Capital intensity remains a major concern, as capital expenditures reached 50.8% of revenue in 2026Q1, despite a $14.9 million inflow from working capital adjustments.
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 20M | 8.6M | 13.69M | 6.71M | 14.7M | 4.3M | 1.34M | 4.11M | -3.32M | -683K | -6.6M | 2.37M | -2.21M | 317K | 845K | 1.05M | -1.73M | 1.28M | 524.93K | -5.52M | 107.84K | 74.8K | -363.47K | -333.8K | -512.99K | -867.41K | -1.2M | -1.2M | -400K |
| Operating CF Margin % | - | 12.61% | 18.68% | 9.18% | 14.87% | 6.21% | 3.22% | 8.73% | -43.71% | -1.45% | -17.45% | 4.82% | -3.86% | 0.49% | 1.56% | 2.03% | -4.44% | 2.46% | 0.8% | -9.92% | 1.29% | 0.89% | -5.39% | -6.05% | -10.52% | -21.32% | -22.68% | -22.89% | -8.16% |
| Operating CF Growth % | 1025.55% | -37.17% | 104.01% | -54.33% | 242.03% | 221.63% | -67.5% | 223.9% | -385.8% | 89.65% | -378.83% | 207.15% | -796.85% | -62.49% | -19.68% | 160.81% | -234.88% | 144.35% | 109.51% | -5217.83% | 44.18% | 120.58% | -8.89% | 34.93% | 40.86% | 27.44% | 0.47% | -200.26% | - |
| Net Income | -3.83M | -1.35M | 4.6M | 125K | -1.19M | -7.63M | -6.76M | -5.51M | -7.08M | -2.23M | -7.06M | -2.59M | -2.05M | 4.55M | 2.31M | -5.89M | -1.69M | 678.29K | 1.66M | 590.22K | -24.81K | -196.07K | -857.52K | -842.12K | -966.76K | -1.44M | -2.03M | -1.68M | -500K |
| Depreciation & Amortization | 7.26M | 7.34M | 7.15M | 7.88M | 8.66M | 8.89M | 9.04M | 9.27M | 517K | 841K | 877K | 894K | 684K | 871K | 877K | 772K | 879.55K | 1.03M | 1.1M | 926.49K | 500.16K | 516.78K | 393.25K | 419.57K | 536.46K | 354.73K | 423.16K | 299.16K | 300K |
| Stock-Based Compensation | 0 | 447K | 1.17M | 2.08M | 2.35M | 3.23M | 530K | 0 | 609K | 373K | 563K | 585K | 793K | 850K | 326K | 291K | 215.59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 575K | -3.03M | -75K | 195K | -334K | 593K | 659K | 5.34M | -1.15M | 240.52K | 886.21K | 274.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -69K | 0 |
| Other Non-Cash Items | 1.17M | 903K | -1.6M | -1.32M | 124K | -1.2M | -790K | -1.3M | 656K | -678K | -395K | 2K | -2.1M | -2.98M | -2.91M | -1.82M | -2.06M | -1.78M | -2.37M | -2.39M | 90.08K | 97.14K | 171.95K | 77.14K | 336.68K | 362.96K | 855.59K | 904.96K | -100K |
| Working Capital Changes | 15.4M | 1.26M | 2.38M | -2.05M | 4.75M | 1M | -689K | 1.65M | 1.4M | 4.04M | -510K | 3.28M | 797K | -3.57M | -420K | 2.36M | 2.08M | 1.11M | -743.84K | -4.92M | -457.6K | -343.05K | -71.16K | 11.61K | -419.37K | -144.03K | -440.36K | -658.58K | -100K |
| Change in Receivables | 406K | 2.79M | 1.39M | 4.02M | -7.01M | -4.45M | -328K | -897K | 2.65M | 750K | -1.11M | 4.71M | -1.65M | -1.71M | 1.48M | -2.41M | 1.55M | 5.78M | -905.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 36K | 73K | -138K | -54K | -34K | 125K | -212K | 104K | 983K | 383K | 368K | -781K | -1.15M | -145.83K | 839.22K | -1.36M | 451.31K | -253.94K | -416.27K | -46.48K | -143.22K | -268.12K | -55.62K | -211.12K | -273.15K | 100K |
| Change in Payables | -3.57M | -2.27M | 0 | 0 | 10.55M | 3.97M | -575K | 1.74M | -2.34M | 3.16M | 4.33M | -2.3M | 787K | 1.7M | -1.55M | 2.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -12.7M | -7.7M | -8.12M | -8.91M | -1.92M | -7.52M | -256K | -3.24M | 69K | 828K | -416K | 796K | -2.04M | -193K | -220K | 502K | 757.97K | 1.12M | 584.91K | -1.18M | -98.09K | -513.52K | -266.28K | -213.13K | 692.67K | -1.57M | -6.42K | 408.41K | -3.3M |
| Capital Expenditures | -9.78M | 0 | -9.15M | -10.25M | -3.93M | -7.63M | -768K | -2.12M | -833K | -410K | -725K | -588K | -4.88M | -2.29M | -1.46M | -533K | -369.11K | -609.72K | -615.7K | -1.25M | -98.09K | -938.21K | -294.06K | -101.66K | -568.14K | -16.86K | 0 | 0 | -100K |
