Cash flow quality remains highly questionable, as demonstrated by the extreme -590.37 operating cash flow to net income ratio in 2026Q1, which suggests that distributions may be funded by non-operational sources.
New England Realty Associates Limited Partnership (NEN) 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 | 7.58B | 27.66M | 36.5M | 28.36M | 21.54M | 15.78M | 17.45M | 22.45M | 25.63M | 16.14M | 15.34M | 13.81M | 11.84M | 13.44M | 11.95M | 9.09M | 8.31M | 9.57M | 4.41M | 8.64M | 8.59M | 8.07M | 7.86M | 7.67M | 11.33M | 10.73M | 10.04M | 9.27M | 5.46M | 5.03M | 4.17M |
| Operating CF Growth % | 83797.71% | -24.23% | 28.72% | 31.64% | 36.47% | -9.56% | -22.26% | -12.42% | 58.83% | 5.19% | 11.13% | 16.6% | -11.89% | 12.44% | 31.47% | 9.35% | -13.15% | 116.96% | -48.95% | 0.61% | 6.5% | 2.64% | 2.41% | -32.27% | 5.57% | 6.89% | 8.28% | 69.87% | 8.47% | 20.74% | 1698.89% |
| Operating CF / Revenue % | 7908.3% | 31.01% | 45.32% | 38.07% | 31.54% | 25.2% | 28.1% | 37.12% | 44.18% | 30.55% | 30.96% | 30.36% | 27.77% | 35.03% | 33.54% | 26.71% | 25.07% | 28.8% | 13.66% | 27.33% | 26.75% | 25.41% | 25.46% | 24.68% | 38.7% | 38.3% | 38.87% | 45.73% | 29.59% | 28.74% | 25.06% |
| Net Income | -6.98M | 6.03M | 15.66M | 8.45M | 3.72M | -2.7M | 1.42M | 6.55M | 4.17M | 6.94M | 4.95M | 3.77M | 1.02M | 5.66M | 3.63M | 1.57M | -1.36M | 1.61M | -3.48M | 1.19M | 1.4M | 9.46M | 1.61M | 2.77M | 7.83M | 6.65M | 7.39M | 3.65M | 2.23M | 1.27M | 912.43K |
| Depreciation & Amortization | 15.21B | 23.26M | 16.98M | 16.77M | 16.37M | 16.67M | 18.41M | 14.68M | 15.57M | 13.46M | 12.18M | 10.73M | 10.55M | 8.38M | 6.09M | 5.94M | 5.62M | 5.84M | 6.47M | 6.98M | 6.82M | 6.43M | 6.16M | 5.26M | 4.44M | 4.31M | 4.5M | 3.57M | 3.34M | 3.24M | 3.06M |
| 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 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.77B | -403.19K | 3.87M | 4.08M | 77.15K | 1.77M | 1.56M | -655.24K | 6.09M | -3.71M | -1.7M | -868.57K | 325.3K | -2.52M | 1.49M | 1.91M | 3.87M | 1.68M | 1.08M | 326.39K | 444.65K | -7.31M | 335.44K | 275.57K | -1.14M | -43.7K | -3.02M | -72.19K | 131.47K | -560.01K | -13.38K |
| Working Capital Changes | -6.34M | -1.24M | -14.65K | -948.63K | 1.37M | 45.78K | -3.94M | 1.87M | -199.96K | -549.33K | -88.01K | 168.36K | -61.04K | 1.92M | 737.86K | -334.38K | 180.44K | 442.45K | 354.37K | 145.47K | -78.26K | -507.54K | -246.21K | -627.88K | 212.02K | -177.98K | 1.17M | 2.12M | -236.74K | 1.08M | 213.16K |
| Cash from Investing | -3.85B | -54.32M | -21.57M | -42.55M | -93.07M | -2.33M | -1.72M | -29.28M | -2.44M | -45.53M | -2.83M | -10.18M | -2.54M | -22.91M | -1.05M | -2.98M | -1.25M | -18.74M | 183.42K | -3.51M | -5.1M | -1.01M | -17.36M | -13.24M | -3.77M | -4.7M | -1.13M | -10.79M | -3.24M | -4.12M | -3.17M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 5.98M | -81.11K | -11.73K | -43.42K | -1.12M | 4.72M | 1.04M | 1.73M | 2.79M | 358.75K | 1.31M | 1.41M | 1.25B | 0 | 0 | 6.36M | 2.8M | 8.97M | -17.36M | 0 | 7.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -31.06M | -191.14M | -223.77M | -177.85M | -81.11K | 0 | 0 | -14.33M | -47.74M | -2.47M | -7.34M | 0 | 0 | -59.38K | -26.45K | -123.3K | -15.95M | 0 | -45K | -2.35M | -6.93M | 0 | 0 | -1.21M | 0 | 0 | 0 | -2.36M | -2.02M | -2.65K |
| Sale of Investments | 59.52M | 116.03M | 182.02M | 181.23M | 89.52M | 3.4M | 0 | 0 | 0 | 7.46M | 4.29M | 2.87M | 0 | 0 | 0 | 0 | 1.14M | 325K | 2.91M | 2.9M | 50K | 2.17M | 0 | 0 | 1.66M | 0 | 0 | 180.98K | 1.42M | 51.53K | 0 |
