Free cash flow remains consistently negative, with quarterly outflows ranging up to $9.3 million in 2025Q4, reflecting a structural inability to generate internal funding.
| 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 |
|---|
| Cash from Operations | -23.34M | -23.21M | -17.14M | -22.11M | -23.96M | -32.48M | -57.82M | -64.74M | -64.1M | -43.02M | -24.01M | -37.55M | -27.81M | -7.85M | -10.46M | -7.49M | -5.99M | -3.91M | 18.99M | -61.55M | -48.18M | -46.45M | -33.23M | -6.35M | -4.4M | -1.31M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -100.47% | -35.35% | 22.46% | 7.71% | 26.23% | 43.83% | 10.69% | -1% | -49.01% | -79.14% | 36.04% | -35.01% | -254.13% | 24.95% | -39.8% | -25.04% | -53.25% | -120.57% | 130.85% | -27.74% | -3.73% | -39.79% | -423.14% | -44.22% | -235.98% | - |
| Net Income | -39.64M | -104.37M | -36.15M | -21M | -24.44M | -31.54M | -63.87M | -69.19M | -15.96M | -64.86M | -26.98M | -33.83M | -31.35M | -7.58M | -15.66M | -20.14M | -14.12M | -12.74M | -149.91M | -104.01M | -58.38M | -50.32M | -41.7M | -8.3M | -5.11M | -1.45M |
| Depreciation & Amortization | 170.11K | 172K | 162K | 164K | 259K | 329K | 533K | 647K | 234K | 176K | 205K | 279K | 282K | -332K | 0 | 0 | 0 | 0 | 182K | 145.99K | 123.91K | 93.18K | 45.99K | 3.83K | 721 | 287 |
| Stock-Based Compensation | 1.32M | 1.45M | 27K | 1.07M | 2.3M | 2.86M | 9.34M | 3.97M | 4.73M | 5.86M | 3M | 903K | 3.88M | 641K | 5.22M | 14.21M | 8.37M | 8.48M | 5.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 46K | 2.06M | 112K | -48.69M | 511K | 25K | -1.51M | -2.29M | 184K | 0 | 0 | 0 | 0 | -33K | -3.81M | -637.5K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.61M | 79.66M | 17.46M | -1.34M | -249K | -192K | -137K | -223K | -684K | 6.4M | -33K | -123K | -478K | -1.14M | -794K | -143K | -494K | 233K | 157.69M | 11.11M | 6.05M | 4.09M | 6.01M | 1.67M | 1.01M | 0 |
| Working Capital Changes | -630.25K | -121K | 1.35M | -1.01M | -1.83M | -3.97M | -5.74M | -57K | -3.74M | 8.9M | -224K | -3.26M | 2.15M | 375K | 767K | -1.41M | 250K | 122K | 5.63M | -557.16K | 4.86M | -315.21K | 2.41M | 272.47K | -300.56K | 143.78K |
| Change in Receivables | 232.55K | -152K | 1.02M | -259K | -565K | -17K | -550K | 481K | -123K | -317K | 405K | -8K | 303K | 84K | 48K | -616K | -91K | 0 | -109K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 393K | -437K | -173K | -76K | 314K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.43M | 144K | 345K | -799K | -1.12M | -3.48M | -6.13M | -158K | -3.5M | 9.62M | -645K | -4.37M | 1.75M | 1.25M | 91K | -282K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 50.55M | 50.54M | 14.59M | 2.95M | 15.67M | 164K | 130K | 220K | 652K | -59K | 1.8M | 594K | 199K | 6.08M | 445K | 345K | -3.65M | 335K | -127K | -197.64K | 130.26K | -106.28K | -432.06K | -9.65K | 0 | -2.49K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -31K | 0 | 0 | 0 | -20K | -473K | 0 | -28K | 0 | 0 | 0 | 0 | -1.05M | 0 | -127K | -226.44K | -346.15K | -106.28K | -432.06K | -13.06K | 0 | -2.49K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 15.46M | 0 | 0 | 6K | 31K | 0 | 0 | 70K | 0 | 5.45M | 0 | 0 | 0 | 0 | 0 | 0 | -81.88K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 50.55M | 50.54M | 14.59M | 2.95M | 238K | 164K | 130K | 214K | 672K | 414K | 44K | 342K | 199K | 633K | 445K | 345K | -2.59M | 335K | 0 | 28.8K | -2 | 0 | 0 | 3.4K | 0 | 0 |
| Cash from Financing | 13.64M | 11.96M | -123K | 23.31M | -129K | 12.19M | 87.97M | 63.83M | 10.59M | 104.69M | 21.97M | 35.01M | 11.27M | 30K | 97K | 4.21M | 5.16M | 2.63M | 0 | 8.4M | 128.8M | 47.03M | 42.69M | 9.38M | 2.78M | 1.01M |
| Debt Issued (Net) | -165K | -174K | -146K | 19.95M | -129K | -200K | -2.82M | 1.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 371.22K |
| Equity Issued (Net) | 5.11M | 12.26M | 0 | 3.42M | 0 | 872K | 82.64M | 65.87M | 0 | 45.89M | 16.03M | 5.17M | 0 | 0 | 97K | 4.21M | 5.16M | 2.63M | 0 | 4.66M | 128.8M | 47.03M | 42.69M | 9.38M | 2.13M | 634.37K |
| Dividends Paid | 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 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.74M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 8.7M | -120K | 23K | -59K | 0 | 11.52M | 8.15M | -4M | 10.59M | 58.8M | 5.94M | 29.84M | 11.27M | 30K | 0 | 0 | 0 | 0 | 0 | 3.74M | 0 | 117 | 0 | 0 | 650K | 2 |
