Free cash flow generation remains erratic, ranging from a negative $19.8M in 2024Q1 to a positive $6.1M in 2024Q4, largely driven by the lumpy nature of capital expenditures which peaked at 151.1% of revenue in 2024Q2.
| 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 |
|---|
| Cash from Operations | 12.7M | 13.61M | 18.85M | 21.44M | 8.27M | -896K | -13.03M | 5.66M | -2.2M | 3.68M | 4.45M | 12.4M | 5.36M | 5.99M | 5.64M |
| Operating CF Margin % | - | 34.9% | 36.56% | 47.16% | 14.18% | -3.54% | -60.02% | 20.4% | -7.74% | 12.33% | 14.48% | 37.35% | 19.32% | 27.26% | 26.68% |
| Operating CF Growth % | -37.87% | -27.79% | -12.11% | 159.15% | 1023.44% | 93.12% | -330.17% | 356.97% | -159.91% | -17.3% | -64.15% | 131.26% | -10.51% | 6.26% | - |
| Net Income | 3.65M | 994K | 12.87M | 37.04M | 13.39M | -12.34M | -6.9M | -8.33M | -8.21M | -5.24M | -5.81M | 3.5M | -19.24M | 1.59M | 1.16M |
| Depreciation & Amortization | 8.14M | 8.17M | 7.52M | 5.5M | 6.1M | 4.9M | 4.42M | 5.32M | 5.5M | 5.57M | 5.77M | 5.7M | 5.45M | 4.52M | 4.12M |
| Stock-Based Compensation | 0 | 0 | 63K | 0 | 0 | 0 | 0 | 0 | 0 | 355K | 0 | 100K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Other Non-Cash Items | -389.37K | 1.41M | -1.05M | -24.16M | -235K | 3.65M | -324K | 2.98M | -1.47M | 457K | 4.4M | 500K | 17.27M | 350K | 360K |
| Working Capital Changes | 1.21M | 3.03M | -560K | 3.06M | -10.98M | 2.9M | -10.22M | 5.69M | 1.98M | 2.54M | 93K | 2.7M | 1.89M | -470K | 662K |
| Change in Receivables | 2.22M | 3.77M | -38K | 6.19M | -8.87M | -1.06M | 571K | 1.32M | -1.9M | 747K | -1.23M | 800K | -131K | -674K | 693K |
| Change in Inventory | 764.41K | 1.35M | -932K | 954K | -344K | -886K | -180K | 306K | 209K | 157K | -590K | 300K | -482K | -90K | -31K |
| Change in Payables | -1.6M | -633K | 538K | -1.09M | -227K | -618K | -939K | -274K | 2.5M | -858K | 2.01M | 500K | 328K | -256K | 0 |
| Cash from Investing | -11.42M | -1.36M | -42.16M | 12.21M | 4.95M | -43.19M | 12.63M | -517K | -99K | 0 | -500K | -18.8M | -7.16M | -29.39M | -11.5M |
| Capital Expenditures | -557.96K | -698K | -45.16M | -32.01M | -3.56M | -43.19M | -567K | -517K | -99K | 0 | 0 | -18.8M | -7.16M | -29.39M | -11.5M |
| CapEx % of Revenue | 1.42% | 1.79% | 87.62% | 70.4% | 6.09% | 170.45% | 2.61% | 1.86% | 0.35% | - | - | 56.63% | 25.78% | 133.71% | 54.42% |
| Acquisitions | 351.68K | 341K | 0 | 68.73M | 8.51M | 0 | 13.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -17.06M | 0 | 3M | -4.52M | 8.51M | 12.63M | 13.2M | 0 | -99K | 0 | 0 | -13K | 0 | 0 | 0 |
| Cash from Financing | 2M | 2.06M | 9.57M | -7.5M | -12.91M | 49.93M | -739K | -4.17M | -187K | -2.77M | -7.79M | 9.9M | 246K | 24.9M | 5.48M |
| Debt Issued (Net) | 2.79M | 2.53M | 23.69M | -10.26M | -12.03M | 22.52M | -4.66M | -4.5M | 860K | -6.96M | -7.26M | 16.64M | -6.18M | 17M | 0 |
| Equity Issued (Net) | -802.78K | -472K | -1.49M | -1.24M | 0 | 31.37M | 4.57M | 354K | 315K | 4.8M | 0 | -2.98M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -8.08M | -797K | -871K | -537K | -69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -802.78K | -472K | -1.49M | -1.24M | -1K | 0 | -4.25M | 0 | 0 | 0 | 0 | -1.25M | 0 | -13.46M | 0 |
| Other Financing | 12.47K | 0 | -4.56M | 4.8M | -11K | -3.43M | -582K | -23K | -1.36M | -604K | -22K | -3.78M | 6.42M | 7.9M | 5.48M |
| Net Change in Cash | 3.18M | 14.31M | -13.75M | 26.15M | 315K | 5.84M | -1.14M | 972K | -2.49M | 910K | -3.34M | 3.5M | -1.55M | 1.5M | -381K |
| Free Cash Flow | 12.14M | 12.91M | -26.32M | -10.57M | 4.72M | -44.09M | -13.6M | 5.14M | -2.3M | 3.68M | 4.45M | -6.4M | -1.79M | -23.4M | -5.87M |
| FCF Margin % | 30.85% | 33.11% | -51.06% | -23.24% | 8.09% | -173.99% | -62.63% | 18.53% | -8.09% | 12.33% | 14.48% | -19.28% | -6.46% | -106.45% | -27.75% |
| FCF Growth % | 603.24% | 149.06% | -149.07% | -323.95% | 110.7% | -224.26% | -364.33% | 323.46% | -162.61% | -17.3% | 169.47% | -256.74% | 92.33% | -298.93% | - |
