Cash conversion efficiency is severely compromised, as demonstrated by a negative $5.8T in operating cash flow during 2026Q1 despite reporting zero net income.
| 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 | -5.76T | 34.32M | 2.37M | -10.35M | -11.84M | -142.06M | 76.56M | -55.12M | 9.57M | 56.59M | -3.96M | 54.24M | -21.75M | -69.26M | -189.98M | -74.73M |
| Operating CF Margin % | - | 98.37% | 50.7% | -156.84% | -342.59% | -9658.49% | 4197.24% | -3685.24% | 591.82% | 6636.07% | -537.89% | 18644.42% | -11694.97% | -141489.32% | -76581.57% | -46036.99% |
| Operating CF Growth % | -99999793.31% | 1348.3% | 122.9% | 12.62% | 91.67% | -285.55% | 238.9% | -675.69% | -83.08% | 1528.91% | -107.3% | 349.4% | 68.6% | 63.54% | -154.22% | - |
| Net Income | 49.62M | 48.81M | -38.12M | 5.07M | -132.18M | 147.07M | 75.34M | 23.95M | 891.74K | 17.57M | -74.99M | 8.47M | -2.06M | 35.38M | -19.83M | -3.61M |
| Depreciation & Amortization | -158.72T | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 599.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.41M | 8.32M | 0 | 0 |
| Other Non-Cash Items | 152.37T | -15.08M | 40.79M | -15.61M | 119.05M | -153.57M | -86.64M | -32.13M | 16.21M | -30.41M | 90.48M | 100.99M | -111.86M | -124.57M | -170.32M | -71.08M |
| Working Capital Changes | -536.72K | 590.07K | -298.36K | 195.08K | 1.29M | -135.57M | 87.87M | -46.95M | -7.52M | 69.43M | -19.45M | -55.22M | 93.59M | 11.6M | 171K | -38.19K |
| Change in Receivables | 356.13K | 682.61K | -359.42K | 325.2K | 1.42M | -1.16M | -669.52K | 2.4M | -2.11M | -546.49K | 281.38K | -57.47K | -128.96K | 136.13K | -141.85K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 907.08B | 0 | 422.09K | -362.52K | -166.22K | -134.14M | 89.12M | -44.08M | 0 | 0 | 0 | 0 | -89.22K | -114.57K | 54.17K | 149.92K |
| Cash from Investing | 38.33M | 0 | 0 | 12.73M | -98.72M | 325.71M | -100.19M | 90.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | 0% | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 388.53T | 225.51M | 0 | 247.89M | 14.35M | 13.76M | 809.2K | 775.2K | 298.81M | 320.58M | 292.01M | 379.81M | 470.98M | 355.38M | 241.4M | 91.08M |
| Other Investing | 0 | 0 | 14.84M | 25.46M | -197.44M | 651.42M | -200.37M | 180.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -422.15M | -5.28M | -10.51M | -14.32M | -47.76M | -31.01M | 24.56M | -18.31M | -41.23M | -5.08M | -1.06M | -44.36M | 18M | 65.16M | 200.91M | 75.12M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 10.62M | 10.62M | -9.4M | -14.18M | -21.22M | 78.61K | 39.22M | -14.79M | -10.28M | -4.93M | 0 | 0 | 0 | 0 | 201.65M | 76.18M |
| Dividends Paid | -7.55B | -11.96M | -143.66K | -143.66K | -26.54M | -103.46M | -14.66M | -3.51M | 0 | 0 | -887.24K | -26.36M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -9.4M | -14.18M | -21.45M | 0 | -10.38M | -14.79M | -10.28M | -4.93M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.12B | -167.13K | -891.84K | 0 | -1.54K | -366.59K | 0 | 0 | -2.08M | -150.43K | -169.61K | 0 | 0 | -3.87M | -738.7K | -1.06M |
| Net Change in Cash | -5.76T | 29.04M | -8.14M | -11.94M | -158.32M | 152.64M | 932.46K | 16.68M | -31.65M | 51.51M | -5.02M | 9.88M | -3.75M | -4.1M | 10.93M | 386K |
| Free Cash Flow | -5.76T | 34.32M | 2.37M | -10.35M | -11.84M | -142.06M | 76.56M | -55.12M | 9.57M | 56.59M | -3.96M | 54.24M | -21.75M | -69.26M | -189.98M | -74.73M |
| FCF Margin % | -786.41% | 98.37% | 50.7% | -156.84% | -342.59% | -9658.49% | 4197.24% | -3685.24% | 591.82% | 6636.07% | -537.89% | 18644.42% | -11694.97% | -141489.32% | -76581.57% | -46036.99% |
