Cash flow generation is highly inconsistent, evidenced by a massive $31.3M free cash flow outflow in 2026Q1 and an erratic OCF/NI ratio of -129.64.
| 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 |
|---|
| Cash from Operations | 12.6M | 18.61M | 21.59M | 20.98M | 23.38M | 44.28M | 26.85M | 18.77M | 28.86M | 29.59M | 17.98M | 16.24M | 20.35M | 26.39M | 20.76M | 15.4M |
| Operating CF Margin % | - | 14.85% | 17.46% | 17.86% | 18.98% | 33.65% | 24.86% | 18.38% | 29.25% | 32.38% | 22.4% | 21.62% | 29.29% | 43.94% | 40.15% | 35.99% |
| Operating CF Growth % | -37.16% | -13.82% | 2.93% | -10.3% | -47.19% | 64.93% | 42.99% | -34.94% | -2.46% | 64.57% | 10.68% | -20.19% | -22.87% | 27.13% | 34.77% | - |
| Net Income | 2.65M | 8.06M | 15.71M | 9.09M | 30.79M | 24.95M | 17.48M | 15.41M | 17.37M | 12.53M | 9.98M | 11.09M | 10.71M | 17.17M | 19.72M | 14.61M |
| Depreciation & Amortization | 2.47M | 2.42M | 4.15M | 4.01M | 3.88M | 3.92M | 3.97M | 3.19M | 2.43M | 2.8M | 2.66M | 2.36M | 1.97M | 1.94M | 1.92M | 1.47M |
| Stock-Based Compensation | 1.89M | 1.83M | 1.92M | 1.63M | 1.15M | 1.43M | 659K | 2.27M | 3.27M | 3.25M | 3.23M | 1.52M | 1.01M | 1.96M | 1.35M | 977K |
| Deferred Taxes | 1.71M | 1.85M | 1.94M | 2.19M | 3.77M | 787K | 2.04M | 1.38M | 600K | 3.35M | 1.74M | 2.32M | 3.6M | 283K | 22K | -275K |
| Other Non-Cash Items | 1.91M | 2.17M | 2.44M | 10.05M | 3.92M | 3.26M | 4.28M | -301K | 2.9M | 2.71M | -480K | 744K | -1.48M | 1.35M | -2M | -908K |
| Working Capital Changes | -40K | 2.28M | -4.56M | -6M | -20.12M | 9.94M | -1.58M | -3.17M | 2.29M | 4.95M | 845K | -1.79M | 4.54M | 3.68M | -256K | -471K |
| Change in Receivables | 2.33M | 1.06M | -3.09M | 0 | -417K | 81K | 1.3M | -3.65M | 1.27M | -1.38M | -608K | -501K | -690K | -2.76M | -1.02M | -780K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 759K | 2.14M | 111K | 214K | -12.16M | 5.62M | 63K | 514K | 512K | -940K | 730K | -121K | -959K | 1.44M | -118K | 644K |
| Cash from Investing | -5.71M | -3.63M | -1.7M | -3.88M | -956K | -908K | -626K | -39.38M | -1.76M | -804K | -284K | -3.94M | -2.03M | -3.48M | -770K | -4.48M |
| Capital Expenditures | -3.81M | -3.63M | -1.7M | -3.88M | -956K | -908K | -626K | -3.81M | -1.76M | -804K | -723K | -388K | -664K | -275K | -257K | -606K |
| CapEx % of Revenue | 3.04% | 2.9% | 1.37% | 3.3% | 0.78% | 0.69% | 0.58% | 3.73% | 1.78% | 0.88% | 0.9% | 0.52% | 0.96% | 0.46% | 0.5% | 1.42% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 2.85M | 1.03M | 1.35M | 219K | 146K | 1.59M | 914K | 1.78M | 1.49M | 626K | 335K | 32K | 1.31M | 103K | 1.98M | 1.13M |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 587K | -1K | 435K | -1K | 110K | 335K |
| Cash from Financing | -31.45M | -39.49M | -21.55M | -24.22M | -30.74M | -20.12M | -16.55M | 4.15M | -11.64M | -12.48M | -11.74M | -11.56M | -14.62M | -9.23M | -13.9M | -10.6M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -28.45M | -30.45M | -4.63M | -5.71M | -8.78M | -512K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.32M | 0 | 0 |
| Dividends Paid | -6.78M | -7.07M | -7.4M | -7M | -6.83M | -6.4M | -6.11M | -5.33M | -4.66M | -3.9M | -3.86M | -3.78M | -3.66M | -661K | 0 | 0 |
| Share Repurchases | -28.5M | -30.5M | -4.63M | -5.71M | -8.78M | -512K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.37M | 0 | 0 |
| Other Financing | -2.08M | -5.84M | -6.7M | -7.8M | -12.31M | -9.5M | -6.74M | -7.83M | -6.1M | -6.59M | -5.51M | -5.63M | -5.28M | -30.66M | -12.18M | -9.13M |
| Net Change in Cash | -24.61M | -24.54M | -1.69M | -7.13M | -8.31M | 23.25M | 9.67M | -16.45M | 15.46M | 16.3M | 5.96M | 742K | 3.7M | 13.68M | 6.09M | 329K |
| Free Cash Flow | 8.78M | 14.97M | 19.89M | 17.1M | 22.43M | 43.37M | 26.22M | 14.96M | 27.1M | 28.78M | 17.25M | 15.86M | 19.69M | 26.11M | 20.5M | 14.79M |
