Cash flow generation remains highly erratic, evidenced by an OCF/NI ratio that swung from 4.64 in 2025Q2 to -0.02 in 2026Q1, indicating a disconnect between reported earnings and actual cash conversion.
U.S. Global Investors, Inc. (GROW) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Cash from Operations | 742K | -822K | 990K | 2.91M | 10.54M | 4.77M | -1.95M | -1.19M | -34K | 690K | 3.03M | -672K | -15.19M | 461K | 1.82M | 7.72M | 7.63M | 3.04M | 14.31M | 8.87M | 5.53M | 986.12K | 2.67M | 128.92K | 6.24K | 132.85K | 1.26M | 850.5K | 1.36M | 2.45M |
| Operating CF Growth % | 190.27% | -183.03% | -65.98% | -72.38% | 121.04% | 344.16% | -63.76% | -3405.88% | -104.93% | -77.25% | 551.34% | 95.58% | -3394.79% | -74.63% | -76.46% | 1.13% | 150.99% | -78.75% | 61.38% | 60.28% | 461.04% | -63.07% | 1971.06% | 1966.29% | -95.3% | -89.42% | 47.66% | -37.24% | -44.72% | 159.33% |
| Net Income | 3.06M | -334K | 1.33M | 3.15M | 5.5M | 31.96M | -4.8M | -3.44M | 689K | -544K | -3.7M | -3.98M | -963K | -194K | 1.53M | 7.83M | 5.35M | -2.24M | 10.84M | 13.76M | 10.44M | 1.45M | 2.17M | 42.61K | -241.43K | -794.68K | 495.76K | -1.85M | -100K | 300K |
| Depreciation & Amortization | 9K | 61K | 139K | 246K | 226K | 374K | 202K | 214K | 241K | 253K | 316K | 327K | 259K | 275K | 282K | 291.7K | 321.42K | 270.33K | 284.24K | 244.07K | 152.75K | 109.9K | 108.06K | 121.49K | 164.67K | 226.15K | 395.45K | 492.58K | 457.39K | 481.51K |
| Deferred Taxes | -171K | 709K | 335K | -440K | -2.44M | 1.05M | -139K | -966K | 50K | 0 | 0 | 807K | 387K | 9K | -283K | 321.12K | 362.89K | -2.06M | -13.47K | 184.48K | 551.82K | 49.62K | 604.3K | -10.5K | -95.35K | 36.18K | -26.53K | 183.33K | -39.57K | 331.98K |
| Other Non-Cash Items | -2.9M | -324K | -119K | 747K | 5.3M | -28.41M | 2.8M | 81K | -1.71M | 448K | -10K | -287K | -1.16M | -28K | -233K | 18.46K | 159.09K | 2.46M | 24.21K | -3.24M | -2.88M | 261.63K | -956.52K | 872.76K | 8.97K | 1.02M | -119.17K | 57.21K | 315.84K | -1.25M |
| Working Capital Changes | 737K | -1.06M | -698K | -792K | 1.22M | -274K | -119K | 2.91M | 675K | 527K | 6.42M | 2.44M | -13.72M | 326K | 295K | -952.71K | 1.15M | 4.17M | 2.76M | -2.13M | -2.75M | -881.5K | 747.45K | -897.45K | 169.38K | -353.94K | 510.33K | 1.97M | 721.46K | 2.59M |
| Cash from Investing | 2.12M | 1.06M | 4.42M | 2.67M | -1.02M | 8.65M | 2.54M | -1.73M | 3.06M | -158K | -646K | -390K | 4.05M | -368K | -4.89M | -845.6K | -739.27K | -4.39M | -1.18M | -746.79K | 265.05K | -67.63K | -30.33K | 147.47K | -274.75K | -71.53K | -859.5K | -970.05K | -639.19K | 25.93M |
| Purchase of Investments | -1.21M | -1.25M | -807K | -663K | -6.74M | -17M | -125K | -1.84M | -2.42M | -1.3M | -906K | -1.19M | -2.5M | -473K | -5.07M | -1.06M | -230.49K | -2.72M | -895.15K | -2.07M | -8.42K | 0 | -200.52K | -139.87K | -269.99K | -233.31K | -717.65K | -97.06K | -383.63K | -399.62K |
| Sale/Maturity of Investments | 3.14M | 2.31M | 5.18M | 3.35M | 5.86M | 25.72M | 1.72M | 77K | 2.17M | 1.15M | 2.27M | 836K | 5.35M | 744K | 189K | 297.3K | 45.14K | 0 | 117.28K | 1.71M | 784.28K | 0 | 315.74K | 317.67K | 0 | 246.27K | 15K | 16.17K | 584.19K | 26.73M |
| Net Investment Activity | 1.93M | 1.06M | 4.37M | 2.69M | -884K | 8.72M | 1.6M | -1.76M | -248K | -158K | 1.37M | -350K | 2.84M | 271K | -4.88M | -759.09K | -185.35K | -2.72M | -777.87K | -365.32K | 775.86K | 0 | 115.22K | 177.81K | -269.99K | 12.96K | -702.65K | -80.89K | 200.56K | 26.33M |
