Operational cash flow remains strained, evidenced by a negative OCF/NI ratio of -9.35 in 2025Q3 and a structural FCF margin of -124.2% in 2026Q1.
| 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 |
|---|
| Cash from Operations | -434.65M | 55.98M | -153.01M | -169.22M | -62.42M | 140.92M | 17.76M | -88.96M | -73.67M | -72.94M | -14.1M | -37.95M | -14.37M | 4.97M | -4.35M | 11.4M | -2.21M | 3.13M | -9.54M | -2.01M | 1.88M | -5.84M | -5.58M | -11.98M | -9.91M | -5.84M | -6.5M | -2.4M |
| Operating CF Margin % | - | 17.38% | -47.99% | -66.93% | -47.47% | 83.75% | 19.13% | -100.19% | -148.78% | -187.43% | -45.53% | -145.57% | -11.04% | 3.64% | -3.32% | 9.81% | -1.98% | 3.25% | -10.84% | -2.55% | 2.13% | -6.09% | -7.95% | -19.8% | - | - | -74.64% | -20.22% |
| Operating CF Growth % | -1127.06% | 136.58% | 9.58% | -171.11% | -144.29% | 693.35% | 119.97% | -20.76% | -1% | -417.31% | 62.85% | -164.1% | -388.9% | 214.24% | -138.18% | 616.53% | -170.59% | 132.79% | -375.34% | -206.7% | 132.21% | -4.66% | 53.41% | -20.88% | -69.74% | 10.22% | -170.65% | - |
| Net Income | 64.55M | 60.51M | 50.85M | 47.33M | 32.31M | 84.14M | 33.62M | 41.13M | 35.68M | 38.98M | 27.3M | 35.74M | 3.97M | 7.53M | 5.56M | 3.22M | 1.29M | -1.41M | -11.02M | -11.22M | -2.12M | 7.73M | 10.62M | 9.38M | 7.3M | 929.56K | -3.79M | 5.43M |
| Depreciation & Amortization | -1.87M | 668K | 1.78M | 2.88M | 239K | 304K | 402K | 501K | 484K | 402K | 296K | 326K | 3.18M | 3.28M | 3.04M | 3.96M | 4.68M | 5.85M | 7.58M | 7.36M | 6.37M | 4.51M | 2.46M | 484.48K | 147.68K | 74.05K | 6.15K | 2.27K |
| Stock-Based Compensation | -3.67M | 0 | 4.06M | 2.83M | 0 | 0 | 0 | 0 | 0 | 963K | 0 | 0 | 865K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -34K | 0 | 10.4M | -4.8M | 6.46M | 1.33M | -999K | 3.16M | 1.08M | 2.18M | 5.13M | 825K | 16K | -1.4M | -2.77M | -4.26M | -3.01M | -1.71M | -2.98M | -6.55M | -613K | 6.79M | 6.47M | 7.09M | 2.66M | 534.62K | 1.14M | 0 |
| Other Non-Cash Items | -438.35M | -64.14M | -218.81M | -129.34M | -48.99M | -84.08M | -9.09M | -113.32M | -75.14M | -103.43M | -73.38M | -32.6M | -29.57M | 4.73M | 3.36M | 9.03M | 1.85M | 1.38M | 4.66M | 5.76M | -4.76M | -18.54M | -24.1M | -31.41M | -19.9M | -7.56M | -737.56K | -6.1M |
| Working Capital Changes | -55.28M | 58.94M | -1.3M | -88.12M | -52.44M | 139.23M | -6.17M | -20.43M | -35.76M | -12.03M | 26.55M | -42.24M | 7.17M | -9.16M | -13.54M | -540K | -7.03M | -977K | -7.78M | 2.64M | 3M | -6.33M | -1.02M | 2.48M | -117.87K | 181.86K | -3.12M | -1.73M |
| Change in Receivables | -45.42M | 52.03M | 9.69M | -61.74M | 44.54M | 8.19M | -1.56M | 0 | 0 | 0 | 29.67M | 0 | 568K | 1.81M | -2.77M | 6.63M | -4.98M | 0 | 0 | 3.61M | 3.62M | -1.6M | -1.69M | 627.39K | 258.25K | 1.19M | -4.21M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.25M | 388.36K | 1.37M | -7.34M | 0 |
| Change in Payables | 3.95M | -2.84M | 6.16M | -22.55M | 9.02M | 1.19M | 0 | 0 | 0 | 0 | 0 | 1.73M | 0 | 3.72M | 0 | 2.54M | 0 | -1.15M | -514K | -1.41M | -656K | -1.48M | -1.76M | 1.85M | -376.12K | -1.01M | 1.09M | 0 |
| Cash from Investing | -592.65M | -880.51M | -209.05M | -172.24M | -11K | 0 | -10K | -126K | -627K | -446K | -375K | 302K | -30.04M | -36.12M | -22.5M | -17.81M | -6.34M | 3.4M | -1.53M | 1.82M | 18.41M | -18.72M | -4.76M | 2.7M | 9.27M | -1.98M | -9.65M | -7.88M |
| Capital Expenditures | -148K | -106K | -439K | -458K | -11K | 0 | -10K | -126K | -627K | -446K | -375K | -105K | -1.39M | -2.03M | -3.06M | -1.5M | -2.08M | -1.76M | -3.5M | -6.39M | -2.77M | -3.83M | -1.59M | -323.9K | -279.44K | -107.36K | -28.9K | 0 |
