Free cash flow remains consistently negative, recording a $2.7M outflow in 2026Q1, while the OCF/NI ratio of 2.26x in 2025Q4 suggests significant distortions in cash generation quality.
| 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 |
|---|
| Cash from Operations | -7.85M | -7.25M | -5.18M | 2.7M | -3.86M | -6.45M | -4.95M | 400K | 5.06M | 6.07M | 10.83M | 3.72M | 4.28M | 2.2M | -1.08M | 965K | 229K | 4.81M | 2.37M | 4.72M | 233K | 111K | 6.01M | 158.34K | -9.83M |
| Operating CF Margin % | - | -4.21% | -9.71% | 1.67% | -3.44% | -6.05% | -6.34% | 0.55% | 4.86% | 5.13% | 8.63% | 6.12% | 7.7% | 4.46% | -2.14% | 1.8% | 0.41% | 6.91% | 2.94% | 6.38% | 0.32% | 0.16% | 8.82% | 0.28% | -23.68% |
| Operating CF Growth % | -981.29% | -40.03% | -292.03% | 169.95% | 40.2% | -30.22% | -1338.25% | -92.1% | -16.56% | -43.98% | 191.24% | -13.08% | 94.46% | 303.42% | -212.12% | 321.4% | -95.24% | 103.13% | -49.85% | 1924.89% | 109.91% | -98.15% | 3696.36% | 101.61% | - |
| Net Income | -7.95M | -5.92M | -10.44M | 25.13M | -5.25M | -8.14M | -6.46M | -4.98M | -5.42M | -35.73M | 14.3M | 21.64M | 2.48M | 264K | -4.92M | -3.34M | -6.21M | 608K | -6.87M | -1.38M | -6.29M | -9.62M | 245K | -1.68M | -12.77M |
| Depreciation & Amortization | 2.74M | 2.08M | 3.6M | 2.66M | 3.54M | 3.48M | 9.42M | 8.07M | 8.72M | 11.06M | 9.89M | 2.44M | 1.94M | 1.91M | 2.13M | 3.1M | 4.25M | 5.18M | 6.41M | 5.17M | 4.72M | 5.26M | 3.28M | 3.25M | 3.95M |
| Stock-Based Compensation | 612K | 0 | 240K | 340K | 438K | 527K | 524K | 540K | 634K | 852K | 1.02M | 616K | 326K | 340K | 630K | 800K | 891K | 606K | 716K | 905K | 1.57M | 497K | 1.11M | 0 | 0 |
| Deferred Taxes | 27K | 942K | 16K | -613K | 103K | 22K | 43K | -363K | -133K | 27.53M | -12.48M | -18.6M | 0 | -2.11M | 0 | 0 | 794K | 747K | -626K | -739K | -1.49M | -497K | -1.11M | 0 | 0 |
| Other Non-Cash Items | -21K | 1.07M | 3.16M | -27.68M | 3.17M | 1.79M | 37K | 540K | 612K | 3.77M | 1.61M | 448K | 432K | 532K | 6K | 420K | 832K | 58K | 5.46M | 905K | 1.57M | 575K | 1.15M | 234.25K | 606.17K |
| Working Capital Changes | -3.25M | -5.43M | -1.76M | 2.86M | -5.85M | -4.13M | -8.52M | -3.42M | 655K | -1.42M | -3.51M | -2.83M | -888K | 1.26M | 1.07M | -9K | -324K | -2.39M | -2.72M | -142K | 144K | 3.89M | 1.34M | -1.65M | -1.62M |
| Change in Receivables | 1.26M | -2.59M | -1.13M | 3.74M | -2.66M | -3.7M | 1.23M | -3.33M | 3.03M | -1.57M | -1.14M | -1.25M | -614K | 1.05M | 21K | 970K | -806K | 1.71M | -1.44M | -49K | 598K | 1.89M | 2.18M | 0 | 0 |
| Change in Inventory | 217K | 2.11M | 859K | 1.01M | -2.1M | 1.26M | -2.57M | -30K | -12K | 409K | -1.35M | -811K | 300K | 1.14M | 1.06M | -1.05M | 1.28M | -1.56M | 477K | 398K | -724K | 1.84M | -3.27M | 2.04M | 2.87M |
| Change in Payables | -4.12M | -2.54M | 1.03M | 1.12M | -844K | -1M | -2.46M | -463K | 25K | -1.24M | 439K | -203K | 776K | -935K | 216K | -364K | 74K | -400K | -453K | 4K | 491K | -2.16M | 1.28M | 0 | 0 |
| Cash from Investing | 6.46M | 4.57M | -12.04M | 16.18M | -5.09M | 17.8M | -1.33M | -5.82M | 8.69M | -1.47M | -29.11M | 2.2M | -5.08M | 766K | -2.71M | 2.52M | 6.71M | -3.76M | -3.54M | 336K | -5.74M | 7.35M | -48.75M | -1.98M | -1.77M |
| Capital Expenditures | -2.99M | -1.7M | -2.86M | -698K | -1.19M | -788K | -1.49M | -6.69M | -2.16M | -2.53M | -6.18M | -1.42M | -1.26M | -726K | -936K | -709K | -1.44M | -1.01M | -5.06M | -8.61M | -4.59M | -3.08M | -4.21M | -1.8M | -1.65M |
