Cash conversion efficiency remains strained, evidenced by a negative $1.9M free cash flow in 2026Q1 and a $10.3M outflow related to working capital changes during the same period.
| 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 | 11.76M | 13.98M | -1.87M | 814K | -3.27M | -16.05M | 19.64M | 9.48M | 12.87M | -6.7M | 8.74M | 20.61M | 18.03M | 22.97M | 39.28M | 34.17M | 5.16M | 20.7M | 33.86M | 14.84M | 28.68M | 5.74M | 4.17M | 1.07M | -404.1K | 1.44M | -383.58K | 404.42K | 2.26M | 2.43M | 1.99M |
| Operating CF Margin % | - | 18.48% | -2.52% | 0.84% | -6.33% | -64.99% | 22.81% | 6.5% | 8.35% | -4.27% | 6.56% | 8.78% | 12.52% | 17.07% | 20.01% | 22.63% | 4.76% | 22.89% | 39.02% | 16.42% | 42.33% | 18.6% | 20.74% | 12.6% | -6.45% | 14.21% | -5.94% | 8.79% | 13.23% | 14.88% | 21.31% |
| Operating CF Growth % | 151.24% | 849.04% | -329.24% | 124.9% | 79.63% | -181.72% | 107.18% | -26.35% | 292.02% | -176.68% | -57.59% | 14.34% | -21.52% | -41.53% | 14.95% | 562.25% | -75.07% | -38.87% | 128.18% | -48.27% | 399.77% | 37.78% | 290.51% | 363.98% | -128.15% | 474.31% | -194.85% | -82.1% | -6.88% | 21.93% | 1055.86% |
| Net Income | 4.73M | -1.94M | -4.12M | -12.15M | -18.64M | -29.09M | -13.2M | -15.21M | -24.41M | -31.27M | -39.79M | -26.28M | -8.75M | -6.32M | 15.67M | 10.83M | -1.22M | 1.88M | 6.9M | 7.61M | 8.11M | 6.2M | 2.87M | 555.16K | -1.71M | -1.15M | -1.91M | -2.07M | 1.83M | 1.31M | 388.7K |
| Depreciation & Amortization | 6.4M | 5.67M | 5.74M | 8.49M | 11.83M | 12.86M | 17.17M | 21.83M | 29.96M | 39.23M | 44.28M | 47.07M | 24.38M | 24.64M | 25.5M | 19.21M | 15.34M | 14.62M | 13.91M | 12.74M | 9.54M | 3.2M | 1.11M | 1.31M | 1.52M | 1.62M | 1.64M | 1.89M | 1.78M | 1.43M | 813.72K |
| Stock-Based Compensation | 90K | 130K | 0 | 0 | 0 | 479K | 703K | 1.21M | 1.37M | 976K | 879K | 1.16M | 995.42K | 972.71K | 601.06K | 0 | 508.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 1K | -121K | 116K | 1K | 10K | -23K | -757K | 763K | -6.05M | -14.05M | -5.52M | -3.31M | 359.54K | 2.47M | 146.55K | 717.87K | 4.02M | 1.02M | 1.08M | 0 | 0 | 0 | 0 | 0 | 202K | 0 | -32K | -170K | 0 |
| Other Non-Cash Items | 15.81M | 674K | 1.19M | 1.14M | 1.94M | 590K | 2.69M | 976K | 16K | -3.29M | -2.44M | 2.16M | -811.11K | -676.42K | -1.07M | 11.32M | -39.73K | 512.73K | 605.07K | 505.12K | 306.43K | -122.72K | 20.14K | 8.55K | 45K | -6K | -22.51K | 381.11K | 4.49K | -126.09K | -353.61K |
| Working Capital Changes | -15.26M | 9.44M | -4.67M | 3.45M | 1.49M | -892K | 12.26M | 708K | 6.69M | -13.12M | 11.87M | 10.55M | 7.74M | 7.65M | -1.78M | 1.61M | -9.58M | 3.19M | 8.6M | -6.91M | 9.7M | -3.54M | 171.25K | -811.01K | -260.41K | 973.1K | -295.34K | 211.07K | -1.32M | -9.45K | 1.14M |
| Change in Receivables | -8.12M | 830K | 2.54M | -2.77M | -145K | -1.27M | 16.87M | 1.12M | 6.74M | -16.7M | 19.67M | 15.88M | 4.48M | 24.09M | -16.02M | -2.44M | -7.38M | -2.35M | 6.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -168K | -625K | 0 | -3.44M | 1.86M | -482K | -2.83M | 2.11M | -3.93M | 7.11M | 1.31M | -4.12M | 6.64M | -16.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.14M | 6.14M | -128K | 138K | 802K | 983K | -2.28M | -579K | -798K | 1.18M | -4.33M | -3.13M | -1.69M | -9.44M | 4.33M | 2.76M | 1.94M | -1.12M | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.26M | -6.73M | -735K | -4.5M | -1.09M | 264K | -512K | 4.18M | -8.6M | 16.79M | -22.73M | 15.79M | -4.59M | -667.5K | -30.27M | -21.27M | -8.06M | -10.94M | -6.08M | -12.66M | -22.89M | -11.36M | -2.64M | -295.61K | -70.38K | -244.54K | -520.8K | 37.08K | -372.96K | -1.47M | -3.17M |
