Liquidity is under severe pressure as evidenced by a cash balance that dwindled to $5.8 million in 2025Q4, failing to cover the quarterly negative free cash flow of $11.9 million.
Fathom Holdings Inc. (FTHM) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -13.43M | -20.54M | -4.69M | -10.57M | -6.58M | -11.7M | -1.21M | -1.11M | -689.17K | -342.63K |
| Operating CF Growth % | -2511.19% | -338.05% | 55.66% | -60.6% | 43.72% | -863.31% | -9.3% | -61.2% | -101.14% | - |
| Operating CF / Revenue % | -3.3% | -4.88% | -1.4% | -3.06% | -1.59% | -3.54% | -0.69% | -1.01% | -0.89% | -0.62% |
| Net Income | -25.51M | -20.31M | -21.58M | -23.98M | -27.63M | -12.49M | -1.34M | -4.09M | -1.66M | -420.56K |
| Depreciation & Amortization | 6.88M | 5.85M | 5.42M | 5.95M | 5.35M | 2.75M | 165K | 60.44K | 23.4K | 23.36K |
| Stock-Based Compensation | 1.7M | 3.7M | 8.84M | 12.99M | 9.13M | 4.01M | 728K | 1.63M | 253.35K | 0 |
| Other Non-Cash Items | 63.14M | 239.75M | -6.73M | -1.91M | -1.96M | 177.41M | 113.21K | 208.06K | 111.47K | 16.59K |
| Working Capital Changes | -58.18M | -249.53M | 10.47M | -3.71M | 8.23M | -180.04M | -833.89K | 1.08M | 585.81K | 28K |
| Cash from Investing | 681K | 4.02M | 3.3M | -1.87M | -7.1M | -14.56M | -909.75K | -372.82K | -180.22K | -7.41K |
| Acquisitions (Net) | -35K | -155K | 6.67M | -35K | -1.64M | -11.08M | -256.54K | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -70K | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 867K | 4.3M | -3.32M | -1.81M | -1.4M | -2.6M | 91.54K | -331.48K | -167.82K | 0 |
| Cash from Financing | 12.3M | 15.04M | 1.24M | 11.6M | -15.86M | 34.62M | 31.11M | 1.05M | 1.72M | 183.78K |
| Dividends Paid | -100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | -50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 232K | 1000K | 1000K | 1000K | -1000K | 1000K | -63.51K | -16.8K | 83.49K | 183.78K |
| Share Repurchases | 126K | 0 | 0 | 0 | -6.04M | 0 | -30K | 0 | 0 | 0 |
| Other Financing | -71K | -451K | 20K | -1.39M | 0 | -2.47M | -3.1M | 0 | -70K | 0 |
| Net Change in Cash | -450K | -1.47M | -150K | -840K | -29.54M | 8.36M | 28.98M | -429.12K | 854.1K | -166.26K |
| Exchange Rate Effect | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 4.49M | 7.39M | 7.54M | 8.38M | 37.92M | 29.56M | 579.42K | 1.01M | 154.44K | 320.7K |
| Cash at End | 4.67M | 5.92M | 7.39M | 7.54M | 8.38M | 37.92M | 29.56M | 579.42K | 1.01M | 154.44K |
| Free Cash Flow | -13.58M | -20.66M | -7.93M | -12.4M | -10.64M | -15.18M | -1.96M | -1.48M | -869.39K | -350.04K |
| FCF Growth % | 5.77% | -160.46% | 36.07% | -16.59% | 29.89% | -674.68% | -32.03% | -70.67% | -148.37% | - |
| FCF / Revenue % | -3.34% | -4.91% | -2.37% | -3.59% | -2.58% | -4.6% | -1.11% | -1.35% | -1.12% | -0.63% |
Quick answers to the most common questions about buying FTHM stock.
Fathom Holdings Inc. (FTHM) generated $-20.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fathom Holdings Inc. (FTHM) reported negative free cash flow of $20.7M in 2025, indicating capital requirements exceeded cash from operations.
Fathom Holdings Inc. (FTHM) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and cash burn
Metrics are mathematically derived from official filings.
FFO Divergence from Operating Cash
As reported in recent financial statements, Fathom's FFO consistently trails GAAP operating cash flow, with the 2025Q4 FFO of -$5.2 million compared to an OCF of -$11.9 million, suggesting that non-cash adjustments and working capital volatility are significantly obscuring the underlying cash burn of the brokerage operations.
The wide variance between FFO and OCF indicates that the company's cash generation is highly sensitive to timing differences in commission payments and operational expenses. Investors should monitor this gap, as the persistent negative FFO suggests that the core business model is not yet generating the cash required to cover its own operating footprint.
Absence of Distributable Cash Flow
Based on the provided quarterly data, Fathom has failed to generate positive AFFO in any of the last ten quarters, with the most recent 2025Q4 figure of -$5.3 million confirming that the company lacks any distributable cash flow to support a dividend or internal reinvestment.
The lack of positive AFFO highlights the structural challenge of the flat-fee brokerage model, which struggles to achieve the scale necessary to cover corporate overhead. Without a clear path to positive AFFO, the company remains entirely dependent on external financing or cash reserves to fund its ongoing operations.
Depreciation and Amortization Impact
According to historical data, the discrepancy between GAAP Net Income and FFO remains narrow, with the 2025Q4 FFO of -$5.2 million closely tracking the net loss of -$6.7 million, indicating that depreciation and amortization are not the primary drivers of the company's reported financial losses.
This suggests that the company's losses are driven by actual operational cash outflows rather than non-cash accounting charges. Analysts should focus on the underlying cost structure, as the lack of significant depreciation add-backs confirms that the business is burning cash through its core brokerage and technology service activities.
Dependency on External Capital Sources
Financial records indicate that Fathom's persistent negative FCF, which reached -$11.9 million in 2025Q4, necessitates a reliance on external funding sources, as the company's cash position of $5.7 million appears insufficient to sustain current burn rates without further equity dilution or debt issuance.
The consistent negative free cash flow across the ten-quarter period suggests that the company's growth strategy is currently being subsidized by capital markets. Investors should monitor the company's ability to access liquidity, as the current cash runway appears limited given the ongoing operational deficits.