| CapEx % of Revenue | 1.57% | 0.99% | 5.35% | 0.43% | 1.06% | 0.74% | 1.91% | 9.18% | 2.08% | 2.14% | 4.93% | 2.34% | 2.26% | 1.47% | 1.85% | 1.32% | 2.56% | 1.46% | 6.29% | 11.64% | 6.38% | 4.52% | 6.18% | 3.2% | 3.98% |
| Acquisitions | 10.84M | 7.44M | -19.68M | -2.77M | 27K | -300K | 161K | -1M | 8.77M | 167K | -25.48M | 3K | -3.45M | 0 | -475K | 0 | 0 | 0 | 314K | -8.8M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 223K | 149K | 9.74M | 20.91M | 405K | 19.18M | 0 | 1.59M | 2.1M | 0 | 266K | 18K | 103K | 1.7M | 118K | 165K | 55K | 1.02M | -314K | 45K | -94K | -17K | -94K | -181.09K | -112.78K |
| Cash from Financing | -5.45M | -1.96M | 3.91M | -3.07M | 8.94M | -9.97M | 8.06M | 5.67M | -14.16M | -8.06M | 4.61M | -4.1M | -3.89M | -3.74M | -728K | 100K | -40K | -1.01M | -226K | -202K | -723K | -2.5M | 46.41M | 2.51M | 16.62M |
| Debt Issued (Net) | -452K | 1.87M | 6.25M | -1.15M | -1.89M | -8.24M | 3.21M | 3.48M | -10.81M | -3.38M | 11.47M | -593K | -369K | -89K | 0 | 0 | -36K | -52K | -232K | -268K | -766K | -2.85M | -12.46M | 2.51M | 1.03M |
| Equity Issued (Net) | -3.37M | -2.64M | -279K | 5K | 13.2M | 2.74M | 5.17M | 2.85M | 26K | 5K | 822K | 624K | 188K | -2.72M | -728K | 100K | -4K | -955K | 6K | 66K | 43K | 345K | 58.87M | 4.9K | 15.6M |
| Dividends Paid | -1.33M | -740K | -2.04M | -1.92M | -1.92M | -4.42M | 0 | 0 | -3.32M | -4.2M | -3.91M | -3.83M | -3.71M | -925K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3.35M | -2.64M | -279K | 0 | -5K | 0 | -10K | -150K | 0 | 0 | 0 | 0 | 0 | -3.64M | -1.03M | -19K | -48K | -991K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -297K | -451K | -22K | -16K | -455K | -55K | -327K | -659K | -50K | -493K | -3.77M | -300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -7.28M | -5.4M | -13.31M | 14.43M | -297K | 1.42M | 1.41M | 248K | -407K | -3.46M | -13.66M | 1.82M | -4.69M | -770K | -4.53M | 3.58M | 6.9M | 35K | -1.4M | 4.85M | -6.23M | 4.96M | 3.67M | 693.74K | 5.02M |
| Free Cash Flow | -10.84M | -8.96M | -8.04M | 2M | -5.05M | -7.24M | -6.45M | -6.29M | 2.9M | 3.65M | 4.65M | 2.3M | 3.02M | 1.48M | -2.02M | 256K | -1.21M | 3.79M | -2.69M | -3.89M | -4.36M | -2.97M | 1.8M | -1.64M | -11.49M |
| FCF Margin % | -5.69% | -5.2% | -15.06% | 1.24% | -4.5% | -6.79% | -8.25% | -8.63% | 2.78% | 3.09% | 3.71% | 3.77% | 5.43% | 2.99% | -4% | 0.48% | -2.15% | 5.45% | -3.35% | -5.26% | -6.06% | -4.35% | 2.64% | -2.91% | -27.66% |
| FCF Growth % | -108.1% | -11.46% | -501.85% | 139.64% | 30.28% | -12.29% | -2.45% | -316.89% | -20.61% | -21.4% | 102.48% | -24.02% | 104.88% | 173.09% | -888.28% | 121.19% | -131.86% | 240.86% | 30.76% | 10.81% | -46.87% | -264.8% | 209.88% | 85.73% | - |
| FCF per Share | -2.89 | -2.80 | -2.56 | 0.48 | -1.22 | -1.42 | -1.76 | -3.08 | 1.44 | 1.83 | 2.32 | 1.17 | 1.60 | 0.77 | -1.05 | 0.13 | -0.64 | 1.96 | -1.42 | -2.06 | -2.32 | -1.61 | 1.06 | -503.54 | -3529.35 |
| FCF Conversion (FCF/Net Income) | 1.36x | 1.23x | 0.50x | 1.23x | 0.73x | 2.16x | 0.77x | -0.09x | 6.88x | -0.17x | 0.76x | 0.17x | 1.73x | 8.34x | 0.22x | -0.29x | -0.04x | 7.90x | -0.34x | -3.43x | -0.04x | -0.01x | 24.53x | -0.09x | 0.77x |
| Interest Paid | 181K | 0 | 614K | 261K | 689K | 717K | 965K | 1.08M | 702K | 856K | 936K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 260K | 0 | 236K | 651K | 432K | 344K | 30K | 102K | 52K | 127K | 286K | 62K | 99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Deficit
