Strong cash conversion is evidenced by an OCF/NI ratio of 1.74 in 2025Q2, supporting a disciplined capital allocation strategy that prioritizes shareholder returns over aggressive debt-funded 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 | 429.44M | 491.23M | 825.18M | 865.49M | 769.33M | 73.3M | 419.38M | 209.51M | 57.79M | 41.8M | 178.51M | 391.98M | 126.84M | -5.69M | -1.93M | -12.45M | 4.91M | 9.31M | 24.84M | 5.83M |
| Operating CF Margin % | - | 52.36% | 66.34% | 64.53% | 49.23% | 13.55% | 45.79% | 29.75% | 9.88% | 8.15% | 34.15% | 51.87% | 37% | -2.74% | -1.67% | -15.16% | 12.65% | 33.69% | 63.24% | 19.23% |
| Operating CF Growth % | -144.58% | -40.47% | -4.66% | 12.5% | 949.57% | -82.52% | 100.17% | 262.54% | 38.25% | -76.58% | -54.46% | 209.03% | 2330.76% | -194.92% | 84.52% | -353.77% | -47.28% | -62.53% | 325.98% | - |
| Net Income | 502.34M | 344.29M | 668.77M | 546.9M | 637.25M | -234.44M | 94.12M | -48.49M | -190.07M | -158.24M | -24.9M | 217.75M | 52.09M | 17.02M | -26.54M | -82.73M | -2.82M | 3.42M | 12.19M | 12.05M |
| Depreciation & Amortization | 132.35M | 187.32M | 194.56M | 202.5M | 206.84M | 240.25M | 245.82M | 206.97M | 176.72M | 141.42M | 121.46M | 107.36M | 42.62M | 23.59M | 14.82M | 21.82M | 11.17M | 6.83M | 6.98M | 6.48M |
| Stock-Based Compensation | 18.32M | 0 | 62.51M | 47.34M | 20.4M | 22.93M | 28.51M | 27.42M | 25.55M | 22.39M | 65K | 513K | 478K | 13.14M | 3.49M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -20.4M | -22.93M | -28.51M | 0 | -25.55M | 960K | -287K | 796K | -46.21M | -34.27M | 8.14M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 26.12M | -8.98M | -169.48M | 9.28M | 100.83M | 53.15M | 64.86M | 23.5M | 84.14M | 52.48M | 70.4M | 62.07M | 38.33M | 12.06M | 5.92M | 67.81M | 2.59M | 3.56M | 2.06M | 1.25M |
| Working Capital Changes | -33.42M | -31.41M | 68.83M | 59.47M | -175.58M | 14.34M | 14.58M | 116K | -13M | -17.2M | 11.78M | 3.49M | 39.53M | -37.23M | -7.77M | -19.35M | -6.03M | -4.5M | 3.61M | -13.95M |
| Change in Receivables | -49.63M | -27.32M | 57.05M | 73.2M | -238.63M | -5.05M | 19.96M | -8.46M | -1.79M | -1.48M | 26.69M | 9.18M | -4.01M | -36.1M | -16.05M | -12.4M | -5.92M | 2.26M | 1M | 2.95M |
| Change in Inventory | 2.13M | -1.75M | -2.04M | 7.8M | -7.52M | 480K | -615K | -346K | 1.53M | -1.32M | 564K | -1.91M | -3.22M | -687K | 527K | -1.41M | -853.08K | 69.09K | -112.78K | 18.03K |
| Change in Payables | 4.82M | 0 | 15.72M | -16.75M | -4.48M | 20.72M | -5.09M | 4.02M | -1.38M | 3.69M | -2.49M | 775K | 6.47M | -2.02M | 3.97M | -954.03K | 2.6M | -279.63K | 352.25K | -354.45K |
| Cash from Investing | 325.77M | 272.25M | 307.99M | 43.61M | 571.96M | -52.28M | -174.48M | -206.97M | -52.74M | -159.92M | 31.33M | -703.42M | -1.19B | -935.82M | -90.16M | -122.57M | -245.59M | 0 | 0 | 0 |
| Capital Expenditures | -40.5M | 0 | -93.37M | -23.09M | -34.48M | -47.1M | -174.48M | -206.97M | -52.74M | -264.23M | -126.84M | -905.4M | -1.4B | -851.24M | -191.49M | -122.57M | -243.12M | 0 | 0 | 0 |
| CapEx % of Revenue | 3.91% | - | 7.51% | 1.72% | 2.21% | 8.71% | 19.05% | 29.39% | 9.01% | 51.53% | 24.26% | 119.81% | 409.8% | 410.08% | 165.96% | 149.28% | 626.64% | - | - | - |