| Net Change in Cash | 39.97M | 38.59M | -2.06M | 4.03M | -8.12M | -20.17M | 28.42M | -834K | -52.29M | 59.96M | -313K | -1.94M | -16.35M | -1.74M | -9.92M | -2.94M | -4.49M | -1.07M | 18.86M | -53.35M | 80.74M | 472.59K | 9.03M | 3.02M | -1.62M | -307.71K |
| Free Cash Flow | -23.34M | -23.21M | -17.14M | -22.11M | -23.99M | -32.48M | -57.82M | -64.74M | -64.12M | -43.49M | -24.01M | -37.57M | -27.81M | -7.85M | -10.46M | -7.49M | -7.04M | -3.91M | 18.86M | -61.78M | -48.53M | -46.56M | -33.66M | -6.36M | -4.4M | -1.31M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -26.13% | -35.35% | 22.46% | 7.83% | 26.13% | 43.83% | 10.69% | -0.97% | -47.43% | -81.11% | 36.09% | -35.11% | -254.13% | 24.95% | -39.8% | -6.31% | -80.26% | -120.71% | 130.53% | -27.3% | -4.24% | -38.32% | -428.86% | -44.52% | -235.34% | - |
| FCF per Share | -0.04 | -0.04 | -0.03 | -0.04 | -0.05 | -0.06 | -0.12 | -0.18 | -0.21 | -0.14 | -0.10 | -0.26 | -0.29 | -0.08 | -0.11 | -0.08 | -0.08 | -0.04 | 0.20 | -0.67 | -0.62 | -0.83 | -0.84 | -0.27 | -0.32 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.59x | 0.22x | 0.47x | 1.40x | 0.98x | 1.30x | 0.90x | 0.94x | 4.02x | 0.66x | 0.89x | 1.11x | 0.89x | 3.11x | 0.67x | 0.37x | 0.42x | 0.31x | -0.13x | 0.59x | 0.83x | 0.92x | 0.80x | 0.77x | 0.86x | 0.90x |
| Interest Paid | 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 |
| Taxes Paid | 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 |
Regulatory and Permitting Blockade
As reported in financial statements, Northern Dynasty's net income frequently diverges from operating cash flow, exemplified by the 2026Q1 net income of $21.2 million against a $4.8 million cash outflow, suggesting that accounting profits are entirely decoupled from the company's underlying cash-burning operational reality.
The lack of correlation between net income and operating cash flow indicates that reported earnings are driven by non-cash or non-operating adjustments rather than core business activity. Investors should monitor this divergence, as it obscures the persistent depletion of liquidity required to sustain the company's legal and administrative overhead.
Based on the company's reported figures, free cash flow remains consistently negative across all ten observed quarters, with quarterly outflows ranging from $3.3 million to $9.3 million, reflecting a structural inability to generate internal funding while the Pebble project remains stalled in a regulatory blockade.
The absence of positive free cash flow is a direct consequence of the company's pre-revenue status and high fixed-cost litigation profile. This trajectory suggests that the firm will remain entirely dependent on external capital markets until a fundamental change in the project's regulatory status occurs.
According to recent SEC filings, working capital changes are highly erratic, swinging from a $3.5 million outflow in 2023Q4 to a $1.9 million inflow in 2024Q1, which likely reflects the timing of legal payments and administrative accruals rather than any underlying operational efficiency or inventory management.
These fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of legal and permitting-related expenditures. The lack of a stable working capital cycle underscores the firm's reliance on cash-on-hand to meet unpredictable, event-driven obligations.
Based on the provided data, the company's cash flow statement obscures the true cost of operations by relying on stock-based compensation, which reached $773,000 in 2025Q4, effectively shifting the burden of executive and administrative compensation from cash outflows to future shareholder dilution.
While stock-based compensation preserves immediate cash, it represents a significant hidden cost that dilutes existing equity holders. Analysts should interpret these non-cash expenses as a form of financing that masks the true, higher cost of maintaining the company's current administrative and legal structure.
Quick answers to the most common questions about buying NAK stock.
Northern Dynasty Minerals Ltd. (NAK) generated $-23.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Northern Dynasty Minerals Ltd. (NAK) reported negative free cash flow of $23.2M in 2025, indicating capital requirements exceeded cash from operations.
Northern Dynasty Minerals Ltd. (NAK) 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.