Cash flow remains highly unstable, with negative free cash flow observed in six of the last ten quarters and an erratic OCF/NI ratio that reached 16.91 in 2026Q2.
Energy Services of America Corporation (ESOA) cash flow statement — 20-year operating, investing & financing cash flows
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 |
|---|
| Cash from Operations | 10.26M | 4.14M | 18.68M | 21.07M | 8.28M | 798.94K | 14.99M | 4.33M | 9.06M | 1.18M | 6.78M | 5.96K | 2.83M | 6.05M | 1.63M | 3.97M | 4.24M | 9.59M | 1.84M | 872.4K | -2.23K |
| Operating CF Margin % | - | 1.01% | 5.31% | 6.93% | 4.19% | 0.65% | 12.57% | 2.48% | 6.69% | 0.84% | 4.36% | 0.01% | 3.04% | 5.56% | 1.5% | 2.77% | 1.94% | 8.98% | 6.47% | - | - |
| Operating CF Growth % | -840.1% | -77.85% | -11.35% | 154.3% | 936.96% | -94.67% | 246.34% | -52.26% | 669.59% | -82.63% | 113660.04% | -99.79% | -53.19% | 270.43% | -58.83% | -6.45% | -55.75% | 419.84% | 111.4% | 39256.06% | - |
| Net Income | 10.45M | 379.71K | 25.11M | 7.4M | 3.75M | -887.52K | 2.43M | 1.99M | 2.51M | -387.76K | 2.93M | 1.83M | 3.26M | 3.57M | -48.52M | -5.28M | 5.77M | -5.92M | 2.81M | 1.38M | 87.42K |
| Depreciation & Amortization | 13.95M | 13.03M | 8.98M | 7.81M | 6.01M | 4.89M | 4.4M | 4.16M | 4.21M | 3.24M | 2.5M | 3.29M | 3.38M | 4.24M | 5.85M | 5.89M | 6.12M | 5.91M | 548.09K | 0 | 0 |
| Stock-Based Compensation | 62.9K | 105.12K | 35.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.65K | 47.83K | 71.74K | 11.96K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.54M | 262.64K | -379.62K | 2.42M | 2.42M | 211.68K | 329.69K | 597.45K | -139.47K | -80.37K | 1.47M | 1.11M | -2.24M | -3.15M | -536.25K | -3.02M | 4.37M | -562.33K | 25.52K | 0 | 0 |
| Other Non-Cash Items | -6.82M | 475.74K | 596.19K | 120K | -357.3K | -535.98K | -579.33K | -258.08K | -456.89K | -145.57K | -268.45K | -179.03K | -16.64K | -2.38M | 36.87M | -13.63K | -12.55K | 112.25K | 51 | 0 | 0 |
| Working Capital Changes | -10.93M | -10.11M | -15.66M | 3.32M | -3.54M | -2.88M | 8.41M | -2.16M | 2.94M | -1.44M | 143.29K | -6.05M | -1.55M | 3.74M | 7.93M | 6.32M | -12.02M | 10.05M | -1.54M | -508.67K | -89.65K |
| Change in Receivables | -26.8M | -22.8M | -18.87M | -16.21M | -27.81M | -4M | 4.58M | 882.99K | -292.2K | 3.54M | -4.28M | -6.31M | 3.22M | 3.47M | 9.97M | 10.26M | -20.29M | 24.98M | -3.96M | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.31M | 3.58M | 1.65M | 1.71M | 13.03M | 2.06M | 2.3M | -3.29M | 682.73K | 515.72K | 1.25M | -2.1M | -1.88M | -2.19M | 1.32M | -6.47M | 9.7M | -5.96M | 0 | 0 | 0 |
| Cash from Investing | -7.39M | -29.43M | -8M | -10.18M | -8.28M | -8.69M | -2.77M | -2.74M | -1.34M | -2.51M | -2.99M | -2.21M | -1.37M | 7.97M | -1.1M | -1.1M | -1.7M | -1.19M | 21.66M | 0 | -50M |
| Capital Expenditures | -4.86M | -6.35M | -8.76M | -10.82M | -5.31M | -6.05M | -3.53M | -3.36M | -1.88M | -2.79M | -3.41M | -2.44M | -1.57M | -902.17K | -1.34M | -1.13M | -2.15M | -1.23M | -182.44K | 0 | 0 |
| CapEx % of Revenue | 1.04% | 1.55% | 2.49% | 3.56% | 2.69% | 4.94% | 2.97% | 1.93% | 1.39% | 1.98% | 2.19% | 2.09% | 1.68% | 0.83% | 1.23% | 0.79% | 0.99% | 1.15% | 0.64% | - | - |
| Acquisitions | 190.99K | -24.25M | -300K | 0 | -4.04M | -3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.9M | 1.18M | 1.06M | 647.11K | 1.07M | 758.39K | 768.66K | 629.23K | 544.6K | 275.12K | 420.01K | 227.26K | 195.38K | 8.87M | 241.86K | 27.86K | 451.67K | 38.43K | -28.9M | 0 | 0 |
| Cash from Financing | -3.52M | 24.61M | -14.19M | -1.89M | -805.41K | 4.9M | -5.58M | 1.92M | -8.34M | -817.15K | -1.48M | 1.04M | -5.13M | -10.34M | -837.71K | -2.48M | -2.8M | -19.38M | -10.45M | -193K | 50.08M |
| Debt Issued (Net) | -10.17M | 26.95M | -13.15M | -835.44K | 405.12K | 5.21M | -4.31M | 2.53M | -7.98M | 187.96K | -783.35K | 1.04M | -5.38M | -15.24M | -837.71K | -2.48M | -2.8M | -19.38M | 464.25K | 0 | 175K |
| Equity Issued (Net) | 20.38M | -844.23K | -41.38K | -219.62K | -2.42M | 0 | -268.23K | -300.6K | -49.8K | 0 | 0 | 0 | 249.97K | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 53.6M |
| Dividends Paid | -1.56M | -1.5M | -994.03K | -833.36K | 0 | -309K | -1.01M | -309K | -309K | -1.01M | -695.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -847.82K | -844.23K | -41.38K | -219.62K | -1.21M | 0 | -268.23K | -300.6K | -49.8K | 0 | 0 | 0 | -30 | -30 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12.18M | 0 | 0 | 0 | 1.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.91M | -193K | -3.69M |
