Cash conversion remains problematic, highlighted by a 2025Q3 OCF/NI ratio of -1.37 and a negative free cash flow margin of -4.8% that underscores ongoing capital intensity.
| Cash from Operations | -9.17M | 3.7M | 8.68M | 18.65M | -86.71K |
| Operating CF Margin % | - | 18.26% | 32.34% | 46.4% | - |
| Operating CF Growth % | -1216.56% | -57.34% | -53.49% | 21610.53% | - |
| Net Income | 2.66M | -9.08M | -4.03M | 18.3M | -13.78K |
| Depreciation & Amortization | 1.98M | 2.41M | 3.9M | 1.61M | 0 |
| Stock-Based Compensation | 2.29M | 2.78M | 3.45M | 6.39K | 0 |
| Deferred Taxes | 3.31M | -3.47M | 0 | 0 | 0 |
| Other Non-Cash Items | -17.45M | 1.67M | 2.85M | -606.03K | 0 |
| Working Capital Changes | -2.38M | 9.4M | 2.51M | -658.31K | -72.92K |
| Change in Receivables | 271.06K | 411.24K | 871.11K | -243.94K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.96M | 2.71M | 9.43M | 148.14K | -72.92K |
| Cash from Investing | 28.11M | -3.58M | 11.34M | -20.7M | 0 |
| Capital Expenditures | -17.39M | -3.58M | -7.01M | -16.89M | 0 |
| CapEx % of Revenue | 100.45% | 17.64% | 26.13% | 42.02% | - |
| Acquisitions | 45.5M | 0 | -30.83M | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 49.17M | -3.81M | 0 |
| Cash from Financing | -20.81M | -659.52K | -20.87M | 3M | 100.45K |
| Debt Issued (Net) | -30.38M | -3.29M | 24.68M | 8M | 0 |
| Equity Issued (Net) | 9.56M | 2.63M | -44.74M | 89.34M | 100K |
| Dividends Paid | 0 | 0 | 0 | -2M | 0 |
| Share Repurchases | 0 | 0 | -44.74M | 0 | 0 |
| Other Financing | 0 | 0 | -808.99K | -92.34M | 450 |
| Net Change in Cash | -1.87M | -533.9K | 1.74M | 950.27K | 13.74K |
| Free Cash Flow | -26.56M | 125.62K | 1.67M | 1.76M | -86.71K |
| FCF Margin % | -153.39% | 0.62% | 6.22% | 4.38% | - |
| FCF Growth % | -999.31% | -92.46% | -5.25% | 2128.99% | - |
| FCF per Share | -0.48 | 0.02 | 0.32 | 0.15 | -0.01 |
| FCF Conversion (FCF/Net Income) | -9.97x | -0.41x | -2.15x | 1.02x | 6.29x |
| Interest Paid | 8.35M | 6.15M | 2.37M | 847.97K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Liquidity and operational scale
As reported in recent financial filings, EONR's operating cash flow frequently diverges from net income, evidenced by a 2025Q3 OCF/NI ratio of -1.37, which suggests that reported accounting profits are not translating into tangible cash inflows for the company's core Permian operations.
The persistent disconnect between net income and operating cash flow indicates that non-cash charges and accruals are significantly obscuring the company's true cash-generative capacity. Investors should monitor this trend, as the inability to convert earnings into cash suggests that the business model may be struggling to cover its underlying operational costs.
Based on EONR's reported figures, the company's free cash flow trajectory has deteriorated sharply, culminating in a -4.8% FCF margin in 2025Q3, a trend that highlights the difficulty of maintaining positive cash flow amidst declining production and ongoing capital requirements.
The shift from positive FCF in earlier periods to significant outflows suggests that the company is currently consuming capital rather than generating it. This trajectory warrants further investigation into whether the current capital expenditure levels are sustainable given the company's limited liquidity and negative operating margins.
According to quarterly data, EONR's capital expenditure intensity has been volatile, with a notable spike to 3.2% of revenue in 2025Q3, reflecting the ongoing necessity of investing in well workovers to mitigate natural production decline rates across its Permian Basin acreage.
The capital-intensive nature of maintaining 207 injection wells appears to be a primary driver of the company's cash burn. If these expenditures fail to stabilize production volumes, the company may face a cycle of diminishing returns where capital is deployed simply to maintain the status quo rather than drive growth.
As indicated by recent financial statements, EONR has experienced significant working capital swings, including a $5.7M outflow in 2025Q3, which suggests that timing differences in collections and payables are creating additional strain on the company's already limited cash reserves.
These fluctuations in working capital appear to exacerbate the company's liquidity challenges, particularly during periods of revenue contraction. Investors should monitor whether these outflows are structural or merely timing-related, as they directly impact the company's ability to fund its daily operations without external financing.
Quick answers to the most common questions about buying EONR stock.
EON Resources Inc. (EONR) generated $3.7M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
EON Resources Inc. (EONR) generated $0.1M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
EON Resources Inc. (EONR) spent $3.6M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.