Operational liquidity remains under pressure, highlighted by a deeply negative FCF margin of -68.6% in 2026Q1 and an erratic OCF/NI ratio that frequently signals poor earnings-to-cash conversion.
| 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 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 |
|---|
| Cash from Operations | -25.5M | -22.23M | -9.08M | 15.56M | -10.04M | -7.17M | 18.12M | 5.63M | -10.4M | 10.09M | -1.7M | -11.37M | 67.65M | -57.16M | 43.22M | 1.14M | 30.02M | 17.34M | -8.02M | 12.4M | 5.35M | -1.63M | 8.38M | -2.6M | 6.55M | 2.61M | 4.83M | 3M | 2.4M | 10M |
| Operating CF Margin % | - | -20.06% | -6.7% | 12.5% | -11.24% | -7.56% | 20.63% | 5.88% | -13.73% | 13.69% | -2.73% | -13.4% | 28.55% | -19.02% | 22.55% | 0.66% | 23.36% | 18.67% | -5.96% | 8.98% | 5.16% | -2.23% | 13.19% | -5.12% | 10.06% | 4.1% | 9.03% | 7.14% | 3.65% | 24.39% |
| Operating CF Growth % | -455.42% | -144.76% | -158.38% | 255.04% | -39.92% | -139.58% | 221.94% | 154.12% | -203.07% | 695.34% | 85.09% | -116.81% | 218.35% | -232.24% | 3704.93% | -96.22% | 73.12% | 316.17% | -164.69% | 131.75% | 429.29% | -119.4% | 421.98% | -139.75% | 150.71% | -45.93% | 60.97% | 25% | -76% | - |
| Net Income | -29.11M | -9.72M | -6.58M | 12.21M | -22.86M | -14.06M | -19.24M | -146K | -19.21M | -56.79M | -45.97M | -32.64M | 36.91M | 69.56M | 35.12M | 29.71M | 14.08M | 1.76M | 14.15M | 19.6M | 9.77M | 2.51M | 5.95M | -2.53M | 1.12M | 1.34M | -1.19M | 800K | 6.7M | 6.6M |
| Depreciation & Amortization | 4.73M | 6.39M | 14.77M | 16.24M | 19.56M | 20.78M | 23.69M | 19.34M | 14.41M | 17.77M | 19.91M | 19.55M | 17.77M | 12.23M | 9.59M | 7.05M | 5.18M | 5.19M | 4.57M | 3.7M | 3.89M | 4.15M | 4.96M | 4.27M | 4.85M | 4.44M | 4.01M | 4.3M | 2.8M | 1.5M |
| Stock-Based Compensation | 1.03M | 1.5M | 1.3M | 1.37M | 1.73M | 1.97M | 2.31M | 2.33M | 2.32M | 5.73M | 5.22M | 4.54M | 4.12M | 544K | 762K | 736K | 445K | 283K | 33K | 211K | 609K | 0 | 0 | 4.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -32K | -31K | 18K | 3K | -17K | 3K | 181K | 16K | -18K | -25K | 4.21M | -943K | 818K | -523K | 808K | -718K | -1.42M | 451K | 441K | -479K | 1.64M | -558K | -1.01M | -1.04M | -1.38M | 258K | 281K | 400K | -1.2M | 1.5M |
| Other Non-Cash Items | 4.71M | -14.37M | -13.77M | -3.51M | -7.78M | -9.17M | 13.69M | -4.81M | -963K | 17.43M | 12.1M | 3.84M | -5.6M | -12.54M | -7.91M | -6.4M | 1.59M | 1.46M | 2.64M | 1.89M | 817K | 407K | 19K | 271K | 986K | 213K | 280K | -200K | -200K | 100K |
| Working Capital Changes | -6.82M | -6M | -4.82M | -10.75M | -675K | -6.69M | -2.51M | -11.1M | -6.94M | 25.98M | 2.83M | -5.71M | 13.62M | -126.43M | 4.86M | -29.24M | 10.14M | 8.2M | -29.22M | -10.65M | -10.86M | -8.13M | -1.54M | -3.57M | 970K | -3.64M | 1.45M | -2.7M | -5.7M | 300K |
| Change in Receivables | -8.51M | -4.24M | 6.59M | -5.56M | 1.75M | -4.02M | 2.48M | -9.16M | -5.09M | 7.74M | -3.43M | 7.09M | 25.61M | -33.72M | 437K | -379K | -2.68M | 14.26M | -13.69M | -3.26M | -11.24M | 0 | 0 | 2.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -6.86M | -7.57M | -10.98M | -11.03M | -2.36M | -7.67M | 5K | -1.86M | -7.82M | 2.96M | 5.19M | 9.66M | -10.45M | -73.36M | -15.63M | -29.53M | 6.67M | 3.24M | -15.11M | -2.34M | -16.22M | -7.75M | -2.52M | -1.13M | 7.62M | -6.55M | -154K | -500K | -3.4M | -2.2M |
| Change in Payables | -242K | 2.35M | 2.75M | 41K | -786K | 4.71M | -2.45M | -44K | 1.33M | 477K | -1.94M | -834K | -11.76M | -442K | 12.15M | 1.23M | -879K | -3.38M | 450K | 1.17M | 2.22M | 0 | 0 | -1.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 31.21M | 42.69M | 3.82M | -11.88M | 14.15M | -3.32M | -4.05M | 1.56M | 7.78M | -5.46M | -10.21M | -288K | -36.7M | 3.39M | -26.32M | -5.15M | -6.11M | -1.69M | -9.06M | -15.12M | -4.62M | -4.88M | -1.26M | -6.18M | -5.47M | -6.55M | -5.92M | -3.3M | -14.3M | -5.6M |