| FCF per Share | 1.17 | 1.24 | -2.50 | -0.84 | 0.37 | -4.57 | -2.14 | 0.97 | -0.44 | 0.80 | 0.97 | -1.40 | -0.40 | -5.21 | -1.31 |
| FCF Conversion (FCF/Net Income) | 3.33x | 6.82x | 1.46x | 0.58x | 0.62x | 0.06x | 1.13x | -0.40x | 0.27x | -0.70x | -0.76x | 3.54x | -0.28x | 3.76x | 4.87x |
| Interest Paid | 1.4M | 0 | 5.91M | 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 |
Fleet scale and concentration
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.05 in 2023Q4 to 20.04 in 2024Q4, suggesting that reported earnings are frequently decoupled from the actual cash generated by the fleet's operations.
The extreme volatility in the conversion ratio indicates that net income is heavily influenced by non-cash accounting adjustments or timing differences in revenue recognition. Investors should monitor whether these fluctuations represent genuine operational shifts or merely the impact of vessel-related accounting entries that obscure the underlying cash-generating capacity of the business.
Based on the company's reported figures, free cash flow has exhibited significant instability, ranging from a negative $19.8M in 2024Q1 to a positive $6.1M in 2024Q4, largely due to the lumpy nature of capital expenditures and the impact of periodic vessel acquisitions or disposals.
The trajectory of free cash flow appears highly sensitive to the timing of fleet maintenance and asset turnover rather than consistent operational performance. This suggests that the company's cash flow profile is more reflective of a capital-intensive asset management strategy than a steady-state shipping operation.
According to recent SEC filings, Pyxis Tankers' capital expenditure intensity has fluctuated wildly, peaking at 151.1% of revenue in 2024Q2, which highlights the significant burden that fleet maintenance and potential vessel upgrades place on the company's ability to generate sustainable free cash flow.
The high variability in CapEx/Revenue ratios suggests that the company lacks a predictable maintenance cycle, which may indicate either aging fleet issues or opportunistic capital deployment. This inconsistency makes it difficult to forecast long-term cash flow generation without accounting for the unpredictable nature of maritime asset investment.
As evidenced by the quarterly cash flow data, working capital changes have been a major source of volatility, with shifts ranging from a $3.7M inflow in 2025Q2 to a $5.3M outflow in 2023Q4, indicating that the company's cash position is highly sensitive to timing differences in collections.
These swings in working capital suggest that the company's cash flow is susceptible to the payment cycles of its charterers and the timing of voyage-related expenses. Such fluctuations warrant further investigation into the credit quality of the company's counterparties and the efficiency of its current accounts receivable management.
Based on reported financial statements, the company has utilized its cash reserves for a mix of share repurchases and debt reduction, yet the lack of a consistent dividend policy or major fleet expansion suggests that capital deployment remains opportunistic rather than part of a long-term strategy.
The current approach to capital allocation appears to prioritize balance sheet preservation over aggressive growth or shareholder returns. Investors should monitor whether this cash accumulation is intended for future fleet modernization or if it reflects a lack of viable investment opportunities in the current maritime market.
Quick answers to the most common questions about buying PXS stock.
Pyxis Tankers Inc. (PXS) generated $13.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pyxis Tankers Inc. (PXS) generated $12.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Pyxis Tankers Inc. (PXS) spent $0.7M 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, Pyxis Tankers Inc. (PXS) spent $0.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.