Cash flow generation remains highly erratic, with capital intensity reaching a 50.0% CapEx-to-revenue ratio in 2025Q4, which complicates the company's ability to maintain consistent liquidity.
| 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 |
|---|
| Cash from Operations | 256.85M | 313.25M | 239.32M | 227.99M | 427.71M | 244.83M | 81.07M | 177.66M | 284.51M | 189.64M | 93.04M | 62.3M | 208.66M | 520.86M | 156.32M | 356.89M | 203.78M | 165.45M | 109.74M | 6.21M | -829.62K | -1.88M |
| Operating CF Margin % | - | 52.5% | 38.49% | 35.79% | 60.12% | 51.68% | 34.09% | 31.12% | 46.38% | 44.97% | 32.16% | 22.57% | 37.3% | 72.3% | 26.81% | 59.86% | 54.59% | 63% | 97.28% | 19.51% | -7.08% | -177.16% |
| Operating CF Growth % | 444.03% | 30.89% | 4.97% | -46.69% | 74.69% | 201.99% | -54.37% | -37.55% | 50.02% | 103.83% | 49.33% | -70.14% | -59.94% | 233.2% | -56.2% | 75.13% | 23.17% | 50.77% | 1665.77% | 849.1% | 55.79% | - |
| Net Income | -293.01M | -193.12M | 3.22M | -6.29M | 139.03M | 42.48M | -777.97M | 38.69M | 102.62M | -31.71M | -465.56M | -268.03M | -144.35M | 126.29M | 99.66M | 126.92M | 37.17M | 13.94M | 23.5M | -8.47M | -5.82M | -2.22M |
| Depreciation & Amortization | 70.22M | 278.35M | 230.62M | 215.58M | 183.1M | 139.87M | 164.23M | 225.03M | 197.87M | 131.34M | 139.53M | 176.39M | 185.9M | 234.35M | 161.84M | 163.53M | 139.97M | 135.86M | 25.74M | 9.41M | 4.09M | 462.12K |
| Stock-Based Compensation | 3.04M | 3.21M | 9.71M | 5.72M | 0 | 8.4M | 1.22M | 1.43M | 8.3M | 9.78M | 6.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -65.81M | -55.61M | -27.89M | 56.76M | 25.34M | -23.82M | -76.15M | 40.23M | 4.97M | 44.72M | -204.79M | -115.44M | 34.35M | -29.5M | 26.27M | -29.22M | -20.09M | -15.36M | -6.42M | 184.97K | 893K | -29.23K |
| Other Non-Cash Items | 234.44M | 138.54M | 7.59M | 4.63M | 15.93M | 18.75M | 733.68M | -33.84M | -7.82M | 64.74M | 628.86M | 309.19M | 230.62M | 21.79M | 35.99M | 57.82M | 46.08M | 25.03M | 6.62M | 9.3M | 260.5K | -55.23K |
| Working Capital Changes | 256.05M | 141.87M | 16.08M | -48.42M | 64.32M | 59.15M | 36.06M | -93.87M | -21.42M | -29.22M | -11.34M | -39.8M | -97.87M | 167.93M | -167.44M | 37.84M | 646K | 5.97M | 60.3M | -4.21M | -247.85K | -34.62K |
| Change in Receivables | 2.38M | 5.18M | 949K | 0 | 2.35M | -5.69M | 27.61M | 0 | 0 | 0 | 0 | 0 | -34.47M | 67.03M | -56.67M | -15.63M | -5.32M | -27.93M | 34.94M | -5.61M | -4.58M | -808.96K |
| Change in Inventory | 0 | 0 | 0 | 0 | -4.17M | -2.38M | -2.63M | -3.18M | -2.13M | -78K | 5.51M | -1.57M | -2.89M | 13.95M | -18.2M | -548K | -1.22M | -1.85M | -107K | 25.07K | -364.98K | -447.01K |
| Change in Payables | 0 | 0 | 0 | 0 | -5.79M | 48.21M | -47.19M | 0 | 0 | 0 | 0 | 0 | 558K | -5.17M | -8.39M | 19.92M | -3.21M | 36.87M | 10.7M | 261.66K | 5.33M | 1.14M |
| Cash from Investing | 12.54M | -272.46M | -352.5M | -226.58M | -210.33M | -105.32M | -144.92M | -464.94M | -382.59M | -243.8M | -620.62M | -233.02M | -316.75M | -308.46M | -299.72M | -311.65M | -143.93M | -76.36M | 27.14M | -12.85M | -46.67M | -9.11M |
| Capital Expenditures | -36.44M | -280.34M | -234.24M | -218.88M | -236.6M | -149.88M | -96.28M | -457.09M | -400.29M | -285.45M | -147.18M | -156.64M | -347.03M | -367.32M | -276.08M | -333.19M | -152.3M | -80.93M | -55.22M | -13.43M | -18.3M | -8.71M |
| CapEx % of Revenue | 6.09% | 46.98% | 37.67% | 34.36% | 33.26% | 31.64% | 40.48% | 80.05% | 65.25% | 67.69% | 50.88% | 56.75% | 62.04% | 50.99% | 47.35% | 55.89% | 40.8% | 30.82% | 48.95% | 42.16% | 156.13% | 822.02% |
| Acquisitions | 48.6M | 0 | -118.27M | 0 | 0 | 0 | 0 | 0 | 0 | 32.97M | -496.64M | 0 | 0 | 59.62M | -35.49M | 4.45M | 7.99M | 5.4M | 0 | 0 | -38.22M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 383.5K | 7.88M | 0 | -7.7M | 26.27M | 1.43M | -48.64M | -7.85M | 17.7M | 19.68M | 21.12M | -76.84M | 30.27M | -755K | 11.86M | -5.59M | 388K | -824K | 82.36M | 583.63K | 9.85M | -400.43K |
| Cash from Financing | -168.44M | -59.84M | 156.87M | -69.6M | -113.32M | -124.81M | 70.45M | 245.07M | 128.38M | 39.13M | 407.05M | -9.28M | 11.14M | 3.77M | 4.34M | -48.98M | 24.79M | 4.93M | 21.69M | 719.3K | 69.38M | 13.21M |
| Debt Issued (Net) | -161.14M | -56.43M | 185.11M | -52.3M | -85.08M | -122.73M | 71.33M | 282.63M | 139.69M | 57.04M | 112.97M | 0 | 0 | 0 | 0 | -54.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 2.86M | -3.42M | -14.94M | -17.29M | -26.02M | 100K | 0 | -37.56M | -11.31M | -17.92M | 294.08M | -9.28M | 11.14M | 3.77M | 4.34M | 5.12M | 24.79M | 4.93M | 21.69M | 719.3K | 70.66M | 13.21M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 2.41M | -3.47M | -15.31M | -17.3M | -27.32M | 0 | 0 | -37.56M | -12.74M | -17.92M | 0 | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.16M | 0 | -13.3M | 0 | -2.23M | -2.18M | -879K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.28M | 0 |
