Capstone Holding Corp. (CAPS) Cash Flow Statement
Where CAPS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$4.4M −215.5% vs 2024
- Capital expenditures
- $160,000 0.3% of revenue
- Free cash flow
- −$4.6M −9.8% margin
- Returned to shareholders
- $705,000
- Change in cash
- $716,000 cash at year-end $727,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
CAPS operating cash flow, capex and free cash flow
CAPS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.3M2016 | −$4.4M2025 | — | |
| Capital expenditures | $02016 | $160,0002025 | — | |
| Free cash flow | −$1.3M2016 | −$4.6M2025 | — | |
| Free cash flow margin | 3.3%2018 | −9.8%2025 | −13.1 pts | |
| Operating cash flow / net income | 0.062020 | −1.252022 | −1.31 | |
| Dividends paid | $4.0M2021 | $705,0002025 | −35.0%/yr | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 0.0%2018 | 0.3%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CAPS cash flow by activity
CAPS 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).
CAPS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$21.2M | −$2.6M | −$3.8M | $2.3M | $3.9M | $11.1M | −$2.7M | −$380,000 | −$1.8M | −$1.6M |
| Depreciation & amortization | $391,000 | $517,000 | $461,000 | $241,000 | $386,000 | $245,000 | $39,000 | $157,000 | $205,000 | $179,000 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | $35,000 |
| Change in working capital | $1.6M | $5.4M | $4.2M | −$6.0M | −$327,000 | −$2.1M | $734,000 | $36,000 | −$79,000 | $136,000 |
| Other non-cash items | $14.8M | $419,000 | $832,000 | $525,000 | −$256,000 | −$8.6M | $262,000 | $253,000 | $68,000 | $0 |
| Cash from operating activities | −$4.4M | $3.8M | $1.6M | −$2.9M | $3.7M | $642,000 | −$1.7M | $66,000 | −$1.6M | −$1.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$160,000 | −$120,000 | −$208,000 | −$173,000 | −$1.2M | −$3,000 | $0 | $0 | $0 | $0 |
| Investments (net) | — | −$120,000 | −$208,000 | −$173,000 | −$931,000 | −$3,000 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$6.8M | $120,000 | $208,000 | $173,000 | $1.2M | $3,000 | — | — | — | — |
| Cash from investing activities | −$6.9M | −$120,000 | −$208,000 | −$173,000 | −$931,000 | −$3,000 | — | — | — | — |
| Financing activities | ||||||||||
| Dividends paid | −$705,000 | — | −$389,000 | — | −$4.0M | — | — | — | — | — |
| Share repurchases & issuance (net) | — | $0 | −$389,000 | $0 | −$4.0M | — | — | $0 | −$15,000 | $1.0M |
| Net borrowing (repayment) | $9.4M | −$3.5M | −$1.0M | $3.0M | $1.2M | — | $350,000 | $350,000 | $1.4M | $1.4M |
| Shares issued | $5.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.6M | −$212,000 | $377,000 | $0 | $4.0M | −$697,000 | $46,000 | $46,000 | $726,000 | −$1.5M |
| Cash from financing activities | $12.1M | −$3.7M | −$1.4M | $3.0M | −$2.7M | −$697,000 | $396,000 | $396,000 | $2.1M | $946,000 |
| Summary | ||||||||||
| Net change in cash | $716,000 | −$41,000 | $29,000 | −$27,000 | $50,000 | −$58,000 | −$1.3M | $66,000 | $577,000 | −$313,000 |
| Cash at end of period | $727,000 | $11,000 | $52,000 | $23,000 | $50,000 | −$58,000 | $58,000 | $1.3M | $1.3M | $698,000 |
| Free cash flow | −$4.6M | $3.7M | $1.4M | −$3.1M | $2.6M | $639,000 | −$1.7M | $66,000 | −$1.6M | −$1.3M |
| Free cash flow margin | −9.8% | 8.2% | 3.0% | −5.0% | 3.8% | 1.4% | −12.0% | 3.3% | — | — |
| Capex / revenue | 0.3% | 0.3% | 0.4% | 0.3% | 1.8% | 0.0% | 0.0% | 0.0% | — | — |
| Operating cash flow / net income | — | — | — | −1.25 | 0.95 | 0.06 | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.4M | −$1.9M | −$17.5M | −$2.0M | −$700,000 | −$1.7M | −$1.1M | $34,000 | −$381,000 | −$1.1M | −$2.0M | −$609,000 |
| Depreciation & amortization | $163,000 | $161,000 | $43,000 | $118,000 | $114,000 | $116,000 | $247,000 | $93,000 | $122,000 | $120,000 | $77,000 | $101,000 |
