Operational cash flow remains highly resilient, with an OCF/NI ratio reaching 83.52 in 2022Q2, underscoring the company's ability to convert earnings into cash despite significant non-cash depreciation charges.
| 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 |
|---|
| Cash from Operations | 285.89M | 186.74M | 265.31M | 262.4M | 277.74M | 233.39M | 166.62M | 239.06M | 185.11M | 180.13M | 144.06M | 113.23M | 78.28M | 32.16M | -110.11K |
| Operating CF Margin % | - | 67.12% | 74.47% | 65.96% | 74.86% | 71.56% | 49.94% | 63.13% | 52.51% | 57.83% | 62.98% | 56.7% | 65.76% | 50.14% | - |
| Operating CF Growth % | 83.95% | -29.62% | 1.11% | -5.53% | 19.01% | 40.08% | -30.3% | 29.15% | 2.76% | 25.04% | 27.23% | 44.66% | 143.4% | 29306.54% | - |
| Net Income | 120.38M | -20.15M | 150.95M | 138.71M | 118.99M | 5.73M | 56.86M | -34.77M | 115.51M | 112.83M | 77.34M | 72.04M | 29.17M | 26.22M | -861.06K |
| Depreciation & Amortization | 88.22M | 105.14M | 104.9M | 98.47M | 87.49M | 85.49M | 83.06M | 89.31M | 81.59M | 67.73M | 50.01M | 44.25M | 24.64M | 12.24M | 0 |
| Stock-Based Compensation | 646K | 0 | 0 | 1.36M | 760K | 378K | 1.91M | 1.16M | 1.03M | 850K | 479.86K | 205.2K | 0 | 0 | 0 |
| Deferred Taxes | 27.63M | 0 | 0 | 0 | 22.65M | 102.11M | -14.6M | 85.49M | -56.04M | -49.01M | -25.46M | -23.24M | 0 | 0 | 0 |
| Other Non-Cash Items | 52.95M | 93.62M | 536K | 59.18M | 45.28M | 37.25M | 50.69M | 70.11M | 63.87M | 3.6M | 10.56M | 3.94M | 12.73M | 568.65K | 830.32K |
| Working Capital Changes | -3.93M | 8.13M | 8.93M | -35.32M | 2.58M | 2.42M | -11.3M | 27.76M | -20.86M | -4.88M | 5.66M | -7.21M | 11.74M | -6.87M | -79.37K |
| Change in Receivables | 0 | 0 | 11M | -13.59M | 1.39M | 8.11M | -7.84M | 6.6M | -9.63M | 579K | 2.46M | -3.7M | -922.7K | -116.78K | -33.87K |
| Change in Inventory | 0 | 0 | 187K | -18K | 97K | 45K | 317K | 26K | -90K | 243K | -232.44K | 189.25K | -359.79K | -730.21K | -2.45M |
| Change in Payables | 0 | 0 | -178K | 4.35M | -366K | -2.4M | -1.81M | 3.65M | 230K | 1.19M | -843.74K | -611.48K | 789.52K | 1.06M | 1.93M |
| Cash from Investing | 183.6M | 35.21M | 139.13M | 149.44M | 76.41M | 98.17M | -23.29M | 5.47M | -31.85M | 2.23M | -6.62M | 14.59M | -334.12M | -454.26M | 110.11K |
| Capital Expenditures | -5.01M | -16.09M | -8.48M | -15.17M | -2.54M | -19.44M | -23.62M | -13.94M | -24.18M | -4.76M | -5.3M | -7.14M | -317.95M | -452.79M | 0 |
| CapEx % of Revenue | 1.3% | 5.79% | 2.38% | 3.81% | 0.69% | 5.96% | 7.08% | 3.68% | 6.86% | 1.53% | 2.32% | 3.58% | 267.1% | 705.91% | - |
| Acquisitions | 98.98M | 51.5M | 148.22M | 0 | 101.98M | 117.57M | 0 | 7.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 235.62M | -191K | -614K | 139.61M | 1.97M | 43K | 326K | 1.95M | 2.33M | 991K | 180.42K | 34.17K | 30.35K | 28.37K | 110.11K |
| Cash from Financing | -380.75M | -224.5M | -408.56M | -598.38M | -302.25M | -289.76M | -136.47M | -281.02M | -173.59M | -96.31M | -149.66M | -114.66M | 268.63M | 436.51M | 0 |
| Debt Issued (Net) | -263.67M | 0 | -33K | -240.17M | -180.83M | -205.18M | -61.26M | -26.86M | -183.4M | -169.91M | 242.45M | -73.46M | 402.6M | 394.9M | 0 |
| Equity Issued (Net) | -40.03M | 0 | 0 | 0 | -98.48M | -8.18M | -996K | -20.89M | 270.91M | 283.52M | 53.83M | 176.53M | 325.93M | 0 | 0 |
| Dividends Paid | -27.68M | -181.72M | -374.66M | -292.26M | -29.1M | -31.88M | -69.56M | -137.95M | -118.09M | -282.45M | -141.52M | -231.67M | -197.27M | 0 | 0 |
| Share Repurchases | -40.03M | 0 | 0 | 0 | -49.25M | -18.39M | -996K | -22.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -48.89M | -42.78M | -33.86M | -65.94M | 6.16M | -44.52M | -4.66M | -95.32M | -26.07M | -3.63M | -10.1M | 290.22K | -252.84M | 41.61M | 0 |
| Net Change in Cash | 89.69M | -2.55M | -4.12M | -186.24M | 52.59M | 41.79M | 6.85M | -36.49M | -20.33M | 86.04M | -12.22M | 13.16M | 12.78M | 14.4M | 0 |
