LPRO is no longer listed. Its last trade on record was Aug 7, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Free cash flow remains highly erratic, swinging from a 108.2% margin in 2023Q4 to a negative 23.7% in 2025Q3, largely driven by volatile working capital adjustments.
Open Lending Corporation (LPRO) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -120K | -3.19M | 17.6M | 82.66M | 107.43M | 95.16M | 24.64M | 41.76M | 28.6M | 13.09M |
| Operating CF Growth % | 352.01% | -118.15% | -78.71% | -23.06% | 12.9% | 286.19% | -41% | 46.02% | 118.46% | - |
| Net Income | -5.31M | -4.24M | -135.01M | 22.07M | 66.62M | 146.08M | -97.56M | 62.54M | 28.28M | 15.77M |
| Depreciation & Amortization | 2.52M | 2.41M | 1.67M | 1.16M | 915K | 525K | 1.77M | 105K | 80K | 20K |
| Deferred Taxes | 0 | 0 | 70.11M | -4.99M | 375K | 20.05M | 4.73M | 0 | 0 | 0 |
| Other Non-Cash Items | 1.13M | 1.25M | 1.26M | 1.06M | 1M | -45.5M | 131.93M | 92K | 30K | -363K |
| Working Capital Changes | -4.78M | -9.66M | 70.89M | 53.86M | 33.07M | -29.82M | -19.06M | -22.96M | -2.32M | -3.34M |
| Cash from Investing | -713K | -1.03M | -3.9M | -2.18M | -624K | -1.99M | -1.2M | -99K | -106K | -48K |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 98K | -974K | -3.73M | -2.06M | -386K | -1.88M | 0 | 0 | 0 | 0 |
| Cash from Financing | -61.06M | -61.48M | -6.45M | -42.33M | -17.8M | -77.81M | 70.81M | -44.9M | -21.38M | -14.08M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -135.6M | -42.4M | -18.88M | -11.79M |
| Share Repurchases | -4.89M | -4.89M | 0 | -37.32M | -18.02M | -20M | -37.5M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -4.89M | -4.89M | 0 | -37.32M | -18.02M | -20M | -37.5M | 0 | 0 | 0 |
| Debt Issuance (Net) | -4M | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K |
| Other Financing | -677K | -1.1M | -1.76M | -1.26M | -1.19M | -38.62M | 80.42M | 0 | 0 | 0 |
| Net Change in Cash | -61.9M | -65.71M | 7.25M | 38.15M | 89.01M | 15.36M | 94.25M | -3.24M | 7.12M | -1.03M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 188.22M | 253.92M | 246.67M | 208.52M | 119.51M | 104.15M | 9.9M | 13.14M | 6.02M | 7.05M |
| Cash at End | 184.95M | 188.22M | 253.92M | 246.67M | 208.52M | 119.51M | 104.15M | 9.9M | 13.14M | 6.02M |
| Interest Paid | 8.06M | 9.28M | 12.59M | 10.31M | 3.52M | 5.24M | 10.44M | 0 | 346K | 0 |
| Income Taxes Paid | 73K | 0 | 0 | 9.07M | 36.11M | 25.28M | 144K | 0 | 37K | 0 |
| Free Cash Flow | -714K | -3.25M | 17.43M | 80.48M | 106.81M | 93.17M | 23.44M | 41.66M | 28.5M | 13.04M |
| FCF Growth % | 35.44% | -118.64% | -78.34% | -24.65% | 14.64% | 297.41% | -43.73% | 46.21% | 118.45% | - |
Quick answers to the most common questions about buying LPRO stock.
Open Lending Corporation (LPRO) generated $-3.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Open Lending Corporation (LPRO) reported negative free cash flow of $3.3M in 2025, indicating capital requirements exceeded cash from operations.
Open Lending Corporation (LPRO) spent $0.1M 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, Open Lending Corporation (LPRO) spent $4.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Accounting-driven cash flow volatility
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Accruals
As reported in recent financial statements, LPRO's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -6.22 in 2025Q1, which suggests that reported earnings are frequently decoupled from actual cash generation due to significant non-cash accruals and contract asset adjustments.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's underlying cash-generating capacity. Investors should monitor whether these accruals represent sustainable future cash inflows or merely accounting estimates that may require future downward revisions.
Free Cash Flow Volatility Persists
Based on historical cash flow data, LPRO's free cash flow trajectory remains highly erratic, with margins swinging from a peak of 108.2% in 2023Q4 to a negative 23.7% in 2025Q3, reflecting the inherent instability of a business model reliant on periodic profit-share recognition.
The inability to maintain a consistent positive FCF margin suggests that the company's cash flow is highly sensitive to the timing of loan originations and subsequent insurance claim performance. This volatility warrants further investigation into whether the firm can achieve self-sustaining cash flow without relying on external financing.
Working Capital Swings Drive Liquidity
According to quarterly cash flow filings, working capital changes have been the primary driver of cash flow variance, including a massive $72.4 million inflow in 2024Q4 followed by a $7.3 million outflow in 2025Q1, highlighting the company's exposure to timing differences in contract asset realization.
These large swings in working capital suggest that the company's cash position is heavily influenced by the timing of payments from insurance partners and the settlement of contract assets. Such fluctuations may indicate that the firm's liquidity is more dependent on accounting cycle timing than operational efficiency.
SBC and Capitalized Costs Masking
As indicated by the cash flow statement, stock-based compensation remains a consistent non-cash expense, averaging over $1.5 million per quarter, which effectively masks the true cash cost of talent required to maintain the company's proprietary actuarial and technical infrastructure.
While SBC is a standard non-cash add-back, its persistence in the face of negative net margins suggests that the company is relying on equity dilution to retain key personnel. This practice may be obscuring the true operational cash burn rate and warrants careful scrutiny by long-term investors.