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Cash flow generation remains highly inconsistent, highlighted by an OCF/NI ratio of 0.04 in 2023Q2 and questionable historical capital allocation involving $22.3M in share repurchases during 2023Q4.
SCHMID Group N.V. Class A Ordinary Shares (SHMD) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -28.65M | 343.87K | -2.58M | 9.9M | 280K | -10.29M |
| Operating CF Margin % | - | 0.53% | -4.24% | 10.97% | 0.29% | -26.05% |
| Operating CF Growth % | 1951.72% | 113.34% | -126.05% | 3434.64% | 102.72% | - |
| Net Income | -49.36M | -68.24M | -84.1M | 36.87K | 11.84M | -24.45M |
| Depreciation & Amortization | 2.48M | 4.13M | 7.92M | 6.9M | 6.28M | 4.89M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -1.49M | 2.78M | 0 | 5.2M |
| Other Non-Cash Items | 41.83M | 53.07M | 73.57M | 5.1M | -676.57K | 6.74M |
| Working Capital Changes | -21.8M | 11.38M | 1.53M | -4.93M | -17.16M | -2.66M |
| Change in Receivables | -16.99M | 3.56M | -3.58M | -6.73M | -16.61M | 7.7M |
| Change in Inventory | -5.44M | -1.89M | 619K | 8.24M | -5.82M | -6.68M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 14.99M | -5.99M | -4.05M | 72.02M | -7.17M | -7.54M |
| Capital Expenditures | -2.57M | -6.11M | -5.11M | -6.91K | -4.62M | -5.04M |
| CapEx % of Revenue | 1.69% | 9.5% | 8.4% | 0.01% | 4.86% | 12.77% |
| Acquisitions | 0 | 0 | 1M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 61K | 72.03M | -921.81K | -2.41M |
| Cash from Financing | 15.15M | 3.67M | 3.96M | -83.71M | -3.17M | 35.67M |
| Debt Issued (Net) | 1.14M | 5.07M | 15.78M | -82.69M | -2.39M | -2.31M |
| Equity Issued (Net) | 11.44M | 0 | 0 | -172.18M | 0 | 202.54M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -22.34M | 0 | 0 | -172.18M | 0 | 0 |
| Other Financing | 2.58M | -1.4M | -11.82M | 171.16M | -776K | -164.55M |
| Net Change in Cash | 4.66M | -1.77M | -1.92M | -2.62M | -10.05M | 498.4K |
| Free Cash Flow | -31.22M | -5.76M | -7.69M | 2.99M | -3.59M | -6.4M |
| FCF Margin % | -20.54% | -8.96% | -12.64% | 3.31% | -3.77% | -16.21% |
| FCF Growth % | - | 25.06% | -357.16% | 183.33% | 43.94% | - |
| FCF per Share | -0.49 | -0.15 | -0.22 | 0.09 | -0.16 | -0.23 |
| FCF Conversion (FCF/Net Income) | 0.63x | -0.01x | 0.03x | 0.27x | 0.18x | 0.42x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SHMD stock.
SCHMID Group N.V. Class A Ordinary Shares (SHMD) generated $0.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SCHMID Group N.V. Class A Ordinary Shares (SHMD) reported negative free cash flow of $5.8M in 2025, indicating capital requirements exceeded cash from operations.
SCHMID Group N.V. Class A Ordinary Shares (SHMD) spent $6.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity and solvency
Earnings Quality Remains Severely Disconnected
As reported in financial statements, SCHMID's operating cash flow consistently fails to track with net income, evidenced by an OCF/NI ratio that dropped to 0.04 in 2023Q2, suggesting that reported profits are not translating into the liquid resources necessary to sustain the company's high-cost industrial operations.
The persistent gap between accounting earnings and cash generation implies that a significant portion of the company's income may be tied up in non-cash items or unbilled contract assets. Investors should monitor whether this divergence reflects aggressive revenue recognition practices typical of long-lead equipment manufacturers or simply an inability to collect cash from customers in a timely manner.
Free Cash Flow Trajectory Deteriorating
Based on the company's reported figures, free cash flow has struggled to maintain positive territory, with margins oscillating between 3.2% and negative levels, indicating that the business model is currently unable to generate self-sustaining cash flow to cover its operational requirements without external capital injections.
The inability to generate consistent free cash flow, even during periods of reported net income, highlights the capital-intensive nature of the firm's machinery business. This trajectory suggests that the company remains highly vulnerable to cyclical downturns in the electronics and solar sectors, as it lacks the internal cash buffer to weather extended periods of low demand.
Working Capital Efficiency Remains Volatile
According to recent SEC filings, working capital changes have been erratic, with a $1.1M contribution in 2023Q4 followed by periods of negative cash impact, suggesting that the company's management of receivables and payables is not yet optimized to support its current project-based revenue structure.
The reliance on working capital fluctuations to bolster cash flow indicates that the company may be pulling forward cash from future periods or delaying payments to suppliers to manage liquidity. This practice warrants further investigation, as it may mask underlying operational inefficiencies and create future cash flow pressure when these obligations eventually come due.
Capital Allocation Prioritizes Shareholder Returns
As disclosed in financial filings, the company utilized significant cash for share repurchases, including $22.3M in 2023Q4 and $235.5M in 2022Q4, which appears highly questionable given the company's precarious liquidity position and its inability to generate consistent, positive operating cash flow from its core industrial activities.
The decision to prioritize share repurchases over strengthening the balance sheet or investing in R&D during a period of negative net margins suggests a potential misalignment between capital allocation and long-term operational stability. This strategy appears to have significantly depleted the company's cash reserves, leaving it with minimal liquidity to navigate the current challenging industrial environment.