Based on reported financial data, STRR exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating into extreme territory, such as the 2.26x observed in 2025Q4, suggesting that accruals and non-cash items significantly distort the company's underlying cash generation quality.
The lack of a consistent relationship between net income and operating cash flow indicates that earnings are heavily influenced by non-operating adjustments or timing differences in working capital. Investors should monitor whether this volatility is a byproduct of the construction segment's percentage-of-completion accounting or indicative of deeper issues in core service profitability.
As reported in recent filings, STRR has struggled to maintain positive free cash flow, with the company recording a negative $2.7M in 2026Q1 and a cumulative trend of cash burn that highlights the difficulty of funding operations through internal cash generation rather than external capital or asset sales.
The persistent negative FCF margins, which reached -23.0% in 2024Q4, suggest that the company's current business model is not yet self-sustaining. This trajectory warrants further investigation into whether the recent revenue growth is actually creating value or merely accelerating the consumption of available liquidity.
According to the cash flow statements, STRR experiences significant swings in working capital, including a $2.4M inflow in 2026Q1 followed by a $4.7M outflow in 2025Q4, which suggests that the company's cash position is highly sensitive to the timing of project-based construction payments and inventory management cycles.
These erratic working capital movements imply that the company lacks a stable cash conversion cycle, likely due to the disparate nature of its healthcare and construction segments. Such volatility makes it difficult to forecast short-term liquidity needs and may necessitate higher cash buffers than a more stable business would require.
Based on the provided figures, STRR continues to deploy capital toward acquisitions, such as the $3.4M net outflow in 2026Q1, while simultaneously maintaining dividend payments and share repurchases, a strategy that appears aggressive given the company's inability to generate consistent positive operating cash flow from its core operations.
The decision to return capital to shareholders while the business is burning cash suggests a management focus on maintaining investor sentiment despite operational headwinds. This approach may limit the company's financial flexibility and warrants scrutiny regarding the long-term sustainability of these distributions if operating losses persist.
Quick answers to the most common questions about buying STRR stock.
Star Equity Holdings, Inc. (STRR) generated $-7.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Star Equity Holdings, Inc. (STRR) reported negative free cash flow of $9.0M in 2025, indicating capital requirements exceeded cash from operations.
Star Equity Holdings, Inc. (STRR) spent $1.7M 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, Star Equity Holdings, Inc. (STRR) returned $0.7M to shareholders via cash dividends and spent $2.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.