| Acquisitions | 218.67M | 0 | 479.78M | 64.88M | -1.75M | -5.18M | 0 | 0 | 0 | -23.06M | 158.18M | 142.44M | 0 | -84.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 127.84M | 272.25M | 1.87M | 0 | 609.44M | 5.18M | 0 | 0 | -26.68M | 127.37M | 158.18M | 59.54M | 213.67M | -167.65M | 101.33M | -122.57T | -2.47M | 0 | 0 | 0 |
| Cash from Financing | -423.19M | -344.1M | -1.16B | -930.42M | -1.19B | 21.88M | -259.7M | -393.89M | 402.14M | 204.7M | -310.93M | 396.27M | 1.1B | 933.19M | 142.41M | 103.67M | 308.43M | -12.47M | -22.38M | -10.69M |
| Debt Issued (Net) | -399.77M | -249.52M | -736.68M | -354.17M | -1.01B | 62.57M | -219.33M | -416.52M | 141.7M | -20.65M | -196.8M | 415.66M | 1.51B | 23.64M | -4.9M | 5.67M | 105.38M | -3.6M | -3.6M | -3.6M |
| Equity Issued (Net) | 0 | -309K | -335.59M | -489.68M | -161.37M | -47K | -10.54M | 50M | -23.24M | 0 | -16.5M | -76.03M | -276.29M | 983.54M | 156.56M | 108.1M | 205.29M | -207.99K | 0 | 0 |
| Dividends Paid | -85.85M | -82.52M | -83.52M | -57.66M | -23.31M | -23.32M | -23.3M | -21.28M | -15.13M | -9.56M | -86.92M | -87.06M | -70.5M | -24.35M | 0 | 0 | -8.66T | -8.66M | -18.78M | -7.09M |
| Share Repurchases | 0 | -309K | -335.59M | -489.68M | -161.37M | 47K | -13.12M | -1K | -23.24M | -39.49M | -16.5M | -76.03M | -276.29M | 0 | -2.44M | -2.85M | -2.65M | -207.99K | 0 | 0 |
| Other Financing | 62.43M | -11.75M | -354K | -28.91M | 2.31M | -17.32M | -6.52M | -6.09M | 298.8M | 234.91M | -10.7M | 143.7M | -56.7M | -50.39M | -9.24M | -10.1M | -2.23M | 0 | 0 | 0 |
| Net Change in Cash | 564.39M | 419.38M | -22.97M | -21.32M | 146.46M | 42.9M | -14.79M | -391.35M | 407.19M | 86.58M | -101.08M | 84.83M | 37.3M | -8.32M | 50.33M | -31.35M | 67.74M | -3.16M | 2.45M | -4.86M |
| Free Cash Flow | 388.94M | 491.23M | 731.81M | 842.4M | 734.85M | 26.2M | 244.9M | 2.54M | 5.05M | -222.43M | 51.67M | -513.42M | -1.28B | -856.93M | -193.42M | -135.02M | -238.22M | 9.31M | 24.84M | 5.83M |
| FCF Margin % | 37.5% | 52.36% | 58.83% | 62.81% | 47.02% | 4.84% | 26.74% | 0.36% | 0.86% | -43.38% | 9.88% | -67.94% | -372.8% | -412.82% | -167.63% | -164.44% | -613.99% | 33.69% | 63.24% | 19.23% |
| FCF Growth % | -30.42% | -32.88% | -13.13% | 14.64% | 2705% | -89.3% | 9545.69% | -49.75% | 102.27% | -530.49% | 110.06% | 59.83% | -49.14% | -343.04% | -43.25% | 43.32% | -2659.84% | -62.53% | 325.98% | - |
| FCF per Share | 7.77 | 10.04 | 14.38 | 15.45 | 11.57 | 0.48 | 4.34 | 0.05 | 0.15 | -10.33 | 3.21 | -25.70 | -73.60 | -57.77 | -46.70 | -47.04 | -152.69 | 16.65 | 44.44 | 10.43 |
| FCF Conversion (FCF/Net Income) | 0.77x | 1.43x | 1.23x | 1.58x | 1.21x | -0.31x | 4.46x | -4.32x | -0.30x | -0.26x | -7.17x | 1.80x | 2.43x | -0.33x | 0.07x | 0.15x | -1.74x | 2.72x | 2.04x | 0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 182.71M | 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 | 0 | 0 | 0 | 0 |
Cyclical freight rate volatility
As reported in financial statements, Scorpio Tankers consistently demonstrates an OCF/NI ratio exceeding 1.0, with a peak of 1.74 in 2025Q2, indicating that the company's reported net income is supported by strong underlying cash generation rather than aggressive accounting accruals or non-cash revenue recognition.