| Free Cash Flow | 280.88M | 170.64M | 256.84M | 241.7M | 275.2M | 213.94M | 143M | 225.12M | 160.93M | 175.36M | 138.76M | 106.09M | -239.68M | -420.63M | -110.11K |
| FCF Margin % | 73.02% | 61.33% | 72.09% | 60.75% | 74.17% | 65.6% | 42.86% | 59.45% | 45.65% | 56.3% | 60.66% | 53.13% | -201.34% | -655.78% | - |
| FCF Growth % | 26.61% | -33.56% | 6.26% | -12.17% | 28.63% | 49.61% | -36.48% | 39.89% | -8.23% | 26.38% | 30.8% | 144.26% | 43.02% | -381914.7% | - |
| FCF per Share | 5.17 | 3.32 | 5.00 | 4.71 | 5.07 | 4.23 | 2.83 | 4.76 | 3.66 | 3.72 | 4.15 | 3.71 | -6.83 | -11.98 | -0.00 |
| FCF Conversion (FCF/Net Income) | 2.33x | -9.27x | 1.76x | 1.89x | 2.33x | 40.76x | 2.93x | -6.39x | 1.80x | 1.91x | 1.86x | 1.57x | 2.68x | 1.23x | - |
| Interest Paid | 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 |
Fleet Obsolescence and Regulatory
As reported in financial statements, GLOP consistently generates operating cash flow significantly exceeding net income, with the OCF/NI ratio reaching an extreme 83.52 in 2022Q2, highlighting that non-cash depreciation charges and periodic impairment events are the primary drivers of the divergence between accounting profit and cash reality.
The persistent gap between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash accounting entries rather than operational cash generation. Investors should monitor this relationship closely, as the reliance on depreciation to bridge the gap may obscure the underlying cash-generating capacity of the aging fleet.
Based on recent SEC filings, GLOP maintains a stable free cash flow trajectory with margins consistently exceeding 57% over the last ten quarters, demonstrating that the business model remains highly cash-generative despite the structural headwinds facing its legacy Steam and TFDE vessel propulsion systems.
The ability to sustain high FCF margins suggests that the long-term charter structure effectively shields cash flow from short-term market volatility. However, this stability may be deceptive if the capital required to maintain these older assets increases significantly to meet tightening environmental compliance standards.
According to historical data, GLOP's capital expenditure as a percentage of revenue has fluctuated from a high of 9.3% in 2021Q2 to a low of 0.3% in 2022Q2, indicating that maintenance requirements are highly episodic and tied to mandatory dry-docking schedules rather than consistent growth investment.
The low capital intensity observed in recent periods may suggest a strategy of sweating existing assets rather than fleet renewal. This approach warrants further investigation, as it may lead to a future cliff in capital requirements if the company is forced to modernize its fleet to remain competitive.
As indicated by the provided cash flow data, the company has prioritized share repurchases and debt management over the last ten quarters, with significant cash outflows for buybacks peaking at $20.0 million in 2022Q3, reflecting a strategic focus on capital structure optimization following the parent company merger.
The shift toward share repurchases and debt reduction appears to be a deliberate effort to simplify the capital structure and enhance the credit profile for remaining stakeholders. Investors should monitor whether this focus on capital return continues to take precedence over the necessary reinvestment in vessel efficiency upgrades.
Quick answers to the most common questions about buying GLOP-PA stock.
GasLog Partners LP (GLOP-PA) generated $186.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GasLog Partners LP (GLOP-PA) generated $170.6M 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.
GasLog Partners LP (GLOP-PA) spent $16.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GasLog Partners LP (GLOP-PA) returned $181.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.