Underlying operating cash flow is robust, with an OCF/Net Income ratio normalizing to 0.96 in 2026Q1, but reported free cash flow is severely distorted by episodic capital expenditures that caused FCF margin to collapse to -2.5% in 2026Q2 despite strong operations.
Triple Flag Precious Metals Corp. (TFPM) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | 390.59M | 315.2M | 213.5M | 154.14M | 118.38M | 120.02M | 84.38M | 39.72M | 27.92M | 27.13M | -4.95M |
| Operating CF Margin % | - | 79.69% | 79.37% | 75.55% | 77.94% | 79.79% | 74.94% | 67.15% | 64.87% | 66.19% | - |
| Operating CF Growth % | 190.83% | 47.63% | 38.51% | 30.21% | -1.37% | 42.24% | 112.45% | 42.24% | 2.91% | 647.69% | - |
| Net Income | 411.54M | 244.21M | -23.08M | 36.28M | 55.09M | 45.53M | 55.56M | -41.39M | -1.4M | -29M | -6.58M |
| Depreciation & Amortization | 35.84M | 80.97M | 346K | 80.76M | 374K | 399K | 399K | 355K | 30K | 60.44M | 0 |
| Stock-Based Compensation | 0 | 0 | 422K | 3.41M | 3.3M | 1.31M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6.98M | 0 | 10.31M | 107K | 4.79M | 6.44M | 6.59M | 3.85M | 3.41M | 0 | 0 |
| Other Non-Cash Items | -52.71M | -19.55M | 225.73M | 38.11M | 55.22M | 65.57M | 26.77M | 76.99M | 2.48M | 4.04M | 1.9M |
| Working Capital Changes | -7.1M | 9.57M | -226K | -4.53M | -400K | 775K | -4.95M | -81K | -4.37M | -8.34M | -272.6K |
| Change in Receivables | -3.12M | -5.33M | -2.74M | -4.24M | -3.7M | -1.49M | -3.98M | 1.89M | -2.6M | -7.47M | -272.6K |
| Change in Inventory | -347.06K | -578.96K | -1.13M | -369.66K | 293K | -293K | 228K | 2.77M | -2.13M | -877.9K | 0 |
| Change in Payables | 2.7M | 15.48M | 0 | 2.85M | 0 | 0 | 0 | 0 | 474.5K | 0 | 0 |
| Cash from Investing | -609.45M | -221.79M | -81.96M | -212.98M | -48.92M | -48.15M | -651.65M | -133.89M | -162.47M | -216.78M | -601.36M |
| Capital Expenditures | -608.52M | -222.45M | -57.49M | -190.9M | -52.28M | -51.26M | -729.68M | -172.49M | -260.71M | -204.85M | -601.17M |
| CapEx % of Revenue | 124.6% | 56.24% | 21.37% | 93.56% | 34.42% | 34.08% | 648.1% | 291.63% | 605.71% | 499.74% | - |
| Acquisitions | -1.44K | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 112.46M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -794.9K | 4.38M | -14.27M | -19.34M | 4.5M | 0 | 78.03M | 40.8M | 118.27M | -11.93M | -187.5K |
| Cash from Financing | 156.65M | -57.8M | -112.6M | 5.12M | -38.75M | -51.84M | 577.13M | 95.58M | 140.73M | 192.25M | 607.69M |
| Debt Issued (Net) | 226.16M | -1.66M | -57.43M | 56.56M | -359K | -275.34M | 217.78M | -62.17M | 274M | 0 | 0 |
| Equity Issued (Net) | -20.9M | -9.02M | -8.92M | -20.71M | -4.13M | 243.44M | 370M | 167.82M | -129.08M | 0 | 0 |
| Dividends Paid | -47.2M | -46.65M | -43.28M | -41.31M | -30.41M | -14.84M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -20.41M | -9.17M | -8.92M | -20.71M | -4.13M | -1.68M | 0 | 0 | -162.83M | 0 | 0 |
| Other Financing | -1.41M | -465K | -2.97M | 10.58M | -3.86M | -5.09M | -10.65M | -10.07M | -4.19M | 192.25M | 607.69M |
| Net Change in Cash | -66.58M | -7.24M | 18.87M | -53.72M | 30.43M | 20.04M | 9.87M | 1.44M | 6.16M | 2.6M | 1.38M |
| Free Cash Flow | -217.94M | 92.75M | 156.01M | -36.76M | 66.1M | 68.75M | -645.3M | -132.77M | -232.79M | -177.71M | -606.13M |
| FCF Margin % | -44.63% | 23.45% | 58% | -18.02% | 43.52% | 45.71% | -573.16% | -224.48% | -540.84% | -433.55% | - |
| FCF Growth % | -210.93% | -40.55% | 524.45% | -155.61% | -3.86% | 110.65% | -386.02% | 42.96% | -30.99% | 70.68% | - |
| FCF per Share | -1.05 | 0.45 | 0.78 | -0.18 | 0.42 | 0.46 | -4.16 | -0.86 | -1.50 | -2.48 | -8.47 |
| FCF Conversion (FCF/Net Income) | -0.53x | 1.29x | -9.25x | 4.25x | 2.15x | 2.64x | 1.52x | -2.89x | -872.56x | -0.94x | 0.75x |
| Interest Paid | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TFPM stock.