| CapEx % of Revenue | 15.96% | 11.93% | 12.48% | 14.02% | 3.98% | 11.02% | 1.85% | 4.5% | 10.97% | 0.87% | 1.92% | 1.2% | 8.52% | 3.51% | 2.69% | 1.03% | 0.95% | 1.17% | 0.94% | 2.25% | 1.17% | 11.15% | 4.36% | 1.84% | 11.65% | 0.41% | - | - | 2.04% |
| Acquisitions | 0 | 0 | 0 | 87K | 200K | 0 | 0 | -1.26M | 902K | 781K | 309K | 723K | 317K | 0 | 50K | -126K | -157.55K | 1.71M | 1.19M | 17.74K | 0 | 0 | 0 | 0 | -75K | 0 | -667.87K | -1.35M | 100K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.92M | -7.7M | 1.03M | 1.25M | 1.81M | 105K | 512K | 138K | 0 | 457K | 0 | 0 | 2.52M | 2.1M | 1.19M | 1.16M | 1.28M | 22.65K | 6.83K | -77.14K | 0 | 424.68K | 40.2K | -111.47K | -4.83K | 195.78K | -184.95K | -28.85K | -500K |
| Cash from Financing | -2.6M | -2.45M | -1.91M | -3.88M | -2.25M | 3.01M | -3.2M | 1.94M | -6.54M | 530K | 29K | 1.43M | 2.85M | -453K | 103K | 831K | 838.96K | -1.06M | -1.55M | 5.26M | 130K | -197.39K | 1.31M | 327.53K | -25.1K | 2.39M | 887.66K | 868.97K | 3.68M |
| Debt Issued (Net) | -2.6M | -2.43M | -1.91M | -3.61M | -2.06M | 3.86M | -3.19M | 1.94M | -6.5M | 1M | 157K | 1.54M | 3.5M | -54K | -4.66M | 796K | 804.41K | -1.14M | -1.58M | 5M | 0 | 0 | 0 | 0 | 0 | -244.38K | -73.81K | -222.19K | -1.06M |
| Equity Issued (Net) | 0 | 0 | -9K | 0 | 0 | 0 | 0 | 0 | -39K | -43K | -53K | -41K | -352K | -53K | 4.95M | 35K | 34.55K | 78.85K | 21.69K | 257.4K | 42.15K | 48.42K | 1.31M | 319.73K | -25.1K | 2.63M | 961.47K | 1.09M | 4.74M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K | -781K | -75K | -75K | -300K | -300K | -191K | -1.16M | 0 | 0 | 0 | 0 | 0 | -245.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -9K | 0 | 0 | 0 | 0 | 0 | -49K | -53K | -71K | -70K | -484K | -147K | -92K | 0 | 0 | 0 | 0 | 0 | -246.52K | -21.35K | 0 | 0 | -25.1K | -1.5K | -612.42K | -881.84K | 0 |
| Other Financing | 0 | -17K | 0 | -270K | -198K | -848K | -10K | 0 | 300K | 354K | 0 | 0 | 0 | -46K | 0 | 1.16M | 0 | 0 | 0 | 0 | 87.85K | 0 | 0 | 7.8K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 4.71M | -1.53M | 3.61M | -6.08M | 10.54M | -330K | -2.17M | 2.73M | -165K | 671K | -6.37M | 4.44M | -598K | -329K | 728K | 2.38M | -133.19K | 1.35M | -444.9K | -1.44M | 139.75K | -346.07K | 676.07K | -219.4K | 154.58K | -51.19K | -314.16K | 76.33K | 0 |
| Free Cash Flow | 7.07M | 462K | 4.55M | -3.54M | 10.77M | -3.33M | 568K | 2M | -3.58M | -1.09M | -7.33M | 1.78M | -7.09M | -1.98M | -610K | 519K | -2.1M | 672.97K | -90.77K | -6.77M | 9.75K | -863.41K | -657.53K | -435.46K | -1.08M | -884.26K | -1.2M | -1.2M | -500K |
| FCF Margin % | 11.54% | 0.68% | 6.2% | -4.84% | 10.89% | -4.81% | 1.37% | 4.24% | -47.1% | -2.32% | -19.37% | 3.62% | -12.38% | -3.02% | -1.13% | 1% | -5.39% | 1.29% | -0.14% | -12.17% | 0.12% | -10.26% | -9.76% | -7.9% | -22.16% | -21.74% | -22.68% | -22.89% | -10.2% |
| FCF Growth % | 248.6% | -89.84% | 228.45% | -132.88% | 423.47% | -685.92% | -71.53% | 155.8% | -227.08% | 85.08% | -511.75% | 125.1% | -258.84% | -223.77% | -217.53% | 124.72% | -411.93% | 841.42% | 98.66% | -69529.79% | 101.13% | -31.31% | -51% | 59.72% | -22.26% | 26.03% | 0.47% | -140.21% | - |
| FCF per Share | 0.38 | 0.02 | 0.24 | -0.19 | 0.59 | -0.19 | 0.03 | 0.14 | -3.22 | -1.03 | -7.06 | 1.73 | -6.93 | -1.67 | -0.59 | 0.53 | -2.17 | 0.69 | -0.09 | -7.67 | 0.01 | -1.46 | -1.12 | -0.74 | -1.83 | -2.73 | -3.69 | -3.71 | -1.16 |
