | 64.99M | 60.08M | 9.49M | 76K | -392K |
| Depreciation & Amortization | 0 | 47.06M | 49.78M | 43.33M | 40.49M | 42.99M | 48.9M | 52.21M | 87M | 81.58M | 76.33M | 70.5M | 64.74M | 62.01M | 55.28M | 53.08M | 44.69M | 43.26M | 24.44M | 16.71M | 9.94M | 5.09M | 3.98M | 3M | 2.35M |
| Stock-Based Compensation | 0 | 10.01M | 0 | 9.28M | 7.44M | 10.51M | 7.58M | 7.28M | 8.23M | 8.31M | 8.28M | 7.74M | 8.2M | 8.64M | 8.1M | 7.48M | 3.94M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -9.94M | -9.28M | -22.51M | 95.67M | 14.17M | 0 | 439.76M | 47.98M | -2.13M | -21.7M | -3.75M | -6.1M | 163K | 10K | -228K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 43.57M | 1.14M | 11.93M | -8.48M | 4.78M | 1.46M | 3.48M | -5.89M | -7.61M | 7.03M | 3.55M | 3.67M | 8.53M | 6.76M | -764K | -2.58M | 187K | -911K | -10.09M | -1M | -108K | -18.96M | 1.3M | 2.37M | 3.18M |
| Working Capital Changes | -13.89M | 12.57M | -31.24M | 4.95M | 2.11M | 809K | -13.71M | 9.76M | 7.74M | -1.67M | 2.63M | -5.04M | 10.88M | -6.07M | -16.04M | -7.58M | -18.18M | -4.01M | 389K | 5.6M | -5.57M | 1.17M | 453K | 0 | 0 |
| Change in Receivables | 2.02M | -576K | 4K | -3.43M | 1.57M | 2.63M | -4.91M | 1.99M | 966K | -1.39M | 1.87M | -5.68M | 5.89M | -1.02M | -4.07M | 3.5M | -16.61M | -2.07M | -822K | 7K | -879K | 99K | -137K | 0 | 0 |
| Change in Inventory | 56K | 863K | -511K | 1.77M | -1.58M | 809K | 309K | -65K | 90K | 391K | 1.06M | -1.35M | -684K | -467K | -737K | -1.24M | 315K | -1.04M | -823K | -407K | -355K | -151K | -296K | 0 | 0 |
| Change in Payables | 1.62M | -673K | -1.76M | 1.47M | 1.22M | -2.84M | 321K | 3.12M | 1.38M | -2.39M | -739K | 2.29M | 416K | -134K | 1.83M | 1.23M | 303K | 507K | 850K | 988K | 865K | 43K | 503K | 0 | 0 |
| Cash from Investing | -32.01M | -39.78M | 24.93M | -273.1M | 13.36M | 10.48M | 38.4M | 99.37M | -152.33M | -41.62M | -155.64M | -152.51M | -245.16M | -169.91M | -90.43M | -252.31M | -73.08M | -108.66M | -409.08M | -193.1M | -169.24M | -11.78M | -52.72M | 0 | -53.01M |
| Capital Expenditures | -3.17M | -24.23M | -31.74M | -230.97M | -18.99M | -6.14M | -2.93M | -2.83M | -125.89M | -51.13M | -155.56M | -113.28M | -199.16M | -172.75M | -28.16M | -259.69M | -65.22M | -109.57M | -458.99M | -168.75M | -165.02M | -35.96M | -44.08M | 0 | 0 |
| CapEx % of Revenue | 1.49% | 10.62% | 12.11% | 79.65% | 8.87% | 3.62% | 1.33% | 1.25% | 77.76% | 44.75% | 98.64% | 64.52% | 121.1% | 77.39% | 10.97% | 94.28% | 27.25% | 32.48% | 240.96% | 145.35% | 160.05% | 56.32% | 174.39% | - | - |
| Acquisitions | 22.98M | 35.15M | 35.79M | 4.37M | -1.38M | -500K | 41.33M | 14.58M | 2.03M | 9.41M | -267K | -40M | 0 | 0 | -50.12M | 0 | 0 | 0 | 0 | 0 | -165.02M | -52.98M | -44.08M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 24.97M | 4.37M | 33.73M | 16.12M | 0 | 102.19M | -26.61M | 9.51M | 193K | 763K | -46M | 2.83M | -12.14M | 7.38M | -7.86M | 906K | 49.9M | -24.35M | 160.8M | 77.16M | 35.44M | 0 | -53.01M |
| Cash from Financing | -36.91M | -21.67M | -71.14M | 84.88M | -59.19M | -73.1M | -111.4M | -93.7M | 73.59M | -10.96M | 106.01M | 85.87M | -28.23M | 79.98M | 7.46M | 137M | 141.58M | -107.18M | 262.34M | 104.01M | 119.46M | -41.28M | 43.08M | -4.89M | 47.99M |
| Debt Issued (Net) | -3.56M | -5.86M | -22.15M | 172.29M | 8.11M | -54.76M | -56.55M | -69.94M | 2.08M | -3.22M | 119.93M | 52.91M | -27.78M | 86.58M | 8.67M | 102.68M | 43.51M | 139.7M | -39.6M | 125.75M | -79.79M | 9.46M | 29.1M | 0 | 0 |
| Equity Issued (Net) | -22.95M | 24.2M | -79K | 1.47M | -45.12M | -12M | -49.68M | -15.16M | 77.31M | 0 | -2.67M | 37.35M | 0 | -6.04M | -1.17M | 56K | 98.44M | 0 | 433.08M | 71.65M | 0 | 0 | 14M | 0 | 0 |
| Dividends Paid | -10.4M | -34.77M | -47.2M | -85.58M | -14.59M | -5.77M | -5.77M | -5.77M | -5.77M | -5.77M | -5.77M | -3.86M | 0 | 0 | 0 | 0 | 0 | -247M | -131.04M | -73.58M | -57.4M | -51M | 0 | 0 | 0 |
| Share Repurchases | -23.05M | 0 | -79K | -3.8M | -45.37M | -12M | -49.68M | -15.16M | 0 | 0 | -2.67M | -25.35M | 0 | -6.04M | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -5.24M | -1.72M | -3.3M | -7.59M | -567K | 603K | -2.83M | -31K | -1.97M | -5.48M | -527K | -452K | -557K | -45K | 34.26M | -371K | 119K | -100K | -19.82M | 256.65M | 255K | -23K | -4.89M | 47.99M |
| Net Change in Cash | -70.92M | 22.07M | 24.16M | -29.36M | 43.88M | -45.38M | -23.12M | 85.6M | -55.33M | -73.58M | -25.68M | -21.73M | -205.99M | 29.95M | 71.26M | 62.98M | 220.41M | 45.31M | 2.21M | -6.72M | 19.47M | -5.68M | 5.57M | 557K | 113K |
