Cash conversion efficiency is hampered by regulatory lags, as demonstrated by the erratic OCF-to-dividend ratio which reached 2.6 in 2026Q1, reflecting the ongoing pressure to fund capital expenditures while servicing dividend obligations.
| 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 |
|---|
| Cash from Operations | 805.27M | 1.16B | 1.53T | 705.66B | 744.78B | 412.89B | 755.87B | 883.93M | 735.53B | 576.36B | 431.67B | 572.98B | 264.95B | 442.96B |
| Operating CF Growth % | -200.35% | -99.92% | 116.95% | -5.25% | 80.38% | -45.37% | 85411.97% | -99.88% | 27.62% | 33.52% | -24.66% | 116.26% | -40.19% | - |
| Operating CF / Revenue % | 23.06% | 25.65% | 37.09% | 14650.24% | 14536.72% | 12471.35% | 29.66% | 0.03% | 30.52% | 23.14% | 20.71% | 24.03% | 13.15% | 25.76% |
| Net Income | 455.73M | 535.78M | 145.11B | 633.46B | 1.25T | 85.15B | -50.86B | 421.02M | 390.83B | 349.38B | 384.16B | 272.37B | 162.46B | 229.53B |
| Depreciation & Amortization | 318M | 385.41M | 295.47B | 316.76M | 249.6B | 213.96B | 234.05B | 342.56M | 235.94B | 155.03B | 162.49B | 167.75B | 128.44B | 119.51B |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 33.55M | 235.64M | 1.09T | 72.21B | -756.91B | 113.78B | 572.67B | 120.35M | 108.76B | 71.94B | -114.98B | 132.85B | -25.95B | 93.93B |
| Working Capital Changes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -454.47M | -461.55M | -684B | -636.79B | -937.56B | -786.07B | -554.31B | -426.98M | -1.88T | -266.03B | -222.39B | -309.5B | -193.98B | -128.24B |
| CapEx / Revenue % | 14.03% | 11.05% | 16.57% | 13220.44% | 18299.48% | 23743.19% | 21.75% | 0.02% | 78.06% | 10.68% | 10.67% | 12.98% | 9.63% | 7.46% |
| CapEx / D&A | 1.54x | 1.29x | 2.31x | 2010.36x | 3.76x | 3.67x | 2.37x | 1.33x | 7.97x | 1.72x | 1.37x | 1.84x | 1.51x | 1.07x |
| CapEx Coverage (OCF/CapEx) | 1.64x | 2.32x | 2.24x | 1.11x | 0.79x | 0.53x | 1.36x | 1.94x | 0.39x | 2.17x | 1.94x | 1.85x | 1.37x | 3.45x |
| Cash from Investing | -492.31M | -500.43M | -696.1B | -86.24B | 455.57B | -736.55B | -554.65B | -460.64M | -1.88T | -146.47B | -31.1B | -334.85B | -188.74B | -106.13B |
| Acquisitions | 6.67M | 2.28M | 0 | 33.98B | 1.2T | 11.72B | 39.51B | 1.24M | -1.62T | -1.94B | -2.34B | 4.09B | -108.19M | -5.08B |
| Purchase of Investments | -70.36M | -5.67M | 0 | -55.8B | -31.36B | -4.8B | -6.03B | -10.92M | -1.48B | -7.81B | -8.04B | -6.14B | -33.26B | -134.61M |
| Sale of Investments | 6.52M | 1.27M | 0 | 13.71B | 25.3B | 11.61B | 22.23M | 3.89M | 352.73M | 116.42B | 138.67B | 186.52M | 22.54B | 1.21B |
| Other Investing | 0 | -2.5K | -12.1B | 558.67B | 194.64B | 30.99B | -33.84B | 1.6M | 44.43B | 12.9B | 63.01B | -23.48B | 16.07B | 26.12B |
| Cash from Financing | -188.77M | -595.62M | -1.03T | -934.24B | -628.66B | 293.23B | -127.67B | -435.03M | 966.58B | -317.6B | -314.08B | -231.26B | -159.14B | -216.41B |
| Dividends Paid | -62.54M | -350.9M | -345.07B | -401.59B | -39.61B | -231.07B | -312.71B | -336.19M | -250.02B | -260.8B | -140.95B | -134.69B | -161.13B | -101.33B |
| Dividend Payout Ratio % | - | 65.27% | 237.8% | 56103.81% | 2703.85% | 231926.41% | - | 0.11% | 69.12% | 74.65% | 36.69% | 53.48% | 99.18% | 44.15% |
| Debt Issuance (Net) | 942.13K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 665.83B | 0 | 0 | 30.93B | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -72.39B | 0 | 0 | 0 | 0 | -36.56B |
| Other Financing | -110.1M | -36.84M | -224.49B | -191.12B | -199.47B | -146.97B | -143.66B | -54.07M | -228.9B | -48.67B | -173.35B | 14.82B | 55.8B | -78.24B |
| Net Change in Cash | 133.31M | 76.76M | -179.89B | -311.92B | 565.24B | -22.06B | 96.35B | -39.84M | -174.28B | 173.46B | 109.21B | -11.22B | -81.89B | 120.81B |
| Exchange Rate Effect | 9.12M | 15.97M | 18.49B | 2.89B | -6.46B | 8.37B | 22.81B | -28.11M | 5.17B | 1.9B | 22.72B | -18.09B | 1.04B | 388.93M |
| Cash at Beginning | 462.27M | 385.51M | 563.29B | 875.21B | 309.98B | 332.04B | 235.68B | 353.27M | 419.46B | 246B | 135.83B | 155.23B | 214.91B | 94.09B |