| Other Investing | -3.91B | -139.28M | -12.46M | 0 | -4.74M | -2.25M | -1.7M | -29.23M | -1.32M | 542.24K | 1.29M | 990.26K | 272.5K | 3.83M | 59.38K | 8.3M | -1.25B | 20.65K | 7.4M | -6.36M | -2.8M | -2.61M | 8.1M | -5K | -5.89M | -1.9M | 4.22M | 64.06K | 33.27K | 7.68K | 48.55K |
| Cash from Financing | -5.64B | 35.71M | -15.75M | -16.57M | 25.01M | 63.99M | -4.64M | 5.32M | -21.37M | 29.16M | -15.34M | -7.35M | -9.3M | 16.51M | -7.97M | -5.31M | -6.7M | 1.3M | -733.11K | -8.02M | -5.77M | -4.87M | -5M | 10.95M | -5.27M | -3.82M | 4.32M | 2.13M | -2.05M | -2.28M | -1.87M |
| Dividends Paid | -5.58M | -16.79M | -11.24M | -9.95M | -9.27M | -4.67M | -4.68M | -4.7M | -4.48M | -7.99M | -6.73M | -3.79M | -3.86M | -3.89M | -3.93M | -3.68M | -3.69M | -3.71M | -3.92M | -4.78M | -4.84M | -4.84M | -4.7M | -5.09M | -4.43M | -3.06M | -2.54M | -2.28M | -1.42M | -1.53M | -1.2M |
| Common Dividends | -4.18M | -16.79M | 0 | 0 | -9.27M | -4.67M | -4.68M | -4.7M | -4.48M | -7.99M | -6.73M | -3.79M | -3.86M | -3.89M | -3.93M | -3.68M | -3.69M | -3.71M | -3.92M | -4.78M | -4.84M | -4.84M | -4.7M | -5.09M | -4.43M | -3.06M | -2.54M | -2.28M | -1.42M | -1.53M | -1.2M |
| Debt Issuance (Net) | -739.75K | 1000K | -1000K | -1000K | 1000K | 1000K | 569.86K | 1000K | -1000K | 1000K | -1000K | -132.07K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -926.19K | -30.56K | -295.41K | 1000K | -843.16K | -754.98K | 1000K | 1000K | -634.27K | -581.68K | -1000K |
| Share Repurchases | -1.77M | -821.19K | -1.67M | -3.93M | -5.33M | -450.26K | -394.03K | -4.05M | 0 | -42.55K | -1.63M | -3.43M | -2.69M | -1.09M | -906.21K | 0 | -540.91K | -1.51M | -23.05M | -5.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | -100K |
| Other Financing | -5.65B | -1.6M | 0 | -3K | 0 | -179.25K | -136.33K | -446.46K | -148K | -304.53K | -174.72K | 0 | -305.42K | -971.63K | -353.4K | -105.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.25M | 0 | 0 | 25.91K | 462.42K |
| Net Change in Cash | -1.91B | 9.05M | -614.52K | -31.33M | -46.52M | 77.44M | 11.1M | -1.51M | 1.82M | -224.79K | -2.83M | -3.72M | 2.52K | 7.03M | 2.93M | 804.8K | 365.7K | -7.87M | 3.86M | -2.88M | -2.28M | 2.19M | -14.5M | 5.39M | 2.28M | 2.21M | 13.23M | 621.36K | 166.8K | -1.37M | -875.52K |
| Exchange Rate Effect | 27.63K | 0 | 206.53K | -571.12K | 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 |
| Cash at Beginning | 25.56B | 17.62M | 18.23M | 49.56M | 96.08M | 18.65M | 7.55M | 9.06M | 7.24M | 7.46M | 10.3M | 14.02M | 14.01M | 6.98M | 4.05M | 3.25M | 2.88M | 10.75M | 6.89M | 9.77M | 12.05M | 9.86M | 24.36M | 18.97M | 16.69M | 14.48M | 1.24M | 623.08K | 456.28K | 1.83M | 2.71M |
| Cash at End | 24.75B | 26.67M | 17.62M | 18.23M | 49.56M | 96.08M | 18.65M | 7.55M | 9.06M | 7.24M | 7.46M | 10.3M | 14.02M | 14.01M | 6.98M | 4.05M | 3.25M | 2.88M | 10.75M | 6.89M | 9.77M | 12.05M | 9.86M | 24.36M | 18.97M | 16.69M | 14.48M | 1.24M | 623.08K | 456.28K | 1.83M |
| Free Cash Flow | 7.58B | 27.66M | 36.5M | 28.36M | 15.56M | 12.47M | 17.45M | 22.45M | 21.51M | -34.65M | 10.18M | 910.2K | 6.24M | -13.66M | 9.59M | -3.57M | 6.05M | 6.44M | -5.72M | 2.28M | 5.79M | 5.45M | -246.02K | -5.56M | 5.44M | 7.93M | 4.69M | -1.76M | 3.13M | 2.87M | 949.46K |
| FCF Growth % | 19607.54% | -24.23% | 28.72% | 82.25% | 24.81% | -28.57% | -22.26% | 4.35% | 162.1% | -440.37% | 1018.35% | -85.4% | 145.64% | -242.45% | 368.71% | -159.04% | -6.07% | 212.61% | -350.57% | -60.63% | 6.22% | 2316.79% | 95.58% | -202.25% | -31.4% | 69.02% | 366.91% | -156.06% | 9.3% | 202.09% | 103% |
| FCF / Revenue % | 7908.3% | 31.01% | 45.32% | 38.07% | 22.78% | 19.9% | 28.1% | 37.12% | 37.08% | -65.58% | 20.54% | 2% | 14.63% | -35.61% | 26.92% | -10.49% | 18.23% | 19.37% | -17.7% | 7.21% | 18.04% | 17.18% | -0.8% | -17.89% | 18.58% | 28.3% | 18.16% | -8.67% | 16.99% | 16.38% | 5.71% |
