Cash flow remains highly unstable, evidenced by a 2025Q2 free cash flow margin of -198.8% and a capital expenditure-to-revenue ratio that reached 122.5% in the same period.
| 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 |
|---|
| Cash from Operations | -24.31M | -18.57M | 180.72M | 31.39M | 15.27M | -18.86M | 6.97M | -95.32M | 386.67M | 57.62M | 28.1M | 68.39M | 8.25M | 4.16M | 4.79M |
| Operating CF Margin % | - | -41.93% | 96.16% | 10.14% | 4.22% | -8.24% | 2.23% | -15.25% | 22.88% | 8.33% | 12.19% | 19% | 3.18% | 3.14% | 8.27% |
| Operating CF Growth % | -242.76% | -110.28% | 475.79% | 105.59% | 180.92% | -370.78% | 107.31% | -124.65% | 571.11% | 105.03% | -58.91% | 729.23% | 98.16% | -13.13% | - |
| Net Income | -71M | -63.76M | -207.33M | -3.16M | -619K | -101.43M | -107.61M | -79.04M | 235.97M | 58.96M | -88.41M | -27.23M | -2.01M | -14.93M | -2.06M |
| Depreciation & Amortization | 3.24M | 10.29M | 25.08M | 45.11M | 64.27M | 116.81M | 95.32M | 117.03M | 119.88M | 92.12M | 69.91M | 74.87M | 35.63M | 19.71M | 8.34M |
| Stock-Based Compensation | 402K | 412K | 875K | 1.34M | 923K | 1.19M | 1.95M | 4.18M | 22.91M | 3.74M | 501.15K | 0 | 3.84M | 518.33K | 363.4K |
| Deferred Taxes | 1.6M | -591K | 4.24M | -1.69M | 7.7M | -32.01M | -12.19M | -42.64M | 52.23M | -25.38M | 47.9M | -5.72M | 5.81M | 0 | 0 |
| Other Non-Cash Items | 13.86M | 32M | 170.64M | -6.64M | -463K | 945K | 89.5M | 44.84M | -2.18M | 19.66M | 5.52M | 12.12M | 2.86M | 11.39M | -1.49M |
| Working Capital Changes | -1.27M | 3.08M | 187.22M | -3.58M | -56.55M | -4.37M | -60.01M | -139.69M | -42.13M | -91.5M | -7.32M | 9.24M | -37.89M | -12.53M | -8.05M |
| Change in Receivables | 3.22M | 11.76M | 195.64M | 11.28M | -52.39M | -27.52M | -72.95M | -27.01M | -78.84M | -231.75M | -4.64M | 27.52M | -4.25M | -9.3M | -7.07M |
| Change in Inventory | 2.4M | 116K | -2.56M | -3.77M | -517K | 3.65M | 5.1M | 830K | -5.5M | -14.24M | -1.63M | -2.61M | -1.06M | -3.15M | -981.17K |
| Change in Payables | -2.05M | -2.84M | 2.67M | -18.48M | 6.68M | -2.98M | 2M | -25.97M | -64.97M | 101.72M | 295.55K | -27.63M | -417.12K | 0 | 0 |
| Cash from Investing | 51.78M | 54.55M | -10.43M | -8.79M | -2.12M | 5.51M | -2.29M | -33.22M | -211.96M | -172.28M | -7.3M | -24.83M | -101.56M | -63.32M | -71.58M |
| Capital Expenditures | -95.12M | -70.55M | -17.07M | -19.39M | -12.74M | -5.84M | -6.84M | -35.76M | -191.94M | -133.85M | -11.32M | -26.25M | -111.69M | -63.96M | -71.58M |
| CapEx % of Revenue | 151.72% | 159.29% | 9.08% | 6.27% | 3.52% | 2.55% | 2.18% | 5.72% | 11.36% | 19.36% | 4.91% | 7.29% | 43.04% | 48.25% | 123.63% |
| Acquisitions | 3.01M | 0 | 0 | 3.28M | 10.61M | 11.35M | -490K | -680K | -21.53M | -39.34M | 4.02M | 1.42M | 7.06M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 162.59M | 144.63M | 6.63M | 7.33M | 0 | 0 | 6.78M | 3.22M | 1.51M | 907K | 4.02M | 1.42M | 3.07M | 633.87K | 0 |
| Cash from Financing | -954K | -4.29M | -112.11M | -15.59M | -5.6M | 8.43M | 4.27M | 66.7M | -112.59M | 91.05M | 4.66M | -55.93M | 103.13M | 58.58M | 72.96M |
| Debt Issued (Net) | 2.72M | -433K | -65.24M | -56.81M | -5.6M | 8.43M | 5.32M | 77.92M | -100.19M | 91.05M | -95M | -51.04M | 53.7M | 21.37M | 0 |
| Equity Issued (Net) | -404K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 105.84M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.22M | -11.2M | 0 | -5M | -711 | -12.3K | -9.88K | -10.09K |
| Share Repurchases | -404K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.9M | 0 | 0 | 0 |
| Other Financing | -3.27M | -3.85M | -46.87M | 41.23M | 0 | 0 | -1.05M | 0 | -1.2M | 0 | -7.76M | -4.89M | 49.44M | 37.22M | 72.97M |
| Net Change in Cash | 26.7M | 31.8M | 58.03M | 7.02M | 7.38M | -4.92M | 8.95M | -61.75M | 61.99M | -23.6M | 25.62M | -12.6M | 7.39M | -790.69K | 6.2M |