| Net Change in Cash | -658.3K | -684.63K | -3.51M | 9M | -799.26K | -2.99M | 6.64M | 3.51M | -609.98K | -2.15M | 2.32M | -1.16M | -3.67M | 3.68M | -303.57K | 388.75K | -253.44K | -10.98M | 13.05M | 679.4K | 77.38K |
| Free Cash Flow | 15.36M | -2.22M | 9.92M | 10.25M | 2.98M | -5.25M | 11.45M | 961.88K | 7.18M | -1.61M | 3.38M | -2.43M | 1.27M | 5.15M | 292.27K | 2.84M | 2.09M | 8.36M | 1.66M | 872.4K | -2.23K |
| FCF Margin % | 3.29% | -0.54% | 2.82% | 3.37% | 1.51% | -4.29% | 9.61% | 0.55% | 5.3% | -1.15% | 2.17% | -2.08% | 1.36% | 4.73% | 0.27% | 1.98% | 0.96% | 7.83% | 5.83% | - | - |
| FCF Growth % | 1009.9% | -122.35% | -3.16% | 244.21% | 156.71% | -145.84% | 1090.45% | -86.6% | 545.85% | -147.72% | 238.83% | -291.97% | -75.41% | 1662.37% | -89.69% | 35.64% | -74.99% | 403.07% | 90.48% | 39256.06% | - |
| FCF per Share | 0.82 | -0.13 | 0.60 | 0.61 | 0.18 | -0.39 | 0.66 | 0.05 | 0.41 | -0.11 | 0.19 | -0.14 | 0.07 | 0.35 | 0.02 | 0.23 | 0.17 | 0.69 | 0.12 | 0.07 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.47x | 10.90x | 0.74x | 2.85x | 2.21x | -0.90x | 6.16x | 2.17x | 3.61x | -3.04x | 2.09x | 0.00x | 0.78x | 1.70x | -0.03x | -0.75x | 0.73x | -1.62x | 0.66x | 0.63x | -0.03x |
| Interest Paid | 2.51M | 2.96M | 2.07M | 2.3M | 846.13K | 557.32K | 486.25K | 1.06M | 916.67K | 833.42K | 875.25K | 761.08K | 914.13K | 1.83M | 1.83M | 1.77M | 0 | 1.56M | 0 | 0 | 0 |
| Taxes Paid | 768.45K | 2.77M | 7.01M | 28.59K | 50.23K | 252K | 785.63K | 798.43K | 346.06K | 1.58M | 310.4K | 244K | 396K | 0 | 0 | 0 | 0 | 1.77M | 0 | 0 | 0 |
Quick answers to the most common questions about buying ESOA stock.
Energy Services of America Corporation (ESOA) generated $4.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Energy Services of America Corporation (ESOA) reported negative free cash flow of $2.2M in 2025, indicating capital requirements exceeded cash from operations.
Energy Services of America Corporation (ESOA) spent $6.4M 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, Energy Services of America Corporation (ESOA) returned $1.5M to shareholders via cash dividends and spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Extreme project cash volatility
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Support
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -2.19 to 16.91, suggesting that reported earnings are frequently decoupled from the actual cash generation capabilities of the underlying construction projects.
The extreme variance in the conversion of net income to cash flow indicates that accounting accruals and project-specific timing dominate the bottom line. Investors should monitor whether this volatility stems from aggressive revenue recognition or the inherent lumpiness of milestone-based billing in the Appalachian energy sector.
Free Cash Flow Remains Unstable
Based on the provided quarterly data, free cash flow trajectory is inconsistent, with negative FCF observed in six of the last ten quarters, highlighting a persistent inability to generate sustainable cash surpluses despite the company's reported revenue growth in the regional infrastructure market.
The frequent negative FCF prints suggest that the company's capital requirements often outpace its operational cash inflows. This pattern implies that the business model may be structurally cash-consumptive during periods of project mobilization, limiting the company's ability to self-fund growth without external support.
Working Capital Swings Drive Liquidity
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, exemplified by a significant $19.9 million outflow in 2025Q4, which underscores the sensitivity of the company's liquidity to the timing of project billings and collections.
The substantial fluctuations in working capital suggest that ESOA is frequently financing its customers' projects through unbilled receivables. This reliance on working capital management to bridge cash gaps warrants further investigation into the credit quality of the company's utility and energy sector counterparties.
Capital Intensity Constrains Cash Flow
As indicated by the financial data, capital expenditures have consistently represented between 1.5% and 4.0% of revenue, reflecting the ongoing necessity of maintaining a specialized equipment fleet to remain competitive within the rugged topography of the Appalachian Basin's energy infrastructure market.
The persistent level of maintenance capex suggests that the company must continuously reinvest in its asset base to sustain operations. This capital intensity, combined with thin net margins, leaves little room for error and limits the potential for significant free cash flow generation in the near term.