| Capital Expenditures | -8.26M | 0 | -1.86M | -3.72M | -1.43M | -505K | -2.85M | -4.4M | -15.74M | -8.68M | -8.25M | -6.85M | -3.81M | -1.85M | -31.97M | -22.01M | -8.22M | -1.35M | -6.32M | -13.01M | -21.22M | -11.49M | -2.64M | -314.96K | -70.38K | -250.54K | -543.31K | -9.22K | -376.36K | -1.69M | -3.2M |
| CapEx % of Revenue | 8.59% | 9.03% | 2.51% | 3.84% | 2.77% | 2.04% | 3.31% | 3.02% | 10.21% | 5.52% | 6.19% | 2.92% | 2.65% | 1.37% | 16.29% | 14.57% | 7.59% | 1.49% | 7.29% | 14.39% | 31.32% | 37.25% | 13.13% | 3.72% | 1.12% | 2.48% | 8.42% | 0.2% | 2.2% | 10.33% | 34.21% |
| Acquisitions | 168K | 0 | 0 | 0 | 0 | 451K | 2.85M | 0 | 15.74M | -7.77M | -1.55B | 12.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 208K | -6.73M | 865K | 217K | 340K | 451K | -2.28M | 348K | -14.6M | 9.56M | 1.56B | 2.5M | -776.38K | 1.18M | 1.7M | 740.66K | 164.32K | 752.81K | 243.51K | 346.38K | 129.69K | 133.68K | 1.25K | 19.35K | 0 | 6K | 22.51K | 0 | 3.4K | 213.93K | 26.55K |
| Cash from Financing | -4.74M | -3.68M | -11.56M | -4.2M | -2.15M | 95K | -4.53M | -11.26M | 2.52M | -3.42M | -8.48M | -13.61M | -12.4M | -15M | -16.14M | -10.17M | -9.55M | -8.37M | -8.17M | -7.06M | -5.91M | 13.29M | -724.33K | -269.03K | -46.36K | -406.39K | -735.16K | 754.18K | -1.3M | -1.49M | 1.72M |
| Debt Issued (Net) | -4.66M | -3.6M | -1.63M | -1.15M | -1.3M | 170K | -4.46M | -11.02M | 2.64M | -3.26M | -8.33M | -12.74M | -1.75M | -15.41M | -13.42M | -10.35M | -9.55M | -8.38M | -8.17M | -6.83M | -5.93M | -2.55M | -461.32K | -269.03K | -46.36K | -410.16K | -735.16K | 932.22K | -1.1M | 181K | 125.81K |
| Equity Issued (Net) | -45K | 0 | 0 | 0 | 113K | -75K | -70K | 0 | 0 | 0 | 0 | -316K | 154.55K | 0 | 0 | -71 | 0 | 0 | 0 | -233.24K | 20.8K | 16.07M | 26.82K | 0 | 0 | 3.77K | 0 | 0 | 0 | 0 | 4.94M |
| Dividends Paid | 0 | 0 | -9.86M | 0 | 0 | 0 | 0 | 0 | -1K | 0 | 0 | 0 | -646K | -939 | -3.1M | 0 | -431 | -385 | -827 | -926 | -930 | -233.27K | -289.83K | 0 | 0 | 0 | 0 | -178.04K | -225.87K | -685.71K | 0 |
| Share Repurchases | -45K | 0 | 0 | 0 | 0 | -75K | -70K | 0 | -121K | -158K | -72K | -316K | 0 | 0 | 0 | -71 | 0 | 0 | 0 | -262.57K | 0 | -24.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -38K | -83K | -76K | -3.06M | -963K | 0 | 0 | -236K | -121K | -158K | -149K | -551K | -12.27M | 416.39K | 377.38K | 181.5K | 0 | 9.6K | 3.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18K | -985.12K | -3.35M |
| Net Change in Cash | -1.29M | 3.52M | -14.39M | -7.83M | -6.77M | -15.58M | 14.68M | 2.54M | 6.72M | 7.39M | -22.39M | 22.36M | -1.49M | 7.52M | -7.13M | 2.67M | -12.43M | 1.39M | 19.61M | -4.88M | -110.64K | 7.67M | 804.68K | 502.1K | -520.84K | 784.83K | -1.64M | 1.2M | 582.46K | -534.75K | 540.41K |
| Free Cash Flow | 3.5M | 7.15M | -3.73M | -2.91M | -4.7M | -16.55M | 16.79M | 5.08M | -2.87M | -15.38M | 491K | 13.77M | 14.21M | 21.12M | 7.31M | 12.16M | -3.06M | 19.35M | 27.54M | 1.83M | 7.47M | -5.75M | 1.53M | 751.78K | -474.48K | 1.19M | -926.89K | 395.19K | 1.88M | 741.16K | -1.21M |
| FCF Margin % | 3.63% | 9.45% | -5.03% | -3% | -9.1% | -67.04% | 19.51% | 3.49% | -1.86% | -9.79% | 0.37% | 5.87% | 9.87% | 15.7% | 3.72% | 8.05% | -2.83% | 21.4% | 31.74% | 2.03% | 11.02% | -18.64% | 7.61% | 8.88% | -7.58% | 11.73% | -14.36% | 8.59% | 11.03% | 4.54% | -12.91% |
| FCF Growth % | 210.46% | 291.53% | -28.35% | 38.12% | 71.62% | -198.58% | 230.33% | 276.9% | 81.31% | -3231.98% | -96.43% | -3.14% | -32.71% | 188.82% | -39.88% | 497.47% | -115.82% | -29.74% | 1403.72% | -75.47% | 229.79% | -476.51% | 103.22% | 258.44% | -140.03% | 227.87% | -334.54% | -79.01% | 154.08% | 161.49% | -29.14% |
| FCF per Share | 0.11 | 0.23 | -0.12 | -0.11 | -0.19 | -0.70 | 0.72 | 0.22 | -0.13 | -0.68 | 0.02 | 0.63 | 1.68 | 2.76 | 0.95 | 1.61 | -0.41 | 2.60 | 3.71 | 0.25 | 0.96 | -0.85 | 0.26 | 0.24 | -0.18 | 0.51 | -0.40 | 0.17 | 0.80 | 0.71 | -1.11 |