| Net Change in Cash | -1.09M | -18.67M | 41.23M | -64.73M | 101.51M | 12.39M | 5.3M | -43.49M | 28.2M | -9.38M | -111.84M | -188.34M | -76.36M | 201.25M | -144.54M | 80.94M | 88.57M | 73.14M | 92.5M | -8.2M | 23.77M | 2.62M |
| Free Cash Flow | 220.41M | 32.91M | 5.08M | 9.11M | 191.11M | 94.95M | -15.21M | -279.42M | -115.78M | -95.81M | -54.13M | -94.33M | -138.37M | 153.54M | -119.77M | 23.7M | 51.48M | 84.52M | 54.52M | -7.21M | -19.13M | -10.58M |
| FCF Margin % | 36.84% | 5.51% | 0.82% | 1.43% | 26.86% | 20.04% | -6.39% | -48.94% | -18.87% | -22.72% | -18.71% | -34.18% | -24.73% | 21.31% | -20.54% | 3.97% | 13.79% | 32.18% | 48.33% | -22.65% | -163.21% | -999.17% |
| FCF Growth % | 4129.43% | 547.18% | -44.18% | -95.23% | 101.26% | 724.42% | 94.56% | -141.33% | -20.85% | -76.98% | 42.61% | 31.82% | -190.12% | 228.2% | -605.42% | -53.97% | -39.09% | 55.03% | 855.66% | 62.29% | -80.74% | - |
| FCF per Share | 6.24 | 0.93 | 0.16 | 0.27 | 5.18 | 2.58 | -0.41 | -7.42 | -2.71 | -2.42 | -1.69 | -3.31 | -4.86 | 5.37 | -4.21 | 0.84 | 1.95 | 3.33 | 3.81 | -0.76 | -2.64 | -7.82 |
| FCF Conversion (FCF/Net Income) | -0.75x | -1.62x | 74.42x | -36.26x | 3.08x | 5.76x | -0.10x | 4.59x | 2.77x | -5.98x | -0.20x | -0.23x | -1.22x | 4.12x | 1.57x | 2.81x | 5.48x | 11.87x | 4.67x | -0.73x | 0.14x | 0.85x |
| Interest Paid | 35.94M | 74.39M | 60.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 9.18M | 36.11M | 62.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and Regulatory Exposure
As reported in recent financial filings, GTE exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently reaching extreme levels, such as the -1.45 multiple observed in 2026Q1, indicating that accounting losses are not reflective of underlying cash generation.
The significant divergence between net income and operating cash flow suggests that non-cash charges, likely related to asset impairments and depletion, are heavily depressing reported earnings. Investors should monitor this gap, as it implies that the company's operational reality is more resilient than the headline net loss figures suggest.
Based on the provided quarterly data, GTE's free cash flow trajectory remains highly erratic, swinging from a peak of $131.2 million in 2026Q1 to a low of -$52.6 million in 2025Q2, reflecting the company's sensitivity to both commodity price cycles and lumpy capital expenditure requirements.
The inconsistency in FCF margins highlights the difficulty in maintaining a stable cash surplus given the high-cost nature of the company's Colombian assets. This volatility warrants further investigation into whether the recent improvement in 2026Q1 is sustainable or merely a temporary benefit from working capital timing.
According to historical cash flow statements, GTE's capital intensity remains elevated, with CapEx/Revenue ratios reaching as high as 50.0% in 2025Q4, which suggests that a substantial portion of top-line revenue is being reinvested to maintain production levels in challenging geological environments.
The high level of capital expenditure relative to revenue indicates that the company is in a constant state of reinvestment to offset natural decline rates. This capital intensity appears to limit the company's ability to generate meaningful excess cash, potentially constraining future financial flexibility.
Analysis of the cash flow statements reveals that working capital changes are a primary driver of quarterly cash flow volatility, with a notable $143.7 million inflow in 2026Q1, suggesting that timing differences in receivables and payables significantly influence the company's reported liquidity position.
These large swings in working capital may obscure the underlying operational cash flow trends, making it difficult to assess the true efficiency of the company's cash conversion cycle. Investors should be cautious of relying on quarterly cash flow figures that are heavily bolstered by favorable working capital movements.
Quick answers to the most common questions about buying GTE stock.
Gran Tierra Energy Inc. (GTE) generated $313.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gran Tierra Energy Inc. (GTE) generated $32.9M 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.
Gran Tierra Energy Inc. (GTE) spent $280.3M 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, Gran Tierra Energy Inc. (GTE) spent $3.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.