| Acquisitions | 0 | 0 | 0 | -2.69M | 85K | 10.17M | 746K | 0 | 1.31M | 0 | 0 | 0 | 1.24M | -600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -550K | 0 | 800 |
| Other Investing | 255K | 0 | 259K | 2.69M | 0 | -10.17M | 199K | 35K | 2M | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 1.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.79K | -16.09K | -370.12K | 948 |
| Cash from Financing | -3.09M | -3.08M | -3.41M | -2.5M | -1.64M | -941K | -120K | -474K | -590K | -564K | -1.83M | -1.12M | -1.06M | -2.62M | -3.52M | -3.5M | -3.36M | -3.49M | -2.85M | -3.32M | 444.31K | 64.02K | -970.17K | -103.08K | -76.47K | -84.3K | -64.68K | -247.07K | -46.18K | -28.33M |
| Dividends Paid | -1.14M | -1.21M | -1.28M | -1.33M | -1.24M | -640K | -452K | -454K | -455K | -456K | -574K | -924K | -928K | -2.63M | -3.71M | -3.69M | -3.68M | -3.67M | -3.22M | -3.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.97M | -1.97M | -2.17M | -1.2M | -452K | -314K | -113K | -24K | -141K | -114K | -313K | -292K | -289K | -174K | 0 | 0 | 0 | 0 | 0 | -836.71K | -215.2K | -13.97K | -72.25K | -65.65K | -106.48K | -81.33K | -43.86K | -230.11K | -67.86K | -337.28K |
| Stock Issued | 72K | 73K | 69K | 59K | 53K | 13K | 3K | 4K | 6K | 6K | 59K | 121K | 156K | 185K | 188K | 189.67K | 205.4K | 187.82K | 191.15K | 273.47K | 254.69K | 77.98K | 68.2K | 36.9K | 100.74K | 157.63K | 47.19K | 52.49K | 87.98K | 8.25K |
| Net Stock Activity | -1.9M | -1.9M | -2.1M | -1.14M | -399K | -301K | -110K | -20K | -135K | -108K | -254K | -171K | -133K | 11K | 188K | 189.67K | 205.4K | 187.82K | 191.15K | -563.24K | 39.49K | 64.02K | -4.04K | -28.75K | -5.74K | 76.31K | 3.32K | -177.62K | 20.13K | -329.03K |
| Debt Issuance (Net) | -28K | 42K | -30K | -27K | 0 | 0 | 442K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -956.56K | -64.65K | -61.63K | -60.61K | -60.09K | -62.07K | -59.42K | -1000K |
| Other Financing | -19K | -20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -27K | 0 | 0 | 0 | 0 | 116.75K | 0 | 178.5K | 1.21M | 404.82K | 0 | -9.56K | -9.68K | -9.1K | -100K | -7.92K | -7.38K | -6.88K | 414.42K |
| Net Change in Cash | -222K | -2.85M | 2M | 3.09M | 7.88M | 12.47M | 470K | -3.39M | 2.41M | -35K | 486K | -2.4M | -12.18M | -2.53M | -6.59M | 3.37M | 3.53M | -4.83M | 10.28M | 4.8M | 6.24M | 982.5K | 1.67M | 173.31K | -344.99K | -22.98K | 331.66K | -366.62K | 669.75K | 55.87K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | -28K | -3K | -73K | -219K | 25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 25.55M | 28.4M | 26.4M | 23.31M | 15.44M | 2.96M | 2.49M | 7.36M | 4.96M | 4.99M | 3.51M | 5.91M | 18.09M | 20.61M | 27.21M | 23.84M | 20.3M | 25.14M | 14.85M | 10.06M | 3.81M | 2.83M | 1.16M | 988.94K | 1.33M | 1.36M | 1.03M | 1.39M | 722.12K | 666.25K |
| Cash at End | 25.33M | 25.55M | 28.4M | 26.4M | 23.31M | 15.44M | 2.96M | 3.97M | 7.36M | 4.96M | 3.99M | 3.51M | 5.91M | 18.09M | 20.61M | 27.21M | 23.84M | 20.3M | 25.14M | 14.85M | 10.06M | 3.81M | 2.83M | 1.16M | 988.94K | 1.33M | 1.36M | 1.03M | 1.39M | 722.12K |
| Interest Paid | 0 | 1K | 3K | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 425 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 134K | 252K | 1.49M | 4.14M | 4.7M | 3K | 124K | 9K | -21K | 49K | 8K | 0 | 118K | 1.36M | 4.36M | 1.36M | 2.65M | 6.95M | 7.06M | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 682K | -829K | 777K | 2.9M | 10.31M | 4.69M | -1.95M | -1.19M | -34K | 690K | 3.02M | -712K | -15.22M | 422K | 1.8M | 7.63M | 7.08M | 1.37M | 13.91M | 8.49M | 5.02M | 918.49K | 2.52M | 98.58K | 1.47K | 48.36K | 997.2K | 527.43K | 885.48K | 2.06M |
