Cash flow volatility remains high, with free cash flow swinging from a $45.0M outflow in 2025Q3 to a $4.5M inflow in 2026Q1, supported by an operating cash flow to net income ratio of 7.47.
| Cash from Operations | 15.01M | 11.48M | 6.89M | -6.34M | 5.45M |
| Operating CF Margin % | - | 115.87% | 101.86% | -40.63% | 34.87% |
| Operating CF Growth % | -613.56% | 66.49% | 208.7% | -216.32% | - |
| Net Income | 720.4K | -50.95K | 1.05M | 15.43M | 8.64M |
| Depreciation & Amortization | 2.92M | 2.4M | 1.17M | 1.49M | 1.41M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.48M | 1.3M | -1.42M | -9.31M | 0 |
| Working Capital Changes | 9.07M | 7.83M | 6.1M | -13.94M | -4.59M |
| Change in Receivables | 18.31M | 6.14M | 6.38M | -14.67M | -5.2M |
| Change in Inventory | -58.94K | -114.86K | -28.76K | 154.49K | -76.92K |
| Change in Payables | -62.57K | 293.29K | -459.75K | 110.24K | 686.23K |
| Cash from Investing | -50.27M | -48.63M | -71.79K | 16.44M | -479.07K |
| Capital Expenditures | -50.27M | -48.63M | -71.79K | -766.89K | -479.07K |
| CapEx % of Revenue | 337.92% | 490.94% | 1.06% | 4.91% | 3.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 17.2M | 0 |
| Cash from Financing | 57.6M | 43.53M | -6.82M | -14.9M | -626.99K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 48.81M | 43.44M | -6.82M | -14.9M | -626.99K |
| Dividends Paid | -438.64K | -283.71K | 0 | 0 | 0 |
| Share Repurchases | -151.95K | -147.33K | 0 | 0 | 0 |
| Other Financing | 9.23M | 372K | 0 | 0 | 0 |
| Net Change in Cash | 20.4M | 6.64M | 18 | -4.8M | 4.35M |
| Free Cash Flow | -29.44M | -31.51M | 6.82M | -7.11M | 4.97M |
| FCF Margin % | -197.9% | -318.1% | 100.8% | -45.54% | 31.81% |
| FCF Growth % | - | -561.85% | 195.96% | -242.94% | - |
| FCF per Share | -10.61 | -11.36 | 14.29 | -14.89 | 10.42 |
| FCF Conversion (FCF/Net Income) | -40.86x | -254.26x | 6.56x | -0.41x | 0.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Single-vessel operational concentration
As reported in recent financial filings, RBNE's operating cash flow to net income ratio reached 7.47 in 2026Q1, highlighting a significant divergence between accounting profits and actual cash generation that warrants careful scrutiny regarding the sustainability of current earnings quality for this single-vessel maritime operator.
The extreme volatility in the OCF/NI ratio suggests that reported net income is heavily influenced by non-cash items or timing differences rather than core operational efficiency. Investors should monitor whether this high conversion ratio in the most recent quarter is a sustainable trend or merely a temporary artifact of working capital fluctuations.
Based on the company's quarterly data, RBNE experienced a dramatic swing in free cash flow, moving from a $45.0M outflow in 2025Q3 to a $4.5M inflow by 2026Q1, which underscores the inherent instability of cash flows for a firm with such limited asset diversification.
The erratic FCF trajectory appears to be driven by lumpy capital expenditures and the cyclical nature of spot market charter rates. This pattern suggests that the company's ability to generate consistent free cash flow is highly sensitive to the operational status of its lone vessel.
According to the provided cash flow statements, RBNE's capital expenditure reached a peak of $44.5M in 2025Q3, representing a significant investment phase that contrasts sharply with the minimal maintenance spending observed in other periods, suggesting a lumpy and unpredictable capital intensity profile for the firm.
The massive spike in 2025Q3 capital spending implies a major asset acquisition or upgrade, which likely dictates the company's long-term depreciation burden. Analysts should investigate whether future capital requirements will remain this volatile or if the company has reached a temporary plateau in its fleet development cycle.
As indicated by the quarterly cash flow data, working capital changes contributed a substantial $12.5M to operating cash flow in 2025Q2, illustrating that the company's cash position is frequently dictated by timing differences in receivables and payables rather than pure operational performance.
The reliance on working capital swings to bolster cash flow suggests that the company may be managing its liquidity through aggressive collection or payment timing. This behavior warrants further investigation to determine if these shifts represent genuine operational efficiency or a temporary masking of underlying cash flow weakness.
Quick answers to the most common questions about buying RBNE stock.
Robin Energy Ltd. (RBNE) generated $11.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Robin Energy Ltd. (RBNE) reported negative free cash flow of $31.5M in 2025, indicating capital requirements exceeded cash from operations.
Robin Energy Ltd. (RBNE) spent $48.6M 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, Robin Energy Ltd. (RBNE) returned $0.3M to shareholders via cash dividends and spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.