While operating cash flow remains strong with an OCF/NI ratio of 1.13 in 2026Q1, the company's erratic capital expenditure, which reached 42% of revenue in the same period, highlights inefficient cash deployment.
| 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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 74.95M | 85.18M | 103.5M | 77.44M | 66.56M | 41.04M | 52.11M | 30.82M | 37.81M | 52.35M | 36.15M | 48.05M | 55.24M | 49.13M | 48.44M | 42.38M | 27.82M | 48.35M | 48.08M | 47.7M | 33.22M | 24.41M | 421.19K |
| Operating CF Margin % | - | 49.19% | 61.88% | 53.95% | 43.57% | 27.32% | 35.94% | 21.36% | 23.01% | 33.93% | 25.08% | 34.01% | 41.86% | 40.44% | 40.63% | 35.83% | 24.97% | 42.77% | 42.72% | 53.01% | 45.35% | 66.63% | 28.94% |
| Operating CF Growth % | -90.11% | -17.7% | 33.65% | 16.34% | 62.19% | -21.25% | 69.1% | -18.49% | -27.78% | 44.81% | -24.76% | -13% | 12.44% | 1.42% | 14.31% | 52.34% | -42.47% | 0.55% | 0.79% | 43.58% | 36.09% | 5696.55% | - |
| Net Income | 62.47M | 60.65M | 69.86M | 51.94M | 34.25M | -35.12M | 11.98M | 2.09M | -12.28M | -1.22M | -7.8M | 2.57M | 12.69M | 21.22M | 28.96M | 8.55M | 11.09M | -13.31M | 29.99M | 22.54M | 18.49M | 14.54M | 259.68K |
| Depreciation & Amortization | 24.27M | 25.25M | 26.89M | 23.71M | 27.92M | 37.22M | 37.93M | 39.27M | 41.26M | 38.92M | 39.1M | 35.86M | 33.81M | 30.76M | 28.78M | 27.56M | 27.13M | 26.97M | 23.39M | 16.62M | 13.1M | 5.65M | 174.09K |
| Stock-Based Compensation | 2.27M | 0 | 7.33M | 2.59M | 610.79K | 610.79K | 0 | 611.64K | 338.36K | 129.25K | 340.38K | 1.14M | 357.97K | 292.63K | 31.27K | 4.07K | 154.44K | 573.86K | 1.91M | 1.32M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 36.35M | 0 | 1.1M | 12.09M | 6.51M | 5.29M | 6.5M | 5.4M | -2.78M | -4.78M | 6.05M | -960.7K | 10.48M | -2.68M | 2.57M | 0 | 0 | 0 |
| Other Non-Cash Items | -4.25M | 3.58M | 3.86M | -321.75K | 1.09M | 1.16M | 2.94M | 885.19K | 668.5K | 495.8K | 520.01K | 392.12K | 651.39K | 425.93K | 412.14K | 3.73M | -1.71M | 17.95M | 1.47M | -1.38M | -5.44M | -1.54M | -1.32M |
| Working Capital Changes | -9.81M | -4.3M | -4.44M | -472.07K | 2.69M | 824.19K | -741.59K | -13.14M | -4.27M | 7.51M | -1.29M | 1.6M | 2.33M | -789.67K | -4.96M | -3.52M | -7.9M | 5.68M | -6M | 6.02M | 7.07M | 5.77M | 1.3M |
| Change in Receivables | -10.71M | -5.48M | -1.97M | 238.63K | -2.68M | -977K | 874.83K | -1.51M | 531.8K | -179.04K | 825.84K | -1.53M | 1.87M | -2.06M | -1.71M | 910.92K | 0 | 716.48K | -222.38K | -1.25M | -1.54M | 1.17M | -1.1M |
| Change in Inventory | 692.55K | 2.15M | -1.67M | 1.37M | -819.07K | 644.08K | -1.24M | 617.47K | -302.87K | 46.82K | 117.74K | -39.99K | -497.57K | 691.31K | -736.3K | -576.02K | 306.83K | -892.78K | -417.78K | -89.49K | -347.25K | -274.78K | -116.29K |
| Change in Payables | 2.39M | -1.68M | 0 | -1.81M | 3.33M | 262.57K | 761.19K | -1.32M | 381.94K | 1.3M | 462.21K | -183.9K | 1.1M | 2.05M | -526.28K | 1.69M | 537.84K | 967.37K | -150.25K | 1.36M | 1.06M | 489.07K | 410.4K |
| Cash from Investing | 31.11M | 16.68M | -64.48M | 111.34M | -17.26M | -19.25M | -58.07M | 34.24M | -78.55M | -48.91M | -44.01M | -165.01M | -91.11M | -119.79M | -43.9M | -31.59M | -33.17M | -101.56M | -159.98M | -149.64M | -84.28M | -197.78M | -31.46M |
