Free cash flow remains highly erratic and negative, evidenced by a $2.2 million deficit in 2026Q1, highlighting a reliance on working capital swings to manage liquidity.
| Cash from Operations | -2.12M | 1.97M | -19.86M | -5.32M | 2.2M | 2.94M | -9.64M | 8.65M | 11.19M |
| Operating CF Margin % | - | 1.48% | -20.78% | -16.41% | 5.7% | 7.05% | -24.56% | 20.08% | 25.97% |
| Operating CF Growth % | -63.35% | 109.92% | -273.7% | -341.81% | -25.24% | 130.49% | -211.44% | -22.67% | - |
| Net Income | -68.67M | -66.22M | -1.3M | -7.63M | -9.79M | -6.08M | -26.75M | 5.37M | 2M |
| Depreciation & Amortization | 6.75M | 6.84M | 5.26M | 568K | 666K | 3.92M | 4.08M | 1.32M | 1.12M |
| Stock-Based Compensation | -38K | 0 | 328K | 1.69M | 2.51M | 3.43M | 129K | 262.8K | 334K |
| Deferred Taxes | 105K | 158K | 160K | 272K | 336K | 348K | 15.56M | 2.52M | 7.48M |
| Other Non-Cash Items | 42.61M | 43.36M | -30.31M | 3.72M | 5.33M | 8.41M | 6.59M | 385K | 233K |
| Working Capital Changes | 15.44M | 17.83M | 6.01M | -3.93M | 3.15M | -7.09M | -9.25M | -1.22M | 25K |
| Change in Receivables | 911K | -5.08M | -8.42M | 1.61M | 3.63M | -5.32M | 1.9M | -299K | 333K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -2.9M | -2.24M | -935K | 1.39M |
| Change in Payables | 18.43M | 20.44M | 7.5M | -1.53M | 1.06M | 640K | -8.76M | -560K | -1.44M |
| Cash from Investing | -547K | -774K | -14.18M | -1.67M | 77.19M | -1.26M | -409K | -190K | -672K |
| Capital Expenditures | -843K | -774K | -1.11M | -1.07M | -1.37M | -1.4M | -409K | -190K | -672K |
| CapEx % of Revenue | 0.62% | 0.58% | 1.16% | 3.3% | 3.55% | 3.36% | 1.04% | 0.44% | 1.56% |
| Acquisitions | 551K | 0 | -13.02M | 0 | 0 | 0 | 0 | -51.73M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -50K | -597K | 78.56M | 146K | 0 | 43.11M | 0 |
| Cash from Financing | -999K | -1.03M | 33.9M | -1.25M | -70.21M | 267K | 12.14M | 50M | -10.52M |
| Debt Issued (Net) | -510K | -488K | 36.06M | 0 | -68.57M | 1M | 12.16M | 25.95M | 0 |
| Equity Issued (Net) | -38K | 8K | 64K | -771K | -222K | 342K | 0 | 22M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -38K | 0 | -7K | -771K | -222K | 0 | 0 | 0 | 0 |
| Other Financing | -451K | -554K | -2.23M | -478K | -1.41M | -1.07M | -24K | 2.05M | -8.46M |
| Net Change in Cash | -3.67M | 162K | -138K | -8.23M | 9.18M | 1.95M | 2.09M | 58.46M | 0 |
| Free Cash Flow | -2.96M | 1.2M | -20.98M | -6.38M | 829K | 1.54M | -10.05M | 8.46M | 10.52M |
| FCF Margin % | -2.17% | 0.9% | -21.95% | -19.71% | 2.15% | 3.68% | -25.6% | 19.64% | 24.41% |
| FCF Growth % | 84.57% | 105.7% | -228.56% | -870.08% | -46.06% | 115.29% | -218.78% | -19.54% | - |
| FCF per Share | -0.04 | 0.02 | -0.35 | -0.26 | 0.06 | 0.21 | -1.40 | 1.19 | 1.50 |
| FCF Conversion (FCF/Net Income) | 0.04x | -0.03x | 4.87x | 0.70x | 0.07x | -0.48x | 0.36x | 1.61x | 2.08x |
| Interest Paid | -1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 3.04M | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in financial statements, MediaCo's operating cash flow frequently diverges from net income, with the 2024Q4 period showing a massive $10.9 million operating cash inflow against a $5.5 million net loss, suggesting that non-cash adjustments and working capital swings are masking the underlying core business performance.
The lack of a consistent relationship between net income and operating cash flow indicates that earnings quality is poor and heavily influenced by accounting noise. Investors should monitor whether these cash flow spikes are sustainable or merely temporary timing differences in working capital management.
Based on recent SEC filings, MediaCo's free cash flow trajectory is highly erratic, swinging from a peak of $10.5 million in 2024Q4 to a deficit of $2.2 million in 2026Q1, which highlights the company's inability to generate consistent internal funding for its ongoing operational requirements.
The inability to maintain positive free cash flow suggests that the company's current business model is not yet self-sustaining. This volatility warrants further investigation into whether the company can achieve a stable cash-generative state without further external financing or asset divestitures.
According to the provided data, working capital changes are the primary driver of cash flow variability, with a significant $16.6 million inflow in 2024Q4 followed by a $532,000 outflow in 2025Q2, indicating that the company relies heavily on timing shifts in payables and receivables to manage liquidity.
This reliance on working capital fluctuations suggests that the company's core operations are not generating sufficient cash to cover their own needs. Investors should be wary of these swings, as they often obscure the underlying cash-burning nature of the broadcasting and outdoor advertising segments.
As reported in financial statements, MediaCo maintains a low capital intensity, with CapEx/Revenue ratios often below 1.5%, which may suggest that the company is under-investing in its physical infrastructure and FCC-licensed assets to preserve cash during this period of aggressive expansion and negative net margins.
While low capital intensity is often viewed as a positive, in a broadcasting business, it may indicate deferred maintenance on critical transmission equipment. This strategy appears to prioritize short-term cash preservation over the long-term integrity of the company's primary revenue-generating assets.
Quick answers to the most common questions about buying MDIA stock.
MediaCo Holding Inc. (MDIA) generated $2.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MediaCo Holding Inc. (MDIA) generated $1.2M 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.
MediaCo Holding Inc. (MDIA) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.