Aya Gold & Silver Inc. (AYA) Cash Flow Statement
Where AYA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $71.9M
- Capital expenditures
- $76.2M 37.7% of revenue
- Free cash flow
- −$4.2M −2.1% margin
- Returned to shareholders
- —
- Change in cash
- $105.4M cash at year-end $136.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AYA operating cash flow, capex and free cash flow
AYA cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $9.6M2022 | $71.9M2025 | +95.4%/yr | |
| Capital expenditures | $43.3M2022 | $76.2M2025 | +20.7%/yr | |
| Free cash flow | −$33.7M2022 | −$4.2M2025 | — | |
| Free cash flow margin | −88.0%2022 | −2.1%2025 | +85.9 pts | |
| Operating cash flow / net income | 20.712022 | 1.552025 | −19.15 | |
| Stock-based compensation | $3.3M2022 | $15.2M2025 | +67.1%/yr | |
| Capex / revenue | 113.3%2022 | 37.7%2025 | −75.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AYA cash flow by activity
AYA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AYA cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $46.3M | −$21.6M | $5.5M | $466,000 |
| Depreciation & amortization | $20.5M | — | $5.0M | $6.3M |
| Stock-based compensation | $15.2M | $8.2M | $3.2M | $3.3M |
| Change in working capital | $4.3M | −$11.3M | −$6.3M | −$2.4M |
| Other non-cash items | −$14.3M | $16.0M | −$4.0M | $2.0M |
| Cash from operating activities | $71.9M | −$8.6M | $3.4M | $9.6M |
| Investing activities | ||||
| Capital expenditures | −$76.2M | −$93.0M | −$102.1M | −$43.3M |
| Acquisitions & other investing | $3.8M | — | — | — |
| Cash from investing activities | −$72.4M | — | — | — |
| Financing activities | ||||
| Net borrowing (repayment) | $14.6M | $39.7M | $59.7M | −$245,000 |
| Shares issued | $105.2M | $57.3M | $68.8M | $0 |
| Other financing | −$14.9M | −$8.5M | $4.9M | $685,000 |
| Cash from financing activities | $104.9M | $88.5M | $133.4M | $440,000 |
| Summary | ||||
| Net change in cash | $105.4M | −$18.9M | $10.5M | −$42.3M |
| Cash at end of period | $136.3M | $30.9M | $49.8M | $39.4M |
| Free cash flow | −$4.2M | −$101.6M | −$98.7M | −$33.7M |
| Free cash flow margin | −2.1% | −259.8% | −230.3% | −88.0% |
| Capex / revenue | 37.7% | 237.7% | 238.2% | 113.3% |
| Operating cash flow / net income | 1.55 | — | 0.61 | 20.71 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $33.7M | $48.5M | $18.3M | $12.4M | $8.6M | $6.9M | −$25.7M |
| Depreciation & amortization | $7.6M | $7.0M | $6.8M | $4.7M | $5.3M | $3.7M | — |
| Stock-based compensation | $3.0M | $3.3M | $2.8M | $3.6M | $4.4M | $4.3M | $3.4M |
| Change in working capital | $3.4M | $6.3M | −$1.2M | −$2.8M | $9.2M | $114,000 | $2.2M |
| Other non-cash items | −$394,468 | $5.0M | $7.2M | $4.5M | −$19.7M | −$7.1M | $22.5M |
| Cash from operating activities | $47.3M | $70.2M | $33.8M | $22.4M | $7.8M | $7.9M | $2.4M |
| Investing activities | |||||||
| Capital expenditures | −$9.4M | −$16.8M | −$24.9M | −$24.6M | −$12.2M | −$14.5M | −$20.6M |
| Investments (net) | $0 | $25,000 | — | — | $0 | $0 | — |
| Acquisitions & other investing | −$11.7M | $398,000 | −$1.1M | $7.1M | −$824,000 | — | — |
| Cash from investing activities | −$21.1M | −$16.3M | −$25.9M | −$17.5M | −$13.0M | — | — |
| Financing activities | |||||||
| Net borrowing (repayment) | −$15.2M | −$14.5M | −$110,000 | $14.9M | −$104,000 | −$100,000 | −$83,000 |
| Shares issued | $0 | $0 | $0 | $0 | $105.2M | $0 | $0 |
| Other financing | $304,462 | −$2.8M | −$27,000 | −$4.7M | −$5.6M | −$4.6M | −$306,000 |
| Cash from financing activities | −$14.9M | −$17.2M | −$137,000 | $10.2M | $99.5M | −$4.7M | −$389,000 |
| Summary | |||||||
| Net change in cash | $10.4M | $35.3M | $7.1M | $15.4M | $95.5M | −$12.6M | −$23.9M |
| Cash at end of period | $182.6M | $171.7M | $136.3M | $129.2M | $113.8M | $18.3M | $30.9M |
| Free cash flow | $37.9M | $53.4M | $9.0M | −$2.2M | −$4.4M | −$6.6M | −$18.2M |
| Free cash flow margin | 40.1% | 45.6% | 11.9% | −4.1% | −11.4% | −19.6% | −195.0% |
| Capex / revenue | 10.0% | 14.3% | 33.0% | 45.3% | 31.6% | 43.0% | 220.3% |
| Operating cash flow / net income | 1.40 | 1.45 | 1.85 | 1.80 | 0.90 | 1.14 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AYA cash generation
In fiscal 2025 (ended December 31, 2025), Aya Gold & Silver Inc. generated $71.9 million of cash from operations and spent $76.2 million on capital expenditures, leaving free cash flow of -$4.2 million, −2.1% of revenue. Cash and equivalents rose by $105.4 million over the year.
Related: AYA income statement, AYA balance sheet. See the AYA stock overview for the latest quote and news.
AYA cash flow FAQ
What is Aya Gold & Silver Inc.'s free cash flow?
Aya Gold & Silver Inc.'s free cash flow was -$4.2 million in fiscal 2025: $71.9 million of operating cash flow minus $76.2 million of capital expenditures It was -$101.6 million a year earlier..
How much cash does Aya Gold & Silver Inc. generate from operations?
Aya Gold & Silver Inc. generated $71.9 million of cash from operating activities in fiscal 2025, 1.55 times its net income of $46.3 million.
How much does Aya Gold & Silver Inc. spend on capital expenditures?
Aya Gold & Silver Inc. spent $76.2 million on capital expenditures in fiscal 2025, 37.7% of revenue, compared with $93.0 million the year before.