Capital intensity remains extreme, with a CapEx-to-revenue ratio of 151.0% in 2026Q2, reflecting an aggressive strategy to build network assets that currently outpaces internal cash generation.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Cash from Operations | -568K | -1.9M | 1.83M | -2.18M | 3.49M | 14.4M | 10.48M | 14.04M | 25.15M | 27.32M | 22.41M | 24.49M | 21.37M | 25.65M | 21.87M | 21.36M | 21.33M | 21.67M | 16.86M | 16.1M | 15.48M | 11.17M | 7.07M | 5.64M | 7.29M | 5.78M | 4.95M | 2.22M | 2.06M | 1.67M | 1.23M |
| Operating CF Margin % | - | -17.69% | 1260% | -5.4% | 7.85% | 28.78% | 19.57% | 22.73% | 34.1% | 33.54% | 27.44% | 30.44% | 27.52% | 33.53% | 28.93% | 31.13% | 40.75% | 40.8% | 33.66% | 34.47% | 36.28% | 34.02% | 27.74% | 25.22% | 36.06% | 32.48% | 35.14% | 21.29% | 25.92% | 26.86% | 21.16% |
| Operating CF Growth % | 57.09% | -204% | 183.73% | -162.58% | -75.79% | 37.37% | -25.34% | -44.16% | -7.94% | 21.93% | -8.51% | 14.63% | -16.69% | 17.24% | 2.42% | 0.15% | -1.57% | 28.52% | 4.71% | 3.99% | 38.62% | 57.88% | 25.32% | -22.59% | 26.15% | 16.86% | 123.04% | 7.79% | 23.34% | 35.11% | - |
| Net Income | -2.66M | -5.15M | -20.8M | -34.12M | 3M | 8.35M | 3.47M | -3.65M | -1.1M | 5.41M | 12.38M | 16.86M | 16.7M | 19.94M | 22.22M | 16.77M | 10.86M | 4.72M | 9.67M | 11.58M | 10.56M | 8.08M | 5.21M | 4.28M | 3.93M | 3.41M | 2.58M | 1.6M | 913.69K | 792.25K | 662.15K |
| Depreciation & Amortization | 3.1M | 2.12M | 84K | 390K | 1.79M | 1.84M | 2.31M | 380K | 469K | 492K | 458K | 366K | 318K | 284.59K | 287.84K | 266.69K | 322.05K | 355.89K | 351.1K | 362.75K | 335.26K | 221.75K | 210.13K | 190.26K | 189.73K | 145.57K | 91.05K | 90K | 82.76K | 82.9K | 73.56K |
| Stock-Based Compensation | 889K | 473K | 44K | -69K | 200K | 197K | 202K | 80K | 217K | 607K | 574K | 514K | 535K | 812K | 551.91K | 660.33K | 450.37K | 649.37K | 387.39K | 392.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 115K | 63K | 0 | 1.39M | 898K | 1.63M | 3.21M | -835K | 2.22M | -1.96M | -292K | 356K | 1.71M | 696.34K | 245.27K | -1.44M | -1.22M | -2.31M | 44.52K | 66.29K | -334.46K | -1.27M | -1.27M | -917.63K | 582.43K | 45K | 159.17K | -324.28K | -539.41K | 74.43K | -153.2K |
| Other Non-Cash Items | -176K | 976K | 21.8M | 32.63M | -2.85M | -2.21M | 5.05M | 20.53M | 24.26M | 22.42M | 10.8M | 5.62M | 736K | 2.4M | -7.8K | 4.15M | 10.28M | 17.9M | 7.78M | 3.64M | 3.9M | 2.39M | 1.48M | 2.21M | 1.91M | 1.47M | 1.07M | 940.92K | 848.64K | 460.67K | 795.7K |
| Working Capital Changes | -1.16M | -379K | 697K | -2.4M | 456K | 4.61M | -3.75M | -2.46M | -909K | 347K | -1.52M | 777K | 1.36M | 1.51M | -1.42M | 953.92K | 629.38K | 353.31K | -1.38M | 56.94K | 1.02M | 1.75M | 1.44M | -123.45K | 674.35K | 708.09K | 1.05M | -91.4K | 751.64K | 257.8K | -143.62K |
| Change in Receivables | -28K | 5K | 1.15M | 31K | -366K | 5.12M | -3.52M | -157K | 469K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.66K | -6.22K | 1.21K | -926 | -148.69K | -1.78K | 24 | 6.45K | 2.01K | 473 | 8.82K | -7.07K | 2.84K |
| Change in Inventory | -300K | -431K | 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 |
| Change in Payables | -273K | 441K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.31M | 70.54K | 1.08M | 1.79M | 869.9K | 244.35K | 621.93K | 708.91K | 999.76K | -7.1K | 468.43K | 400K | 0 |
| Cash from Investing | -12.59M | 12.55M | 45.8M | 29.89M | 3.86M | 30.08M | -3.68M | 44.16M | 21.83M | -28.7M | -34.99M | -25.24M | -21.88M | -10.57M | -12.76M | -32.67M | -27.28M | -24.23M | -22.88M | -28.39M | -31.11M | -19.32M | -13.74M | -12.61M | -13.17M | -14.64M | -13.37M | -8.52M | -7.47M | -8.12M | -6.13M |