| Capital Expenditures | -5.71M | -7.97M | -3.86M | -13.88M | -5.96M | -5.31M | -8.4M | -36.01M | -8.23M | -1.63M | -2.37M | -6.16M | -33.51M | -41.66M | -35.73M | -20.14M | -6.12M | -1.71M | -9.8M | -17.01M | -4.78M | -6.25M | -2.51M | -6.04M | -4.73M | -4.91M | -6M | -4.9M | -14.7M | -6.4M |
| CapEx % of Revenue | 5.66% | 7.2% | 2.84% | 11.15% | 6.68% | 5.6% | 9.57% | 37.58% | 10.87% | 2.21% | 3.82% | 7.26% | 14.14% | 13.86% | 18.64% | 11.65% | 4.76% | 1.84% | 7.28% | 12.31% | 4.6% | 8.58% | 3.94% | 11.89% | 7.27% | 7.72% | 11.23% | 11.66% | 22.33% | 15.61% |
| Acquisitions | 26.5M | -1.75M | 30.74M | 9.92M | 11.64M | -1.35M | 4.35M | -1.82M | -4.35M | 4.88M | 1.58M | 0 | 0 | 0 | 31.72M | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | -164K | 913K | -1.93M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.11M | 22.01M | -8.32M | 5.96M | 0 | 10.64M | 0 | 516K | 9.82M | 4.88M | 1.58M | 4.28M | 16.42M | 25.5M | 24.2M | 19.92M | 11K | 23K | 736K | 1.89M | 257K | 1.37M | 1.24M | 33K | -1.65M | 286K | 83K | 1.6M | 400K | 800K |
| Cash from Financing | -703K | -1.01M | -6.38M | -525K | -1.71M | -8.23M | -78K | 215K | 63K | 50K | 0 | 0 | -329K | 5.74M | 2.49M | 1.95M | 1.33M | -9.73M | 16.38M | 2.65M | -987K | 4.75M | -4.89M | 7.9M | -469K | 1.02M | 24K | 1.5M | 13.2M | -2.7M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -931K | 931K | 0 | -7.7M | -1.99M | -10.72M | 14.8M | -2.92M | -3.32M | 4.24M | -5.29M | 7.86M | -546K | 623K | -169K | 1.5M | 13.2M | -8.2M |
| Equity Issued (Net) | 310K | -615K | -6.38M | 0 | -695K | -6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 842K | 2.49M | 1.38M | 513K | 400K | 39K | 77K | 393K | 193K | 0 | 0 | 0 |
| 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 | 0 | 0 | 0 |
| Share Repurchases | 310K | -615K | -6.38M | 0 | -695K | -6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.01M | -398K | 0 | -525K | -1.02M | -1.42M | -78K | 215K | 63K | 50K | 0 | 0 | 602K | 4.81M | 2.49M | 9.65M | 3.31M | 988K | 736K | 3.08M | 957K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.5M |
| Net Change in Cash | 5.06M | 19.44M | -11.91M | 2.69M | 2.04M | -18.62M | 13.76M | 6.99M | -3.16M | 4.83M | -12.05M | -11.04M | 30.63M | -48.03M | 19.36M | -2.06M | 24.88M | 7.01M | -1.45M | 959K | 301K | -1.39M | 2.47M | -867K | 656K | -3.11M | -1.29M | 1.3M | 1.5M | 1.7M |
| Free Cash Flow | -31.59M | -30.2M | -12.94M | 1.67M | -16M | -12.48M | 9.72M | -30.38M | -18.64M | 8.46M | -4.06M | -17.53M | 34.14M | -98.82M | 7.5M | -19.01M | 23.9M | 15.63M | -17.82M | -4.61M | 576K | -7.87M | 5.87M | -8.65M | 1.82M | -2.3M | -1.18M | -1.9M | -12.3M | 3.6M |
| FCF Margin % | -31.31% | -27.26% | -9.54% | 1.34% | -17.92% | -13.16% | 11.07% | -31.71% | -24.6% | 11.47% | -6.55% | -20.66% | 14.41% | -32.87% | 3.91% | -10.99% | 18.6% | 16.83% | -13.25% | -3.34% | 0.56% | -10.81% | 9.24% | -17% | 2.79% | -3.61% | -2.2% | -4.52% | -18.69% | 8.78% |
| FCF Growth % | -20.46% | -133.42% | -873% | 110.46% | -28.17% | -228.42% | 131.99% | -63.01% | -320.3% | 308.14% | 76.82% | -151.35% | 134.55% | -1418.48% | 139.43% | -179.52% | 52.92% | 187.73% | -286.84% | -899.65% | 107.32% | -234.06% | 167.91% | -575.89% | 179.07% | -95.57% | 38.16% | 84.55% | -441.67% | - |
| FCF per Share | -2.45 | -2.36 | -0.98 | 0.13 | -1.23 | -0.93 | 0.72 | -2.27 | -1.41 | 0.64 | -0.31 | -1.35 | 2.63 | -7.64 | 0.58 | -1.51 | 1.93 | 1.29 | -1.46 | -0.38 | 0.05 | -0.69 | 0.52 | -0.78 | 0.16 | -0.21 | -0.11 | -0.17 | -1.19 | 0.45 |