| FCF Margin % | 7.01% | 11.95% | 16.09% | 14.56% | 18.2% | 32.96% | 24.28% | 14.65% | 27.47% | 31.5% | 21.5% | 21.1% | 28.34% | 43.48% | 39.66% | 34.58% |
| FCF Growth % | -57.78% | -24.71% | 16.34% | -23.77% | -48.29% | 65.41% | 75.23% | -44.79% | -5.84% | 66.8% | 8.83% | -19.46% | -24.61% | 27.38% | 38.55% | - |
| FCF per Share | 1.14 | 1.70 | 2.09 | 1.81 | 2.28 | 4.48 | 2.76 | 1.70 | 3.26 | 3.55 | 2.15 | 2.02 | 2.59 | 3.12 | 1.84 | 1.32 |
| FCF Conversion (FCF/Net Income) | 3.31x | 3.81x | 2.26x | 2.31x | 1.24x | 3.01x | 2.70x | 2.17x | 3.00x | 5.54x | 3.58x | 3.05x | 4.26x | 1.93x | 1.05x | 1.05x |
| Interest Paid | 7K | 0 | 62K | 332K | 345K | 315K | 523K | 439K | 39K | 115K | 204K | 149K | 437K | 316K | 225K | 114K |
| Taxes Paid | 998K | 0 | 1.74M | 1.6M | 5.2M | 4.85M | 3.13M | 4.27M | 5.95M | 1.71M | 4.08M | 3.97M | 5.01M | 1.07M | 995K | 855K |
Working capital volatility
As reported in recent financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently swinging into negative territory, such as the -129.64 reading observed in 2026Q1, indicating significant disconnects between accounting profits and actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that reported net income is a poor proxy for the firm's underlying cash-generating capacity. Investors should interpret these wide swings as evidence that accrual-based accounting adjustments, rather than core operational performance, are driving the quarterly bottom line.
Based on the provided cash flow statements, free cash flow trajectory is highly inconsistent, alternating between positive double-digit millions and severe quarterly outflows, such as the -$31.3M recorded in 2026Q1, which highlights a lack of predictable cash conversion in the firm's current business model.
The inability to maintain a stable FCF margin suggests that the firm's cash flow is highly sensitive to timing differences in working capital. This inconsistency complicates the firm's ability to commit to long-term capital allocation strategies, as cash availability appears to fluctuate significantly on a quarter-to-quarter basis.
According to the quarterly cash flow data, working capital changes are the primary driver of cash flow volatility, with massive swings like the -$34.2M outflow in 2026Q1 directly offsetting any gains from core operations and creating significant uncertainty regarding the firm's short-term liquidity profile.
These large, recurring working capital fluctuations suggest that the firm's cash cycle is either highly seasonal or subject to significant timing mismatches in fee collections and partner distributions. Analysts should monitor whether these swings represent structural inefficiencies in the firm's billing and collection processes.
As indicated by the financial statements, the firm continues to prioritize share repurchases and dividends despite the erratic nature of its operating cash flow, with buybacks reaching $15.1M in 2025Q2 even as cash generation remains subject to extreme quarterly variance.
The decision to return capital to shareholders during periods of negative operating cash flow warrants further investigation into the sustainability of these payouts. It appears that management is prioritizing shareholder yield to maintain investor interest, potentially at the expense of building a more robust cash buffer for operational contingencies.
Quick answers to the most common questions about buying SAMG stock.
Silvercrest Asset Management Group Inc. (SAMG) generated $18.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Silvercrest Asset Management Group Inc. (SAMG) generated $15.0M 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.
Silvercrest Asset Management Group Inc. (SAMG) spent $3.6M 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, Silvercrest Asset Management Group Inc. (SAMG) returned $7.1M to shareholders via cash dividends and spent $30.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.