Cash flow generation is highly erratic, with OCF/NI ratios fluctuating from 0.02 in 2025Q1 to 2.45 in 2025Q2, reflecting the unpredictable impact of spot-market shipping revenues and lumpy capital expenditures.
| Cash from Operations | 7M | 3.94M | 4.96M | 9.3M | 14.08M |
| Operating CF Margin % | - | 29.8% | 31.72% | 126.23% | 57.5% |
| Operating CF Growth % | 1478.56% | -20.54% | -46.63% | -33.95% | - |
| Net Income | 6.01M | 14.71M | 3.77M | 7.73M | 14.02M |
| Depreciation & Amortization | 788.34K | 302.96K | 43.07K | 1.47M | 1.35M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 294.69K | -9.94M | 33.74K | 19.6K | 26.02K |
| Working Capital Changes | -87.1K | -1.13M | 1.11M | 78.71K | -1.32M |
| Change in Receivables | 0 | 0 | -75.82K | 569.97K | -1.03M |
| Change in Inventory | 0 | 0 | -343.65K | -17.14K | 41.98K |
| Change in Payables | 0 | 0 | 944.8K | 5.65K | -148.77K |
| Cash from Investing | -31.91M | -19.11M | -208.13K | -556.72K | -201.38K |
| Capital Expenditures | -31.91M | -31.98M | -208.13K | -556.72K | -201.38K |
| CapEx % of Revenue | 177.28% | 241.76% | 1.33% | 7.56% | 0.82% |
| Acquisitions | 0 | 12.88M | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 17.9M | 18.68M | -5.12M | -9.07M | -14.83M |
| Debt Issued (Net) | 19.48M | 19.86M | -1.93M | -700K | -3.08M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -1.58M | -1.18M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -3.19M | -8.37M | -11.74M |
| Net Change in Cash | -7.31M | 3.21M | -363.85K | -333.82K | -951.63K |
| Free Cash Flow | -24.9M | -28.04M | 4.75M | 8.74M | 13.87M |
| FCF Margin % | -138.37% | -211.96% | 30.39% | 118.67% | 56.67% |
| FCF Growth % | - | -689.89% | -45.61% | -37% | - |
| FCF per Share | -8.84 | -10.02 | 1.69 | 3.10 | 4.92 |
| FCF Conversion (FCF/Net Income) | -4.15x | 0.27x | 1.31x | 3.87x | 1.00x |
| Interest Paid | 0 | 0 | 54.64K | 208.05K | 201.82K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
High cash flow volatility
As reported in recent financial filings, EHLD's OCF/NI ratio has fluctuated wildly, ranging from 0.02 in 2025Q1 to 2.45 in 2025Q2, suggesting that reported net income is frequently decoupled from actual cash generation due to significant non-operating adjustments and lumpy revenue recognition patterns.
The extreme variance in the conversion ratio indicates that investors should be cautious of relying on net income as a proxy for operational health. This volatility appears to stem from the company's reliance on non-recurring gains, which masks the underlying cash-generating capability of the core shipping business.
Based on EHLD's quarterly data, free cash flow margins have shown extreme instability, swinging from a negative 7.1% in 2025Q4 to a peak of 67.8% in 2025Q2, reflecting the inherent unpredictability of spot-market shipping revenues and the impact of sporadic, large-scale capital expenditures.
The erratic FCF trajectory suggests that the company lacks a predictable cash flow profile, making it difficult to forecast long-term dividend sustainability or reinvestment capacity. The sharp drop in 2025Q4 highlights how a single period of heavy capital investment can immediately erode the cash reserves built during more favorable quarters.
According to recent SEC filings, EHLD's capital intensity is highly irregular, with a massive $31.8M expenditure in 2025Q4 dwarfing typical quarterly maintenance costs, which suggests that fleet renewal or asset acquisition is handled through infrequent, large-scale transactions rather than a consistent, programmatic investment strategy.
This lumpy capex profile implies that the company may be opportunistic in its asset management, potentially waiting for specific market conditions to refresh its fleet. Investors should monitor whether these large outflows are truly maintenance-related or if they represent a shift toward aggressive expansion that could pressure liquidity if charter rates remain soft.
Data from financial statements indicates that working capital changes frequently swing between positive and negative, such as the $887.1K inflow in 2025Q2 versus the $656.4K outflow in 2025Q1, which suggests that timing differences in voyage accounting and port receivables are primary drivers of short-term liquidity fluctuations.
The sensitivity of cash flow to working capital movements underscores the operational complexity of managing regional feeder routes. The frequent reversals in these accounts suggest that the company's cash position is highly susceptible to the timing of collections and the settlement of voyage-related expenses.
Quick answers to the most common questions about buying EHLD stock.
Euroholdings Ltd. (EHLD) generated $3.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Euroholdings Ltd. (EHLD) reported negative free cash flow of $28.0M in 2025, indicating capital requirements exceeded cash from operations.
Euroholdings Ltd. (EHLD) spent $32.0M 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, Euroholdings Ltd. (EHLD) returned $1.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.