Central Securities Corp. (CET) Cash Flow Statement
Where CET’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $26.3M −29.4% vs 2024
- Capital expenditures
- $5,875 0.0% of revenue
- Free cash flow
- $47.1M 54.1% margin
- Returned to shareholders
- $47.3M 100% of free cash flow
- Change in cash
- −$218,043 cash at year-end $49,910
Drawn to scale: where the cash came from and how it was used. Hover for values.
CET operating cash flow, capex and free cash flow
CET cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $22.9M2016 | $26.3M2025 | +1.5%/yr | |
| Capital expenditures | $02016 | $5,8752025 | — | |
| Free cash flow | $22.9M2016 | $47.1M2025 | +8.3%/yr | |
| Free cash flow margin | 19.4%2016 | 54.1%2025 | +34.7 pts | |
| Operating cash flow / net income | 0.202016 | 0.102025 | −0.10 | |
| Dividends paid | $16.0M2016 | $46.3M2025 | +12.6%/yr | |
| Share buybacks (net) | $5.1M2016 | $935,3502025 | −17.1%/yr | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CET cash flow by activity
CET 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).
CET cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $265.2M | $288.0M | $223.6M | −$158.7M | $353.6M | $73.7M | $251.0M | −$34.3M | $169.2M | $112.6M |
| Depreciation & amortization | $187,317 | $162,858 | $71,367 | $7,392 | $7,231 | $7,317 | $3,733 | $4,402 | $6,308 | $8,896 |
| Change in working capital | $1.8M | −$1.6M | −$52,113 | −$355,928 | −$430,467 | −$607,611 | −$6,297 | −$982,974 | $1.1M | −$62,470 |
| Other non-cash items | −$240.9M | −$249.2M | −$185.6M | $200.3M | −$295.7M | −$40.4M | −$228.5M | $59.9M | −$152.4M | −$89.6M |
| Cash from operating activities | $26.3M | $37.3M | $38.1M | $41.3M | $57.4M | $32.7M | $22.5M | $24.6M | $18.0M | $22.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$5,875 | −$28,561 | −$1.2M | −$4 | −$4 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | −$28,564 | −$1.2M | — | — | — | — | $0 | $0 | $0 |
| Acquisitions & other investing | −$12.7M | $28,561 | $1.2M | $96.5M | $23.6M | −$23.7M | $25.7M | $7.2M | $19.7M | $8.2M |
| Cash from investing activities | −$12.7M | −$28,564 | −$1.2M | $96.5M | $23.6M | −$23.7M | $25.7M | $7.2M | $19.7M | $8.2M |
| Financing activities | ||||||||||
| Dividends paid | −$46.3M | −$37.9M | −$30.8M | −$38.5M | −$57.8M | −$27.0M | −$21.6M | −$23.0M | −$16.1M | −$16.0M |
| Share repurchases & issuance (net) | −$935,350 | — | −$5.8M | −$2.7M | — | −$5.4M | −$428,002 | −$4.0M | −$1.7M | −$5.1M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$47.3M | −$37.9M | −$36.6M | −$41.2M | −$57.8M | −$32.4M | −$22.1M | −$27.0M | −$17.8M | −$21.1M |
| Summary | ||||||||||
| Net change in cash | −$218,043 | −$627,686 | $254,362 | $28,416 | −$357,981 | $309,997 | $429,926 | −$2.4M | $157,607 | $1.9M |
| Cash at end of period | $49,910 | $267,953 | $895,639 | $641,277 | $612,861 | $970,842 | $660,845 | $230,919 | $2.7M | $2.5M |
| Free cash flow | $47.1M | $37.3M | $36.9M | $41.3M | $57.4M | $32.7M | $22.5M | $24.6M | $18.0M | $22.9M |
| Free cash flow margin | 54.1% | 12.6% | 64.3% | — | 15.9% | 40.9% | 8.8% | — | 10.3% | 19.4% |
| Capex / revenue | 0.0% | 0.0% | 2.1% | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Operating cash flow / net income | 0.10 | 0.13 | 0.17 | — | 0.16 | 0.44 | 0.09 | — | 0.11 | 0.20 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $56.5M | $160.7M | $104.5M | $109.6M | $178.4M | $114.5M | $109.1M | $54.5M | $66.3M | $33.2M | −$225.0M | −$112.5M |
| Depreciation & amortization | $85,712 | $95,733 | $91,584 | $118,957 | $43,901 | $37,703 | $180,581 | $1,877 | $118,086 | $1,869 | $62,595 | $1,827 |
