Free cash flow remains deeply inconsistent, oscillating between a $223.1M peak in 2026Q1 and a $28.0M trough in 2025Q2, reflecting the lumpy nature of the firm's core liquidation and consulting operations.
| 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 |
|---|
| Cash from Operations | 227.13M | -59.71M | 263.55M | 24.5M | 6.65M | 50.89M | 57.69M | -27.2M | -104.81M | -81.79M | 80.28M | 31.67M | -23.03M | -2.49M | 16.21M | -2.04M | -6.08M | 18.88M | 4.21M | 5.29M |
| Operating CF Margin % | - | -5.79% | 22.64% | 1.7% | 0.67% | 3.27% | 6.92% | -4.17% | -24.78% | -25.39% | 42.17% | 28.15% | -29.86% | -3.27% | 19.31% | -3.22% | -14.43% | 22.63% | 7.92% | - |
| Operating CF Growth % | 122513.86% | -122.66% | 975.63% | 268.29% | -86.93% | -11.78% | 312.11% | 74.05% | -28.15% | -201.88% | 153.48% | 237.52% | -824.16% | -115.37% | 892.67% | 66.38% | -132.22% | 348.59% | -20.39% | - |
| Net Income | 463.87M | 282.58M | -774.94M | -105.63M | -156.59M | 450.8M | 204.02M | 81.95M | 16.4M | 11.94M | 32.73M | 13.58M | -5.79M | 576K | 4.34M | 602K | -11.04M | 17.1M | 2.33M | 3.71M |
| Depreciation & Amortization | 32.67M | 335K | 45.41M | 49.6M | 39.97M | 25.87M | 19.37M | 19.05M | 13.81M | 11.14M | 4.31M | 848K | 646K | 1.86M | 835K | 981K | 792K | 634K | 433K | 0 |
| Stock-Based Compensation | 10.41M | 3.48M | 19.05M | 45.11M | 61.14M | 36.01M | 18.59M | 15.92M | 13.04M | 10.34M | 2.77M | 2.04M | 0 | 0 | 0 | 431K | 4.42M | 3.51M | 880K | 0 |
| Deferred Taxes | 2.52M | 0 | 25.89M | -40.95M | -80.43M | 61.77M | 61.62M | 10.87M | 1.99M | 5.73M | 3.55M | 6.61M | -2.98M | 989K | 1.37M | 1.87M | -5.12M | -11.66M | 0 | 0 |
| Other Non-Cash Items | -147.43M | -136.91M | 233.37M | 43.7M | 26.96M | -32.17M | 23.82M | 7.6M | 1.84M | 9.59M | 4.85M | 2.75M | 7.33M | 2.72M | 889K | 6.49M | 1.24M | 6.2M | 1.15M | 0 |
| Working Capital Changes | -211.18M | -209.2M | 714.77M | 32.67M | 115.61M | -491.39M | -269.72M | -162.58M | -151.89M | -130.53M | 32.08M | 5.84M | -22.22M | -8.64M | 8.78M | -12.41M | 3.62M | 3.11M | -583K | 1.58M |
| Change in Receivables | -24.66M | -65.13M | 2.83B | -501.21M | 6.6M | -1.33B | 24.49M | -98.64M | -12.95M | -29.57M | 7.12M | 3.95M | -15.09M | -2.8M | 2.35M | -7.03M | -3.52M | 5.01M | 3.62M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -360.86M | 0 | -146.65M | 0 | 0 | 0 | 0 | 455K | 1.62M | -34.73M | -17.8M | 0 | 0 | 0 |
| Change in Payables | -24.33M | -24.62M | -14.12M | -79.85M | -141.33M | 37.8M | 31.3M | 32.55M | 3.56M | -30.37M | 23.33M | 3.94M | -1.14M | -3.97M | 1.64M | 3.3M | 1.44M | 0 | 0 | 0 |
| Cash from Investing | 11.75M | 311.48M | 440.53M | 301.17M | -32.29M | -956.53M | -128.45M | -437.71M | -151.44M | -17.84M | -34.06M | 4.92M | -3.67M | 5.48M | -6.76M | 1.24M | -6.66M | 1.24M | -4.25M | -406.35M |
| Capital Expenditures | -2.02M | 0 | -7.95M | -7.71M | -3.92M | -676K | -2.04M | -3.46M | -5.43M | -825K | -729K | -239K | -252K | -1.14M | -634K | -264K | -592K | -828K | -597K | 0 |
| CapEx % of Revenue | 0.16% | 1.1% | 0.68% | 0.53% | 0.39% | 0.04% | 0.25% | 0.53% | 1.28% | 0.26% | 0.38% | 0.21% | 0.33% | 1.5% | 0.76% | 0.42% | 1.4% | 0.99% | 1.12% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 863.8M | 652.21M | 410.83M | 3.68B | 3.51B | 3.66B | 1.6B | 1.22B | 1.48B | 1.1B | 33.16M | 51.09M | 35.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -5.92M | 311.48M | 67.32M | 322.51M | -547.1M | -927.01M | -110.92M | -378.29M | -38.79M | 6.84M | 96K | 7.61M | -6.08M | 8.23M | -4.67M | 2.71M | -5.12M | 3.19M | -3.65M | -406.35M |
| Cash from Financing | -203.69M | -279.37M | -671.95M | -365.92M | 17.64M | 1.08B | 69.54M | 389.29M | 284.86M | 134.09M | 40.4M | -28.05M | 29.47M | -3.08M | -5.89M | -4M | -5.16M | 902K | 977K | 402.21M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 45.99M | -5.64M | 421.77M | 166.21M | 196.11M | -18.7M | 0 | 22.76M | 0 | 51.23M | 0 | 0 | 0 | 0 | 0 | 0 | 418.65M |
| Dividends Paid | 0 | 0 | -41.79M | -149.16M | -127.46M | -354.59M | -43.5M | -41.4M | -22.68M | -16.75M | -5.33M | -5.22M | -479K | 0 | 0 | 0 | 0 | -33.85M | -858K | 0 |
| Share Repurchases | 0 | 0 | 0 | -69.48M | -6.52M | -2.66M | -48.25M | -4.27M | -18.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9.96M | -19M | -26.42M | -213.72M | -175.98M | -49.57M | -204.16M | -14.82M | -12.06M | -19.04M | -3.16M | -4.54M | -1.79M | -2.31M | -2.39M | -3.43M | -3.41M | 44.93M | 0 | -16.44M |