| FCF Growth % | 182.27% | -206.69% | -73.17% | -71.92% | 119.8% | 340.42% | -63.76% | -3405.88% | -104.93% | -77.15% | 524.16% | 95.32% | -3706.4% | -76.54% | -76.43% | 7.84% | 415.17% | -90.12% | 63.89% | 68.98% | 446.74% | -63.62% | 2460.72% | 6587.99% | -96.95% | -95.15% | 89.07% | -40.44% | -56.99% | 259.3% |
Quick answers to the most common questions about buying GROW stock.
U.S. Global Investors, Inc. (GROW) generated $0.7M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
U.S. Global Investors, Inc. (GROW) generated $0.7M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
U.S. Global Investors, Inc. (GROW) spent $0.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, U.S. Global Investors, Inc. (GROW) returned $1.1M to shareholders via cash dividends and spent $2.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Operational cash flow volatility
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
Based on the provided cash flow statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from 4.64 in 2025Q2 to -0.02 in 2026Q1, suggesting that reported earnings are frequently decoupled from actual cash generation.
The extreme volatility in the conversion ratio indicates that non-cash items and working capital fluctuations are the primary drivers of reported net income rather than core operational performance. Investors should monitor this divergence, as it suggests that the firm's accounting profitability may not be indicative of its ability to sustain operations through internal cash generation.
Free Cash Flow Margin Instability
As reported in financial filings, GROW's free cash flow trajectory remains inconsistent, with margins fluctuating from a peak of 9.4% in 2026Q2 to a low of -20.2% in 2025Q3, reflecting the underlying instability of the firm's asset management fee revenue model.
The inability to maintain positive free cash flow across consecutive quarters highlights the firm's struggle to scale its revenue base against fixed operating costs. This erratic FCF profile suggests that the business is currently unable to self-fund its operations, relying instead on its existing cash reserves to bridge the gap.
Capital Allocation Amidst Operational Losses
According to recent SEC filings, the firm continues to prioritize shareholder returns, with dividends and buybacks totaling over $800,000 in 2026Q3 alone, despite the company's inability to generate consistent positive operating cash flow to support these capital outflows.
The decision to maintain dividend payments and share repurchases while the core business is burning cash appears to be a strategy of returning capital from the balance sheet rather than from operational success. This approach warrants further investigation, as it may be depleting the firm's liquidity buffer at a time when operational stability is declining.
Working Capital as Cash Volatility Driver
Based on the reported figures, working capital changes have been a significant source of cash flow volatility, with a swing from a $833,000 inflow in 2026Q2 to a $211,000 outflow in 2026Q3, indicating that timing differences in collections and payables are masking underlying operational trends.
The frequent and large swings in working capital suggest that the firm's cash position is highly sensitive to the timing of fee receipts and operational expenses. This lack of predictability in working capital management complicates the assessment of the firm's true cash-generating capacity.