Operating cash flow remains erratic and distorted by working capital swings, with a 2023Q1 cash balance of $3.7 million providing a limited buffer against ongoing administrative and entitlement expenses.
| Metric | TTM | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Apr'06 | Apr'05 | Apr'04 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 | Apr'95 | Apr'94 | Apr'93 | Apr'92 |
|---|
| Cash from Operations | 1.76B | 0 | 0 | 0 | -3.44K | -5.47M | -8.11M | 161.71M | -477.27K | -346.94K | -1.71M | -1.26M | -3.65M | 24.03M | -1.13M | -1.07M | -244.67K | 1.38M | 348K | 900K | 300K | 200K | 300K | -300K | -300K | 200K | -200K |
| Operating CF Margin % | - | - | - | - | -0.19% | -110.53% | -161.14% | 3241.39% | -8.65% | -6.25% | -35.28% | -40.67% | -125.08% | 1477.09% | -55.43% | -51.15% | -9.38% | 56.38% | 14.95% | 40.91% | 13.64% | 9.52% | 11.54% | -17.65% | -18.75% | 7.69% | -13.33% |
| Operating CF Growth % | 25.41% | - | - | 100% | 99.94% | 32.51% | -105.01% | 33982.66% | -37.57% | 79.66% | -35.61% | 65.54% | -115.19% | 2226.5% | -5.87% | -336.28% | -117.74% | 296.26% | -61.33% | 200% | 50% | -33.33% | 200% | 0% | -250% | 200% | - |
| Net Income | 0 | 0 | 0 | 0 | -2.91M | -3.11M | 46.06M | 99.05M | 0 | -1.08M | 1.52M | 1.54M | -1.55M | 13.12M | -137.65K | -113.47K | 21.64K | 695.76K | 0 | 200K | -300K | -400K | 100K | -600K | -400K | 0 | 300K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 389 | 969.57K | 1M | 1.19M | 910.68K | 845.6K | 707.75K | 381.24K | 164.59K | 105.86K | 115.61K | 119.94K | 120.33K | 109.67K | 108K | 100K | 100K | 100K | 200K | 200K | 200K | 100K | 0 |
| Stock-Based Compensation | 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 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -61.65M | 61.65M | 0 | 0 | 0 | 0 | -303K | 7.95M | -114K | -142K | -38K | 370.8K | -41K | 100K | -200K | -200K | 100K | 0 | 100K | 200K | 0 |
| Other Non-Cash Items | 0 | 2.22B | -1.9B | -3.35B | 0 | 1.28M | 2.49M | 19.38K | -1.08M | 253.83K | 210.38K | 36.12K | 321.52K | -1.41M | -166.09K | 361.48K | 48.25K | -2.52K | 276K | 500K | 600K | 0 | 200K | 100K | -100K | -300K | -200K |
| Working Capital Changes | 1.76B | -2.22B | 1.9B | 3.35B | -969.59K | -4.62M | 4M | -190.37K | -308.67K | -364.9K | -4.15M | -3.22M | -2.28M | 4.28M | -828K | -1.29M | -396.89K | 205.28K | 5K | 0 | 100K | 700K | -300K | 0 | -100K | 200K | -300K |
| Change in Receivables | 0 | 57.27M | 41.23M | 23.1M | -16.93K | 37.38K | 10.65K | -170.75K | 0 | 0 | 0 | -32.35K | 49.86K | 0 | -26.23K | -69.64K | -22.7K | 32.85K | 0 | 0 | 0 | 400K | -400K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -6.08B | -3.93B | -448.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.5M | -1.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 200K | -200K |
| Change in Payables | 1.76B | 769.35M | 532.67M | 416.23M | -8.68K | -917K | 1.22M | 152.95K | -358.14K | -303.59K | 615.72K | -237.61K | -69.83K | 0 | -28.03K | -16.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 127.79K | -3.55M | -1.44K | -5.01M | -905.83K | -1.52M | -6.27M | -5.9M | 9.4M | 1.82M | 449.04K | -29.75K | 908.22K | -56.58K | -299K | -600K | -300K | -400K | -500K | -100K | 200K | -100K | -1.2M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -412.55K | -1.06M | -889.58K | -568.81K | -780.8K | -1.73M | -15.06M | -8.25M | -3.45M | -78.98K | -62.96K | -29.75K | -98.58K | -63.43K | -299K | -600K | -300K | -600K | -600K | -500K | -300K | -500K | -100K |
| CapEx % of Revenue | 0% | - | - | - | 22.61% | 21.52% | 17.69% | 11.4% | 14.14% | 31.11% | 311.62% | 266.73% | 118.23% | 4.85% | 3.09% | 1.43% | 3.78% | 2.59% | 12.85% | 27.27% | 13.64% | 28.57% | 23.08% | 29.41% | 18.75% | 19.23% | 6.67% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 192 | -3.55K | -108K | -5.01K | -125.03K | 0 | 0 | 0 | 0 | 1.9M | 512K | 0 | 1.01M | 6.85K | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Cash from Financing | 0 | 0 | 0 | 0 | 5.61M | 0 | -73.01M | -72.91M | 9.62M | 3.14M | 7.64M | 4.9M | -5.25M | 319.02K | -37.15K | 428.5K | -2.25M | -54.5K | 43K | 100K | 0 | 300K | 700K | -100K | 600K | 0 | -200K |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 5.61M | 0 | 0 | 0 | 9.96M | 0 | 0 | 0 | 0 | 326.43K | 668.94K | 372.87K | -2.19M | 0 | 97K | 0 | 100K | 400K | 100K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -68M | -56.79M | 0 | 0 | 0 | 0 | -5.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.96K | 237K | -416.55K | 33.71K | -154.01K | -37.16K | 0 | 0 | 73.52K | 0 | 0 | 0 | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 1.76B | 0 | 0 | 0 | 5.87M | -9.02M | -81.12M | 83.79M | 8.23M | 1.27M | -337.11K | -2.25M | 503.85K | 26.17M | -718.24K | -668.67K | -1.58M | 1.27M | 92K | 200K | 0 | 100K | 500K | -500K | 500K | 100K | -1.6M |