| Net Change in Cash | 34.98M | -27.4M | 22.84M | -37.09M | -8.93M | 175.02M | 98K | -75.54M | 27.74M | 37.13M | 85.34M | 8.41M | 2.73M | 146K | 3.69M | -5.05M | -17.91M | 21.02M | 936K | 1.15M |
| Free Cash Flow | 221.5M | -71.03M | 255.6M | 16.79M | 2.73M | 50.22M | 55.64M | -30.66M | -110.25M | -82.61M | 79.55M | 31.43M | -23.28M | -3.63M | 15.58M | -2.31M | -6.67M | 18.05M | 3.61M | 5.29M |
| FCF Margin % | 17.02% | -6.89% | 21.96% | 1.16% | 0.28% | 3.23% | 6.67% | -4.7% | -26.06% | -25.64% | 41.79% | 27.93% | -30.19% | -4.77% | 18.56% | -3.63% | -15.84% | 21.64% | 6.79% | - |
| FCF Growth % | 93.17% | -127.79% | 1422.24% | 513.93% | -94.55% | -9.75% | 281.49% | 72.19% | -33.45% | -203.85% | 153.09% | 235.01% | -540.67% | -123.33% | 774.58% | 65.41% | -136.97% | 399.81% | -31.69% | - |
| FCF per Share | 7.25 | -2.32 | 8.43 | 0.57 | 0.10 | 1.73 | 2.10 | -1.11 | -4.12 | -3.40 | 4.33 | 1.93 | -2.42 | -2.43 | 10.52 | -1.57 | -4.75 | 12.94 | 2.30 | 4.53 |
| FCF Conversion (FCF/Net Income) | 0.48x | -0.19x | -0.34x | -0.25x | -0.04x | 0.11x | 0.28x | -0.33x | -6.76x | -7.08x | 3.73x | 2.68x | 3.97x | -2.36x | 4.60x | -3.40x | 0.55x | 1.11x | 16.00x | 1.42x |
| Interest Paid | 88.25M | 97.04M | 239.66M | 315.31M | 193.39M | 138.37M | 98.59M | 75.63M | 50.1M | 18.84M | 376K | 579K | 1.5M | 2.68M | 2.62M | 2.42M | 3.41M | 8.23M | 5.52M | 0 |
| Taxes Paid | 4.87M | 5.23M | 7.13M | 20.12M | 49.36M | 88.15M | 2.37M | 8.65M | 6.5M | 14.99M | 685K | 1.69M | 44K | 175K | 278K | 11K | 9K | 0 | 0 | 0 |
Investment Portfolio Concentration Risk
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from a negative 2.75 in 2024Q1 to a positive 1.05 in 2026Q1, highlighting the significant impact of non-cash mark-to-market adjustments on reported profitability.
The extreme variance in the conversion ratio suggests that headline net income is a poor proxy for the firm's actual cash-generating capacity. Investors should monitor whether the recent alignment in 2026Q1 represents a sustainable shift toward cash-based earnings or merely a temporary anomaly driven by the timing of investment realizations.
Based on RILY's reported figures, free cash flow trajectory remains deeply inconsistent, oscillating between a peak of $223.1M in 2026Q1 and a trough of -$28.0M in 2025Q2, which underscores the firm's sensitivity to episodic deal flow and the inherent unpredictability of its principal investment portfolio.
The lack of a stable FCF trend indicates that the company's cash generation is heavily dependent on the successful execution of specific, non-recurring mandates. This volatility may complicate the firm's ability to maintain consistent capital allocation strategies, particularly regarding debt service and dividend payments.
According to recent SEC filings, working capital changes have been a primary driver of cash flow variance, with significant outflows of $88.5M in 2025Q3 contrasting sharply with the $301.7M inflow observed in 2024Q2, reflecting the lumpy nature of the firm's asset-heavy liquidation and consulting business lines.
These substantial swings suggest that the company's liquidity is highly susceptible to the timing of large-scale inventory liquidations and client settlements. Analysts should investigate whether these fluctuations indicate underlying inefficiencies in the cash conversion cycle or are simply a structural byproduct of the firm's unique merchant banking model.
As evidenced by historical data, the firm has shifted from active dividend payments and share repurchases in 2023 to a more defensive posture, with net acquisition activity of $94.9M in 2025Q4 suggesting a continued, albeit risky, reliance on inorganic growth to offset core operational volatility.
The transition away from consistent shareholder returns may indicate that management is prioritizing liquidity preservation or debt management over capital distribution. Investors should monitor whether these acquisition-heavy periods are effectively enhancing long-term value or merely masking the underlying cash flow challenges inherent in the firm's current investment concentrations.
Quick answers to the most common questions about buying RILY stock.
BRC Group Holdings, Inc. (RILY) generated $-59.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BRC Group Holdings, Inc. (RILY) reported negative free cash flow of $71.0M in 2025, indicating capital requirements exceeded cash from operations.
BRC Group Holdings, Inc. (RILY) 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.