Liquidity is under pressure as free cash flow margins plummeted to -12.0% in 2026Q1, driven by capital expenditures that remain elevated at 10.1% of revenue.
| 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 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 9.65M | 17.34M | 59.04M | 114.58M | 168.81M | 101.74M | 67.59M | 84.3M | 82.35M | 50.61M | 47.72M | 61.52M | 55.25M | 43.17M | 33.63M | 34.9M | 15M | 32.14M | 40.65M | 45.19M | 60.7M | 23.74M | 44.72M | 37.94M | 48.87M | 31.45M | 32.46M | 39.55M | 23.52M | 25M | 13.1M |
| Operating CF Margin % | - | 2.9% | 8.26% | 14.13% | 17.83% | 14.39% | 13.88% | 16.39% | 15.44% | 11.56% | 11.02% | 14.75% | 13.45% | 10.72% | 8.83% | 9.71% | 4.52% | 11.01% | 9.99% | 11.05% | 15.17% | 6.58% | 13.76% | 12.6% | 18.37% | 13.59% | 15.34% | 19.07% | 16.43% | 19.65% | 11.59% |
| Operating CF Growth % | -388.32% | -70.64% | -48.47% | -32.13% | 65.93% | 50.53% | -19.82% | 2.37% | 62.7% | 6.07% | -22.44% | 11.35% | 27.99% | 28.39% | -3.64% | 132.57% | -53.31% | -20.93% | -10.06% | -25.56% | 155.69% | -46.91% | 17.87% | -22.37% | 55.4% | -3.12% | -17.94% | 68.21% | -5.93% | 90.82% | -14.26% |
| Net Income | -44.47M | -52.61M | -31.8M | 18.42M | 90.67M | 76.52M | 17.83M | 7.9M | 23.99M | 38.9M | 11.1M | 21.44M | 13.49M | 5.92M | 2.18M | -2.86M | -655K | -10.85M | -18.77M | 2.65M | 17.96M | 13.14M | 10.59M | 11.49M | 16.59M | 10.07M | 8.66M | 11.27M | 8.07M | 6.3M | 3.3M |
| Depreciation & Amortization | 79.95M | 83.3M | 99.26M | 64.61M | 62.81M | 55.01M | 56.17M | 55.11M | 49.39M | 42.27M | 39.11M | 32.35M | 36.3M | 39.09M | 38.3M | 34.16M | 27.04M | 37.74M | 37.46M | 38.76M | 33.93M | 31.38M | 30.02M | 26.6M | 24.71M | -20.3M | 18.81M | 18.39M | 14M | 12.99M | -12.4M |
| Stock-Based Compensation | 380K | 548K | 723K | 553K | 715K | 441K | 460K | 912K | 732K | 614K | 302K | 267K | 270K | 317K | 346K | 149K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -7.56M | -18.86M | -11.79M | 2.89M | 14.54M | 17.83M | 5.36M | 1.63M | 7.21M | -24.63M | 6.66M | 12.9M | 7.51M | 3.6M | 1.36M | -2.77M | 0 | 0 | 0 | 1.75M | 2.31M | 1.41M | 6.83M | 7.17M | 9.34M | 5.42M | 4.64M | 5.43M | 3.83M | 2.77M | 1.9M |
| Other Non-Cash Items | -35.12M | -20.37M | 7.17M | -265K | -3.46M | -8.6M | 4.37M | -3.44M | 4.97M | -4.41M | -4.68M | -6M | -5.38M | -1M | -2.27M | -382K | -1.36M | -4.03M | 11.72M | -333K | 1.33M | 1.76M | 593K | 473K | 1.16M | 41.62M | 416K | 126K | 608K | 511K | 25.3M |
| Working Capital Changes | 16.47M | 25.32M | -4.53M | 28.38M | 3.54M | -39.46M | -16.59M | 22.2M | -3.94M | -2.13M | -4.78M | 570K | 3.06M | -4.75M | -6.3M | 6.59M | -10.02M | 9.27M | 10.23M | 2.36M | 5.18M | -23.95M | -3.31M | -7.8M | -2.94M | -5.36M | -61K | 4.34M | -3M | 2.42M | -5M |
| Change in Receivables | 886K | 9.95M | 1.52M | 52.57M | -7.53M | -46.54M | -17.89M | 2.26M | -6.05M | -1.45M | -4.28M | -1.23M | 4.83M | -8.75M | -3.43M | 3.72M | -2.23M | 4.22M | 14.51M | 2.58M | 3.48M | -18.71M | -891K | -12.96M | -11.87M | -1.56M | -758K | 2.25M | -1.88M | -1.93M | -2M |
| 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 | -3.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.51M | -11.56M | -6.52M | -10.98M | 2.2M | 5.95M | 20.88M | -2.23M | 1.73M | 682K | 3.23M | 886K | -1.55M | -2.8M | -3.37M | 4.99M | 108K | 136K | -11.01M | 1.09M | 2.22M | -5.88M | 7.2M | 7.16M | 7.92M | -3.93M | -295K | 920K | -739K | 3.65M | -2.9M |
| Cash from Investing | 46.69M | 18.4M | -100.19M | -11.29M | -113.53M | 9.25M | -32.69M | -62.31M | -55.25M | -45.29M | -53.13M | -85.5M | -49K | -44.32M | -72.59M | -61.37M | -14.19M | -2.38M | -48.32M | -61.73M | -42.73M | -41.03M | -24.73M | -68.41M | -30.39M | -36.75M | -17.66M | -47.78M | -38.27M | -16.54M | -16.9M |
