Free cash flow remains highly erratic, swinging from a $11.7 million inflow in 2026Q1 to a $23.0 million outflow in 2024Q2, reflecting the heavy capital requirements of its 'vibe dining' expansion.
| 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 |
|---|
| Cash from Operations | 43.44M | 30.31M | 44.19M | 30.78M | 25.25M | 30.97M | 431K | 8.36M | 6.44M | 5.99M | 2.1M | 2.04M | 1.91M | -5.99M | 30K | -1K | -32.33K | -21.45K | -11.26M | -28.16M |
| Operating CF Margin % | - | 3.76% | 6.56% | 9.25% | 7.97% | 11.17% | 0.3% | 6.93% | 7.53% | 7.5% | 2.9% | 3.37% | 3.88% | -13.03% | 0.05% | - | - | - | - | - |
| Operating CF Growth % | 228.24% | -31.4% | 43.56% | 21.9% | -18.46% | 7084.69% | -94.84% | 29.73% | 7.63% | 184.79% | 2.93% | 6.79% | 131.93% | -20066.31% | 3100% | 96.91% | -50.71% | 99.81% | 60% | - |
| Net Income | -90.01M | -92.24M | -16.65M | 4.72M | 13.32M | 31.95M | -13.62M | 21.13M | 3.91M | -4.03M | -16.46M | 7.1M | 5.04M | -21.85M | -393K | -293K | -30.44K | -24.97K | -13.2M | -28.66M |
| Depreciation & Amortization | 43.77M | 43.19M | 34.1M | 15.66M | 12.13M | 10.79M | 10.11M | 5.4M | 2.82M | 3.05M | 2.65M | 2.19M | 1.44M | 1.67M | 2.22M | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 2.34M | 5.44M | 6.02M | 5.03M | 3.98M | 3.25M | 1.77M | 1.31M | 1.31M | 1.05M | 838K | 811.66K | 538.95K | 55.55K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 59.22M | 59.47M | -8.58M | -2.43M | -10K | 913K | -5.47M | -11.76M | 31K | -25K | 10.04M | -10.06M | 197.28K | 116.69K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 22.43M | 18.53M | 5M | 53K | 373K | -17.51M | 479K | -7.19M | 33K | 1.42M | 1.27M | 650.79K | -1.45M | 15.13M | 7.9M | 0 | 0 | 0 | 15.14M | 12.11M |
| Working Capital Changes | 6.47M | -4.08M | 24.31M | 7.75M | -4.55M | 1.58M | 7.16M | -538K | -1.66M | 4.52M | 3.76M | 1.35M | -3.85M | -1.11M | 423K | 292K | -1.89K | 3.52K | -13.2M | -11.61M |
| Change in Receivables | 1.25M | -12.1M | 296K | -2.06M | -3.86M | -5.62M | 4.34M | -2.38M | -1.21M | -684K | -826.37K | -343.43K | -1.48M | 470.18K | -1.1M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 396K | 1.64M | -729K | -426K | -1.81M | -1.43M | 568K | -541K | -2K | -94K | -156.73K | -12.81K | -160.91K | 387.79K | -195.36K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.5M | 6.08M | 3.12M | 2.91M | 886K | 3.46M | -939K | 926K | 79K | 1.63M | 907.65K | -931.58K | 727.17K | -1.7M | 242K | 0 | -1.74K | 881 | 854K | 0 |
| Cash from Investing | -53.36M | -57.59M | -441.39M | -53.55M | -32.63M | -11.47M | -5.79M | -30.4M | -3.46M | -4.33M | -10.09M | -12.65M | -7.39M | -7.45M | -30K | -28.75M | 0 | 0 | 0 | 0 |
| Capital Expenditures | -53.17M | -57.59M | -71.56M | -53.55M | -32.63M | -11.47M | -5.79M | -4.36M | -4.1M | -4.61M | -10.61M | -13.58M | -7.28M | -1.45M | -7.23M | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 6.59% | 7.15% | 10.63% | 16.09% | 10.3% | 4.14% | 4.08% | 3.61% | 4.79% | 5.78% | 14.65% | 22.44% | 14.75% | 3.15% | 12.02% | - | - | - | - | - |
| Acquisitions | -194K | 0 | -369.84M | 0 | 0 | 0 | 0 | -26.04M | 0 | 0 | 0 | 0 | -75K | -5.66M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 276K | 519.1K | 930.94K | -34.34K | -683.9K | 516.84K | -28.75M | 0 | 0 | 0 | 0 |
| Cash from Financing | -5.36M | 3.87M | 404.34M | -11.25M | 39.1M | -20.27M | 17.42M | 33.12M | -2.18M | -938K | 8.04M | 4.74M | 1.99M | 24.01M | 28.75M | 28.75M | 26.38K | 27.43K | 10M | 0 |
| Debt Issued (Net) | -3.88M | 5.58M | 258.36M | -1.02M | 49.45M | -22.76M | 17.56M | 36.23M | -3.24M | -3.1M | 3.23M | 5.33M | 2.97M | -3.83M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -799K | -1.11M | 146.81M | -7.88M | -9.15M | 3.58M | 0 | -88K | 1.22M | 2.18M | 3.86M | 0 | 0 | 13.25M | 0 | 28.75M | 0 | 928 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -977.87K | -1.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -799K | -1.11M | -3.15M | -7.88M | -7.13M | -37K | 0 | -88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -683K | -603K | -827K | -2.35M | -1.19M | -1.09M | -138K | -3.02M | -163K | -21K | 1.24M | -590.91K | 0 | 15.97M | 28.75M | 0 | 26.38K | 26.5K | 10K | 0 |
| Net Change in Cash | -15.3M | -23.41M | 7.03M | -34.07M | 31.51M | -771K | 12.04M | 10.75M | 44K | 630K | -244.09K | -6.06M | -3.78M | 10.64M | 1.04M | 28.75M | -5.95K | 5.98K | -1.26M | -28.16M |
| Free Cash Flow | -9.73M | -27.28M | -27.37M | -22.77M | -7.38M | 19.5M | -5.36M | 4M | 2.34M | 1.38M | -8.51M | -11.54M | -5.36M | -7.44M | -7.2M | -1K | -32.33K | -21.45K | -11.26M | -28.16M |