| FCF Conversion (FCF/Net Income) | -1.85x | -6.35x | 2.98x | 53.70x | -4.61x | -0.55x | -0.20x | -0.72x | 1.30x | 0.31x | 0.93x | -0.91x | 0.47x | 0.07x | 0.37x | -0.18x | 1.02x | 1.89x | 0.32x | -9.35x | 0.04x | 0.06x | 0.42x | 0.40x | 0.53x | 0.60x | 0.59x | 0.72x | 0.80x |
| Interest Paid | 286K | 0 | 575K | 667K | 748K | 888K | 910K | 1.21M | 616K | 772K | 235K | 159K | 36K | 27K | 111K | 193K | 131K | 133.63K | 278.98K | 175.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 261K | 0 | 0 | 153K | 198K | 322K | 210K | 93K | 291K | 78K | 60K | 178K | 344K | 179K | 132K | 133K | 145K | 202.19K | 30K | 1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative operating margin volatility
As reported in recent financial filings, SLNG's operating cash flow frequently diverges from net income, evidenced by a 2026Q1 operating cash flow of $12.4 million against a $4.1 million net loss, suggesting that non-cash items and working capital shifts are masking the underlying core earnings performance.
The significant disconnect between net income and operating cash flow suggests that the company's reported profitability is heavily influenced by accounting adjustments rather than cash-generative operations. Investors should monitor whether this cash inflow is sustainable or merely a temporary artifact of timing differences in project-based revenue recognition.
Based on historical cash flow statements, SLNG's free cash flow trajectory remains highly erratic, swinging from a $7.1 million inflow in 2026Q1 to a $3.4 million outflow in 2024Q4, indicating that the company struggles to maintain consistent cash generation across its diverse service and fuel segments.
The lack of a stable free cash flow trend suggests that the business model is highly sensitive to the timing of large industrial contracts and capital expenditures. This volatility complicates the assessment of the company's long-term ability to self-fund operations without relying on its existing cash reserves.
According to quarterly data, SLNG's capital expenditure reached 50.8% of revenue in 2026Q1, a substantial increase that highlights the heavy asset-maintenance requirements inherent in managing a specialized cryogenic trailer fleet and liquefaction infrastructure within a contracting revenue environment.
High capital intensity relative to revenue suggests that the company must continuously reinvest to maintain its competitive positioning in the remote power market. This persistent need for capital spending may limit the company's flexibility to navigate periods of lower utilization or commodity price compression.
As indicated by recent financial statements, working capital changes have become a primary driver of cash flow, with a $14.9 million inflow in 2026Q1 significantly bolstering the cash position, which may suggest aggressive collection cycles or the liquidation of inventory rather than organic operational improvement.
The reliance on working capital fluctuations to generate cash flow warrants further investigation into the company's accounts receivable and inventory management practices. If these inflows are not recurring, the company's liquidity position may appear more robust than the underlying operational performance would otherwise justify.
Quick answers to the most common questions about buying SLNG stock.
Stabilis Solutions, Inc. (SLNG) generated $8.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stabilis Solutions, Inc. (SLNG) generated $0.5M 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.
Stabilis Solutions, Inc. (SLNG) 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.