| Capital Expenditures | -43.34M | -40.74M | -140.76M | -34.06M | -63.96M | -19.14M | -48.23M | -79.35M | -73.88M | -67.67M | -86.13M | -125.72M | -28.59M | -71.52M | -98.05M | -69.35M | -24.06M | -12.26M | -60.22M | -76.17M | -53.51M | -62.01M | -53.7M | -74.24M | -42.07M | -47.52M | -30.73M | -51.48M | -46.12M | -16.74M | -19.9M |
| CapEx % of Revenue | 7.41% | 6.81% | 19.7% | 4.2% | 6.75% | 2.71% | 9.91% | 15.43% | 13.85% | 15.46% | 19.9% | 30.15% | 6.96% | 17.76% | 25.76% | 19.3% | 7.25% | 4.2% | 14.81% | 18.63% | 13.37% | 17.18% | 16.52% | 24.66% | 15.81% | 20.53% | 14.52% | 24.82% | 32.21% | 13.16% | 17.61% |
| Acquisitions | 45.82M | 58.33M | 36.91M | 0 | -65.8M | 0 | 17.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.75M | 0 | 0 | 0 | -9.64M | 0 | 0 | -200K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 28.35M | 0 | 0 | 22.62M | 17.41M | 31.68M | 0 | 14.26M | 24.9M | 18.77M | 32.26M | 41.48M | 31.03M | 27.18M | 20.98M | 8.98M | 10.87M | 9.48M | 15.44M | 18.2M | 11.99M | 22.87M | 31.4M | 20.45M | 11.67M | 10.77M | 13.07M | 13.34M | 7.85M | 195K | 3.2M |
| Cash from Financing | -72.89M | -68.56M | 8.59M | -76.75M | 290K | -92.82M | -34.88M | -21.95M | -27.04M | -5.24M | 5.39M | -3.51M | -28.73M | 1.81M | 39.3M | 12.88M | 3.09M | -20.74M | 8.13M | 15.91M | -18.06M | -1.24M | -3.39M | 2.77M | 11.4M | 5.71M | -17.87M | 5.82M | 14.32M | -8M | 2.1M |
| Debt Issued (Net) | -57.95M | -53.63M | 13.85M | -72.02M | 7.29M | -81.99M | -32.6M | -7.67M | -14.15M | 984K | 26.36M | 44.27M | -13.56M | 2.27M | 56.64M | 20.96M | 3.08M | -20.76M | 12.05M | 23.12M | -18.43M | 16.25M | -3.48M | 2.61M | -43.52M | 4.89M | -17.6M | 5.54M | 14.55M | -8.02M | -2.6M |
| Equity Issued (Net) | -14.94M | -14.93M | -5.26M | -4.74M | -7M | -10.83M | -2.28M | -14.29M | -13.37M | -6.35M | -21.06M | -48.02M | -16.01M | -508K | 0 | -8.11M | 0 | 0 | -3.93M | -7.33M | 300K | -17.49M | 0 | 0 | 54.54M | 0 | 0 | 489K | 175K | 388K | 4.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14.94M | -14.93M | -5.26M | -4.74M | -7M | -10.83M | -2.28M | -14.29M | -13.37M | -6.35M | -21.06M | -48.02M | -16.01M | -508K | 0 | -8.11M | 0 | 0 | -3.93M | -7.33M | 0 | -17.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 485K | 123K | 91K | 236K | 846K | 46K | 60K | 35K | 9K | 16K | 0 | 125K | 70K | 0 | 85K | 160K | 384K | 824K | -273K | -205K | -401K | -369K | -100K |
| Net Change in Cash | -16.55M | -32.83M | -32.55M | 26.53M | 55.58M | 18.17M | 19K | 36K | 58K | 87K | -20K | -27.49M | 26.48M | 665K | 327K | -13.59M | 3.9M | 9.01M | 451K | -633K | -89K | -18.53M | 16.59M | -27.7M | 29.87M | 411K | -3.07M | -2.41M | -438K | 460K | -1.66M |
| Free Cash Flow | -33.69M | -23.41M | -81.72M | 80.52M | 104.85M | 82.6M | 19.36M | 4.94M | 8.46M | -17.06M | -38.41M | -64.19M | 26.66M | -28.35M | -64.42M | -34.46M | -9.05M | 19.88M | -19.57M | -30.98M | 7.19M | -38.27M | -8.99M | -36.3M | 6.8M | -16.07M | 1.73M | -11.93M | -22.6M | 8.26M | -6.8M |
| FCF Margin % | -5.76% | -3.91% | -11.43% | 9.93% | 11.07% | 11.68% | 3.98% | 0.96% | 1.59% | -3.9% | -8.87% | -15.39% | 6.49% | -7.04% | -16.92% | -9.59% | -2.73% | 6.81% | -4.81% | -7.58% | 1.8% | -10.61% | -2.77% | -12.06% | 2.56% | -6.94% | 0.82% | -5.75% | -15.79% | 6.49% | -6.02% |
| FCF Growth % | 55.84% | 71.36% | -201.49% | -23.21% | 26.95% | 326.54% | 291.75% | -41.61% | 149.62% | 55.58% | 40.17% | -340.75% | 194.06% | 55.99% | -86.96% | -280.66% | -145.54% | 201.55% | 36.81% | -530.89% | 118.78% | -325.81% | 75.24% | -633.87% | 142.31% | -1031.59% | 114.47% | 47.24% | -373.59% | 221.5% | 32.2% |
| FCF per Share | -1.61 | -1.10 | -3.74 | 3.63 | 4.67 | 3.61 | 0.84 | 0.21 | 0.34 | -0.67 | -1.44 | -2.19 | 0.83 | -0.82 | -1.85 | -0.95 | -0.24 | 0.53 | -0.51 | -0.76 | 0.17 | -0.87 | -0.20 | -0.80 | 0.16 | -0.47 | 0.05 | -0.35 | -0.67 | 0.25 | -0.22 |