| Cash at End | 453.15M | 462.27M | 383.4B | 563.29B | 875.21B | 309.98B | 332.04B | 313.43M | 245.17B | 419.46B | 246B | 144.26B | 133.02B | 214.91B |
| Free Cash Flow | 350.8M | 695.28M | 846.9B | 68.87B | -192.78B | -373.18B | 201.55B | 456.95M | -1.15T | 334.24B | 215.15B | 220.28B | 70.97B | 314.72B |
| FCF Growth % | -60.54% | -99.92% | 1129.71% | 135.72% | 48.34% | -285.15% | 44008.29% | 100.04% | -442.88% | 55.35% | -2.33% | 210.4% | -77.45% | - |
| FCF Margin % | 10.05% | 15.42% | 20.52% | 1429.81% | -3762.76% | -11271.84% | 7.91% | 0.02% | -47.55% | 13.42% | 10.32% | 9.24% | 3.52% | 18.3% |
| FCF / Net Income % | 76.98% | 129.32% | 583.62% | 9621.31% | -13159.79% | -374565.38% | -396.29% | 0.15% | -316.84% | 95.66% | 56% | 87.47% | 43.68% | 137.12% |
Regulatory and hydrological exposure
As reported in recent financial statements, Enel Chile's operating cash flow exhibits significant volatility, with quarterly figures swinging from 57.7 billion CLP to 854.6 million USD, suggesting that the underlying cash generation is heavily influenced by non-recurring accounting adjustments and the timing of regulatory tariff settlements.
The wide variance in operating cash flow suggests that the company's core regulated business is currently struggling to provide a consistent cash floor. Investors should monitor whether the recent stabilization in cash flow metrics reflects a genuine improvement in collection efficiency or merely a temporary lull in the impact of the Price Stabilization Mechanism.
Based on the provided data, the company's CAPEX-to-OCF ratio has fluctuated wildly, reaching as high as 143% in 2023Q4, which indicates that Enel Chile is currently in a heavy investment phase that necessitates significant external financing to support its ongoing transition toward renewable generation assets.
The high capital intensity appears to be a deliberate strategy to modernize the generation fleet, yet the erratic nature of this spending relative to operating cash flow may indicate challenges in aligning project timelines with available liquidity. This suggests that the company's growth engine remains highly dependent on the ability to secure capital on favorable terms despite the current regulatory headwinds.
According to recent SEC filings, the company's reliance on periodic debt issuance, such as the 1 million USD increments noted in multiple quarters, suggests that Enel Chile maintains a cautious approach to leverage while navigating the liquidity demands imposed by its significant capital expenditure requirements.
The relatively low reported debt-to-capital margins may imply that the company is utilizing its parent entity for liquidity support rather than relying solely on local capital markets. This structure warrants further investigation, as it may mask the true cost of financing and the potential for future liquidity strain if the parent's support capacity were to diminish.
As indicated by the erratic cash flow performance, the company's working capital is heavily impacted by the Price Stabilization Mechanism, which creates significant deferred receivables that effectively trap cash and necessitate higher levels of short-term financing to bridge the gap between energy delivery and regulatory recovery.
The persistent delay in cash realization for energy already delivered suggests that the company's working capital cycle is structurally impaired by political intervention in tariff indexing. Investors should monitor the evolution of these deferred balances, as they represent a substantial portion of the company's assets that are currently unavailable for reinvestment or debt service.
Quick answers to the most common questions about buying ENIC stock.
Enel Chile S.A. (ENIC) generated $1.16B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enel Chile S.A. (ENIC) generated $695.3M 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.
Enel Chile S.A. (ENIC) spent $498.3M 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, Enel Chile S.A. (ENIC) returned $350.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.