Cash conversion efficiency is highly unpredictable, highlighted by an operating cash flow to net income ratio that swung to 8.34 in 2026Q1 from a negative 0.97 in 2025Q2.
Medallion Financial Corp. (MFIN) cash flow statement — 30-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 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 137.16M | 126.28M | 115.51M | 113.76M | 108.74M | 78.73M | 78.71M | 64.94M | 66.55M | 13.32M | 61.59M | -44.61M | -9.92M | 15.13M | 10.12M | 9.41M | 6.72M | 9.93M | 17.25M | 2.65M | 3.37M | 2.24M | 5.2M | -3.23M | -3.91M | 9.64M | 9.92M | 9.3M | 1M | 13M | 700K |
| Operating CF Growth % | 262.61% | 9.32% | 1.54% | 4.62% | 38.12% | 0.03% | 21.21% | -2.43% | 399.52% | -78.37% | 238.06% | -349.77% | -165.57% | 49.48% | 7.58% | 40.01% | -32.3% | -42.46% | 550.62% | -21.42% | 50.88% | -56.99% | 261.09% | 17.38% | -140.51% | -2.84% | 6.69% | 830% | -92.31% | 1757.14% | - |
| Net Income | 26.99M | 55.34M | 41.92M | 55.08M | 49.89M | 54.11M | -26.91M | 2M | -22.74M | 278K | 23.52M | 29.38M | 28.69M | 25.78M | 24.52M | 19.16M | 11.28M | 1.02M | 15.25M | 15.44M | 13.11M | 6.86M | 22.51M | 2.02M | -12.61M | -4.06M | 7.54M | 21.1M | 16.6M | 10.5M | 3.9M |
| Depreciation & Amortization | 8.68M | 8.32M | 6.22M | 1.84M | 5.23M | 1.75M | 7.71M | 7.5M | 5.56M | 1.02M | 485K | 415K | 483K | 1.09M | 1.22M | 1.32M | 1.42M | 1.72M | 1.47M | 8.24M | 1.52M | 3.39M | 6.88M | 2.02M | 2.12M | 2.86M | 2.63M | 2.2M | 2.3M | 400K | 300K |
| Deferred Taxes | -1.52M | 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 | 0 | 0 | 0 |
| Other Non-Cash Items | 94.03M | 65.64M | 77.34M | 64.99M | 41M | 26.96M | 110.88M | 59.11M | 63.75M | 44.22M | -11.85M | -68.38M | -51.23M | -11.97M | -14.71M | -8.34M | -1.74M | 7.1M | 205K | -16.14M | -10.19M | -4.49M | -28.22M | -1.86M | 3.27M | 10.24M | -1.02M | -13.8M | -5.8M | -400K | -700K |
| Working Capital Changes | -7.54M | -9.76M | -16.02M | -8.15M | 9.15M | -4.08M | -15.01M | -4.89M | 19.4M | -32.98M | 48.87M | -6.03M | 12.1M | 223K | -905K | -2.96M | -4.46M | -150K | 13K | -4.89M | -1.06M | -3.52M | 4.03M | -5.41M | 3.31M | 663.58K | 769.87K | -200K | -12.1M | 2.5M | -2.8M |
| Cash from Investing | -458.01M | -124.49M | -335.78M | -340.7M | -449M | -238.32M | -170.96M | -206.51M | -23.7M | 0 | 0 | -57.15M | -39.04M | -11.95M | 3.02M | 36.05M | -9.11M | 84.75M | 74.31M | -59.74M | -54.69M | -48.23M | -50.31M | -19.46M | 87.26M | 46.65M | -23.17M | -69.6M | -69.9M | -105.5M | -61.3M |
| Purchase of Investments | -13.51M | -14.83M | -7.74M | -11.57M | -20.71M | -19.35M | -15.58M | -10.51M | -10.38M | 28.37M | 0 | -117.54M | -110.48M | -219.23M | -169.05M | -198.08M | -219.74M | -174.87M | -248.95M | -334.72M | -312.42M | -280.45M | -200.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 18.59M | 36.34M | 16.38M | 30.07M | 14.76M | 53.32M | 15.4M | 7.12M | 6.42M | 0 | 0 | 57.03M | 83.99M | 211.78M | 177.63M | 233.88M | 213.14M | 262.97M | 342.52M | 275.47M | 293.92M | 212.09M | 150.76M | 232.17M | 248.05M | 190M | 172.9M | 234.3M | 202.9M | 112.8M | 47.2M |
| Net Investment Activity | 5.08M | 21.5M | 8.64M | 18.5M | -5.95M | 33.97M | -181K | -3.39M | -3.96M | 28.37M | 0 | -60.51M | -26.48M | -7.45M | 8.58M | 35.79M | -6.6M | 88.1M | 93.57M | -59.25M | -18.5M | -68.35M | -50.06M | 232.17M | 248.05M | 190M | 172.9M | 234.3M | 202.9M | 112.8M | 47.2M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.44M | -12.58M | -4.48M | -5.25M | 474K | -2.18M | -3.2M | -19.03M | 0 | -35.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12M | 0 | 0 |