| FCF Conversion (FCF/Net Income) | 0.76x | -0.33x | -1.86x | 6.22x | 1.86x | 1.33x | 3.79x | 10.67x | 3.43x | 1.30x | 4.30x | 2.87x | 4.10x | 7.30x | 15.43x | -12.21x | -22.91x | -2.96x | -2.17x | 17.03x | 3.38x | 1.81x | 4.22x | 3.30x | 2.95x | 3.12x | 3.75x | 3.51x | 2.91x | 3.97x | 3.97x |
| Interest Paid | 17.48M | 17.44M | 13.49M | 9.76M | 7.84M | 8.14M | 8.8M | 8.61M | 6.09M | 3.9M | 3.6M | 2.82M | 2.95M | 3.42M | 2.56M | 1.78M | 2.24M | 2.41M | 2.43M | 2.41M | 1.48M | 1.93M | 1.77M | 1.59M | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 886K | 886K | 674K | 5.51M | 23.24M | 3.87M | 281K | 671K | 217K | 518K | 286K | 2.95M | 1.49M | 77K | 174K | 90K | 2.3M | 137K | 303K | 1.98M | 10.06M | 7.19M | 515K | 1.12M | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 |
Structural Margin Erosion
According to quarterly financial disclosures, Pamt Corp. exhibits a persistent disconnect between net income and operating cash flow, with the most recent period showing a net loss of $8.0K contrasted against a negative operating cash flow of $2.7M, signaling significant underlying accrual volatility.
The extreme variance between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are masking the true operational burn rate. Investors should monitor whether this divergence indicates aggressive accounting for maintenance expenses or simply the inability to convert service delivery into realized liquidity.
As reported in recent financial statements, Pamt Corp.'s free cash flow trajectory has turned sharply negative, with FCF margins plummeting to -12.0% in 2026Q1, reflecting a sustained inability to generate surplus cash after accounting for necessary capital expenditures required to maintain the aging fleet.
The consistent negative FCF trend suggests that the company is currently consuming capital at an unsustainable rate to support its core trucking operations. This trajectory implies that without a meaningful recovery in freight rates or a reduction in capital intensity, the company may face liquidity constraints despite its low debt levels.
Based on Pamt Corp.'s reported figures, capital expenditures remain elevated relative to revenue, reaching 10.1% in 2026Q1, which indicates that the company is struggling to scale back its asset-heavy investment profile even as top-line demand continues to contract significantly across its primary automotive lanes.
The high ratio of CapEx to revenue suggests that the company is locked into a cycle of equipment replacement that is not currently yielding commensurate revenue growth. This capital intensity appears to be a primary driver of the ongoing cash burn, warranting further investigation into whether these expenditures are truly growth-oriented or merely maintenance-heavy.
Financial filings indicate that Pamt Corp. has experienced erratic working capital swings, including a $21.2M inflow in 2025Q4 followed by a $3.3M outflow in 2026Q1, suggesting that the company's cash conversion cycle is highly sensitive to the timing of automotive manufacturing payments and inventory-related logistics.
The lack of stability in working capital management suggests that the company may be struggling to optimize its collections process in a softening freight environment. This volatility appears to exacerbate the underlying operational losses, making the company's cash position highly susceptible to short-term disruptions in the supply chain.
Quick answers to the most common questions about buying PAMT stock.
Pamt Corp. (PAMT) generated $17.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pamt Corp. (PAMT) reported negative free cash flow of $23.4M in 2025, indicating capital requirements exceeded cash from operations.
Pamt Corp. (PAMT) spent $40.7M 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, Pamt Corp. (PAMT) spent $14.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.