| Free Cash Flow | -99.06M | -89.12M | 163.65M | 11.99M | 2.53M | -24.71M | 130K | -131.08M | 194.72M | -76.24M | 16.78M | 42.14M | -103.44M | -59.79M | -66.79M |
| FCF Margin % | -158% | -201.21% | 87.08% | 3.87% | 0.7% | -10.79% | 0.04% | -20.97% | 11.52% | -11.02% | 7.28% | 11.71% | -39.86% | -45.11% | -115.35% |
| FCF Growth % | -185.45% | -154.46% | 1264.79% | 374.14% | 110.24% | -19106.15% | 100.1% | -167.31% | 355.42% | -554.23% | -60.17% | 140.74% | -73% | 10.48% | - |
| FCF per Share | -2.05 | -1.85 | 3.40 | 0.25 | 0.05 | -0.53 | 0.00 | -2.91 | 4.33 | -1.83 | 0.53 | 1.12 | -2.76 | -1.59 | -1.78 |
| FCF Conversion (FCF/Net Income) | 1.40x | 0.29x | -0.87x | -9.92x | -24.66x | 0.19x | -0.06x | 1.21x | 1.64x | 0.98x | -0.30x | -2.51x | -4.10x | -0.28x | -2.33x |
| Interest Paid | -44K | 620K | 15.53M | 12.02M | 10.16M | 4.83M | 0 | 4.74M | 3.21M | 3.66M | 3.71M | 5.19M | 3.49M | 0 | 0 |
| Taxes Paid | 288K | 817K | 1.17M | 897K | 106K | 829K | 0 | 110.85M | 32.76M | 840K | 3.59M | 3.89M | 3.71M | 0 | 0 |
Persistent negative cash conversion
According to the provided quarterly data, TUSK exhibits a persistent disconnect between net income and operating cash flow, evidenced by an OCF/NI ratio that frequently swings into extreme negative territory, such as the -9.14 reading observed in 2024Q4, suggesting significant accrual-based volatility in reported earnings.
The wide variance between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items or timing differences in revenue recognition. Investors should monitor whether these accruals represent legitimate unbilled receivables or potential future write-downs that could further impair the company's liquidity position.
As reported in financial statements, TUSK's free cash flow trajectory is characterized by extreme volatility, with margins fluctuating from a positive 100% in 2024Q1 to a deeply negative -198.8% in 2025Q2, indicating that the company lacks a stable mechanism for generating cash from its core operations.
The erratic nature of FCF margins suggests that the business is highly sensitive to project-based lumpy cash inflows and outflows. This lack of consistency makes it difficult to forecast the company's ability to self-fund operations without relying on its existing cash reserves.
Based on reported figures, working capital changes are the primary driver of cash flow fluctuations, with a massive $149.7 million inflow in 2024Q4 followed by subsequent periods of contraction, highlighting the company's heavy reliance on the timing of collections from large-scale, often contested, infrastructure contracts.
The significant swings in working capital suggest that TUSK's liquidity is hostage to the payment cycles of its primary customers. This dependency creates a binary risk profile where delays in receivable collection could rapidly deplete the company's cash cushion.
Data indicates that TUSK's capital expenditure remains disproportionately high relative to revenue, with a peak CapEx/Revenue ratio of 122.5% in 2025Q2, suggesting that the company is forced to reinvest heavily in maintenance just to keep its aging equipment fleet operational despite declining activity levels.
High capital intensity in a contracting revenue environment is a concerning signal that suggests the company may be over-investing in assets that are not generating adequate returns. This trend warrants further investigation into whether these expenditures are truly necessary for maintenance or if they represent inefficient capital allocation.
Quick answers to the most common questions about buying TUSK stock.
Mammoth Energy Services, Inc. (TUSK) generated $-18.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mammoth Energy Services, Inc. (TUSK) reported negative free cash flow of $89.1M in 2025, indicating capital requirements exceeded cash from operations.
Mammoth Energy Services, Inc. (TUSK) spent $70.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.