| CapEx % of Revenue | 0.04% | 0.03% | 0.14% | 0.18% | 0.01% | - | 0.01% | 0.14% | 1.27% | 1.15% | 1.21% | 0.4% | 1.07% | 1.49% | 2.33% | 1.29% | 1.86% | 1.83% | 3.97% | 8.12% | 3.14% | 4% | 2.27% | 0.54% | - | - | 0.33% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 63.63M | 2.22B | 1.42B | 937.44M | 283.6M | 758.78M | 671.19M | 659.04M | 541.1M | 456.69M | 345.22M | 267.77M | 235.69M | 98.02M | 68.2M | 61.76M | 93.75M | 127.35M | 174.16M | 122.34M | 152.66M | 33.18M | 9.63M | 55.67M | 10.11M | 0 | 0 | 0 |
| Other Investing | -380.37M | -246.11M | -63.37M | -182.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 407K | -28.65M | 1.53M | 1.17M | 1.04M | 533K | 1.18M | 4.24M | 758K | 2.8M | 1.51M | -24.46M | 15.54M | 8.87M | 11.13M | 0 | 0 |
| Cash from Financing | 1.14B | 753.45M | 560.9M | 344.97M | 1.18M | -5.49M | 465K | 90.94M | 85.11M | 71.02M | 10.19M | 24.14M | 53.08M | 29.43M | 29.88M | 7.22M | 6.34M | -10.8M | 2.55M | -1.13M | -17.54M | 18.96M | 17.93M | 1.55M | 10.64M | 4.29M | 25.39M | 34.16M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 3.86M | 52.05M | 13.42M | 19.49M | 2.02M | 50.01M | 25.57M | 33.74M | -109K | 56.66M | -866K | 35.29M | 0 | 0 | -967K | -16K | 0 | 0 | -458K | -249K | -54K | -995K | 22.84M | 4.46M | 2.09M | 726.39K | 3.56M | 0 |
| Dividends Paid | -29.29M | -28.04M | -441K | -14.15M | -64.54M | -70.14M | -42.58M | -40.77M | -32.43M | -28.2M | -27.3M | -24.31M | 0 | 0 | 0 | 0 | 0 | -726K | 0 | -274K | 0 | 0 | 0 | 0 | 0 | -607.54K | -903.48K | -245.07K |
| Share Repurchases | -1.49M | -1.49M | -402K | 0 | 0 | 0 | 0 | -93K | 0 | 0 | -866K | 0 | 29.73M | 0 | -967K | -16K | 0 | 0 | -458K | -249K | -54K | -1.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 704.12M | 449.13M | 482.63M | -4.84M | -3.38M | -6.87M | -904K | -3.99M | 1.25M | -2.33M | -2.71M | 1.08M | 28.07M | -9.43M | 7.44M | -4.07M | -4.52M | -373K | -193K | 1.96M | -348K | -318K | 645K | -2.09M | 50.5K | -519.3K | 1.52M | 2.98M |
| Net Change in Cash | 108.88M | -71.08M | 197.37M | 58.4M | -61.25M | 135.44M | 18.22M | 1.86M | 10.81M | -2.36M | -4.28M | -13.51M | 13.4M | -1.72M | 3.03M | 819K | -2.2M | -4.27M | -8.52M | -1.31M | 2.75M | -5.6M | 7.59M | -7.73M | 10M | -3.53M | 9.24M | 23.89M |
| Free Cash Flow | -434.81M | 55.87M | -153.45M | -169.68M | -62.43M | 140.92M | 17.75M | -89.08M | -74.29M | -73.38M | -14.47M | -38.06M | -15.76M | 2.94M | -7.41M | 9.91M | -4.28M | 1.36M | -13.04M | -8.4M | -890K | -9.67M | -7.17M | -12.3M | -10.19M | -5.94M | -6.53M | -2.4M |
| FCF Margin % | -131.01% | 17.34% | -48.13% | -67.11% | -47.48% | 83.75% | 19.12% | -100.33% | -150.04% | -188.57% | -46.74% | -145.98% | -12.11% | 2.15% | -5.65% | 8.52% | -3.83% | 1.42% | -14.82% | -10.66% | -1.01% | -10.09% | -10.22% | -20.33% | - | - | -74.97% | -20.22% |
| FCF Growth % | -112.11% | 136.41% | 9.56% | -171.79% | -144.3% | 693.8% | 119.93% | -19.91% | -1.24% | -406.99% | 61.97% | -141.49% | -635.66% | 139.71% | -174.79% | 331.31% | -414% | 110.46% | -55.18% | -843.93% | 90.8% | -34.87% | 41.69% | -20.75% | -71.38% | 8.97% | -171.85% | - |
| FCF per Share | -13.95 | 2.18 | -6.09 | -6.97 | -2.58 | 6.18 | 0.84 | -4.61 | -3.97 | -4.24 | -1.00 | -3.53 | -1.46 | 0.39 | -1.01 | 1.37 | -0.60 | 0.19 | -1.82 | -1.17 | -0.13 | -1.41 | -1.18 | -2.35 | -2.10 | -1.36 | -1.69 | -0.66 |
