Cash conversion remains inconsistent, with a 1.45 operating cash flow to net income ratio in 2026Q1 and a $21.5M working capital outflow that highlights sensitivity to operational timing.
| 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 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 |
|---|
| Cash from Operations | 178.69M | 157.99M | 55.75M | -3.63M | 1.78M | -12.94M | -6.4M | -8.75M | 33.43M | 123.24M | 54.96M | -10.77M | -22.84M | -9.61M | -23.36M | -3.98M | -4.19M | -2.54M | -2.31M | -1.53M | -875.34K | -353.81K | -25.45K | -31.71K | 4.89K | -23.58K | 49 |
| Operating CF Margin % | - | 48.1% | 24.1% | - | - | - | -10.28% | 6.77% | 20.65% | 48.1% | 29.68% | - | - | - | - | - | - | - | - | - | - | -11506.1% | -341.13% | -448.82% | - | - | - |
| Operating CF Growth % | 1152.29% | 183.42% | 1634.01% | -303.7% | 113.79% | -101.98% | 26.79% | -126.17% | -72.87% | 124.22% | 610.42% | 52.86% | -137.58% | 58.83% | -486.59% | 4.98% | -64.98% | -9.73% | -51.3% | -74.78% | -147.4% | -1290.42% | 19.74% | -748.31% | 120.74% | -48341.89% | - |
| Net Income | 29.75M | -29.29M | 8.54M | 26.09M | 40.81M | -68.88M | 57.38M | -167.93M | -141.21M | 6.65M | -13.22M | -8.31M | -22.64M | -1.69M | -38.15M | -13.28M | -6.84M | -3.31M | -4.19M | -3.8M | -2.56M | -520.27K | -42.6K | -21.5K | -13.85K | -6.14K | -8 |
| Depreciation & Amortization | 61.48M | 62.88M | 0 | 143K | 146K | 148K | 163K | 100.28K | 40.26M | 64.21M | 52.98M | 59K | 153.93K | 149.7K | 618.36K | 104.92K | 63.4K | 31.95K | 22.32K | 8.24K | 8.87K | 4.72K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | -1.14M | 0 | 6.87M | 6.16M | 1.65M | 3.17M | 2.17M | 1.79M | 1.65M | 2.72M | 983K | 1.56M | 2.53M | 1.83M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 36.3M | 0 | 0 | 0 | 0 | 59.16M | -59.35M | -100.28K | 11.43M | 22.77M | 9.91M | -2.98M | -2.35M | -9.69M | 6.04M | -221.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 53.19M | 119.42M | 54.15M | -37.9M | -47.91M | 649K | -8.29M | 161.15M | 191.44M | 17.06M | 22.97M | 1.37M | 6.01M | -748.78K | -1.24M | 259.91K | 722.71K | 135.98K | 1.66M | 2.23M | 1.51M | 161.16K | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | 252.87K | 4.99M | -13.81M | 1.88M | 7.1M | -7.18M | 1.52M | -3.76M | -29.87M | 9.83M | -18.66M | -2.47M | -6.55M | 531.17K | -1.85M | 1.13M | -195.56K | 135.09K | 193.95K | 31.44K | 174.04K | 574 | 17.15K | -10.2K | 18.73K | -17.44K | 56 |
| Change in Receivables | -9.3M | 0 | 291.31K | 678K | 5.42M | -4.59M | 1.68M | -1.86M | -6.88M | -711K | -1.31M | 221.96K | 99 | 138 | 196.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -16.23M | 0 | 1.11M | 0 | 0 | -63.22K | -80.56K | 1.76M | -17.69M | -3.76M | -31.2M | -1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.48M | 0 | 0 | 0 | 0 | -2.3M | 72.64K | -1.76M | -1.13M | -1.07M | 41.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -150.48M | -136.97M | 5.79M | 2.86M | 1.03M | 3.91M | 37.93M | 30.17M | 82.31M | -123.35M | -105.94M | -219.82M | 20.19M | -14.88M | -13.48M | -22.62M | -30M | -9.71M | -11.16M | -5.02M | -1.63M | -235.94K | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -127.94M | -114.92M | -66.9M | -35K | -4K | -1.5M | -76K | -39K | -53.91M | -123.81M | -132.35M | -219.03M | -64.52M | -1.44M | -2.33M | -987.81K | -210.66K | -282.56K | -11.16M | -5.02M | -1.63M | -210.18K | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 30.75% | 34.99% | 28.92% | - | - | - | 0.12% | -0.03% | 33.3% | 48.33% | 71.48% | - | - | - | - | - | - | - | - | - | - | 6835.13% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 107.1M | 0 | 0 | 5M | 37.5M | 10M | -4.79M | 0 | 0 | 0 | 82.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -22.54M | -22.05M | -34.41M | 2.9M | 1.04M | -4.59M | 506K | 210K | -23.98M | 464K | 26.41M | -786K | 2.36M | -13.44M | -9.23M | -21.85M | -9.19M | -8.63M | 0 | 0 | 0 | -25.75K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -22.1M | -20.69M | -10.6M | -108K | -130K | 441K | -520K | -665K | -154.64M | -10.05M | -3.9M | 120.49M | 58.99M | -3.82M | 2.33M | 213.27M | 58.73M | 1.76M | 14.53M | 18.09M | 2.65M | 797.45K | 0 | 9.71K | 262.46K | 63.45K | 1 |
| Debt Issued (Net) | -21.65M | -19.27M | -13.4M | -127K | -130K | -128K | -117K | -39K | -163.75M | 0 | 0 | 85.96M | 59.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 2.85M | 0 | 2.67M | 19.35K | 0 | 563.99K | -2.3M | -958K | 16.52M | 3.57M | 5.24M | 0 | 1.52M | 0 | 32.72M | 2.33M | 210.28M | 58.73M | 1.76M | 14.53M | 18.09M | 2.65M | 797.45K | 0 | 0 | 262.46K | 63.45K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -2.3M | -958K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.31M | -1.43M | 134.53K | -348 | 0 | 5.01K | 1.89M | 332K | -7.41M | -13.62M | -9.13M | 34.53M | -1.63M | -3.82M | -30.39M | 0 | 0 | 0 | 0 | 0 | -15.45M | 0 | 0 | 9.71K | 9.71K | -199.01K | -63.45K |
