Cash conversion efficiency is highly erratic, highlighted by an OCF/NI ratio of -26.89x in 2025Q1 and extreme free cash flow margin volatility ranging from -199.5% to 195.9% over recent periods.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 |
|---|
| Cash from Operations | 654.32M | -167.68M | 16.1M | -20.71M | -29.3M | 95.13M | 78.36M | 179.57M | 78.71M | 65.74M | 272.9M | -20.51M | -399.76M | -317.97M | -167.52M | -104.73M |
| Operating CF Margin % | - | -696.7% | 45.78% | -102.85% | -464.92% | 677.64% | -172.42% | -465.62% | -113.54% | 251.42% | 3349.53% | -98.22% | -486.8% | -534.47% | -523.39% | -945.09% |
| Operating CF Growth % | 7457.76% | -1141.16% | 177.78% | 29.33% | -130.8% | 21.4% | -56.36% | 128.15% | 19.73% | -75.91% | 1430.8% | 94.87% | -25.72% | -89.82% | -59.95% | - |
| Net Income | -2.18M | 4.16M | 18.62M | 26.92M | -6.11M | 1.28M | -65.81M | -96.58M | -110.92M | -15.08M | -27.96M | -14.76M | 52.16M | 39.42M | 22.4M | 9.53M |
| Depreciation & Amortization | -368.57M | 0 | 0 | 0 | 148.96M | 0 | 0 | 2.74B | 0 | 0 | 0 | 0 | 0 | 0 | 539.91M | 187.52M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.02B | -173.78M | -541.64K | -32.85M | -189.61M | 95.59M | 155.5M | -2.47B | 186.62M | 81.79M | 305.66M | 32.24M | -492.54M | -345.81M | -742M | -301.71M |
| Working Capital Changes | 2.63M | 1.94M | -1.97M | -14.78M | 17.46M | -1.74M | -11.32M | 12.55M | 3.01M | -972.52K | -4.81M | -37.99M | 40.62M | -11.58M | 12.16M | -77.12K |
| Change in Receivables | 1.78M | 2.56M | 1.06M | -4.1M | 1.2M | -1.87M | 1.38M | 4.6M | 3.64M | 706.22K | 436.13K | 17.8M | -19.71M | -5.67M | -2.26M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -1.2M | 0 | 0 | -4.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.9B | -1.34M | 0 | 0 | 623.75M | -2.17M | -11.39M | 9.02B | 0 | 0 | 0 | 0 | 0 | 0 | 1.05M | 626.26M |
| Cash from Investing | 30.44B | 100.35M | 0 | 0 | 123.8B | 124.3M | 110.63M | 302.34B | 0 | 0 | 0 | 0 | 0 | 0 | -199.92B | -112.74B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 295.81B | 0 | 0 | 0 | 0 | 0 | 47.55M | 107.45M | 161.64M | 171.42M | 136.88M | 74.2M | 38.24M | 0 | 401.95M | 245.03M |
| Other Investing | 0 | -125.58B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -4.88B | 7.05M | 45.48M | 3.93M | -17.37M | -82.22M | -106.12M | -170.95M | -111.61M | -61.65M | -184.12M | -511.04K | 427.93M | 321.64M | 155.21M | 121.92M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -983.58K | -800.71K | -2.37M | -1.06M | -16.96M | -8.2M | 0 | 0 | 0 | 0 | -12.87M | -21.2M | 241.44M | 224.6M | 72.38M | 131.1M |
| Dividends Paid | -21.85M | -2.89M | -2.65M | 0 | -265.8K | 0 | 0 | -8.17M | -28.33M | -41.4M | -62.12M | -73.97M | -73.02M | -42.88M | -22.85M | -6.41M |
| Share Repurchases | -3.33B | -800.71K | -2.37M | -1.06M | -16.96M | -8.2M | 0 | 0 | 0 | 0 | -12.87M | -21.2M | 0 | 0 | 0 | 0 |
| Other Financing | -4.87B | -1.18M | -797.06K | -935.72K | -2.31M | 0 | 0 | 340.39K | -6.56M | -1.61M | -4.44M | -4.03M | -5.99M | -6.08M | -4.31M | -2.72M |
| Net Change in Cash | 3.07B | -60.28M | 61.58M | -16.78M | -46.67M | 12.91M | -27.76M | 8.62M | -32.91M | 4.09M | 88.77M | -21.02M | 28.17M | 3.66M | -12.31M | 17.19M |
| Free Cash Flow | 654.32M | -167.68M | 16.1M | -20.71M | -29.3M | 95.13M | 78.36M | 179.57M | 78.71M | 65.74M | 272.9M | -20.51M | -399.76M | -317.97M | -167.52M | -104.73M |
| FCF Margin % | 15.76% | -696.7% | 45.78% | -102.85% | -464.92% | 677.64% | -172.42% | -465.62% | -113.54% | 251.42% | 3349.53% | -98.22% | -486.8% | -534.47% | -523.39% | -945.09% |
| FCF Growth % | 1246.18% | -1141.16% | 177.78% | 29.33% | -130.8% | 21.4% | -56.36% | 128.15% | 19.73% | -75.91% | 1430.8% | 94.87% | -25.72% | -89.82% | -59.95% | - |