| Change in working capital | −$956,000 | −$1.1M | $2.4M | $993,000 | −$1.1M | −$659,000 | $3.3M | $2.2M | $366,000 | −$249,000 | $2.5M | $1.1M |
| Other non-cash items | $1.8M | $79,000 | $14.6M | $902,999 | −$2,000 | $2,000 | $419,000 | $0 | $0 | $0 | $831,000 | $0 |
| Cash from operating activities | −$390,000 | −$2.8M | −$420,000 | $0 | −$1.7M | −$2.3M | $2.8M | $2.3M | $107,000 | −$1.2M | $1.4M | $624,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$64,000 | −$29,000 | −$142,000 | −$16,000 | −$15,000 | −$17,000 | −$19,000 | −$18,000 | −$21,000 | −$100,000 | −$42,000 | −$9,000 |
| Investments (net) | — | — | — | −$2.4M | −$2,000 | $0 | −$19,000 | −$18,000 | $17,000 | −$100,000 | −$42,000 | −$9,000 |
| Acquisitions & other investing | −$38,000 | $0 | — | $16,000 | $32,000 | $0 | $19,000 | $18,000 | −$17,000 | $100,000 | $42,000 | $9,000 |
| Cash from investing activities | −$102,000 | −$29,000 | — | −$2.4M | $15,000 | −$17,000 | −$19,000 | −$18,000 | −$21,000 | −$100,000 | −$42,000 | −$9,000 |
| Financing activities | ||||||||||||
| Dividends paid | −$80,000 | −$39,000 | — | −$705,000 | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | — | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Net borrowing (repayment) | $341,000 | $2.5M | $5.2M | $2.7M | $936,000 | $544,000 | −$2.6M | −$2.2M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $1.8M | $3.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $41,000 | $39,000 | −$254,000 | $378,000 | −$2.0M | $225,000 | −$212,000 | −$33,000 | −$116,000 | $1.3M | −$1.4M | −$643,000 |
| Cash from financing activities | $302,000 | $2.5M | $5.0M | $2.4M | $737,000 | $4.0M | −$2.8M | −$2.3M | −$116,000 | $1.3M | −$1.4M | −$643,000 |
| Summary | ||||||||||||
| Net change in cash | −$194,000 | −$308,000 | −$3,000 | −$43,000 | −$971,000 | $1.7M | −$2,000 | $13,000 | −$30,000 | −$21,000 | −$31,000 | −$28,000 |
| Cash at end of period | $225,000 | $419,000 | $727,000 | $730,000 | $773,000 | $1.7M | $11,000 | $13,000 | $0 | $30,000 | $51,000 | $82,000 |
| Free cash flow | −$454,000 | −$2.8M | −$562,000 | −$16,000 | −$1.7M | −$2.3M | $2.8M | $2.3M | $86,000 | −$1.3M | $1.4M | $615,000 |
| Free cash flow margin | −2.1% | −22.3% | −4.5% | −0.1% | −13.3% | −28.9% | 27.4% | 18.4% | 0.7% | −14.3% | 14.3% | 5.1% |
| Capex / revenue | 0.3% | 0.2% | 1.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.1% | 0.2% | 1.1% | 0.4% | 0.1% |
| Operating cash flow / net income | — | — | — | — | — | — | — | 67.35 | — | — | — | — |
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.
CAPS cash generation
In fiscal 2025 (ended December 31, 2025), Capstone generated -$4.4 million of cash from operations (down 215.5%) and spent $0.2 million on capital expenditures, leaving free cash flow of -$4.6 million, −9.8% of revenue. It returned $0.7 million to shareholders through dividends ($0.7 million) and net share buybacks ($0). Cash and equivalents rose by $0.7 million over the year.
Related: CAPS income statement, CAPS balance sheet. See the CAPS stock overview for the latest quote and news.
CAPS cash flow FAQ
What is Capstone's free cash flow?
Capstone's free cash flow was -$4.6 million in fiscal 2025: -$4.4 million of operating cash flow minus $0.2 million of capital expenditures It was $3.7 million a year earlier..
How much cash does Capstone generate from operations?
Capstone generated -$4.4 million of cash from operating activities in fiscal 2025.
How much does Capstone spend on capital expenditures?
Capstone spent $0.2 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $0.1 million the year before.
How much does Capstone pay in dividends?
Capstone paid $0.7 million in dividends in fiscal 2025.