| Net Change in Cash | 10.94M | 2.55M | 50.51M | -841K | 2.59M | -8.63M | 31.04M | 20.75M | -38.97M | -10.35M | -55.13M | -113.88M | 54.08M | -30.01M | -38.72M | 185.65M | 24.24M | -10.49M | 1.05M | 11.54M | 140.58K | 207.7K | -25.45K | -22K | 267.36K | 39.87K | 50 |
| Free Cash Flow | 50.75M | 43.07M | -11.15M | -3.67M | 1.78M | -14.44M | -6.48M | -8.79M | -20.48M | -577K | -77.39M | -229.8M | -87.36M | -11.06M | -25.69M | -4.97M | -4.4M | -2.82M | -13.48M | -6.55M | -2.51M | -563.99K | -25.45K | -31.71K | 4.89K | -23.58K | 49 |
| FCF Margin % | 12.2% | 13.11% | -4.82% | - | - | - | -10.4% | 6.8% | -12.65% | -0.23% | -41.8% | - | - | - | - | - | - | - | - | - | - | -18341.23% | -341.13% | -448.82% | - | - | - |
| FCF Growth % | 487.67% | 486.11% | -204.03% | -306.12% | 112.33% | -122.78% | 26.25% | 57.1% | -3449.91% | 99.25% | 66.32% | -163.04% | -690.09% | 56.95% | -416.9% | -12.91% | -55.93% | 79.05% | -105.74% | -161.36% | -344.33% | -2116.38% | 19.74% | -748.31% | 120.74% | -48341.89% | - |
| FCF per Share | 0.19 | 0.17 | -0.04 | -0.02 | 0.01 | -0.06 | -0.03 | -0.04 | -0.09 | -0.00 | -0.39 | -1.18 | -0.53 | -0.13 | -0.34 | -0.10 | -0.09 | -0.07 | -0.55 | -0.42 | -0.16 | -0.08 | -0.01 | -0.01 | 0.00 | -0.01 | 0.00 |
| FCF Conversion (FCF/Net Income) | 1.71x | -5.39x | 9.11x | -0.14x | 0.04x | 0.19x | -0.11x | 0.05x | -0.24x | 21.34x | -4.16x | 1.30x | 1.01x | 5.68x | 0.61x | 0.30x | 0.61x | 0.77x | 0.55x | 0.40x | 0.34x | 0.68x | 0.05x | 0.74x | -0.23x | 3.84x | -6.45x |
| 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 | 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 | 0 | 0 | 0 | 0 |
Single-asset operational concentration
Based on reported financial statements, GAU's operating cash flow to net income ratio has fluctuated wildly, reaching a 1.45 multiple in 2026Q1, which highlights a persistent disconnect between accounting profits and actual cash generation that investors should monitor closely for signs of underlying operational instability.
The significant variance in the OCF/NI ratio suggests that non-cash charges and working capital swings frequently obscure the company's true cash-generating capacity. This divergence implies that reported net income may not be a reliable proxy for the firm's ability to fund its own capital requirements.
As indicated by recent quarterly data, Galiano's free cash flow margin reached 7.0% in 2026Q1, a recovery from the negative territory seen in late 2024, yet the inconsistency of these margins suggests that the company's cash flow trajectory remains tethered to volatile production and grade reconciliation outcomes.
The erratic nature of FCF generation indicates that the company is highly sensitive to the timing of capital expenditures relative to gold output. Investors should interpret these swings as evidence of the operational leverage inherent in a single-asset mining model.
According to the provided cash flow tables, GAU's capital expenditure as a percentage of revenue reached 21.4% in 2026Q1, underscoring a high level of capital intensity that appears necessary to maintain the Asanko Gold Mine's infrastructure and sustain current production levels against natural ore depletion.
The persistent requirement for significant reinvestment suggests that the company's ability to generate surplus cash is structurally limited by the need to replace reserves. This high capital intensity may continue to pressure free cash flow unless management can achieve meaningful economies of scale.
Based on the latest quarterly filings, Galiano experienced a $21.5M outflow in working capital during 2026Q1, which significantly offset operating cash inflows and highlights the vulnerability of the company's cash position to fluctuations in inventory levels and the timing of trade receivables and payables.
These working capital movements suggest that the company's cash conversion cycle is subject to operational bottlenecks or supply chain timing issues. Such volatility warrants further investigation into whether these outflows represent temporary timing differences or more permanent inefficiencies in the production-to-cash process.
Quick answers to the most common questions about buying GAU stock.
Galiano Gold Inc. (GAU) generated $158.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Galiano Gold Inc. (GAU) generated $43.1M 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.
Galiano Gold Inc. (GAU) spent $114.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.