| FCF per Share | 331.65 | -83.21 | 7.89 | -9.90 | -12.61 | 35.52 | 28.77 | 65.93 | 28.90 | 24.13 | 98.52 | -7.12 | -168.79 | -210.26 | -186.97 | -121.37 |
| FCF Conversion (FCF/Net Income) | -299.78x | -40.35x | 0.86x | -0.77x | 4.80x | 74.44x | -1.19x | -1.86x | -0.71x | -4.36x | -9.76x | 1.39x | -7.66x | -8.07x | -7.48x | -10.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio asset base erosion
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently swinging into negative territory, such as the -26.89x observed in 2025Q1, which suggests that reported earnings are not reliably translating into actual cash generation.
The persistent divergence between net income and operating cash flow indicates that accounting profits are likely influenced by non-cash adjustments or fair value fluctuations rather than core operational performance. Investors should monitor this disconnect, as it implies that the company's reported profitability may be disconnected from its underlying ability to fund operations internally.
As reported in financial statements, PhenixFIN's free cash flow trajectory has been characterized by extreme volatility, with margins swinging from -199.5% in 2025Q3 to 195.9% in 2025Q2, a pattern that suggests the firm lacks a stable, predictable mechanism for generating excess cash from its investment portfolio.
The erratic nature of FCF margins highlights the difficulty the company faces in maintaining consistent cash inflows amidst a shrinking asset base. This instability warrants further investigation into whether the firm's investment strategy is capable of producing sustainable cash flow or if it is merely reacting to the timing of portfolio exits.
Based on reported figures, working capital changes have been inconsistent, ranging from a $3.2 million outflow in 2025Q1 to a $2.0 million inflow in 2025Q3, which suggests that the company's cash position is frequently impacted by timing differences in portfolio-related settlements rather than operational efficiency.
These fluctuations in working capital suggest that the company's liquidity is highly sensitive to the timing of specific investment activities. The lack of a clear, positive trend in working capital management may indicate that the firm is struggling to optimize its cash conversion cycle in the current market environment.
As evidenced by recent filings, capital deployment has been marked by significant share repurchases, including a $3.3 billion outflow in 2026Q2, which appears disproportionate to the company's operational cash generation and raises questions about the long-term sustainability of such aggressive capital return strategies given the current revenue contraction.
The substantial share repurchases, particularly when contrasted with the firm's volatile operating cash flow, suggest a potential misalignment between capital allocation and the company's fundamental earning power. Investors should monitor whether these outflows are depleting the liquidity necessary to support future portfolio originations or if they represent a strategic shift toward shrinking the equity base.
Quick answers to the most common questions about buying PFX stock.
PhenixFIN Corporation (PFX) generated $-167.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PhenixFIN Corporation (PFX) reported negative free cash flow of $167.7M in 2025, indicating capital requirements exceeded cash from operations.
PhenixFIN Corporation (PFX) 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, PhenixFIN Corporation (PFX) returned $2.9M to shareholders via cash dividends and spent $0.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.