Cash flow efficiency has improved significantly, evidenced by a 92.1% FCF margin in 2026Q1, though the modest $15.9M cash position warrants caution regarding future capital deployment.
Vox Royalty Corp. (VOXR) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 27.76M | 10.74M | 5.46M | 5.27M | 2.05M | 768.35K | -1.84M | -38.54K | -29.23K |
| Operating CF Margin % | - | 64.6% | 49.41% | 42.82% | 24.06% | 21.04% | -1461.22% | - | - |
| Operating CF Growth % | 6336.28% | 96.68% | 3.57% | 157.48% | 166.44% | 141.66% | -4686.31% | -31.85% | - |
| Net Income | 48.16M | 5.89M | -1.65M | -101.11K | 328.18K | -4.13M | -10.23M | -1.24M | -125.2K |
| Depreciation & Amortization | 2.26M | 185K | 183.54K | 183.54K | 183.54K | 183.54K | 114.71K | 0 | 0 |
| Stock-Based Compensation | 4.84M | 1.99M | 2.14M | 1.66M | 1.05M | 1.41M | 4.16M | 81.2K | 282.32K |
| Deferred Taxes | 105.68K | 51K | 521.17K | 1.89M | 1.25M | 1.74M | 2.65M | 0 | 0 |
| Other Non-Cash Items | -29.46M | 2.06M | 3.52M | 3.36M | 150.09K | -244.21K | 1.9M | 247.44K | -218.97K |
| Working Capital Changes | 1.86M | 565K | 744.71K | -1.72M | -917.48K | 1.81M | -441.79K | 874.1K | 32.63K |
| Change in Receivables | 1.75M | 61K | 589.89K | -1.51M | -1.45M | 542.96K | -98.2K | 1.02M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -542.96K | 98.2K | -1.04M | 0 |
| Change in Payables | 1.33M | 1.2M | -193K | -127.39K | 566.65K | 925.87K | -62.89K | 13.12K | 0 |
| Cash from Investing | -51.96M | -73.81M | -3.16M | -5.33M | -2.64M | -9.35M | -3.72M | -864.92K | 0 |
| Capital Expenditures | -62.44M | -17.74M | -3.67M | -5.5M | -4.7M | -9.37M | -4.11M | -1.18M | 0 |
| CapEx % of Revenue | 187.12% | 106.74% | 33.25% | 44.64% | 55.18% | 256.49% | 3257.6% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 12.69K | -15.22K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.47M | -56.06M | 6.38K | 162.49K | 508.92K | 12.69K | -15.22K | 0 | 0 |
| Cash from Financing | 45.19M | 62.43M | -2.87M | 5.25M | -395.28K | 10.64M | 8.84M | 624.12K | 670.39K |
| Debt Issued (Net) | -11.76M | 6.7M | 0 | 0 | 0 | 0 | 0 | -75K | 250K |
| Equity Issued (Net) | 63.91M | 63.25M | -22.85K | 8.35M | 78.21K | 11.58M | 9.61M | 100K | 670.39K |
| Dividends Paid | -3.35M | -2.71M | -2.27M | -2.01M | -445.94K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -454.21K | -1.78M | -144.51K | 0 | 0 |
| Other Financing | -3.61M | -4.81M | -571.77K | -1.09M | -27.55K | -935.33K | -765.64K | 599.12K | -250K |
| Net Change in Cash | 20.96M | -669.39K | -588.49K | 5.17M | -890.15K | 1.91M | 3.12M | -279.34K | 606.97K |
| Free Cash Flow | -34.68M | -7M | 1.79M | -224.13K | -2.65M | -8.6M | -5.96M | -1.22M | -29.23K |
| FCF Margin % | -103.93% | -42.14% | 16.16% | -1.82% | -31.12% | -235.45% | -4718.82% | - | - |
| FCF Growth % | -375.74% | -492.39% | 896.51% | 91.54% | 69.2% | -44.35% | -388.42% | -4072.49% | - |
| FCF per Share | -0.49 | -0.12 | 0.04 | -0.00 | -0.06 | -0.23 | -0.20 | -0.68 | -0.18 |
| FCF Conversion (FCF/Net Income) | -0.72x | 1.82x | -3.31x | -52.13x | 6.24x | -0.19x | 0.18x | 0.03x | 0.23x |
| Interest Paid | 0 | 0 | 67.73K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 233.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VOXR stock.
Vox Royalty Corp. (VOXR) generated $10.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vox Royalty Corp. (VOXR) reported negative free cash flow of $7.0M in 2025, indicating capital requirements exceeded cash from operations.
Vox Royalty Corp. (VOXR) spent $17.7M 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, Vox Royalty Corp. (VOXR) returned $2.7M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity and acquisition funding
Earnings Quality Decoupled from Cash
As reported in recent financial filings, Vox Royalty's OCF/NI ratio of 0.62 in 2026Q1 highlights a significant divergence between accounting net income and actual cash generation, suggesting that non-cash items or accounting adjustments are currently inflating the bottom-line figures relative to the company's core operating cash flow.
The persistent gap between net income and operating cash flow warrants caution, as it implies that reported profitability may not be fully supported by cash inflows. Investors should monitor whether this trend reflects non-cash depletion charges or timing differences in royalty receipts that could impact future liquidity.
FCF Inflection Amidst Revenue Scaling
Based on the provided cash flow data, Vox Royalty achieved a 92.1% FCF margin in 2026Q1, marking a sharp reversal from the negative FCF trends observed throughout 2025, which suggests the company is finally capturing the operating leverage inherent in its royalty-based business model as production volumes increase.
The transition to positive free cash flow is a critical development, yet the historical volatility in FCF margins suggests that the company's cash generation remains highly sensitive to the production schedules of third-party operators. Sustaining this trajectory will likely require consistent output from the core Australian assets.
Capital Intensity Remains Historically Low
According to the company's cash flow statements, the CapEx/Revenue ratio has remained largely negligible, with the exception of 2025Q3, indicating that Vox Royalty maintains a low-maintenance capital structure that allows the majority of royalty revenue to flow directly toward potential debt reduction or future asset acquisitions.
The minimal capital intensity is a hallmark of the royalty model, effectively insulating the company from the inflationary pressures faced by mine operators. However, the occasional spikes in capital expenditure suggest that the company may occasionally deploy cash for strategic asset enhancements or minor portfolio adjustments.
Dividend Sustainability Under Liquidity Pressure
As noted in recent financial statements, Vox Royalty has maintained consistent dividend payments despite a low cash balance of $8.08M, which suggests that management is prioritizing shareholder returns even as the company faces potential constraints on its ability to fund new, non-dilutive royalty acquisitions internally.
While the dividend policy signals management's confidence in cash flow stability, the limited cash reserves may force a trade-off between sustaining payouts and pursuing growth opportunities. Investors should consider whether this capital allocation strategy leaves sufficient buffer for the company to navigate potential operational disruptions at its core assets.