Cash conversion remains a primary concern, as evidenced by the 2026Q1 period where the firm reported $109.3M in net income against a negative $24.1M in operating cash flow.
| Cash from Operations | 226.46M | 273.96M | 209.77M | 214.18M | 117.9M | 288.69M | 195.33M | 132.34M | 73.28M |
| Operating CF Growth % | 2131.08% | 30.6% | -2.06% | 81.66% | -59.16% | 47.8% | 47.59% | 80.59% | - |
| Net Income | 443.17M | 262.03M | 1.22M | 269.38M | 271.81M | 257.84M | 212.6M | 192.12M | 77.7M |
| Depreciation & Amortization | 60.68M | 57.58M | 28.7M | 19.78M | 15.79M | 13.73M | 13.23M | 16.52M | 17.52M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -81.98M | 0 | 0 | 0 |
| Other Non-Cash Items | 12.25M | -135.86M | 235.97M | -120.46M | -138.73M | 12.08M | -26.54M | -34.6M | -12.64M |
| Working Capital Changes | -125.43M | 60.29M | -78.6M | 30.5M | -45.24M | 83.35M | -3.96M | -41.69M | -9.29M |
| Cash from Investing | 78.91M | 98.97M | -232.13M | 138.03M | 131.84M | -1.32B | 75.31M | -39.85M | -17.02M |
| Purchase of Investments | -466.52M | -316.35M | -347.26M | -281.01M | -341.16M | -1.42B | -375.01M | -273.05M | -192.08M |
| Sale/Maturity of Investments | 540.07M | 467.34M | 370.65M | 455.78M | 558.97M | 103.95M | 453.52M | 234.94M | 176.03M |
| Net Investment Activity | 73.55M | 150.99M | 23.39M | 174.77M | 217.82M | -1.32B | 78.51M | -38.11M | -16.05M |
| Acquisitions | -1.78M | -15.5M | -289.51M | -174.77M | -80M | 1.32B | -1.18M | 38.11M | 0 |
| Other Investing | 52.98M | 3.42M | 53.3M | 174.77M | 497K | -1.32B | 0 | -38.11M | 0 |
| Cash from Financing | -261.09M | -323.74M | -429.23M | 175.02M | -215.51M | 1.05B | -193.55M | -100.43M | -53.26M |
| Dividends Paid | -210.96M | -209.77M | -203.24M | -190.14M | -211.32M | -255.96M | -176.29M | -76.23M | -45.88M |
| Share Repurchases | -13.12M | -51.1M | -90.29M | -62.77M | -63.35M | -50.83M | 0 | -225K | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 1.32B | 135K | 0 | 112K |
| Net Stock Activity | -13.12M | -51.1M | -90.29M | -62.77M | -63.35M | 1.27B | 135K | -225K | 112K |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K |
| Other Financing | -35.76M | -52.64M | -47.93M | -11.97M | 2.99M | 53.95M | -900K | 0 | 846K |
| Net Change in Cash | 52.37M | 56.79M | -437M | 523.72M | 34.01M | 19.12M | 79.55M | -7.82M | 3.47M |
| Exchange Rate Effect | 8.09M | 7.59M | 14.59M | -3.51M | -219K | 2.38M | 2.46M | 121K | 472K |
| Cash at Beginning | 263.64M | 223.3M | 660.3M | 136.58M | 102.57M | 83.45M | 3.9M | 11.71M | 8.24M |
| Cash at End | 205.99M | 280.09M | 223.3M | 660.3M | 136.58M | 102.57M | 83.45M | 3.9M | 11.71M |
| Interest Paid | 11.51M | 0 | 47.93M | 0 | 0 | 0 | 0 | 0 | 11.61M |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 190.73M | 234.03M | 190.45M | 177.44M | 111.42M | 285.6M | 193.31M | 130.6M | 72.32M |
| FCF Growth % | 129.49% | 22.88% | 7.33% | 59.25% | -60.99% | 47.74% | 48.01% | 80.6% | - |
Performance fee timing volatility
As evidenced by the 2026Q1 data, VINP reported $109.3M in net income while simultaneously generating negative $24.1M in operating cash flow, resulting in a deeply negative OCF/NI ratio of -0.22 that highlights a significant disconnect between accounting profits and actual cash generation for the firm.
The persistent gap between net income and operating cash flow suggests that a substantial portion of reported earnings may be tied to non-cash accruals or unrealized performance fees. Investors should monitor whether this divergence is a temporary byproduct of the Compass integration or a structural feature of the firm's revenue recognition model.
Based on the provided financial statements, VINP's free cash flow trajectory has been highly erratic, swinging from a peak of $152.9M in 2024Q2 to a negative $27.8M in 2026Q1, illustrating the inherent difficulty in predicting cash availability within an alternative asset management business model.
The extreme variance in FCF margins, which fluctuated between 105.7% and -59.5% over the last ten quarters, indicates that the firm's cash flow is heavily dependent on the timing of fund exits and performance fee crystallization. This lack of consistency complicates the assessment of the firm's ability to sustain its current dividend payout levels.
According to the quarterly cash flow data, VINP experienced a massive $111.6M working capital outflow in 2026Q1, a sharp reversal from the $36.1M inflow seen in 2025Q3, which suggests that the firm's cash position is highly sensitive to the timing of client settlements and internal fund movements.
The volatility in working capital changes appears to be the primary driver behind the firm's inconsistent operating cash flow performance. Analysts should investigate whether these swings are related to the consolidation of controlled funds on the balance sheet, which may be creating artificial noise in the reported cash flow metrics.
As reported in recent filings, VINP has maintained a consistent dividend payout of approximately $50M to $55M per quarter, even during periods where operating cash flow turned negative, such as the $24.1M outflow recorded in 2026Q1, indicating a potential reliance on balance sheet reserves for distributions.
The decision to maintain dividend payments despite significant cash flow volatility suggests a management priority on shareholder returns, though this may limit the firm's flexibility to fund future growth initiatives. Investors should monitor the sustainability of this payout policy if the current trend of negative operating cash flow persists.
Quick answers to the most common questions about buying VINP stock.
Vinci Compass Investments Ltd. (VINP) generated $274.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vinci Compass Investments Ltd. (VINP) generated $234.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Vinci Compass Investments Ltd. (VINP) spent $39.9M 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, Vinci Compass Investments Ltd. (VINP) returned $209.8M to shareholders via cash dividends and spent $51.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.