Cash conversion efficiency is highly unstable, evidenced by an OCF/NI ratio that swung from 8.86 in 2024Q2 to a negative 4.60 in 2025Q3, complicating the sustainability of the 21.8% dividend yield.
| Cash from Operations | -59.23M | -57.03M | 152.92M | 49.23M | -100.89M | -144.68M | 30.42M | -187.54M | -17.82M | 25.1M | -93.69M | 2.15M | -286.12M |
| Operating CF Margin % | - | -58.67% | 214.82% | 824.62% | -753.18% | -143.62% | 52.9% | -373.54% | -42.92% | 74.48% | -399.51% | 9.52% | -955.61% |
| Operating CF Growth % | -892.1% | -137.3% | 210.63% | 148.8% | 30.27% | -575.64% | 116.22% | -952.35% | -170.99% | 126.79% | -4465.61% | 100.75% | - |
| Net Income | -11.92M | 49.21M | 32.05M | -39.82M | -20.07M | 76.56M | 35.31M | 31.76M | 36.56M | 19.23M | 11.13M | 15.52M | 17.15M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | -8.38M | -4.6M | 0 | -2.03M | 4.99M | -1.01M | -977K | -310K | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -101.87M | -104.73M | 128.75M | 92.56M | -73.52M | -224.33M | -8.95M | -196.03M | 39.52M | -79.3M | -71.98M | -31.96M | -378.04M |
| Working Capital Changes | -38K | -1.51M | -7.87M | -3.5M | 1.08M | 7.69M | 4.06M | -21.24M | -98.89M | 86.18M | -31.86M | 18.89M | 74.77M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 33K | 0 | 0 | 287K | -2.29M | 643K | 2.02M | -459K | 1.73M | -100K | -171K | -1.43M | 0 |
| Cash from Investing | 697K | 0 | 0 | 56.92M | -421M | -417.37M | 30.16M | -397.18M | -158.61M | -318.15M | -126.34M | -121.09M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 785.63M | 783.54M | 0 | 0 | 0 | 0 | 50.44M | 48.61M | 8.07M | -104.86M | -25.69M | -57.86M | -39.63M |
| Other Investing | 0 | 0 | 136.02M | 0 | -276.18M | -238.34M | 0 | -223.04M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 25.87M | 25.67M | -245.78M | 6.17M | 101M | 159.15M | -42.35M | 204.03M | 17.76M | -30.57M | 69.01M | 23.4M | 294.38M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 19.43M | 21.11M | 55.11M | 0 | 78.24M | 0 | 94.61M | 22.47M | -5.38M | 90.39M | 0 |
| Dividends Paid | -38.67M | -41.27M | -52.09M | -54.92M | -49.59M | -45.59M | -42.53M | -33.78M | -31.59M | -22.62M | -21.53M | -19.24M | -13.06M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.38M | -5.55M | 0 |
| Other Financing | -2.35M | -3.05M | -3.11M | -26K | -4.52M | -2.51M | 45.28M | -1.49M | -1.26M | 0 | -1.08M | -503K | 307.44M |
| Net Change in Cash | -32.66M | -31.36M | -92.86M | 112.32M | 113K | 14.47M | 18.24M | 16.49M | -57K | -5.47M | -24.68M | 25.55M | 8.26M |
| Free Cash Flow | -59.23M | -57.03M | 152.92M | 49.23M | -100.89M | -144.68M | 30.42M | -187.54M | -17.82M | 25.1M | -93.69M | 2.15M | -286.12M |
| FCF Margin % | -97.11% | -58.67% | 214.82% | 824.62% | -753.18% | -143.62% | 52.9% | -373.54% | -42.92% | 74.48% | -399.51% | 9.52% | -955.61% |
| FCF Growth % | -145.63% | -137.3% | 210.63% | 148.8% | 30.27% | -575.64% | 116.22% | -952.35% | -170.99% | 126.79% | -4465.61% | 100.75% | - |
| FCF per Share | -0.49 | -1.42 | 3.91 | 1.38 | -3.09 | -4.68 | 1.00 | -7.55 | -0.87 | 1.54 | -5.80 | 0.14 | -28.99 |
| FCF Conversion (FCF/Net Income) | 4.97x | -1.16x | 4.77x | -1.24x | 5.03x | -1.89x | 0.86x | -5.91x | -0.49x | 1.31x | -8.42x | 0.14x | -16.68x |
| Interest Paid | 0 | 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 |
Portfolio credit quality volatility
As reported in quarterly filings, TPVG exhibits a highly erratic relationship between net income and operating cash flow, evidenced by a volatile OCF/NI ratio that swung from 8.86 in 2024Q2 to a negative 4.60 in 2025Q3, signaling significant quality of earnings concerns for investors.
The frequent divergence between accounting profits and actual cash generation suggests that non-cash accruals and fair value adjustments play an outsized role in reported results. This lack of conversion consistency implies that net income may not be a reliable proxy for the company's ability to fund its dividend obligations.
Based on TPVG's reported financial statements, the free cash flow trajectory is characterized by extreme instability, with quarterly FCF oscillating between a positive $76.4M in 2024Q2 and a deep deficit of $70.0M in 2025Q3, reflecting the inherent unpredictability of venture-debt portfolio cash inflows.
The inability to maintain a stable FCF margin suggests that the company's cash flow profile is highly sensitive to the timing of loan repayments and potential credit events. Investors should monitor whether this volatility is a structural feature of the venture-debt model or indicative of deteriorating credit quality within the underlying portfolio.
According to recent SEC filings, TPVG's working capital changes have been a major source of cash flow variance, with fluctuations ranging from a $18.9M outflow in 2024Q1 to a $9.4M inflow in 2025Q2, complicating the assessment of the firm's core operational cash-generating efficiency.
These significant swings in working capital suggest that the timing of interest collections and other accruals creates substantial noise in the cash flow statement. Such variability may mask underlying trends in the portfolio's health, making it difficult to discern whether cash inflows are keeping pace with the company's dividend payout requirements.
As indicated by the provided data, TPVG has consistently paid dividends despite periods of negative operating cash flow, such as the $8.8M distribution in 2026Q1 when OCF was negative $7.1M, raising questions about the long-term sustainability of the current capital allocation strategy.
The persistence of dividend payments during quarters of negative cash flow suggests that the company may be relying on external financing or balance sheet liquidity to maintain its payout. This approach warrants further investigation into whether the current dividend level is supported by recurring cash earnings or if it risks eroding the firm's net asset value over time.
Quick answers to the most common questions about buying TPVG stock.
TriplePoint Venture Growth BDC Corp. (TPVG) generated $-57.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TriplePoint Venture Growth BDC Corp. (TPVG) reported negative free cash flow of $57.0M in 2025, indicating capital requirements exceeded cash from operations.
TriplePoint Venture Growth BDC Corp. (TPVG) 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, TriplePoint Venture Growth BDC Corp. (TPVG) returned $41.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.