Operational efficiency is highlighted by a 1.05 OCF/NI ratio and a 14.5% free cash flow margin achieved in 2026Q1.
| Cash from Operations | 91M | 366.89M | 295.09M | 132.85M | 166.84M | 209.85M | 151.32M | 3.59M |
| Operating CF Margin % | - | 16.45% | 17.39% | 9.25% | 12.04% | 14.03% | 16.67% | 0.75% |
| Operating CF Growth % | 0% | 24.33% | 122.12% | -20.37% | -20.5% | 38.68% | 4114.01% | - |
| Net Income | 231.77M | 216.93M | 118.15M | -8.61M | 182.27M | 235.88M | 149.22M | -17.95M |
| Depreciation & Amortization | 40M | 0 | 80.86M | 82.19M | 66.73M | 83.56M | 55.41M | 30.46M |
| Stock-Based Compensation | 5.1M | 0 | 0 | 0 | 24.26M | 0 | 0 | 0 |
| Deferred Taxes | -6M | 0 | 78.31M | 25.39M | 34.24M | -11.29M | 429K | 0 |
| Other Non-Cash Items | -128.48M | 178.95M | -6.35M | 61.64M | -148.72M | -71.06M | -11.51M | -6.14M |
| Working Capital Changes | -52M | -28.99M | 24.12M | -27.76M | 8.05M | -27.23M | -41.79M | -2.78M |
| Change in Receivables | -18M | -33M | 13.75M | -39.02M | 47.05M | -19.19M | -30.94M | -204K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -30M | -15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -44M | -137.96M | -110.08M | -5.01M | -96.52M | -18.16M | -5.84M | 49.64M |
| Capital Expenditures | -12M | -113.97M | -13.89M | -9.11M | -27.54M | -26.75M | -12.12M | -3.4M |
| CapEx % of Revenue | 0.53% | 5.11% | 0.82% | 0.63% | 1.99% | 1.79% | 1.33% | 0.71% |
| Acquisitions | 0 | 0 | 9.55M | -10.27M | 7.28M | 19.81M | 29.84M | 37.16M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -28M | -23.99M | -75.61M | 14.36M | -93.3M | 13.09M | -23.56M | 15.88M |
| Cash from Financing | -129M | -151.95M | -56.35M | -131.16M | -103.18M | -39.76M | -81.09M | -7.89M |
| Debt Issued (Net) | 25M | 15M | -5.65M | -126.65M | -33.7M | -27.52M | -10.57M | 12.88M |
| Equity Issued (Net) | 0 | 0 | 0 | -2.63M | -53.69M | -7.66M | 6.22M | 0 |
| Dividends Paid | -152M | -155.95M | -46.12M | 0 | 0 | 0 | -10M | 0 |
| Share Repurchases | 0 | 0 | 0 | -2.63M | -224.32M | -10.73M | 0 | 0 |
| Other Financing | -2M | -11M | -4.58M | -1.88M | -15.78M | -4.58M | -66.73M | -20.77M |
| Net Change in Cash | -47M | 123.83M | 136.27M | -12.86M | -39.02M | 155.26M | 64.17M | 47.69M |
| Free Cash Flow | 89M | 325.9M | 199.62M | 79.3M | 139.3M | 183.1M | 139.21M | 192K |
| FCF Margin % | 3.97% | 14.61% | 11.76% | 5.52% | 10.05% | 12.25% | 15.33% | 0.04% |
| FCF Growth % | - | 63.26% | 151.74% | -43.07% | -23.92% | 31.53% | 72405.21% | - |
| FCF per Share | 0.18 | 0.64 | 0.40 | 0.16 | 0.28 | 3.26 | 0.29 | - |
| FCF Conversion (FCF/Net Income) | 0.38x | 1.69x | 2.61x | -12.59x | 0.86x | 0.79x | 1.01x | -0.20x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and tax volatility
According to 2026Q1 financial disclosures, SGHC achieved an OCF/NI ratio of 1.05, demonstrating that the company is successfully converting its reported net income into actual cash inflows, a significant improvement over the historical volatility observed in previous periods where accounting adjustments often obscured the underlying cash reality.
The alignment between net income and operating cash flow suggests that the company's earnings are driven by core operational performance rather than non-cash accruals. Investors should monitor whether this conversion efficiency persists, as it indicates a maturing business model capable of self-funding its growth initiatives.
Based on the most recent quarterly data, SGHC generated $89 million in free cash flow, representing a 14.5% FCF margin, which highlights the company's ability to translate its top-line expansion into tangible liquidity after accounting for necessary capital expenditures and operational requirements.
This trajectory appears favorable, particularly given the company's strategic pivot away from high-burn US sports betting markets. The ability to maintain positive free cash flow while scaling in emerging markets suggests that the underlying unit economics of the Betway and Spin brands are becoming increasingly efficient.
As reported in the latest quarterly filings, SGHC maintained a CapEx-to-revenue ratio of just 2.0%, underscoring the asset-light nature of its digital gaming platform and the limited requirement for heavy physical infrastructure to support its global user base expansion.
The low capital intensity suggests that the company does not need to reinvest a significant portion of its cash flow into maintenance, allowing for greater flexibility in capital allocation. This provides a distinct advantage over land-based casino operators who face constant pressure to upgrade physical facilities.
Financial statements indicate that SGHC utilized $152 million for dividend payments in 2026Q1, a move that signals management's confidence in the company's cash-generating durability and its commitment to returning value to shareholders despite the inherent volatility of the global online gambling sector.
While the dividend payout is substantial, investors should weigh this against the potential need for future M&A to maintain competitive positioning in fragmented markets. The company's ability to sustain such payouts while maintaining a fortress balance sheet warrants further investigation into the long-term sustainability of this policy.
Quick answers to the most common questions about buying SGHC stock.
Super Group (SGHC) Limited (SGHC) generated $366.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Super Group (SGHC) Limited (SGHC) generated $325.9M 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.
Super Group (SGHC) Limited (SGHC) spent $114.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Super Group (SGHC) Limited (SGHC) returned $156.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.