| Free Cash Flow | 1.76B | 0 | 0 | 0 | -2.71M | -6.54M | -9.1M | 161.14M | -1.38M | -2.07M | -16.77M | -9.51M | -7.1M | 23.95M | -1.19M | -1.1M | -343.25K | 1.32M | 49K | 300K | 0 | -400K | -300K | -800K | -600K | -300K | -300K |
| FCF Margin % | 63033.99% | - | - | - | -148.3% | -132.05% | -180.97% | 3229.99% | -25.06% | -37.36% | -346.9% | -307.41% | -243.31% | 1472.23% | -58.51% | -52.57% | -13.16% | 53.78% | 2.11% | 13.64% | - | -19.05% | -11.54% | -47.06% | -37.5% | -11.54% | -20% |
| FCF Growth % | 48.61% | - | - | 100% | 58.59% | 28.21% | -105.65% | 11750.87% | 33.32% | 87.63% | -76.42% | -33.88% | -129.64% | 2107.67% | -8.74% | -219.65% | -126.09% | 2584.82% | -83.67% | - | 100% | -33.33% | 62.5% | -33.33% | -100% | 0% | - |
| FCF per Share | 1189.52 | - | - | - | -1.83 | -48.76 | -67.92 | 1202.26 | -11.41 | -17.79 | -143.79 | -81.50 | -61.36 | 207.98 | -11.18 | -10.70 | -3.10 | 11.74 | 0.45 | 2.80 | - | -3.82 | -3.02 | -8.14 | -5.73 | -2.96 | -3.42 |
| FCF Conversion (FCF/Net Income) | - | - | - | - | 0.00x | -37.07x | -0.18x | 1.63x | 0.42x | 0.32x | -1.12x | -0.82x | 2.35x | 1.83x | 8.19x | 9.45x | -11.30x | 1.98x | -174.00x | 4.50x | -1.00x | -0.50x | 3.00x | 0.50x | 0.75x | 0.40x | -0.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 7.57K | 26.64K | 0 | 0 | 0 | 916.32K | 465.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 83.68K | 3.47M | 0 | 0 | 0 | 3.47K | 117 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Protracted Regulatory Entitlement Delays
As reported in financial statements, the lack of meaningful net income alongside erratic operating cash flow fluctuations suggests that traditional earnings-to-cash conversion metrics are currently irrelevant for assessing the company's underlying financial health during this transition to a liquidation-based business model.
The absence of consistent net income reflects the company's shift away from operational performance toward asset disposition. Investors should monitor the divergence between reported cash movements and the actual net realizable value of the land parcels, as the former is heavily influenced by non-recurring liquidation-related adjustments.
Based on Gyrodyne's reported figures, the free cash flow trajectory remains highly erratic, with extreme quarterly swings that appear to be driven by working capital adjustments rather than sustainable operational cash generation from the company's remaining medical office and industrial real estate assets.
The lack of a stable free cash flow trend suggests that the company is currently in a capital-consuming phase rather than a cash-harvesting one. This volatility warrants further investigation into whether the current cash burn is adequately offset by the potential terminal value of the Flowerfield and Cortlandt Manor properties.
According to recent SEC filings, the company's operating cash flow is dominated by massive, unexplained working capital swings, which suggests that these figures are likely accounting artifacts of the liquidation process rather than indicators of operational efficiency or effective management of current assets and liabilities.
The extreme variance in working capital changes indicates that the cash flow statement is currently a poor proxy for the company's day-to-day operational health. Analysts should focus on the net asset value per share rather than these transient cash flow fluctuations, which appear to be disconnected from core business activities.
As noted in regulatory disclosures, the presence of extreme data anomalies in reported cash balances necessitates a cautious approach, as these figures appear to be factually impossible for a micro-cap entity and likely obscure the true liquidity position available for ongoing administrative and entitlement expenses.
The reported cash figures are clearly unreliable and should be disregarded in favor of verified, audited balance sheet data. Investors should monitor the actual cash burn rate against the remaining runway, as the current data feed suggests a significant risk of misinterpreting the company's ability to fund its ongoing zoning efforts.
Quick answers to the most common questions about buying GYRO stock.
Gyrodyne, LLC (GYRO) generated $0.0M in net cash from operating activities in 2018. This reflects the cash generated directly from core business operations.
Gyrodyne, LLC (GYRO) reported negative free cash flow of $0.0M in 2018, indicating capital requirements exceeded cash from operations.
Gyrodyne, LLC (GYRO) spent $0.0M on capital expenditures in 2018. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.