The consistent ability to generate operating cash flow in excess of net income suggests that the company's earnings quality is high, likely benefiting from the non-cash nature of significant depreciation charges relative to actual cash-generative capacity. Investors should monitor whether this conversion efficiency persists if freight rates normalize, as the current delta may be amplified by the specific timing of voyage expense settlements.
Based on Scorpio Tankers' reported figures, free cash flow margins have exhibited significant volatility, ranging from 18.3% in 2025Q1 to 69.9% in 2024Q3, reflecting the inherent sensitivity of the company's cash-generative profile to the highly cyclical nature of the global product tanker spot market.
The wide variance in FCF margins underscores the company's high operating leverage, where incremental revenue gains flow directly to cash flow during peak rate environments. While the trajectory appears robust during periods of supply-demand tightness, the sharp fluctuations suggest that cash flow stability remains highly dependent on external geopolitical and refinery-related catalysts.
According to recent SEC filings, Scorpio Tankers has maintained a relatively disciplined capital expenditure profile, with CapEx/Revenue ratios fluctuating between 1.8% and 19.1%, suggesting that the company is currently prioritizing fleet maintenance and efficiency over aggressive, debt-funded expansion of its 124-vessel asset base.
The moderate capital intensity observed in recent quarters indicates that the company is successfully managing its fleet lifecycle without requiring massive, recurring growth-oriented outlays. This capital discipline appears to be a strategic pivot, allowing the company to preserve cash for shareholder returns rather than committing to speculative newbuilding programs that could pressure the balance sheet.
Based on reported cash flow data, Scorpio Tankers has transitioned from a growth-oriented capital allocator to a return-focused model, evidenced by significant share repurchases totaling $243.0 million in 2024Q3 and consistent dividend payments that demonstrate a commitment to returning excess liquidity to equity holders.
The shift in capital deployment away from net acquisitions toward buybacks and dividends suggests management's confidence in the current cash-generative capacity of the fleet. However, investors should remain vigilant, as any reversal toward aggressive fleet expansion or debt-funded acquisitions could signal a return to the higher-risk capital allocation strategies observed in previous shipping cycles.
Quick answers to the most common questions about buying STNG stock.
Scorpio Tankers Inc. (STNG) generated $491.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Scorpio Tankers Inc. (STNG) generated $491.2M 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.
Scorpio Tankers Inc. (STNG) 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, Scorpio Tankers Inc. (STNG) returned $82.5M to shareholders via cash dividends and spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.