| Capital Expenditures | -12.98M | -8.42M | -13K | -59K | -1.31M | -615K | -130K | -228K | -130K | -772K | -913K | -443K | -465K | -271K | -320.54K | -393.78K | -208.67K | -295.27K | -189.84K | -515.91K | -487.28K | -419.44K | -308.09K | -287K | -226.82K | -147.73K | -205.35K | -83.81K | -123.9K | -84.82K | -67.38K |
| CapEx % of Revenue | 102.33% | 78.35% | 8.97% | 0.15% | 2.95% | 1.23% | 0.24% | 0.37% | 0.18% | 0.95% | 1.12% | 0.55% | 0.6% | 0.35% | 0.42% | 0.57% | 0.4% | 0.56% | 0.38% | 1.1% | 1.14% | 1.28% | 1.21% | 1.28% | 1.12% | 0.83% | 1.46% | 0.8% | 1.56% | 1.37% | 1.16% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 65K | 78.21M | 104.99M | 166.28M | 168.03M | 196.62M | 0 | 0 | 17K | 0 | 0 | 183.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -3.56M | 30.69M | 45.81M | 29.89M | 5.17M | 30.7M | 16.94M | 44.39M | 21.96M | -27.93M | -34.08M | -24.8M | -21.41M | -10.3M | -12.44M | 57.66K | -1.62K | 97.46K | -195.45K | -21.01K | 38K | 9.4K | -173.1K | 0 | 0 | -14.5M | -13.16M | -8.44M | -7.35M | 0 | 0 |
| Cash from Financing | 3.46M | -4.8M | -29.1M | -32.03M | -35.55M | -36.19M | -19.77M | -23.19M | -47.21M | 2.39M | 11.04M | 1.5M | 351K | -15.08M | -8.33M | 11.8M | 5.75M | 2M | 6.82M | 12.07M | 16.5M | 8.04M | 7.14M | 7.4M | 5.61M | 8.92M | 8.17M | 6.51M | 5.61M | 6.07M | 5.1M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | -5.63M | 0 | -2.39M | -2.06M | -905K | -979K | 0 | 0 | 0 | -50K | -70.41M | 0 | 0 | 0 | 0 | 0 | 0 | 756.75K | 0 | 0 | 10.03M | 313.46K | 49.33K | 72.73K | -133.91K | 9.02K | -37.48K | 26.86K | 1.99M | 71.4K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.85M | -29.84M | -3.59M | 0 | 0 | 0 | 0 | 0 | 0 | -653.46K | -507.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -5.63M | 0 | -2.39M | -2.06M | -905K | -979K | 0 | 0 | 0 | -50K | -70.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -384.47K | 0 | 0 | 0 | -133.91K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -847K | 0 | 0 | -500K | -189K | 0 | -618K | -2.44M | 43K | 388K | -906K | 808K | 802K | 1.26M | 1.26M | 1.07M | 508.15K | -88.44K | 141.28K | 469.59K | 16.09M | -1.86M | -134.2K | 0 | -5.45M | 0 | 0 | 15.17K | -164.5K | 0 | 0 |
| Net Change in Cash | -8.77M | 5.85M | 18.53M | -4.32M | -28.2M | 8.29M | -12.96M | 35.02M | -229K | 1.01M | -1.54M | 753K | -163K | -5.34K | 785.51K | 483.65K | -198.68K | -564.88K | 798.26K | -229.86K | 875.56K | -104.19K | 476.47K | 429.97K | -268.96K | 61.01K | -250.24K | 205.46K | 195.81K | -382.64K | 207.55K |
| Free Cash Flow | -13.55M | -10.32M | 1.81M | -2.24M | 2.17M | 13.79M | 10.36M | 13.82M | 25.02M | 26.55M | 21.5M | 24.05M | 20.9M | 25.37M | 21.55M | 20.96M | 21.12M | 21.37M | 16.67M | 15.58M | 14.99M | 10.75M | 6.77M | 5.36M | 7.06M | 5.63M | 4.74M | 2.13M | 1.93M | 1.58M | 1.17M |
| FCF Margin % | -106.81% | -96.03% | 1251.03% | -5.55% | 4.9% | 27.55% | 19.33% | 22.36% | 33.92% | 32.59% | 26.32% | 29.89% | 26.92% | 33.18% | 28.5% | 30.55% | 40.35% | 40.24% | 33.28% | 33.36% | 35.13% | 32.74% | 26.53% | 23.94% | 34.94% | 31.65% | 33.68% | 20.48% | 24.36% | 25.5% | 20.01% |
| FCF Growth % | -228.87% | -668.69% | 180.95% | -203.03% | -84.23% | 33.15% | -25.05% | -44.78% | -5.75% | 23.51% | -10.62% | 15.06% | -17.63% | 17.72% | 2.82% | -0.73% | -1.18% | 28.22% | 6.96% | 3.93% | 39.5% | 58.87% | 26.29% | -24.17% | 25.43% | 18.81% | 122.18% | 10.36% | 22.12% | 35.64% | - |
| FCF per Share | -2.02 | -1.54 | 0.25 | -0.31 | 0.28 | 1.80 | 1.34 | 1.74 | 3.19 | 3.39 | 2.76 | 1.97 | 1.70 | 2.08 | 1.79 | 1.76 | 1.81 | 1.87 | 1.47 | 1.38 | 1.30 | 0.97 | 0.76 | 0.61 | 0.81 | 0.66 | 0.54 | 0.25 | 0.22 | 0.22 | 0.18 |
| FCF Conversion (FCF/Net Income) | 5.10x | 0.37x | -0.09x | 0.06x | 1.16x | 1.72x | 3.03x | -3.85x | -22.91x | 5.05x | 1.81x | 1.45x | 1.28x | 1.29x | 0.98x | 1.27x | 1.96x | 4.59x | 1.74x | 1.39x | 1.47x | 1.38x | 1.36x | 1.32x | 1.85x | 1.69x | 1.92x | 1.38x | 2.25x | 2.11x | 1.86x |
