Operational cash flow remains volatile and insufficient, with the company burning $23.5 million in free cash flow during 2025Q2 alone.
| Cash from Operations | -188.66M | -276.85M | -648.46M | -745.98M | -404.33M | -704.14M | -1.82B | -489.24M | -228.69M |
| Operating CF Margin % | - | -12.31% | -17.68% | -16.71% | -9.78% | -21.26% | -78.07% | -34.61% | -39.3% |
| Operating CF Growth % | 38.1% | 57.31% | 13.07% | -84.5% | 42.58% | 61.26% | -271.49% | -113.93% | - |
| Net Income | -677.19M | -39.84M | -362.71M | -990.17M | -1.44B | -1.55B | -1.76B | -1.16B | -976.63M |
| Depreciation & Amortization | 40.33M | 106.9M | 201.34M | 281.43M | 438.75M | 421.23M | 459.86M | 354.03M | 287.55M |
| Stock-Based Compensation | -4.46M | 1.16M | 14.5M | 13.36M | 25.41M | 89.65M | 76.36M | 7.75M | 376K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 88.68M | 136.95M | 133.69M | 188.71M | -8.69M |
| Other Non-Cash Items | 423.15M | -121.32M | 12.55M | 29.32M | 51.76M | 69.46M | 62.62M | 56.42M | 85.59M |
| Working Capital Changes | 0 | -223.74M | -514.13M | -79.92M | 433.68M | 129.81M | -787.55M | 67.67M | 383.12M |
| Change in Receivables | 0 | 206.32M | 185.75M | -63.88M | -123.37M | -206.37M | -445.57M | -218.29M | -15.82M |
| Change in Inventory | 0 | 0 | 0 | 0 | -934.39M | -559.93M | 12.47M | 115.76M | -142.85M |
| Change in Payables | 0 | -785.34M | -817.51M | 106.95M | 530.1M | 451.69M | -350.27M | 130.6M | 515.59M |
| Cash from Investing | -707.43M | 1.11B | 318.63M | 1.87B | 388.44M | 1.32B | 570.84M | -5.81B | -126.84M |
| Capital Expenditures | -3.54M | 0 | -5.98M | -67.94M | -128.02M | -265.18M | -314.46M | -459.81M | -17.99M |
| CapEx % of Revenue | 0.22% | 1.22% | 0.16% | 1.52% | 3.1% | 8.01% | 13.51% | 32.53% | 3.09% |
| Acquisitions | 0 | 0 | 196.65M | 0 | -11.06M | -62.04M | -375.11M | -165.02M | -40M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -703.89M | 1.11B | 192.01M | 960.21M | 1.22B | 1.16B | 764.11M | -3.51B | 21.57M |
| Cash from Financing | -168.02M | -282.25M | -213.6M | -694.07M | -1.61B | 1.53B | 1.75B | 6B | 1.13B |
| Debt Issued (Net) | 0 | -271.26M | -98.92M | -600.16M | -1.56B | -1.02B | -259.31M | 1.73B | 449.57M |
| Equity Issued (Net) | 0 | 0 | 0 | -1000K | 0 | 1000K | 0 | 0 | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -74.99M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -168.02M | -10.99M | -114.68M | -18.91M | -51.6M | -167.39M | 2.01B | 4.27B | 244.31M |
| Net Change in Cash | -1.05B | 568.45M | -528.3M | 508.41M | -1.66B | 1.98B | 512.85M | -282.74M | 769.61M |
| Free Cash Flow | -192.19M | -304.27M | -685.93M | -813.93M | -532.35M | -969.33M | -2.13B | -949.04M | -246.67M |
| FCF Margin % | -11.77% | -13.53% | -18.7% | -18.23% | -12.88% | -29.26% | -91.58% | -67.14% | -42.39% |
| FCF Growth % | 40.55% | 55.64% | 15.73% | -52.89% | 45.08% | 54.53% | -124.64% | -284.74% | - |
| FCF per Share | -5.29 | -8.38 | -18.89 | -22.30 | -14.41 | -27.31 | -68.09 | -30.82 | -11.03 |
| FCF Conversion (FCF/Net Income) | 0.28x | 0.60x | 1.79x | 0.86x | 0.32x | 0.52x | 1.08x | 0.41x | 0.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operational Cash Burn
According to the provided quarterly data, the relationship between net income and operating cash flow is erratic, with OCF/NI ratios swinging from 0.50 in 2025Q2 to as high as 5.43 in 2023Q1, indicating that reported earnings provide little visibility into the company's actual cash-generating capacity.
The extreme variance in the OCF/NI ratio suggests that accruals and non-cash adjustments are heavily distorting the bottom line. Investors should monitor whether this disconnect stems from aggressive revenue recognition policies or the timing of large-scale implementation project milestones.
As reported in financial statements, OCFT's free cash flow trajectory is consistently negative, with the company burning $23.5 million in 2025Q2 alone, highlighting a structural inability to generate self-sustaining cash flow despite the company's long-standing presence in the financial technology sector.
The persistent negative FCF margins, which reached a low of -66.2% in 2023Q1, suggest that the business model is currently incapable of covering its operating and capital requirements. This trend warrants further investigation into whether the company can ever achieve positive cash flow without a fundamental shift in its cost structure.
Based on reported figures, capital expenditure remains relatively low, with CapEx/Revenue ratios hovering near 0.5% to 0.8% in recent periods, suggesting that the company's primary cash drain is not physical asset investment but rather the high ongoing cost of maintaining its complex software platforms.
The low capital intensity implies that the company is not currently in a heavy infrastructure build-out phase, yet it still fails to reach cash flow break-even. This indicates that the core issue is likely high operating expenses related to personnel and R&D rather than capital-intensive hardware requirements.
Data from the last ten quarters reveals a significant and persistent divergence between cumulative net losses and operating cash flow, suggesting that the company's accounting earnings are failing to capture the full extent of the cash burn required to sustain its current operational footprint.
The recurring gap between net income and cash flow suggests that the company may be relying on non-cash accounting treatments to soften the appearance of its losses. This divergence appears to be a structural feature of the business, which may indicate that the underlying economics are weaker than the headline figures suggest.
Quick answers to the most common questions about buying OCFT stock.
OneConnect Financial Technology Co., Ltd. (OCFT) generated $-276.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
OneConnect Financial Technology Co., Ltd. (OCFT) reported negative free cash flow of $304.3M in 2024, indicating capital requirements exceeded cash from operations.
OneConnect Financial Technology Co., Ltd. (OCFT) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.