| Capital Expenditures | -409.4K | -412.43K | -106.17M | -85.2K | -24.23M | -25.22M | -48.12M | -2.99M | -108.3M | -60.61M | -56.22M | -155.07M | -129.89M | -124.41M | -62.63M | -54.98M | -33.75M | -112.31M | -190.52M | -146.3M | -81.76M | -197.06M | -31.46M |
| CapEx % of Revenue | 0.24% | 0.24% | 63.47% | 0.06% | 15.86% | 16.79% | 33.19% | 2.07% | 65.9% | 39.28% | 39% | 109.73% | 98.42% | 102.41% | 52.54% | 46.48% | 30.3% | 99.35% | 169.27% | 162.56% | 111.61% | 537.75% | 2161.69% |
| Acquisitions | 27.31M | 17.1M | 0 | 4.69M | 8.07M | -1.82M | -15.22M | 17.51M | 29.74M | 11.48M | 1.53M | 2.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -197.06M | -31.46M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.21M | 0 | 41.69M | 80.24M | 17.34M | 9.61M | 20.48M | 23.67M | 29.74M | 11.7M | 12.21M | -9.93M | 38.78M | 2.82M | 17.75M | 23.39M | 582.03K | 10.75M | 30.54M | -3.34M | -2.52M | 196.33M | 31.46M |
| Cash from Financing | -50.85M | -87.31M | -38.25M | -174.18M | -25.85M | -29.13M | -23.12M | -62.37M | 57.27M | -14.07M | -27.21M | 87.9M | 79.02M | 114.61M | -5.71M | 2.95M | -10.61M | 55.44M | 120.63M | 123.9M | 38.99M | 196.58M | 31.04M |
| Debt Issued (Net) | -50.19M | -85.88M | -38.24M | -154.87M | -24.18M | -22.36M | -14.7M | -63.89M | 59M | -13.25M | -24.43M | 99.16M | -27.36M | 7.52M | -5.72M | 5.98M | -736.12K | 62.13M | 137.94M | 4.81M | 43.04M | 97.71M | 0 |
| Equity Issued (Net) | -716.9K | -1.43M | -338K | -19.08M | 0 | 0 | -3.88M | -1.84M | 0 | 0 | -2.07M | -13.43M | 107.51M | 109.12M | 0 | -2.23M | -6.28M | 0 | 0 | -8.05M | 5.01M | 178.83M | 31.04M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.18M | -16.73M | -13.71M | -10.94M | -10M | 0 |
| Share Repurchases | -714.29K | -1.78M | -338K | -19.08M | 0 | 0 | -3.88M | -1.84M | 0 | 0 | -2.07M | -13.43M | -4.79M | 0 | 0 | -2.23M | -6.28M | 0 | 0 | -8.12M | 0 | 0 | 0 |
| Other Financing | 57.35K | 0 | 322.24K | -228.82K | -1.67M | -6.77M | -4.54M | 4.11M | -1.72M | -815.26K | -712.61K | 2.17M | -1.13M | -2.03M | 5K | -795K | -3.6M | -2.5M | -575.26K | 140.85M | 1.59M | -69.96M | 0 |
| Net Change in Cash | 54.08M | 18.42M | 765.45K | 14.6M | 23.45M | -7.34M | -29.08M | 2.69M | 16.53M | -10.63M | -35.07M | -29.05M | 42.9M | 43.95M | -1.27M | 13.74M | -14.28M | 2.23M | 8.73M | 21.97M | -12.06M | 196.58M | 0 |
| Free Cash Flow | 56.55M | 84.77M | -2.67M | 77.36M | 42.33M | 15.81M | 3.99M | 27.83M | -70.49M | -8.26M | -20.06M | -107.02M | -74.65M | -75.28M | -14.19M | -12.61M | -5.94M | -63.96M | -142.44M | -98.59M | -48.54M | -172.64M | -31.04M |
| FCF Margin % | 32.5% | 48.95% | -1.6% | 53.9% | 27.71% | 10.53% | 2.75% | 19.29% | -42.89% | -5.35% | -13.92% | -75.73% | -56.57% | -61.97% | -11.91% | -10.66% | -5.33% | -56.58% | -126.55% | -109.55% | -66.26% | -471.13% | -2132.76% |
| FCF Growth % | -42.18% | 3276.11% | -103.45% | 82.74% | 167.68% | 296.17% | -85.66% | 139.48% | -753.47% | 58.83% | 81.25% | -43.35% | 0.83% | -430.36% | -12.6% | -112.28% | 90.72% | 55.09% | -44.47% | -103.12% | 71.89% | -456.13% | - |
| FCF per Share | 1.55 | 2.36 | -0.08 | 2.08 | 1.12 | 0.42 | 0.10 | 0.70 | -1.77 | -0.21 | -0.50 | -2.59 | -1.90 | -2.66 | -0.69 | -0.60 | -0.28 | -2.88 | -6.42 | -5.49 | -3.43 | -21.83 | -5.17 |
| FCF Conversion (FCF/Net Income) | 0.91x | 1.40x | 1.48x | 1.49x | 1.94x | -1.17x | 4.35x | 14.72x | -3.08x | -42.98x | -4.64x | 18.72x | 4.35x | 2.32x | 1.67x | 4.96x | 2.51x | -3.63x | 1.60x | 2.12x | 1.80x | 1.68x | 1.62x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital allocation inefficiency