| Change in working capital | $912,566 | −$1.2M | $3.0M | −$3.1M | $1.4M | −$534,713 | $482,600 | — | −$941,038 | — | $585,110 | — |
| Other non-cash items | −$32.0M | −$149.7M | −$91.2M | −$103.9M | −$168.6M | −$107.1M | −$100.8M | −$51.8M | −$63.4M | −$15.2M | $237.8M | $115.2M |
| Cash from operating activities | $25.5M | $10.0M | $16.3M | $2.7M | $11.3M | $6.9M | $9.0M | $2.7M | $2.2M | $18.0M | $13.4M | $2.7M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$5,878 | $0 | −$14,659 | −$13,909 | −$1.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $13.4M | −$12.6M | −$112,708 | $26.5M | $5.8M | −$6.1M | $22.7M | — | $26.1M | — | $70.4M | — |
| Cash from investing activities | $13.4M | −$12.6M | −$112,708 | $26.5M | $5.8M | −$7.3M | $22.7M | — | $26.1M | — | $70.4M | — |
| Financing activities | ||||||||||||
| Dividends paid | −$9.2M | −$39.1M | −$7.2M | −$32.2M | −$5.7M | −$25.2M | −$5.6M | −$2.8M | −$33.0M | −$16.5M | −$5.5M | −$2.7M |
| Share repurchases & issuance (net) | — | — | −$935,350 | — | — | −$5.4M | −$409,322 | — | −$2.7M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$204,661 | $0 | −$1.4M | $0 | $0 |
| Cash from financing activities | −$9.2M | −$39.1M | −$8.2M | −$32.2M | −$5.7M | −$30.6M | −$6.0M | −$3.0M | −$35.8M | −$17.9M | −$5.5M | −$2.7M |
| Summary | ||||||||||||
| Net change in cash | −$32,234 | −$68,678 | −$149,365 | −$165,272 | −$462,414 | $819,214 | −$564,852 | −$282,426 | −$34.7M | $65,040 | $34.7M | −$50,832 |
| Cash at end of period | $17,676 | $49,910 | $118,588 | $267,953 | $433,225 | $895,639 | $76,425 | $641,277 | $641,277 | $35.4M | $35.4M | $612,861 |
| Free cash flow | $25.5M | $10.0M | $16.3M | $2.7M | $11.3M | $5.7M | $9.0M | $2.7M | $2.2M | $18.0M | $13.4M | $2.7M |
| Free cash flow margin | 33.1% | 26.3% | 33.4% | 8.6% | 26.5% | 23.7% | 27.1% | — | 17.4% | — | 22.0% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.0% | 0.0% | — | 0.0% | — | 0.0% | — |
| Operating cash flow / net income | 0.45 | 0.06 | 0.16 | 0.02 | 0.06 | 0.06 | 0.08 | 0.05 | 0.03 | 0.54 | — | — |
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.
CET cash generation
In fiscal 2025 (ended December 31, 2025), Central Securities generated $26.3 million of cash from operations (down 29.4%) and spent $0.0 million on capital expenditures, leaving free cash flow of $47.1 million, 54.1% of revenue. It returned $47.3 million to shareholders through dividends ($46.3 million) and net share buybacks ($0.9 million). Cash and equivalents fell by $0.2 million over the year.
Related: CET income statement, CET balance sheet, CET dividend history. See the CET stock overview for the latest quote and news.
CET cash flow FAQ
What is Central Securities's free cash flow?
Central Securities's free cash flow was $47.1 million in fiscal 2025: $26.3 million of operating cash flow minus $0.0 million of capital expenditures It was $37.3 million a year earlier..
How much cash does Central Securities generate from operations?
Central Securities generated $26.3 million of cash from operating activities in fiscal 2025, 0.10 times its net income of $265.2 million.
How much does Central Securities spend on capital expenditures?
Central Securities spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with $0.0 million the year before.
How much stock does Central Securities buy back?
Central Securities spent $0.9 million on net share repurchases in fiscal 2025.
How much does Central Securities pay in dividends?
Central Securities paid $46.3 million in dividends in fiscal 2025, 98.5% of free cash flow.