Operating cash flow reached $108.5 million in 2026Q1, yet heavy capital expenditures of $196.1 million caused free cash flow to swing to a negative $87.6 million, warranting caution regarding liquidity.
| Cash from Operations | 207.83M | 111.3M | 164.86M | 174.92M | 81.16M | 28.6M | 150.49M | 29M | -4.26M |
| Operating CF Margin % | - | 28.43% | 41.92% | 42.34% | 29.95% | 16.92% | 53.2% | 22.7% | -14.59% |
| Operating CF Growth % | 1116.89% | -32.49% | -5.75% | 115.51% | 183.81% | -81% | 418.9% | 780.53% | - |
| Net Income | 198.71M | 122.95M | 108.86M | 145.25M | 84.56M | -902.9K | 101.32M | 11.38M | -3.02M |
| Depreciation & Amortization | 43.53M | 42.69M | 41.13M | 40.38M | 37.96M | 38.67M | 41.62M | 24.59M | 7.32M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.92M | -10.3M | 405.98K | -2.97M | 4.12M | -269.13K | 1.61M | 49.07M | 20.08M |
| Working Capital Changes | -29.5M | -44.04M | 14.45M | -7.75M | -45.48M | -8.9M | 5.94M | -666.76K | -7.02M |
| Change in Receivables | -33.13M | -45.32M | 17.55M | -4.75M | -42.09M | 7.08M | 3.54M | -10.08M | -6.93M |
| Change in Inventory | 1.62M | 7.07M | 1.01M | -8.34M | -4.38M | -6.86M | 784.97K | -3.87M | -318.41K |
| Change in Payables | 6.21M | 0 | -4.47M | 10.96M | -2.9M | -2.95M | 588.19K | 7.74M | 274.85K |
| Cash from Investing | -282.24M | -42.42M | -11.24M | -1.27M | -179.1M | 285.67M | -178.8M | -445.51M | -190.28M |
| Capital Expenditures | -236.33M | -40.19M | -11.19M | -3.31M | -180.14M | -22.31M | -173.57M | -443.66M | -192.17M |
| CapEx % of Revenue | 49.07% | 10.27% | 2.85% | 0.8% | 66.48% | 13.2% | 61.36% | 347.33% | 657.95% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 300.94M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -45.92M | -2.23M | 0 | 0 | 620.47K | 5.99M | -5.23M | -1.44M | 437.61K |
| Cash from Financing | 161.27M | -3.45M | -153.42M | -205.72M | 140.7M | -299.43M | 43.24M | 411.82M | 212.63M |
| Debt Issued (Net) | 60.04M | -41.86M | -46.86M | -46.36M | 162M | -261.71M | 101.77M | 400.34M | 84.21M |
| Equity Issued (Net) | 112.6M | 0 | -106.56M | -159.36M | -20.61M | -34.81M | -2.06M | 13.99M | 125.12M |
| Dividends Paid | -119.93M | -70.68M | 0 | 0 | 0 | -3.22M | -43.72M | 0 | 0 |
| Share Repurchases | -11.8M | 0 | 0 | 0 | -1.01M | -503.53K | -2.06M | -1.01M | 0 |
| Other Financing | 108.58M | 109.09M | 0 | 0 | -698.15K | 318.35K | -12.74M | -12.19M | 3.3M |
| Net Change in Cash | 88.43M | 67.29M | -2.1M | -31.89M | 43.64M | 14.79M | 11.93M | -4.69M | 18.08M |
| Free Cash Flow | -28.5M | 71.11M | 153.67M | 171.61M | -98.98M | 6.29M | -23.08M | -414.66M | -196.43M |
| FCF Margin % | -5.92% | 18.16% | 39.08% | 41.54% | -36.53% | 3.72% | -8.16% | -324.63% | -672.54% |
| FCF Growth % | -128.38% | -53.73% | -10.45% | 273.39% | -1673.87% | 127.24% | 94.43% | -111.1% | - |
| FCF per Share | -0.75 | 2.18 | 4.77 | 5.33 | -3.07 | 0.19 | -0.71 | -12.85 | -9.24 |
| FCF Conversion (FCF/Net Income) | -0.14x | 0.91x | 1.51x | 1.20x | 0.96x | -31.67x | 1.49x | 2.55x | 1.41x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Spot rate volatility exposure
According to the provided financial data, ECO's operating cash flow to net income ratio has fluctuated significantly, reaching 1.23 in 2026Q1, which suggests that the company's reported earnings are generally well-supported by actual cash generation despite the inherent volatility of the tanker shipping spot market.
The divergence between net income and operating cash flow in specific quarters, such as 2023Q4, indicates that non-cash items and working capital swings can temporarily decouple accounting profits from liquidity. Investors should monitor whether this conversion efficiency remains consistent as the company navigates the cyclical nature of global crude oil transportation.
As reported in recent financial statements, ECO's free cash flow trajectory has been highly inconsistent, swinging from a positive $73.1 million in 2024Q1 to a negative $87.6 million in 2026Q1, primarily driven by lumpy capital expenditures rather than a fundamental deterioration in core operational profitability.
The negative FCF margin of 51.5% in 2026Q1 reflects significant capital deployment rather than operational weakness, suggesting that the company is prioritizing fleet maintenance or upgrades. Analysts should interpret these swings as a function of capital allocation strategy rather than a decline in the underlying earnings power of the tanker fleet.
Based on the reported figures, ECO's capital expenditure reached $196.1 million in 2026Q1, representing a 115.3% ratio relative to revenue, which indicates a period of intensive investment that likely exceeds standard maintenance requirements for a modern fleet of crude oil tankers.
This elevated capital intensity warrants further investigation into whether these expenditures represent growth-oriented acquisitions or necessary dry-docking and special survey costs. Given the modern nature of the fleet, such high spending levels may imply a strategic effort to maintain the competitive 'eco' advantage over older industry peers.
Data from recent filings shows that ECO has consistently returned capital to shareholders, with $60.5 million paid in dividends during 2026Q1, demonstrating a management commitment to payout policies that appears to prioritize immediate investor returns over aggressive balance sheet deleveraging or fleet expansion.
The combination of dividend payments and periodic share repurchases suggests a mature capital allocation framework that assumes current spot rate environments will persist. However, the sustainability of these payouts may be challenged if the company continues to fund large-scale capital projects while simultaneously distributing significant cash to equity holders.
Quick answers to the most common questions about buying ECO stock.
Okeanis Eco Tankers Corp. (ECO) generated $111.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Okeanis Eco Tankers Corp. (ECO) generated $71.1M 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.
Okeanis Eco Tankers Corp. (ECO) spent $40.2M 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, Okeanis Eco Tankers Corp. (ECO) returned $70.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.