Triple Flag Precious Metals Corp. (TFPM) generated $315.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Triple Flag Precious Metals Corp. (TFPM) generated $92.8M 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.
Triple Flag Precious Metals Corp. (TFPM) spent $222.4M 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, Triple Flag Precious Metals Corp. (TFPM) returned $46.6M to shareholders via cash dividends and spent $9.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Erratic Capital Intensity
Earnings Conversion Robust but Volatile
The operating cash flow to net income ratio has normalized from extreme levels above 2.0 to a more sustainable range near 1.0 in recent quarters, suggesting core operational earnings are converting to cash effectively, according to recent financial statements.
The extreme OCF/NI ratios in earlier quarters (e.g., 2.08 in 2024Q3) were driven by net income being suppressed by non-cash charges or non-operating losses, not by superior cash generation. The recent convergence toward a ratio near 1.0, as seen in 2026Q1 and 2026Q2, indicates a more normalized relationship where cash flow is tracking net income, implying the underlying royalty business is generating cash commensurate with its reported profitability.
FCF Volatility Overwhelms Underlying Strength
While underlying operating cash flow has grown steadily from $38.9M in 2024Q1 to $107.9M in 2026Q2, free cash flow has been violently disrupted by episodic capital expenditures, as reported in the cash flow data.
The underlying operational trend is one of significant expansion, with operating cash flow nearly tripling over the period. However, the FCF margin trajectory is a volatile zigzag, plunging to -74.4% in 2025Q3 and -2.5% in 2026Q2 due to massive, lumpy capital outlays. This suggests the company's growth profile is heavily dependent on the timing of major project investments, making headline FCF a poor metric for evaluating its core cash-generating ability.
Lumpy, Event-Driven Capital Intensity
Capital expenditure intensity has swung dramatically from near-zero to over 160% of revenue in a single quarter, indicating an acquisition or development-driven investment model rather than steady-state maintenance spending.
The pattern of CapEx reveals massive, episodic spending events, such as the $428.3M in 2026Q2 and $150.9M in 2025Q3, interspersed with quarters of minimal outlays. This profile is characteristic of a royalty/streaming company periodically funding the acquisition of new assets or funding capital calls on existing ones. It makes the business's capital intensity highly unpredictable and suggests investors must view CapEx cycles as distinct from operational performance.
Minimal Working Capital Burden
Working capital changes have been a minor and often positive contributor to cash flow, which is consistent with the low-capital, royalty-based business model that typically carries minimal receivables and inventory relative to revenue.
The working capital swings are negligible in absolute terms compared to operating cash flow, rarely exceeding a few million dollars per quarter. The most significant movement was a $13.3M cash outflow in 2026Q1, which may indicate a timing difference in royalty payments received versus cash collected from miners. Overall, the data suggests the business model successfully avoids the cash conversion pitfalls common in asset-heavy industries.
Disciplined Returns Amid Growth Spending
Despite volatile CapEx, capital deployment has maintained a consistent shareholder return program via quarterly dividends, while acquisition spending has been modest, suggesting a focus on organic portfolio growth.
Dividend payments have been remarkably stable, ranging from $10.6M to $12.1M per quarter, providing a reliable cash return to investors. Share repurchases have been sporadic and small, while net acquisition spending has been minimal across the period. The dominant use of cash remains the large, episodic capital expenditures, which appear to be funding growth in the royalty/streaming portfolio rather than traditional M&A.
CapEx Swings Obscure Core Cash Earnings
The extreme volatility in capital expenditure, ranging from $0 to $428.3M quarterly, severely distorts reported free cash flow and masks the underlying, strong cash generation of the royalty portfolio, as evidenced by a 3.3% FCF margin in 2026Q2 despite a 121% net margin.
The cash flow statement's headline FCF figure is rendered nearly meaningless for analytical purposes due to the lumpy, non-recurring nature of the company's capital investments. A quarterly net income of $156.3M in 2026Q2 is paired with a massive $428.3M capital outlay, resulting in negative FCF, which obscures the core business's profitability and cash conversion. Investors should monitor operating cash flow as the primary metric of health, as the FCF metric is periodically hijacked by what appear to be discrete, growth-oriented investment cycles.