According to the provided quarterly data, StealthGas consistently reports operating cash flow exceeding net income, with an OCF/NI ratio frequently surpassing 1.50, which suggests that the company's reported earnings are supported by strong cash generation rather than being inflated by non-cash accounting accruals or aggressive revenue recognition.
The persistent gap where operating cash flow outpaces net income indicates a conservative accounting approach, likely driven by significant depreciation charges that do not impact cash. Investors should interpret this as a sign of high-quality earnings, though the volatility in this ratio suggests that timing differences in voyage settlements remain a material factor.
As reported in financial statements, StealthGas exhibits highly erratic free cash flow margins, ranging from a negative 175.1% in 2024Q1 to a positive 106.0% in 2024Q2, which highlights the significant impact of lumpy capital expenditures and vessel acquisition activities on the company's ability to generate sustainable surplus cash.
The extreme swings in FCF suggest that the company's cash flow profile is heavily dictated by periodic fleet renewal or divestment cycles rather than steady-state operational performance. This inconsistency makes it difficult to rely on FCF as a predictable metric for valuing the company's core shipping operations.
Based on reported figures, StealthGas has demonstrated inconsistent capital intensity, with CapEx/Revenue ratios fluctuating from 0% to as high as 42% in 2026Q1, suggesting that the company lacks a predictable maintenance cycle and instead engages in opportunistic, large-scale asset transactions that disrupt standard cash flow modeling.
The absence of a consistent CapEx trend implies that management's approach to fleet maintenance and expansion is reactive to market conditions rather than systematic. This unpredictability warrants further investigation into whether the company is effectively replacing its aging fleet or merely managing asset turnover to optimize short-term cash positions.
Analysis of recent filings reveals that despite maintaining a substantial cash balance, StealthGas has shown minimal commitment to consistent shareholder returns, with dividends remaining at zero and buybacks appearing sporadic, which suggests a defensive capital allocation strategy that may be contributing to the stock's persistent valuation discount.
The accumulation of cash without a clear, communicated deployment policy raises concerns regarding management's efficiency in generating returns on invested capital. Investors should monitor whether this cash pile is intended for future fleet expansion or if it will continue to act as a drag on overall return metrics.
Quick answers to the most common questions about buying GASS stock.
StealthGas Inc. (GASS) generated $85.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
StealthGas Inc. (GASS) generated $84.8M 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.
StealthGas Inc. (GASS) spent $0.4M 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, StealthGas Inc. (GASS) spent $1.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.