Cash flow generation is highly erratic, highlighted by a 2025Q2 OCF/NI ratio of -51.96, demonstrating that liquidity is heavily dependent on volatile working capital fluctuations.
Uni-Fuels Holdings Limited (UFG) cash flow statement — 4-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Cash from Operations | -2.65M | -1.78M | 331.84K | -965.79K | 3.03M |
| Operating CF Margin % | - | -0.68% | 0.21% | -1.36% | 9.82% |
| Operating CF Growth % | -204.59% | -637.32% | 134.36% | -131.91% | - |
| Net Income | -635.05K | -1.34M | 171.6K | 1.21M | 1.98M |
| Depreciation & Amortization | 223.46K | 159.25K | 74.49K | 32.27K | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -4.57K | -4.51K | -3.87K | 10.68K | -717 |
| Other Non-Cash Items | 2.83M | 32.72K | 91.06K | 73.54K | 4.22K |
| Working Capital Changes | -5.06M | -630.67K | -1.43K | -2.29M | 1.05M |
| Change in Receivables | -15.4M | -11.32M | 1.35M | -11.72M | 347.63K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 10.24M | 10.11M | -1.1M | 9.77M | 144.08K |
| Cash from Investing | -93.3K | -27.67K | -9.02K | -427.33K | 0 |
| Capital Expenditures | -93.3K | -27.67K | -9.02K | -427.33K | 0 |
| CapEx % of Revenue | 0.03% | 0.01% | 0.01% | 0.6% | 0% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 8.34M | 8.1M | -62.72K | 2.16M | 0 |
| Debt Issued (Net) | 2.1M | 2.07M | 306.57K | 1.47M | 0 |
| Equity Issued (Net) | 6.32M | 6.24M | -276.32K | 800K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -71.16K | -206.24K | -92.96K | -112.9K | 0 |
| Net Change in Cash | 9.75M | 6.58M | 260.11K | 767.13K | 3.03M |
| Free Cash Flow | -2.74M | -1.81M | 322.82K | -1.39M | 3.03M |
| FCF Margin % | -0.8% | -0.69% | 0.21% | -1.97% | 9.82% |
| FCF Growth % | -605.3% | -660.91% | 123.17% | -146.03% | - |
| FCF per Share | -0.08 | -0.06 | 0.01 | -0.04 | 0.10 |
| FCF Conversion (FCF/Net Income) | 4.31x | 1.02x | 1.93x | -0.80x | 1.53x |
| Interest Paid | -23.07K | 0 | 0 | 83.97K | 0 |
| Taxes Paid | 0 | 0 | 284.72K | 361.84K | 0 |
Quick answers to the most common questions about buying UFG stock.
Uni-Fuels Holdings Limited (UFG) generated $-1.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Uni-Fuels Holdings Limited (UFG) reported negative free cash flow of $1.8M in 2025, indicating capital requirements exceeded cash from operations.
Uni-Fuels Holdings Limited (UFG) 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
Working capital liquidity dependence
Earnings Disconnect Masks Cash Volatility
As reported in financial statements, UFG exhibits a profound disconnect between net income and operating cash flow, evidenced by a 2025Q2 OCF/NI ratio of -51.96, which highlights the extreme sensitivity of the company's cash generation to non-cash accruals and timing differences in the bunkering cycle.
The wide variance between accounting profit and cash flow suggests that UFG's earnings are heavily influenced by accrual accounting rather than realized cash inflows. Investors should monitor this divergence closely, as it implies that reported net income may not be a reliable proxy for the company's actual ability to fund operations internally.
Free Cash Flow Remains Highly Erratic
Based on UFG's reported figures, the free cash flow trajectory is characterized by extreme instability, swinging from a $809.1K surplus in 2024Q2 to a $3.6M deficit in 2025Q2, underscoring the inherent difficulty in maintaining consistent cash generation within a low-margin, high-volume fuel reselling business model.
The erratic nature of FCF suggests that UFG's cash position is highly susceptible to the timing of fuel procurement and client payments. This volatility makes it difficult to project long-term solvency without relying on external credit facilities to bridge the gap during periods of negative cash flow.
Working Capital Swings Dictate Liquidity
According to recent SEC filings, UFG's operating cash flow is primarily driven by volatile working capital changes, which saw a $3.1M inflow in 2025Q4 following a $3.7M outflow in 2025Q2, indicating that the company's liquidity is tethered to the rapid turnover of receivables and inventory.
The heavy reliance on working capital management suggests that UFG's cash flow is essentially a function of its ability to collect from shipping clients faster than it pays fuel suppliers. Any disruption in this cycle could lead to immediate liquidity constraints, given the thin margins inherent in the bunkering industry.
Asset-Light Model Limits Capital Intensity
As indicated by the provided data, UFG maintains a negligible capital expenditure profile with CapEx/Revenue ratios consistently near 0.0%, confirming the company's strategic reliance on an asset-light brokerage model that avoids the heavy infrastructure costs typically associated with physical marine fuel supply chains.
The minimal investment in physical assets suggests that UFG is prioritizing agility and low overhead over the control of its own logistics network. While this preserves cash in the short term, it may limit the company's ability to capture higher margins that integrated competitors with owned barge fleets can command.