| Other Investing | -463.09M | -146M | -344.42M | -359.2M | -443.05M | -272.29M | -170.78M | -203.12M | -19.74M | 0 | 0 | -82K | 29K | -23K | -301K | 0 | 0 | 0 | 0 | 0 | 0 | 20.47M | 0 | -251.33M | -160.7M | -142.93M | -195.44M | -302.8M | -258.8M | -217.2M | -108.4M |
| Cash from Financing | 412.92M | 30.2M | 239.99M | 271.18M | 321.38M | 172.04M | 136.47M | 151.68M | -27.65M | -21.59M | -71.54M | 28.44M | 4.83M | 22.12M | -15.62M | -33.41M | -13.7M | -93.35M | -92.93M | 75.14M | 43.91M | 50.55M | 37.7M | 34.99M | -73.27M | -46.53M | 21.44M | 60.7M | 68.1M | 93.5M | 62M |
| Dividends Paid | -12.16M | -10.97M | -9.39M | -7.7M | -7.54M | 0 | 0 | 0 | -66K | -145K | -14.57M | -24.37M | -23.89M | -19.54M | -16.38M | -12.25M | -10.51M | -13.36M | -13.31M | -13.29M | -11.43M | -8.53M | -5.93M | -1.64M | -2.19M | -10.03M | -17.76M | -17.5M | -15.6M | -9.5M | -2.2M |
| Share Repurchases | -7.68M | -986K | -4.61M | 0 | -20.62M | 0 | 0 | 0 | 0 | 0 | -1.52M | -3.21M | -5.88M | 0 | 0 | -78K | -1.21M | 0 | -74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 150K | 516K | 0 | 442K | 0 | 241K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.41M | 34.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -7.53M | -470K | -4.61M | 442K | -20.62M | 241K | 0 | 0 | 0 | 0 | -1.52M | -3.21M | -5.88M | 45.41M | 34.66M | -78K | -1.21M | 0 | -74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | 0 | 1000K | 1000K | 0 | 1000K | 0 | 0 | 0 | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | 147.24M | 41.65M | -6.73M | -6.82M | 349.54M | -6.52M | 136.47M | 151.68M | -27.59M | 0 | 19K | 281K | 765K | 49.48M | 35.77M | 1.68M | 10K | 130K | 353K | 0 | -136K | -3.61M | -8.57M | 0 | 0 | 0 | 0 | -100K | 0 | -12.5M | -100K |
| Net Change in Cash | 92.08M | 31.99M | 19.73M | 19.42M | -18.89M | 9.74M | 44.22M | 10.11M | 15.2M | -8.27M | -9.95M | -16.17M | -5.09M | 25.3M | -2.48M | 12.05M | -16.1M | 1.33M | -1.38M | 18.05M | -7.41M | 4.56M | -7.41M | 12.31M | 9.96M | 9.76M | 8.19M | 500K | -900K | 1M | -4.6M |
| Exchange Rate Effect | 0 | 0 | 0 | -24.83M | 0 | -2.71M | 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 |
| Cash at Beginning | 205.99M | 169.57M | 149.84M | 33.17M | 124.48M | 54.74M | 67.82M | 57.71M | 42.51M | 20.96M | 30.91M | 47.08M | 52.17M | 26.88M | 29.35M | 17.3M | 33.4M | 32.08M | 33.45M | 15.4M | 22.81M | 18.25M | 25.67M | 35.37M | 25.41M | 15.65M | 7.46M | 7M | 7.9M | 6.1M | 4.6M |
| Cash at End | 243.06M | 201.56M | 169.57M | 52.59M | 105.6M | 64.48M | 112.04M | 67.82M | 57.71M | 12.69M | 20.96M | 30.91M | 47.08M | 52.17M | 26.88M | 29.35M | 17.3M | 33.4M | 32.08M | 33.45M | 15.4M | 22.81M | 18.25M | 47.68M | 35.37M | 25.41M | 15.65M | 7.5M | 7M | 7.1M | 1.7M |
| Interest Paid | 0 | 0 | 82.76M | 0 | 31.98M | 0 | 31.2M | 32.01M | 25.1M | 11.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 7.48M | 0 | 22.46M | 0 | 8.85M | 0 | 104K | 310K | 85K | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 137.16M | 126.28M | 115.51M | 113.76M | 108.74M | 78.73M | 78.71M | 64.94M | 66.55M | 13.32M | 61.59M | -44.61M | -9.92M | 15.1M | 10.12M | 9.41M | 6.72M | 9.78M | 17.01M | 2.16M | 2.89M | 1.89M | 4.95M | -3.53M | -4.12M | 9.15M | 9.3M | 8.2M | -1M | 11.9M | 600K |
| FCF Growth % | 13.47% | 9.32% | 1.54% | 4.62% | 38.12% | 0.03% | 21.21% | -2.43% | 399.52% | -78.37% | 238.06% | -349.77% | -165.67% | 49.25% | 7.58% | 40.01% | -31.27% | -42.52% | 686.32% | -25.09% | 53.15% | -61.9% | 240.25% | 14.35% | -145.03% | -1.6% | 13.37% | 920% | -108.4% | 1883.33% | - |
