Cash flow generation is highly erratic, evidenced by a negative free cash flow of $231.5 million in 2025Q4 following a massive $281.5 million capital expenditure spike.
Performance Shipping Inc. (PSHG) cash flow statement — 16-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 66.3M | 50.08M | 59.67M | 67.95M | 33.85M | -3.12M | 13.18M | -4.19M | -330K | -12.65M | -11.96M | 17.45M | 25.49M | 31.74M | 31.35M | 12.5M | -186.53K |
| Operating CF Margin % | - | 59.49% | 68.24% | 62.38% | 45.03% | -8.56% | 31.34% | -15.62% | -1.29% | -53.15% | -36.04% | 28.06% | 47.14% | 58.76% | 55.35% | 46.32% | -3.25% |
| Operating CF Growth % | 73.57% | -16.08% | -12.19% | 100.77% | 1183.8% | -123.7% | 414.16% | -1170.91% | 97.39% | -5.77% | -168.58% | -31.55% | -19.7% | 1.26% | 150.69% | 6803.65% | - |
| Net Income | 33.6M | 49.97M | 43.73M | 69.41M | 36.3M | -9.71M | 3.78M | -32.06M | -52.9M | 3.82M | -149.01M | -17.53M | 3.24M | -57.35M | 5.97M | 3.63M | -2M |
| Depreciation & Amortization | 20.88M | 15.08M | 13.34M | 14.79M | 9.28M | 7.47M | 5.8M | 783K | 4.95M | 8.15M | 16.54M | 21.71M | 10.31M | 11.07M | 12.48M | 5.94M | 1.45M |
| Stock-Based Compensation | 0 | 0 | 0 | 52K | 107K | 268K | 1.92M | 1.79M | 1.59M | 1.17M | 1.12M | 928K | 341K | 371K | 900K | 953.08K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -9.39M | -7.74M | -7.71M | -2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.39M | -19.48M | -890K | -18.52M | -536K | 6.26M | 8.1M | 37.4M | 52.6M | -19.57M | 139.28M | 34.97M | 12.55M | 79.59M | 13.19M | 635.09K | 389.87K |
| Working Capital Changes | 0 | 4.51M | 3.49M | 2.22M | -1.92M | 323K | 1.3M | -9.53M | -38K | 3.09M | -2.23M | 5K | -613K | -1.57M | -288K | 1.35M | -28.91K |
| Change in Receivables | 0 | -293K | 3.23M | 830K | -5.32M | -196K | 1.07M | -4.58M | 318K | 43K | 282K | -62K | -157K | -319K | -52K | -125.41K | 398.82K |
| Change in Inventory | 0 | -400K | 1.65M | 834K | 1.25M | -2.31M | 866K | -2.21M | 1.03M | 914K | 1.12M | -1.4M | -343K | 1.24M | -1.37M | -1.21M | -623.64K |
| Change in Payables | 0 | 934K | -2.67M | 16K | -293K | 3.23M | -293K | 780K | -455K | 175K | -1.24M | 900K | 68K | -933K | 755K | 1.48M | 0 |
| Cash from Investing | -326.17M | -244.59M | -47.41M | 25.72M | -112.95M | -770K | -40.15M | -18.52M | 93.15M | 6.67M | 10.57M | -111.75M | -51.64M | -81.66M | -149.96M | -79.32M | -93.53M |
| Capital Expenditures | 0 | -281.54M | -47.41M | -11.91M | -145.58M | -1.78M | -63.61M | -50.22M | -126K | -15K | -223K | -119.06M | -61.28M | -116.78M | -149.96M | -79.32M | -93.53M |
| CapEx % of Revenue | 0% | 334.48% | 54.22% | 10.94% | 193.65% | 4.89% | 151.29% | 187.05% | 0.49% | 0.06% | 0.67% | 191.47% | 113.34% | 216.21% | 264.8% | 293.87% | 1630.96% |
| Acquisitions | -268.19K | 0 | 0 | 0 | 32.63M | 1.01M | 23.46M | 28.87M | 92.91M | 5.89M | 10.62M | 7.04M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -325.9M | 36.95M | 0 | 37.64M | 0 | 0 | 0 | 2.83M | 93.28M | 6.68M | 10.8M | 7.31M | 9.64M | 35.12M | -42M | 0 | 0 |
| Cash from Financing | 267.17M | 172.46M | -9.21M | -65.14M | 109.25M | -7.91M | 21.98M | 38.58M | -88.77M | 4.12M | -19.68M | 41.69M | 88.47M | 38.08M | 108.79M | 97.07M | 103.76M |
| Debt Issued (Net) | 0 | 178M | -7.53M | -73.28M | 78.31M | -7.91M | 25.62M | 32.48M | -106.12M | -36.5M | -19.16M | 44.74M | 0 | 56M | 92.7M | -19.67M | 19.67M |
| Equity Issued (Net) | -1.27M | 0 | 158K | 9.84M | 27.89M | 0 | -2.57M | 6.45M | 17.41M | 31.99M | 0 | 0 | 96M | 12.36M | 53.9M | 121.49M | 85.28M |
| Dividends Paid | 0 | -1.83M | -1.83M | -1.89M | -941K | 0 | -502K | 0 | 0 | 0 | -374K | -739K | -7.53M | -29.67M | -28.55M | -4.15M | 0 |
| Share Repurchases | -1.27M | 0 | 0 | -2.75M | 0 | 0 | -2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 268.44M | -3.71M | 0 | 190K | 4M | 0 | -561K | -352K | -68K | 0 | -150K | -2.31M | 0 | -600K | -9.27M | -595K | -1.19M |
| Net Change in Cash | 9.67M | -22.05M | 3.05M | 28.54M | 30.15M | -11.8M | -4.99M | 15.87M | 4.05M | -1.87M | -21.07M | -52.62M | 62.32M | -11.84M | -9.83M | 30.26M | 11.1M |