| FCF Growth % | -23893389.91% | 1348.3% | 122.9% | 12.62% | 91.67% | -285.55% | 238.9% | -675.69% | -83.08% | 1528.91% | -107.3% | 349.4% | 68.6% | 63.54% | -154.22% | - |
| FCF per Share | -190872.95 | 1.19 | 0.10 | -0.39 | -0.39 | -5.31 | 3.51 | -2.39 | 0.46 | 2.58 | -0.18 | 2.81 | -1.13 | -3.37 | -11.80 | -22.13 |
| FCF Conversion (FCF/Net Income) | -116027.86x | 0.70x | -0.06x | -2.04x | 0.09x | -0.97x | 1.02x | -2.30x | 10.74x | 3.22x | 0.05x | 6.41x | 10.54x | -1.96x | 9.58x | 20.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Realization Risk
As reported in recent financial statements, SuRo Capital's operating cash flow frequently diverges from net income, with the firm recording a negative $5.8 trillion in operating cash flow during 2026Q1 despite reporting zero net income, highlighting a significant disconnect between accounting profits and actual cash generation.
The extreme variance between net income and operating cash flow suggests that the firm's reported earnings are heavily influenced by non-cash valuation adjustments rather than realized cash inflows. Investors should monitor this persistent gap, as it indicates that the firm's ability to fund operations is not currently supported by its reported accounting profitability.
Based on the provided cash flow data, SuRo Capital's free cash flow trajectory is highly inconsistent, swinging from a positive $22.7 million in 2024Q1 to a negative $5.8 trillion in 2026Q1, which underscores the firm's extreme sensitivity to the timing of private equity exit events.
The erratic nature of these cash flows suggests that the firm lacks a stable, recurring cash-generating engine, making it difficult to rely on historical performance to predict future liquidity. This volatility may indicate that the firm's cash position is subject to the unpredictable nature of the venture capital exit environment.
According to recent SEC filings, SuRo Capital's working capital changes have fluctuated significantly, moving from a $2.6 million outflow in 2024Q4 to a $1.2 million inflow in 2025Q2, reflecting the underlying instability in the firm's short-term asset and liability management during periods of portfolio turnover.
These shifts in working capital appear to be driven by the timing of investment-related receivables and payables rather than operational efficiency. The lack of a clear, positive trend in working capital management warrants further investigation into how the firm handles the liquidity requirements of its underlying private holdings.
As indicated by the firm's recent financial disclosures, the cash flow statement is heavily distorted by massive non-cash items, including a $599.3 billion stock-based compensation charge in 2026Q1, which significantly obscures the true cash-based operational performance of the business for external stakeholders.
The presence of such large non-cash adjustments suggests that the cash flow statement may not be a reliable indicator of the firm's underlying economic health. Analysts should be cautious, as these figures may mask the true extent of the firm's cash burn during periods of market stress.
Quick answers to the most common questions about buying SSSS stock.
SuRo Capital Corp. (SSSS) generated $34.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SuRo Capital Corp. (SSSS) generated $34.3M 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.
SuRo Capital Corp. (SSSS) 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.
In 2025, SuRo Capital Corp. (SSSS) returned $12.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.