Quick answers to the most common questions about buying NEN stock.
New England Realty Associates Limited Partnership (NEN) generated $27.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
New England Realty Associates Limited Partnership (NEN) generated $27.7M 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.
New England Realty Associates Limited Partnership (NEN) 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, New England Realty Associates Limited Partnership (NEN) returned $16.8M to shareholders via cash dividends and spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Refinancing and Regulatory Exposure
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Divergence
As reported in recent financial statements, NEN's operating cash flow to net income ratio reached an extreme -590.37 in 2026Q1, highlighting a profound disconnect between accounting losses and cash generation that warrants significant caution regarding the underlying quality of the partnership's reported earnings and operational performance.
The massive divergence between net income and operating cash flow suggests that non-cash charges, likely related to depreciation or valuation adjustments, are heavily distorting the bottom line. Investors should monitor whether this gap represents a structural inability to convert earnings into cash or merely accounting noise inherent to the partnership's legacy asset base.
Free Cash Flow Margin Volatility
Based on the provided cash flow data, NEN's free cash flow margins have exhibited extreme volatility, swinging from 9.9% in 2025Q3 to 95.5% in 2026Q1, which suggests that the partnership's ability to generate sustainable cash flow is highly sensitive to irregular timing of operational inflows and outflows.
This erratic trajectory indicates that NEN may lack the consistent cash-generative profile required to support long-term distribution commitments without relying on external financing. The lack of a stable FCF trend complicates the assessment of the partnership's true economic health and its capacity to navigate potential interest rate headwinds.
Working Capital Efficiency and Liquidity
According to the latest quarterly filings, NEN experienced a negative working capital change of $1.5 million in 2026Q1, which appears to be a recurring theme that periodically drains liquidity and complicates the partnership's ability to maintain a consistent cash buffer for its ongoing property management operations.
The frequent fluctuations in working capital suggest that the partnership may be struggling with the timing of collections or the management of property-level payables. This inconsistency in cash conversion cycles may force management to prioritize liquidity preservation over capital improvements, potentially impacting the long-term competitiveness of their aging residential portfolio.
Distribution Sustainability Under Financial Pressure
As indicated by the reported figures, NEN's dividend payments have remained relatively consistent despite the partnership's recent net losses, with $1.4 million paid out in 2026Q1, suggesting that distributions may be increasingly funded by debt or asset-level cash rather than sustainable operational earnings growth.
The decision to maintain distributions while facing negative net income and volatile cash flows may indicate a commitment to unit-holders that could eventually compromise the partnership's balance sheet strength. Investors should investigate whether these payouts are sustainable in a higher interest rate environment where refinancing costs are likely to escalate.