| Free Cash Flow | -257.75M | -231.46M | 12.26M | 56.04M | -111.73M | -4.91M | -50.43M | -54.41M | -456K | -12.67M | -12.19M | -101.61M | -35.79M | -85.05M | -118.61M | -66.82M | -93.72M |
| FCF Margin % | -227.84% | -274.99% | 14.01% | 51.44% | -148.63% | -13.45% | -119.95% | -202.67% | -1.78% | -53.21% | -36.71% | -163.42% | -66.2% | -157.45% | -209.45% | -247.54% | -1634.22% |
| FCF Growth % | -559.75% | -1988.71% | -78.13% | 150.16% | -2176.47% | 90.27% | 7.31% | -11832.02% | 96.4% | -3.96% | 88.01% | -183.9% | 57.91% | 28.3% | -77.52% | 28.7% | - |
| FCF per Share | -6.59 | -5.95 | 0.31 | 1.58 | -17.33 | -14.65 | -152.97 | -284.90 | -7.24 | -4446.47 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| FCF Conversion (FCF/Net Income) | -7.67x | 1.00x | 1.36x | 0.98x | 0.93x | 0.32x | 3.49x | 0.13x | 0.01x | -3.31x | 0.08x | -1.00x | 7.87x | -0.55x | 5.25x | 3.44x | 0.09x |
| Interest Paid | 4.22M | 4.22M | 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 | 0 |
Quick answers to the most common questions about buying PSHG stock.
Performance Shipping Inc. (PSHG) generated $50.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Performance Shipping Inc. (PSHG) reported negative free cash flow of $231.5M in 2025, indicating capital requirements exceeded cash from operations.
Performance Shipping Inc. (PSHG) spent $281.5M 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, Performance Shipping Inc. (PSHG) returned $1.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
High fleet concentration volatility
Earnings Quality Lacks Cash Consistency
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.34 to 3.66, suggesting that reported accounting profits frequently decouple from the actual cash generated by the company's five-vessel tanker fleet.
The significant volatility in the conversion ratio indicates that net income is heavily influenced by non-operating items or timing differences that do not reflect core shipping performance. Investors should monitor whether this divergence stems from vessel sale gains or accounting adjustments, as it complicates the assessment of sustainable cash-generating capacity.
Free Cash Flow Volatility Persists
As reported in financial statements, PSHG's free cash flow trajectory is characterized by extreme swings, ranging from a negative $231.5 million in 2025Q4 to positive double-digit millions in other periods, reflecting the company's susceptibility to lumpy capital expenditures and the inherent cyclicality of the Aframax tanker market.
The negative FCF observed in recent periods highlights the risk of capital-intensive fleet renewal or acquisition strategies overriding operational cash inflows. This erratic pattern suggests that the company's ability to fund dividends or share repurchases is not yet on a stable, self-sustaining trajectory.
Lumpy Capital Intensity Risks Returns
Based on the company's reported figures, capital expenditure is highly irregular, peaking at $281.5 million in 2025Q4, which indicates that PSHG's cash flow is periodically consumed by significant asset-level investments rather than consistent maintenance of its existing fleet of five Aframax tankers.
This lumpy investment profile suggests that management prioritizes fleet expansion or renewal over steady-state cash preservation. Such capital intensity warrants further investigation into the expected return on these specific vessel acquisitions, as they materially alter the company's liquidity position in the short term.
Opportunistic Capital Allocation Remains Unclear
As indicated by historical cash flow data, PSHG has utilized its cash reserves for a mix of vessel acquisitions and minor shareholder returns, though the lack of a consistent dividend or buyback policy suggests that capital deployment is driven by opportunistic asset cycles rather than a long-term shareholder return framework.
The company's history of net vessel acquisitions and sporadic capital returns implies that management is focused on navigating the tanker cycle through asset turnover. Investors should remain cautious, as the current cash-rich position may be deployed into further fleet expansion that could dilute existing equity value.