| FCF Conversion (FCF/Net Income) | 1.08x | 2.29x | 1.38x | 1.27x | 0.44x | 0.51x | -0.94x | -38.55x | 0.54x | -0.18x | 0.04x | 0.35x | 1.83x | -0.82x | 1.23x | 0.04x | 2.13x | 9.85x | -0.57x | 0.63x | 0.55x | -0.65x | 1.41x | 1.03x | 5.85x | 1.95x | -4.05x | 3.58x | 0.36x | 1.52x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 38K | 99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -113K | 409K | 164K | 151K | 0 | 0 | 2.53M | 2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to the provided quarterly data, GEOS consistently reports operating cash flow that fails to track with net income, evidenced by an OCF/NI ratio that frequently swings into negative territory, suggesting that accounting earnings are not being converted into actual liquidity for the business.
The recurring divergence between net income and operating cash flow suggests that the company's reported profitability is heavily influenced by non-cash items or timing differences that do not translate into tangible cash generation. Investors should monitor whether this trend reflects structural inefficiencies in revenue recognition or an inability to collect on project-based contracts in a timely manner.
As reported in financial statements, GEOS has struggled to generate positive free cash flow over the last ten quarters, with FCF margins reaching as low as -68.6% in 2026Q1, indicating a sustained period of cash burn that challenges the company's long-term operational sustainability.
The consistent negative FCF trajectory implies that the company's current business model requires significant capital support that is not being self-funded by operations. This trend warrants further investigation into whether the company's high fixed-cost base can ever be scaled sufficiently to reach a cash-flow-positive state under current market conditions.
Based on reported figures, working capital changes have been highly erratic, swinging from a $9.0M outflow in 2026Q1 to a $5.2M inflow in 2026Q2, which suggests that the company's cash position is highly sensitive to the timing of project milestones and inventory management cycles.
This volatility in working capital appears to be a primary driver of the company's unpredictable cash flow profile, likely stemming from the lumpy nature of government and seismic project procurement. The inability to stabilize these flows suggests that management may face ongoing challenges in managing liquidity during periods of low contract activity.
Data from the last ten quarters indicates that GEOS maintains a capital-intensive manufacturing model, with CapEx/Revenue ratios peaking at 18.0% in 2024Q3, which suggests that the company is forced to reinvest heavily in its asset base despite the lack of consistent top-line growth.
The persistent level of capital expenditure relative to revenue may indicate that the company is struggling to maintain its specialized seismic equipment fleet while simultaneously funding R&D. This capital intensity appears to be a significant drag on free cash flow, potentially limiting the company's ability to pivot toward more profitable segments.
Quick answers to the most common questions about buying GEOS stock.
Geospace Technologies Corporation (GEOS) generated $-22.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Geospace Technologies Corporation (GEOS) reported negative free cash flow of $30.2M in 2025, indicating capital requirements exceeded cash from operations.
Geospace Technologies Corporation (GEOS) spent $8.0M 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, Geospace Technologies Corporation (GEOS) spent $0.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.