Liquidity remains a primary concern as evidenced by the current ratio collapsing from 15.87 in 2023Q4 to 0.20 in 2025Q4, alongside a persistent disconnect between earnings and cash generation.
| 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 | 537.89M | 177.25M | 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, NEWTI consistently exhibits a significant divergence between net income and operating cash flow, with the OCF/NI ratio reaching a low of -14.58 in 2025Q2, suggesting that reported profits are not currently translating into realized cash inflows for the organization.
The persistent negative operating cash flow despite positive net income suggests that the company's accrual-based accounting, particularly regarding loan originations and servicing assets, is creating a substantial gap between paper earnings and liquidity. Investors should monitor whether this trend is a temporary byproduct of the bank conversion or a structural feature of the gain-on-sale business model.
Based on the provided quarterly data, NEWTI's free cash flow trajectory remains deeply negative, with a 2026Q1 FCF of -$91.0M, indicating that the company is currently consuming significant capital to sustain its lending operations and transition into a regulated financial holding company structure.
The consistent negative FCF margins, which reached -176.0% in 2025Q3, highlight the capital-intensive nature of the current business model. This trajectory warrants further investigation into how long the company can sustain such cash burn before needing to adjust its dividend policy or seek additional external financing.
According to recent SEC filings, working capital fluctuations are a primary driver of cash flow volatility, evidenced by a $40.0M swing in 2025Q1, which suggests that the timing of loan sales and servicing asset recognition significantly impacts the company's short-term cash position.
The erratic nature of working capital changes appears to be tied to the cyclicality of SBA loan originations and the subsequent sale of the guaranteed portions. This volatility makes it difficult to forecast cash flow stability, as the company's liquidity is heavily dependent on the efficiency of its secondary market execution.
As indicated by the financial data, NEWTI has continued to pay dividends despite negative free cash flow, with $6.5M distributed in 2026Q1, a practice that appears to prioritize shareholder returns even as the company's core operations consume significant amounts of cash.
The decision to maintain dividend payments while operating cash flow remains negative suggests a management commitment to income-seeking investors, though this strategy may be unsustainable if the cash burn persists. Analysts should evaluate whether this capital allocation is prudent given the regulatory capital requirements inherent in the new bank holding company structure.
Quick answers to the most common questions about buying NEWTI stock.
NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) generated $56.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) 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. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) 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. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) 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.