| FCF Conversion (FCF/Net Income) | 0.74x | -7.20x | 0.45x | -0.07x | 0.18x | 0.55x | -1.49x | -0.62x | -0.53x | 0.21x | -0.22x | -0.78x | -2.06x | -3.64x | 2.51x | 3.15x | -4.22x | 11.01x | 4.91x | 1.95x | 3.54x | 0.93x | 1.42x | 1.92x | 0.24x | -1.25x | 0.20x | -0.20x | 1.23x | 1.86x | -1.96x |
| Interest Paid | 364K | 429K | 159K | 98K | 31K | 20K | 92K | 440K | 408K | 0 | 260K | 620K | 599.3K | 1.13M | 1.22M | 784.42K | 790.42K | 1.02M | 893.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 9K | 9K | 59K | 0 | 0 | 81K | 87K | 40K | 14K | 0 | 33K | 692K | 3.05M | 9.47M | 7.02M | 774.14K | 1.48M | 1.72M | 1.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical project-based cash volatility
According to the quarterly cash flow statements, DWSN's OCF/NI ratio has fluctuated wildly, reaching a negative 0.06 in 2026Q1 despite positive net income, which suggests that reported earnings are frequently decoupled from actual cash generation due to the timing of project-based revenue and accrual accounting.
The persistent divergence between net income and operating cash flow indicates that accounting profits are often tied to non-cash items or receivables that have yet to be collected. Investors should monitor whether this gap represents a structural inability to convert contract wins into liquidity or merely the inherent lumpiness of seismic survey billing cycles.
As reported in financial filings, DWSN's free cash flow trajectory remains highly erratic, swinging from a negative $1.9M in 2026Q1 to a positive $14.2M in 2025Q2, highlighting the company's vulnerability to the cyclical nature of North American seismic demand and the resulting impact on cash margins.
The lack of a consistent positive free cash flow trend suggests that the business model struggles to maintain self-funding capabilities during periods of low activity. This volatility warrants further investigation into whether the company can sustain operations without external capital support during prolonged industry downturns.
Based on the provided cash flow data, working capital changes have been a significant drag on liquidity, notably with a $10.3M outflow in 2026Q1, which indicates that the company's cash position is heavily dependent on the timing of client payments and the management of project-related receivables.
The substantial negative working capital adjustments in several quarters suggest that the company is effectively financing its clients' seismic projects through extended payment terms. This reliance on working capital management appears to be a primary driver of the company's inconsistent cash flow performance.
As indicated by the financial statements, DWSN's CapEx/Revenue ratio reached 23.9% in 2025Q3, demonstrating that the company must continue to invest in its specialized fleet despite periods of negative operating cash flow, which may indicate a high maintenance burden for its seismic recording systems.
The necessity of maintaining high-channel-count recording systems and vibrator trucks creates a rigid cost floor that limits the company's ability to preserve cash during revenue troughs. This capital intensity appears to be a structural headwind that prevents the firm from achieving meaningful free cash flow generation.
Quick answers to the most common questions about buying DWSN stock.
Dawson Geophysical Company (DWSN) generated $14.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dawson Geophysical Company (DWSN) generated $7.1M 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.
Dawson Geophysical Company (DWSN) 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.