Free cash flow remains deeply negative, with the company struggling to convert earnings into cash as evidenced by a 2025Q2 FCF margin of -2.4% and persistent working capital outflows.
Swvl Holdings Corp. (SWVL) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -763K | -2.14M | -3.57M | -9.11M | -117.46M | -62.13M | -30.55M | -39.99M |
| Operating CF Margin % | - | -8.85% | -20.72% | -39.84% | -273.18% | -243.06% | -176.44% | -323.74% |
| Operating CF Growth % | -143.27% | 40.01% | 60.84% | 92.25% | -89.04% | -103.41% | 23.61% | - |
| Net Income | -5.26M | 1.47M | -10.27M | 4.12M | -126.8M | -146.21M | -32.88M | -40.64M |
| Depreciation & Amortization | 316.94K | 445.55K | 470.14K | 752.78K | 4.28M | 739.58K | 487.41K | 253.07K |
| Stock-Based Compensation | 0 | 97.37K | 56.45K | 3.27M | -36.16M | 33.61M | 2.83M | 433.34K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -52.33M | 1.98M | 0 | 0 |
| Other Non-Cash Items | 4.38M | -961.5K | 1.67M | -16.06M | 110.81M | 45.87M | 893.37K | 325.71K |
| Working Capital Changes | -203.22K | -3.19M | 4.51M | -1.18M | -17.26M | 1.87M | -1.87M | -360.89K |
| Change in Receivables | -684.37K | -2.84M | 2.13M | 3.92M | -11.91M | -4.83M | -1.79M | -837.75K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 4.83M | 1.79M | 837.75K |
| Change in Payables | 0 | -655.05K | 1.47M | -6.47M | -3.56M | 8.16M | -257.75K | 186.07K |
| Cash from Investing | 363.84K | 367.92K | 583.37K | 8.79M | -8.09M | -11.15M | -212.99K | -388.63K |
| Capital Expenditures | -2.95K | -10.49K | 0 | -275.39K | -2.48M | -321.69K | -212.99K | -388.63K |
| CapEx % of Revenue | 0.02% | 0.04% | 0% | 1.21% | 5.78% | 1.26% | 1.23% | 3.15% |
| Acquisitions | 0 | 0 | 0 | 8.4M | -743.29K | -823.45K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 366.79K | 378.41K | 583.37K | 668.24K | 1.81M | -2.22K | 0 | 0 |
| Cash from Financing | 1.42M | 1.21M | 4.04M | 343.89K | 124.85M | 72.72M | 26.04M | 46.36M |
| Debt Issued (Net) | 0 | -697.12K | -411.16K | -445.57K | 25.16M | 72.72M | -335.69K | -195.97K |
| Equity Issued (Net) | 0 | 2M | 4.45M | 789.46K | 60.79M | 0 | 52.76M | 46.55M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500K |
| Other Financing | 1.42M | -88.56K | -411.16K | -445.57K | 38.91M | -2.65K | -26.38M | 0 |
| Net Change in Cash | 1.18M | -546.05K | 2.04M | 227.74K | -6.83M | -819.01K | -4.98M | 6.82M |
| Free Cash Flow | -765.95K | -2.75M | -3.57M | -9.38M | -119.95M | -62.46M | -30.76M | -40.38M |
| FCF Margin % | -4.2% | -11.39% | -20.72% | -41.05% | -278.96% | -244.31% | -177.67% | -326.88% |
| FCF Growth % | 91.6% | 22.76% | 61.99% | 92.18% | -92.05% | -103.05% | 23.82% | - |
| FCF per Share | -0.07 | -0.26 | -0.41 | -0.85 | -25.11 | -13.18 | -6.49 | -8.52 |
| FCF Conversion (FCF/Net Income) | 0.15x | -1.63x | 0.34x | -2.98x | 1.01x | 0.44x | 1.03x | 1.13x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SWVL stock.
Swvl Holdings Corp. (SWVL) generated $-2.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Swvl Holdings Corp. (SWVL) reported negative free cash flow of $2.8M in 2025, indicating capital requirements exceeded cash from operations.
Swvl Holdings Corp. (SWVL) 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.
Key Metrics
Top Statement Risk
Imminent liquidity exhaustion
Earnings Quality Remains Highly Disconnected
According to recent financial disclosures, Swvl exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly and often failing to provide a positive cash signal, which suggests that reported earnings are not currently supported by actual cash generation.
The erratic nature of the OCF/NI ratio indicates that accounting accruals and non-cash adjustments are masking the underlying cash burn. Investors should interpret this divergence as a sign that the company's profitability metrics are not reflective of its actual ability to sustain operations through internal cash flow.
Free Cash Flow Remains Deeply Negative
As reported in quarterly filings, Swvl's free cash flow trajectory remains consistently negative, with recent periods showing FCF margins that underscore the company's inability to cover its operating expenses, let alone fund future growth, without external capital injections or significant structural changes to its cost base.
The persistent negative FCF trajectory suggests that the business model is currently incapable of self-funding. This trend warrants further investigation into whether the recent pivot to B2B services can realistically bridge the gap between current cash outflows and the capital required to maintain the platform.
Working Capital Volatility Signals Instability
Based on the provided cash flow statements, Swvl has experienced significant volatility in working capital changes, with recent periods showing substantial outflows that suggest difficulties in managing collections or inventory-like commitments, further straining the company's already limited liquidity position during this period of strategic contraction.
The erratic swings in working capital appear to reflect the operational friction of exiting markets and restructuring the business. Such instability suggests that the company's cash conversion cycle is not yet optimized, potentially creating additional pressure on the limited cash reserves available for daily operations.
Cash Flow Statement Obscures Operational Reality
As indicated by historical data, the cash flow statement obscures the true cost of operations by netting out significant restructuring charges and stock-based compensation, which, when adjusted, reveals a much more severe underlying cash burn than the headline operating cash flow figures might otherwise suggest to investors.
The reliance on non-cash adjustments to reconcile net income to operating cash flow appears to mask the true extent of the company's operational distress. Analysts should monitor these adjustments closely, as they may be hiding the full impact of the company's historical over-expansion and current survival-mode spending.