Cash flow generation is erratic, highlighted by a $1.2 billion outflow in 2024Q3 and a subsequent $544.9 million inflow in 2024Q1, complicating dividend sustainability.
| 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 |
|---|
| Cash from Operations | 129.52M | 454.17M | 850.35M | 487.01M | 438.94M | 1.56B | 652.13M | 1.15B | -617.02M | -336.31M | -317.91M | -943.23M | -4.33B | 5.44B | 6.96B | 1.13B | 3.38B | -631.56M |
| Operating CF Margin % | - | 66.83% | 101.06% | 63.91% | 89.33% | 104.43% | 202.06% | 124.4% | -44.73% | -22.92% | -27.62% | -67.18% | -186.05% | 146.81% | 147.85% | 25.24% | 65.41% | -28.2% |
| Operating CF Growth % | -271.33% | -46.59% | 74.61% | 10.95% | -71.86% | 139.21% | -43.09% | 285.71% | -83.47% | -5.79% | 66.3% | 78.2% | -179.59% | -21.87% | 515.91% | -66.58% | 635.23% | - |
| Net Income | 286.67M | 523.22M | 787.06M | 221.18M | 203.65M | 631.66M | 165.72M | 154.84M | 464.55M | 689.48M | 566.1M | -1.53B | 2.18B | 6.21B | 6.67B | -308.64M | 5.28B | 11.87B |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 1.58M | 2.33M | 2.05M | 20.29M | 25.86M | 15.78M | 16.22M | 14.02M | 8M | 7.12M | 7.4M | 6.58M | 6.48M | 6.79M |
| Stock-Based Compensation | 3K | 27K | -91.86M | 14.59M | 6.57M | 10.52M | 17.36M | 65.53M | 62.99M | 59.34M | 63.72M | 54.38M | 41.4M | 28.44M | 36.34M | 948.75M | 949.38M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 505K | 335K | -1.04M | 122K | 223.81M | -97.72M | -99.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -489.78M | -13.42M | -98.44M | 278.02M | 357.72M | 651.58M | 407.93M | 668.17M | -1.32B | -1.23B | -985.73M | 571.37M | -5.88B | -1.36B | 296.08M | 473.3M | -2.83B | -10.51B |
| Working Capital Changes | -2.98M | -55.65M | 253.59M | -26.78M | -131.07M | 263.51M | 60.1M | 181.97M | -72.43M | 224.51M | 121.21M | -50.04M | -670.17M | 549.99M | -54.88M | 9.63M | -23.41M | -2B |
| Change in Receivables | 67.24M | -9.04M | 25.35M | -127.27M | 73.11M | -141.88M | -75.32M | -20.9M | 36.13M | 40.13M | 54.48M | 7.9M | 131.05M | 186.88M | -373.06M | 42.32M | 328.83M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -37.43M | -21.84M | 65M | 70.02M | -260.37M | 500.67M | 229.89M | 182.05M | -8.9M | 10.34M | 30.23M | 37.95M | 11.02M | 65.31M | 111.75M | -5.65M | -65.61M | 0 |
| Cash from Investing | 265.06M | 716.14M | -919.19M | -361.27M | -1.83B | -2.92B | -741.34M | -2.86B | -493.15M | 342.96M | -98.59M | -53.63M | -39.73M | -417.63M | 55.05M | -262.54M | -127.2M | -83.32M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -466K | -583K | -710K | -6.76M | -5.82M | -29.41M | -70.43M | -23.72M | -5M | -4.61M | -5.22M | -10.38M | -2.95M | -6.98M |
| CapEx % of Revenue | 0% | - | - | - | 0.09% | 0.04% | 0.22% | 0.73% | 0.42% | 2% | 6.12% | 1.69% | 0.22% | 0.12% | 0.11% | 0.23% | 0.06% | 0.31% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 6.46B | 6.5B | 6.69B | 5.11B | 1.02M | -10.41B | -9.28B | 8.29B | 6.85B | 5.69B | 45.39B | 46.72B | 40.08B | 38.84B | 39.12B | 39.8B | 36.86B |
| Other Investing | 691.69M | 655.99M | -4.05B | -5.26B | 0 | 0 | 0 | -3.33B | 324.9M | 269.27M | 181.77M | 57.95M | 38.34M | -47.36M | 65.82M | 12.46M | 15.5M | -3.06M |
| Cash from Financing | -1.03B | -1.43B | 309.04M | 38.8M | 1.27B | 1.56B | 541.65M | 2.07B | 994.98M | -51.03M | 763.33M | 992.27M | 5.09B | -5.31B | -7.59B | -3.67B | -858.65M | 315.08M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.19M | 388.61M | -12.32M | -12.76M | -4.93M | -1.83M | -833K | -14.81M | -39.62M | -7.13M | -4.66M |
| Dividends Paid | -530.43M | -6.09M | -340.85M | -124.61M | -217.91M | -492.99M | -97.11M | -466.75M | -223.22M | -562.05M | -394.46M | -372.65M | -550.82M | -781.91M | -424.07M | -469.74M | -453.21M | -183.51M |
| Share Repurchases | 0 | 0 | 0 | 0 | -17.45M | 0 | 0 | -12.19M | -231.72M | -12.32M | -12.76M | -242.75M | -298.49M | -420.74M | -337.07M | -39.62M | -7.13M | -4.66M |
| Other Financing | -243.95M | -1.27B | -638.22M | 212.45M | -171.79M | -277.42M | 638.77M | -471.24M | 103.29M | 170.2M | 63.09M | -1.26B | 1.4B | -6.29B | -7.56B | -3.36B | -192.67M | 342.89M |
| Net Change in Cash | -422.22M | -259.11M | 113.17M | 160.55M | -982.99M | -41.22M | 358.55M | 10.07M | -127.74M | 265K | -2.37B | -17.39M | 710.83M | -290.86M | -577.13M | -2.8B | 2.38B | -388.38M |
