Liquidity is heavily influenced by working capital fluctuations, highlighted by a $28.0 million working capital inflow in 2026Q1 that drove a 90.8% free cash flow margin for that period.
| Cash from Operations | 41.62M | -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 % | 1079.97% | 79.5% | -722.81% | 81.63% | -408.18% | -354.55% | 6.66% | -1351.13% | - |
| Net Income | 4.39M | -5.65M | 7.76M | -5.84M | -4.26M | -1.38M | -2.7M | -3.82M | -322.06K |
| Depreciation & Amortization | 114.06K | 120K | 23K | 24K | 2K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 530K | 0 | 738K | 927K | 1.27M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -883 | 1.77M | -667K | 12.11M | 62.16M | 12.35M | 77.9K | 323.88K | 0 |
| Working Capital Changes | 36.95M | -17.73M | -112.69M | -8.68M | -64.63M | -12.23M | -378.63K | 279.36K | 100.42K |
| Change in Receivables | -7.92K | 13.78M | -13.82M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 36.99M | -29.82M | -101.07M | -10.38M | -62.61M | -12.4M | 0 | 0 | 0 |
| Change in Payables | -115.05K | -234K | 653K | 80K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -9.01M | -11.93M | 45.23M | 12.12M | -19.13M | 3.95M | -4.74M | -26.25M | -125K |
| Capital Expenditures | -1.04M | -11.58M | -75K | -2.17M | -13.75M | 0 | -3.68M | -716.39K | -125K |
| CapEx % of Revenue | 1.91% | 74.28% | 0.18% | 15.66% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 166K | 0 | 693K | 587K | 0 | 0 | -806.05K | 0 | 0 |
| Cash from Financing | 65.52M | 24.82M | 66.6M | 10.54M | 85.65M | 5.42M | 18.1M | 29.64M | 2.4M |
| Debt Issued (Net) | 1.25M | -1.35M | -9.61M | -4.19M | 12.41M | 0 | -13.66M | 12.71M | 0 |
| Equity Issued (Net) | 2.13M | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.31M | 0 | 5.73M | -1.35M | -3K | 0 | -869.51K | -1.75M | 2.4M |
| Net Change in Cash | 98.34M | -8.16M | 6.79M | 9.33M | -2.8M | 6.89M | -1.23M | 177.25K | 2.05M |
| Free Cash Flow | 40.57M | -21.49M | -104.92M | -14.91M | -83.1M | -13.65M | -6.69M | -3.93M | -346.64K |
| FCF Margin % | 74.28% | -137.83% | -245.68% | -107.64% | - | - | - | - | - |
| FCF Growth % | 183.51% | 79.51% | -603.58% | 82.06% | -508.97% | -104.09% | -70.02% | -1034.52% | - |
| FCF per Share | 0.29 | -0.17 | -0.91 | -0.15 | -0.94 | -0.19 | -0.12 | -0.09 | -0.01 |
| FCF Conversion (FCF/Net Income) | 9.25x | 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 |
Lumpy Cash Flow Volatility
As reported in financial statements, UROY's operating cash flow frequently diverges from net income, evidenced by a 2026Q1 OCF/NI ratio of 20.47, which suggests that non-cash items and working capital swings are far more influential to liquidity than the company's reported accounting profitability.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor this disconnect, as it implies that accounting earnings are heavily influenced by non-operating factors rather than consistent royalty receipts.
Based on recent SEC filings, UROY's free cash flow trajectory remains highly volatile, with a swing from a $74.6 million outflow in 2024Q3 to a $30.2 million inflow in 2026Q1, highlighting the unpredictable nature of cash flows tied to physical uranium inventory turnover.
The lack of a stable FCF trend suggests that the company is currently in a transition phase where cash flow is driven by opportunistic trading rather than steady-state royalty production. This volatility makes it difficult to forecast long-term liquidity without accounting for the timing of inventory liquidations.
According to historical cash flow data, working capital changes are the primary determinant of quarterly liquidity, as seen in the $28.0 million working capital inflow in 2026Q1, which directly facilitated the company's positive cash flow position during that specific reporting period.
The heavy reliance on working capital adjustments suggests that the company's cash position is sensitive to the timing of inventory sales and accounts receivable collection. This pattern warrants further investigation into whether these swings represent sustainable operational efficiency or merely the timing of lumpy commodity transactions.
Based on reported figures, the cash flow statement appears to obscure the underlying royalty business performance by commingling it with physical uranium trading, as evidenced by the massive $79.6 million working capital outflow in 2024Q3 that masked the core royalty revenue generation.
The cash flow statement suggests that the company's true operational health is often hidden behind the volatility of physical inventory management. Analysts should be cautious in interpreting these figures, as the current cash flow profile may not accurately reflect the long-term potential of the royalty portfolio.
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.