Quick answers to the most common questions about buying MFIN stock.
Medallion Financial Corp. (MFIN) generated $126.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Medallion Financial Corp. (MFIN) generated $126.3M 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.
Medallion Financial Corp. (MFIN) spent $0.0M 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, Medallion Financial Corp. (MFIN) returned $11.0M to shareholders via cash dividends and spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Credit provision volatility
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Volatility
According to quarterly financial data, MFIN's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 8.34 in 2026Q1 and a low of -0.97 in 2025Q2, indicating that reported net income is a poor proxy for actual cash generation capabilities.
The extreme divergence between net income and operating cash flow suggests that non-cash provisions for credit losses and working capital adjustments are significantly distorting the company's earnings quality. Investors should interpret these swings as a sign of underlying instability in the core lending business rather than a reflection of sustainable cash-generating power.
FCF Trajectory Remains Highly Erratic
As reported in recent filings, MFIN's free cash flow margins have demonstrated extreme volatility, swinging from a negative 13.1% in 2025Q2 to a robust 84.5% in 2025Q3, which highlights the cyclical and unpredictable nature of the company's cash flow generation relative to its net income.
This erratic trajectory suggests that the company's cash flow is heavily influenced by the timing of loan originations and repayments rather than steady operational performance. The lack of a consistent FCF trend warrants caution, as it implies that the company may struggle to maintain liquidity during periods of credit market tightening.
Working Capital Swings Drive Liquidity
Based on historical cash flow statements, MFIN experienced a massive $55.1 million working capital outflow in 2025Q2 followed by a $46.0 million inflow in 2025Q3, demonstrating that the company's liquidity is primarily dictated by the episodic nature of its loan portfolio management and credit cycle dynamics.
These significant working capital movements suggest that the company's cash position is highly sensitive to the velocity of its lending activities. The reliance on these large, non-linear adjustments implies that the company's operational cash flow is not yet stabilized, potentially exposing the firm to liquidity risks if loan demand or repayment patterns shift unexpectedly.
Capital Allocation Prioritizes Dividend Continuity
As evidenced by recent financial disclosures, MFIN has consistently utilized cash to fund dividends despite volatile operating cash flows, with dividend payments totaling $3.1 million in 2026Q1 even as the company navigated significant fluctuations in its underlying cash generation and credit loss provisions.
The commitment to dividend payments during periods of negative or highly variable cash flow suggests a management focus on shareholder returns that may come at the expense of balance sheet flexibility. Investors should monitor whether this capital allocation strategy remains sustainable if the current credit environment continues to pressure the company's net interest margins.