Cash flow is dominated by massive, non-recurring working capital swings, such as the $140.3M inflow in 2026Q4, which obscures an underlying operational cash burn in six of the last ten quarters.
Uranium Royalty Corp. (UROY) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 |
|---|
| Cash from Operations | 285.29M | -21.49M | -104.84M | -12.74M | -69.35M | -13.65M | -3M | -3.22M | -221.64K |
| Operating CF Margin % | - | -137.83% | -245.5% | -91.97% | - | - | - | - | - |
| Operating CF Growth % | 6668.31% | 79.5% | -722.81% | 81.63% | -408.18% | -354.55% | 6.66% | -1351.13% | - |
| Net Income | 76.21M | -5.65M | 7.76M | -5.84M | -4.26M | -1.38M | -2.7M | -3.82M | -322.06K |
| Depreciation & Amortization | 296.66K | 120K | 23K | 24K | 2K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 741.19K | 0 | 738K | 927K | 1.27M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -112.04K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.09M | 1.77M | -667K | 12.11M | 62.16M | 12.35M | 77.9K | 323.88K | 0 |
| Working Capital Changes | 214.78M | -17.73M | -112.69M | -8.68M | -64.63M | -12.23M | -378.63K | 279.36K | 100.42K |
| Change in Receivables | -1.1M | 13.78M | -13.82M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 189.96M | -29.82M | -101.07M | -10.38M | -62.61M | -12.4M | 0 | 0 | 0 |
| Change in Payables | 16.67M | -234K | 653K | 80K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -350.66M | -11.93M | 45.23M | 12.12M | -19.13M | 3.95M | -4.74M | -26.25M | -125K |
| Capital Expenditures | -11.13K | -11.58M | -75K | -2.17M | -13.75M | 0 | -3.68M | -716.39K | -125K |
| CapEx % of Revenue | 0% | 74.28% | 0.18% | 15.66% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -350.97M | 0 | 693K | 587K | 0 | 0 | -806.05K | 0 | 0 |
| Cash from Financing | 164.95M | 24.82M | 66.6M | 10.54M | 85.65M | 5.42M | 18.1M | 29.64M | 2.4M |
| Debt Issued (Net) | -25.13K | -1.35M | -9.61M | -4.19M | 12.41M | 0 | -13.66M | 12.71M | 0 |
| Equity Issued (Net) | 33.74M | 26.17M | 70.48M | 14.74M | 73.23M | 5.42M | 31.95M | 16.93M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -544.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 131.23M | -1.72M | 5.73M | -1.35M | -3K | 5.42M | -869.51K | -1.75M | 2.4M |
| Net Change in Cash | 360.42M | -8.16M | 6.79M | 9.33M | -2.8M | 6.89M | -1.23M | 177.25K | 2.05M |
| Free Cash Flow | 285.28M | -21.49M | -104.92M | -14.91M | -83.1M | -13.65M | -6.69M | -3.93M | -346.64K |
| FCF Margin % | 96.98% | -137.83% | -245.68% | -107.64% | - | - | - | - | - |
| FCF Growth % | 1852.88% | 79.51% | -603.58% | 82.06% | -508.97% | -104.09% | -70.02% | -1034.52% | - |
| FCF per Share | 1.81 | -0.17 | -0.91 | -0.15 | -0.94 | -0.19 | -0.12 | -0.09 | -0.01 |
| FCF Conversion (FCF/Net Income) | 3.74x | 3.80x | -10.72x | 2.18x | 16.29x | 9.91x | 1.11x | 0.84x | 0.69x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying UROY stock.
Uranium Royalty Corp. (UROY) generated $-21.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Uranium Royalty Corp. (UROY) reported negative free cash flow of $21.5M in 2025, indicating capital requirements exceeded cash from operations.
Uranium Royalty Corp. (UROY) spent $11.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Extreme cash flow volatility and lumpiness
Cash Conversion Dominated by Working Capital Swings
UROY's cash conversion is erratic, with operating cash flow wildly diverging from net income due to massive working capital movements, as seen in 2026Q4 where OCF of $205.9M was 4.2x net income, driven by a $140.3M working capital inflow.
The relationship between net income and operating cash flow is highly unstable, suggesting that reported earnings are a poor proxy for near-term liquidity generation. The massive Q4 2026 OCF surge appears driven by a one-time working capital release, likely from settling receivables or inventory related to the large spot sale, rather than sustainable operational cash generation. This pattern indicates that cash flow timing is heavily influenced by the lumpy sales cycle, making quarterly conversion metrics unreliable for forecasting.
FCF Trajectory Volatile and Non-Recurring
Free cash flow is highly episodic, swinging from a $74.6M deficit in 2024Q3 to a $205.9M surplus in 2026Q4, with the latter representing a 100.8% FCF margin that is clearly unsustainable and driven by a single large transaction.
The FCF trajectory does not reflect a stable, growing business but rather the financial outcome of infrequent, large-scale uranium sales. The negative FCF in most quarters underscores that the company's baseline operations consume cash, and profitability is entirely dependent on the timing and magnitude of these spot sales. Investors should view the recent positive FCF as a cash inflow event, not the establishment of a new, higher run-rate.
Working Capital as the Primary Cash Flow Driver
Working capital changes are the dominant factor in UROY's cash flow, with a $140.3M inflow in 2026Q4 and a $79.6M outflow in 2024Q3, indicating that the cash cycle is defined by large, offsetting swings in receivables and inventory.
The extreme volatility in working capital suggests that UROY's cash flow is less about operational efficiency and more about the timing of cash settlement for its large, episodic sales. The significant outflows in periods like 2024Q3 and 2025Q1 likely represent inventory builds or advances in anticipation of future sales, while the large inflows represent the cash collection from those sales. This dynamic makes the cash flow statement a lagging indicator of sales activity rather than a leading indicator of operational health.
Minimal Capital Deployment Amid Cash Swings
Capital deployment has been negligible, with zero dividends and only minor share repurchases, such as the $544.8K buyback in 2026Q4, suggesting the company is hoarding cash from lumpy sales rather than returning it or investing for growth.
The lack of significant dividends, buybacks, or acquisitions indicates a conservative or opportunistic capital allocation strategy, likely waiting for larger, strategic opportunities. The minimal CapEx, often near zero, confirms this is a royalty company with a light asset base, but it also means there is no visible investment to drive future, more stable cash flows. The cash pile from the Q4 2026 sale appears to be retained on the balance sheet, with no clear plan for deployment evident in the financials.
Cash Flow Obscures True Operational Burn
The cash flow statement obscures the underlying operational cash burn, as excluding the massive Q4 2026 working capital inflow, the company has generated negative operating cash flow in six of the last ten quarters.
A focus on the headline OCF figure is misleading; stripping out the volatile working capital component reveals a business that has consistently consumed cash from its core operations over the period. The reported SBC expense, while small, is a non-cash charge that further muddies the true cash cost of operations. The lumpy sales model means that cash flow is not a measure of recurring performance but of episodic liquidation events, which may not be repeatable at the same scale.