| FCF Conversion (FCF/Net Income) | -6.74x | 0.93x | -3.01x | -3.58x | -1.93x | 1.67x | 0.53x | -2.16x | -2.06x | -1.87x | -0.52x | -1.06x | -3.62x | 0.66x | -0.77x | 3.42x | -1.53x | -7.29x | 0.91x | 0.18x | -0.89x | -0.76x | -0.53x | -1.25x | -1.21x | -6.28x | 1.90x | -0.44x |
| Interest Paid | 72.69M | 97.48M | 79.19M | 66.47M | 0 | 20.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.99M | 2.84M | 1.35M | 1.29M | 1.29M | 1.63M | 2.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 12.5M | 12.5M | 7.43M | 6.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.78M | 5.4M | 1.28M | 388K | 752K | 289K | 907K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
SBA secondary market volatility
As reported in financial statements, NewtekOne consistently exhibits a negative OCF/NI ratio, with the 2025Q3 figure reaching -9.35, indicating that reported net income is not currently translating into cash generation, a trend that warrants significant caution for investors evaluating the company's underlying operational quality.
The persistent gap between net income and operating cash flow suggests that the company's accounting earnings are heavily influenced by non-cash fair value adjustments and accruals. This divergence implies that the reported profitability may not be indicative of the actual cash-generating capacity of the business model.
Based on the provided quarterly data, NewtekOne's free cash flow has remained consistently negative over the last ten quarters, culminating in a -124.2% FCF margin in 2026Q1, which highlights a structural inability to fund operations through internal cash generation during this transition period.
The consistent failure to generate positive free cash flow suggests that the company is currently reliant on external financing or balance sheet liquidity to sustain its operations. Investors should monitor whether this trend reverses as the bank holding company model matures or if it indicates a permanent cash-burning operational structure.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $40.0M inflow in 2025Q1 to a $74.2M outflow in 2026Q1, reflecting the inherent instability in managing liquidity within a diversified financial services firm undergoing a major structural pivot.
These sharp fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of loan originations and sales. Such volatility complicates the predictability of cash flows and may indicate operational friction in managing the liquidity needs of the various business segments.
As noted in financial disclosures, NewtekOne has continued to pay dividends despite negative free cash flow, with $6.5M paid out in 2026Q1, a practice that appears to prioritize shareholder returns over the preservation of cash during a period of significant operational transition.
The decision to maintain dividend payments while operating cash flow remains negative suggests a management focus on maintaining investor confidence during the bank conversion. However, this strategy may limit the company's financial flexibility and warrants further investigation into the sustainability of these payouts if cash flow does not improve.
Quick answers to the most common questions about buying NEWT stock.
NewtekOne, Inc. (NEWT) generated $56.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NewtekOne, Inc. (NEWT) generated $55.9M 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.
NewtekOne, Inc. (NEWT) 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, NewtekOne, Inc. (NEWT) returned $28.0M to shareholders via cash dividends and spent $1.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.