| Free Cash Flow | 44.33M | 59.3M | 38.64M | -72.11M | 70.71M | 11.1M | 46.95M | 77.11M | -102.47M | -72.13M | -131.62M | -68.37M | -131.76M | -52.86M | 126.07M | -81.4M | 86.68M | 151.58M | -310.03M | -86.38M | -95.76M | 11.42M | -28.86M | 5.45M | 5.13M |
| FCF Margin % | 20.76% | 25.98% | 14.74% | -24.87% | 33.01% | 6.54% | 21.27% | 34.09% | -63.29% | -63.13% | -83.45% | -38.94% | -80.12% | -23.68% | 49.1% | -29.55% | 36.22% | 44.93% | -162.76% | -74.4% | -92.88% | 17.89% | -114.19% | 45.65% | 45.17% |
| FCF Growth % | -25.23% | 53.45% | 153.59% | -201.98% | 537.33% | -76.37% | -39.11% | 175.24% | -42.07% | 45.2% | -92.52% | 48.11% | -149.25% | -141.93% | 254.88% | -193.91% | -42.82% | 148.89% | -258.92% | 9.8% | -938.34% | 139.58% | -629.5% | 6.24% | - |
| FCF per Share | 0.40 | 0.50 | 0.38 | -0.87 | 0.83 | 0.13 | 0.49 | 0.74 | -1.07 | -0.90 | -1.66 | -0.84 | -1.62 | -0.65 | 1.55 | -1.01 | 1.11 | 2.03 | -4.86 | -1.74 | -2.54 | 0.41 | -1.14 | 1.27 | 1.39 |
| FCF Conversion (FCF/Net Income) | 2.66x | 6.55x | 1.41x | 1.33x | 1.56x | -0.13x | -4.73x | 1.19x | -0.05x | 0.13x | -0.37x | -4.37x | -3.18x | 2.19x | 1.43x | 1.38x | 1.25x | 1.18x | 1.11x | 1.35x | 1.07x | 0.79x | 1.60x | 71.72x | -13.09x |
| 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 |
| Taxes 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 |
Cyclical Charter Rate Volatility
According to the provided quarterly financial data, Diana Shipping exhibits a highly erratic relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from a low of -0.51 in 2023Q4 to an extreme high of 18.45 in 2024Q1, signaling significant accounting volatility.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor whether these discrepancies stem from non-cash adjustments or the timing of charter payments, as the lack of correlation complicates the assessment of core operational health.
As reported in recent financial statements, Diana Shipping's free cash flow trajectory remains highly unstable, with periods of zero or negative FCF frequently interrupting positive cycles, such as the $38.0 million inflow in 2024Q1 followed by a sharp decline to -$4.8 million in 2023Q4.
This inconsistency implies that the company's ability to fund operations and shareholder returns is heavily dependent on the timing of vessel acquisitions and maintenance cycles. The lack of a sustained, positive FCF trend warrants further investigation into whether the current fleet renewal strategy is consuming excess liquidity.
Based on the reported cash flow figures, Diana Shipping has engaged in aggressive asset churn, evidenced by a $23.7 million net acquisition in 2025Q4 alongside a $23.8 million share buyback, suggesting a management preference for active portfolio management over consistent dividend distribution or debt reduction.
The simultaneous pursuit of fleet expansion and share repurchases may indicate a lack of consensus on the best use of capital during a period of revenue contraction. Investors should consider whether these capital deployment choices are sustainable if charter rates remain under pressure in the coming quarters.
Data from recent filings indicates that non-cash items and irregular acquisition activity, such as the $34.7 million net acquisition in 2024Q4, frequently obscure the underlying cash flow reality, making it difficult to isolate the true operational performance of the dry bulk fleet from capital-intensive investment decisions.
The frequent use of net acquisition adjustments suggests that the cash flow statement is heavily influenced by capital expenditure timing rather than pure operational efficiency. This opacity may mask the true cost of maintaining an aging fleet, which could necessitate higher future cash outflows for regulatory compliance.
Quick answers to the most common questions about buying DSX stock.
Diana Shipping Inc. (DSX) generated $47.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Diana Shipping Inc. (DSX) generated $44.3M 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.
Diana Shipping Inc. (DSX) spent $3.2M 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, Diana Shipping Inc. (DSX) returned $10.4M to shareholders via cash dividends and spent $23.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.