| FCF Margin % | -1.21% | -3.39% | -4.06% | -6.84% | -2.33% | 7.03% | -3.77% | 3.32% | 2.74% | 1.73% | -11.75% | -19.07% | -10.87% | -16.17% | -11.97% | - | - | - | - | - |
| FCF Growth % | 64.94% | 0.32% | -20.19% | -208.61% | -137.84% | 464.06% | -233.8% | 70.92% | 70.08% | 116.19% | 26.28% | -115.16% | 27.87% | -3.34% | -719464% | 96.91% | -50.71% | 99.81% | 60% | - |
| FCF per Share | -0.31 | -0.88 | -0.88 | -0.71 | -0.22 | 0.58 | -0.19 | 0.14 | 0.08 | 0.05 | -0.34 | -0.46 | -0.21 | -0.51 | -0.57 | -0.00 | -0.00 | -0.00 | -1.94 | -9.83 |
| FCF Conversion (FCF/Net Income) | 0.11x | -0.33x | -2.79x | 6.52x | 1.87x | 0.99x | -0.03x | 0.40x | 1.97x | -1.43x | -0.13x | 0.29x | 0.41x | 0.28x | -0.08x | 0.00x | 1.06x | 0.86x | 0.85x | 0.98x |
| Interest Paid | 28.52M | 0 | 24.5M | 5.31M | 1.56M | 3.4M | 3.92M | 1.74M | 996K | 1.18M | 856K | 411.79K | 294.73K | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.18M | 0 | 497K | 720K | 789K | 437K | 286K | 467K | 797K | 99K | 112K | 474.66K | 808.62K | 685.42K | 83.25K | 0 | 0 | 0 | 0 | 0 |
High leverage and integration
According to recent SEC filings, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from a negative 5.02 in 2024Q1 to a positive 6.77 in 2026Q1, suggesting significant non-cash distortions and volatile working capital movements.
The extreme variance in the OCF/NI ratio indicates that GAAP net income is currently a poor proxy for the company's actual cash-generating capacity. Investors should monitor whether the recent improvement in cash conversion is sustainable or merely a temporary byproduct of aggressive balance sheet management following recent acquisitions.
As reported in financial statements, STKS has struggled to maintain positive free cash flow, with the metric fluctuating between a peak of $11.7 million in 2026Q1 and a trough of negative $23.0 million in 2024Q2, reflecting the heavy capital requirements of its expansion strategy.
The inability to generate consistent positive free cash flow suggests that the company's growth initiatives are currently consuming more capital than the underlying restaurant operations can provide. This trajectory warrants further investigation into whether the current scale can eventually support self-funded growth without further external financing.
Based on the company's reported figures, capital expenditures have remained consistently high, with the CapEx/Revenue ratio peaking at 18.6% in 2024Q1, indicating that the firm is heavily reinvesting in its physical footprint to support its high-energy 'vibe dining' brand architecture.
The persistent level of capital intensity suggests that the company is prioritizing aggressive unit expansion and renovation over immediate cash preservation. Analysts should consider whether these high outlays are effectively driving incremental returns or if they represent a defensive necessity to keep aging assets competitive.
Data from recent filings indicates that working capital changes have been highly unpredictable, ranging from a $21.0 million inflow in 2024Q3 to a $5.3 million outflow in 2024Q2, which may suggest significant fluctuations in the timing of vendor payments and inventory management.
The volatility in working capital appears to be a primary driver of the company's inconsistent operating cash flow performance. This instability may indicate that the firm is utilizing its payables as a short-term financing tool to manage liquidity, which could pose risks if vendor terms were to tighten.
As evidenced by the cash flow statement, the company's reliance on large-scale acquisitions, such as the $368.6 million outlay in 2024Q2, has fundamentally altered its cash profile and obscured the underlying operational cash flow trends through significant integration-related charges.
The cash flow statement reveals that inorganic growth has been the dominant factor in the company's recent financial history, often masking the core performance of the restaurant portfolio. Investors should be cautious, as the integration of these large acquisitions appears to be a primary source of the current cash flow strain.
Quick answers to the most common questions about buying STKS stock.
The ONE Group Hospitality, Inc. (STKS) generated $30.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The ONE Group Hospitality, Inc. (STKS) reported negative free cash flow of $27.3M in 2025, indicating capital requirements exceeded cash from operations.
The ONE Group Hospitality, Inc. (STKS) spent $57.6M 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, The ONE Group Hospitality, Inc. (STKS) spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.