| Interest Paid | 57K | 47K | 997K | 3.35M | 3.42M | 5.71M | 8.19M | 11.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 27K | 541K | 1.36M | 6K | 44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High capital intensity burn
According to recent SEC filings, OMCC's operating cash flow consistently trails net income, with the 2026Q2 OCF/NI ratio of 0.18 highlighting a significant disconnect between accounting losses and the actual cash-generative capacity of the company's nascent broadband operations during this period of structural transition.
The persistent gap between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are masking the underlying cash burn. Investors should monitor whether this divergence narrows as the company moves past its initial infrastructure deployment phase.
As reported in financial statements, OMCC's free cash flow trajectory remains deeply negative, with a 2026Q2 FCF margin of -155.2% indicating that the company is currently consuming significant liquidity to fund its pivot toward rural broadband infrastructure development in Ohio.
The consistent negative FCF trend reflects the heavy capital requirements of building a last-mile fiber network from scratch. This trajectory suggests that the company will remain reliant on its existing cash reserves until subscriber penetration reaches a critical mass.
Based on OMCC's reported figures, the company's capital intensity is extreme, with a CapEx-to-revenue ratio reaching 151.0% in 2026Q2, signaling that the firm is aggressively reinvesting in network assets to establish its geographic moat in underserved rural corridors.
This high level of capital expenditure relative to revenue is characteristic of a greenfield infrastructure project rather than an established utility. Analysts should evaluate whether these investments are successfully driving the 'Homes Passed' metric, which is essential for future revenue scaling.
As indicated by quarterly cash flow data, OMCC's working capital movements have been erratic, with a $602,000 outflow in 2026Q2 following a $812,000 inflow in 2026Q1, suggesting that the company is still refining its operational efficiency during this early-stage business model transformation.
The lack of a stable working capital cycle may indicate challenges in managing payables and receivables as the company scales its new service offerings. Investors should watch for signs of stabilization in these flows as a proxy for operational maturity.
Based on the provided financial statements, OMCC has prioritized capital deployment toward network expansion and asset acquisition, with minimal activity in dividends or share repurchases, reflecting a management strategy centered entirely on building the necessary infrastructure to support its new broadband business model.
The absence of shareholder returns is appropriate given the company's current 'burn phase' and the necessity of preserving liquidity for network deployment. The focus on acquisitions, such as the $18.3 million outlay in 2025Q1, suggests an inorganic growth strategy to accelerate market entry.
Quick answers to the most common questions about buying OMCC stock.
Old Market Capital Corporation (OMCC) generated $-1.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Old Market Capital Corporation (OMCC) reported negative free cash flow of $10.3M in 2025, indicating capital requirements exceeded cash from operations.
Old Market Capital Corporation (OMCC) spent $8.4M 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, Old Market Capital Corporation (OMCC) spent $5.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.