| Free Cash Flow | -19.68M | 454.17M | -538.64M | 487.01M | 438.48M | 1.56B | 651.42M | 1.14B | -622.83M | -365.72M | -388.34M | -966.95M | -4.33B | 5.43B | 6.95B | 1.12B | 3.38B | -638.54M |
| FCF Margin % | -3.43% | 66.83% | -64.01% | 63.91% | 89.24% | 104.39% | 201.84% | 123.66% | -45.15% | -24.92% | -33.74% | -68.87% | -186.26% | 146.69% | 147.74% | 25.01% | 65.35% | -28.51% |
| FCF Growth % | 97.56% | 184.32% | -210.6% | 11.07% | -71.88% | 139.38% | -42.81% | 282.89% | -70.3% | 5.82% | 59.84% | 77.68% | -179.75% | -21.87% | 521.16% | -66.86% | 628.92% | - |
| FCF per Share | - | 3.84 | -4.71 | 4.53 | 4.30 | 15.75 | 6.61 | 14.23 | -8.83 | -5.70 | -6.21 | -19.60 | -101.72 | 155.28 | 246.79 | 37.08 | 111.90 | -21.16 |
| FCF Conversion (FCF/Net Income) | -0.07x | 1.82x | 2.77x | 2.20x | 2.16x | 2.47x | 3.94x | 7.40x | -2.76x | -1.45x | -1.63x | -13.22x | -34.26x | 24.49x | 64.53x | -11.77x | -68.35x | 11.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 131.11M | 146.34M | 99.74M | 159.46M | 79.22M | 47.36M | 37.74M | 34.67M | 31.78M | 17.18M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.1M | 22.85M | 15.18M | 5.59M | 7.95M | 15.53M | 18.52M | 18.92M | 23.05M | 8.58M |
Performance fee realization volatility
As reported in financial statements, OAK-PB exhibits extreme volatility in the relationship between net income and operating cash flow, with OCF/NI ratios swinging from -22.35 in 2025Q1 to 7.64 in 2025Q2, indicating that reported earnings are a poor proxy for actual cash generation.
The wide variance between net income and operating cash flow suggests that non-cash accruals and the timing of incentive fee realizations dominate the firm's cash profile. Investors should interpret these fluctuations as a reflection of the underlying fund lifecycle rather than operational inefficiency, though the lack of consistent conversion warrants caution.
Based on OAK-PB's reported figures, free cash flow trajectory remains highly inconsistent, with quarterly results oscillating between a $1.2 billion outflow in 2024Q3 and a $544.9 million inflow in 2024Q1, reflecting the lumpy nature of capital deployment and performance fee cycles within the firm.
The inability to maintain a stable FCF trajectory suggests that the firm's cash position is highly sensitive to the timing of fund exits and capital calls. This volatility may complicate dividend sustainability, as cash availability appears to be driven by episodic events rather than predictable, recurring management fee streams.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, evidenced by a $257.1 million inflow in 2024Q1 followed by a $124.6 million outflow in 2023Q4, highlighting the impact of timing differences in fund-related receivables and payables.
These swings suggest that the firm's cash flow is heavily influenced by the mechanics of fund accounting and the timing of distributions to partners. Analysts should monitor these movements closely, as they often obscure the underlying health of the core investment management business.
Based on reported financial statements, OAK-PB has maintained significant dividend distributions despite erratic cash flow, with payments totaling $175.3 million in 2025Q4 even as operating cash flow turned negative, suggesting a reliance on balance sheet liquidity to sustain shareholder returns during periods of low realization.
The firm's commitment to dividends during periods of negative operating cash flow may indicate a high level of confidence in future performance fee realizations. However, this strategy risks depleting liquidity if the current cycle of low realization events persists longer than anticipated.
Quick answers to the most common questions about buying OAK-PB stock.
Oaktree Capital Group, LLC (OAK-PB) generated $454.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oaktree Capital Group, LLC (OAK-PB) generated $454.2M 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.
Oaktree Capital Group, LLC (OAK-PB) 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, Oaktree Capital Group, LLC (OAK-PB) returned $6.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.