Clipper Realty Inc. (CLPR) Cash Flow Statement
Where CLPR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $22.6M −29.2% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $22.6M 14.7% margin
- Returned to shareholders
- $18.5M 82% of free cash flow
- Change in cash
- $20.1M cash at year-end $58.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
CLPR operating cash flow, capex and free cash flow
CLPR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $9.3M2016 | $22.6M2025 | +10.3%/yr | |
| Capital expenditures | $121.3M2016 | $02025 | −100.0% | |
| Free cash flow | −$111.9M2016 | $22.6M2025 | — | |
| Free cash flow margin | −120.4%2016 | 14.7%2025 | +135.1 pts | |
| Stock-based compensation | $2.5M2016 | $4.3M2025 | +6.0%/yr | |
| Dividends paid | $10.0M2016 | $18.5M2025 | +7.1%/yr | |
| Share buybacks (net) | $02016 | $1.75B2021 | — | |
| Capex / revenue | 130.4%2016 | 0.0%2025 | −130.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CLPR cash flow by activity
CLPR 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).
CLPR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$52.3M | −$6.6M | −$15.6M | −$12.6M | −$20.0M | −$12.2M | −$4.1M | −$9.0M | −$6.0M | −$12.3M |
| Depreciation & amortization | $31.2M | $29.8M | $28.8M | $26.7M | $25.4M | $22.8M | $17.8M | $14.8M | $13.8M | $15.3M |
| Stock-based compensation | $4.3M | $2.7M | $3.0M | $2.9M | $2.6M | $1.8M | $1.5M | $1.9M | $3.1M | $2.5M |
| Change in working capital | −$1.3M | $3.0M | $3.6M | $1.5M | −$3.8M | −$3.2M | $2.1M | $7.0M | −$6.4M | −$992,000 |
| Other non-cash items | $40.7M | $3.0M | $6.3M | $1.5M | $6.6M | $6.8M | $6.5M | $12.5M | $6.2M | $4.9M |
| Cash from operating activities | $22.6M | $31.9M | $26.2M | $20.1M | $10.8M | $16.0M | $23.8M | $27.3M | $10.8M | $9.3M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$41.4M | −$45.5M | −$35.5M | −$31.8M | −$74.9M | −$39.9M | −$20.3M | −$121.3M |
| Investments (net) | −$97,000 | −$68.8M | −$41.4M | −$51.5M | −$77.9M | −$31.7M | −$74.9M | $356,000 | −$187.7M | −$121.3M |
| Acquisitions & other investing | $12.2M | $0 | $41.4M | $45.5M | $35.5M | $31.8M | $74.9M | $226,000 | $20.3M | $121.3M |
| Cash from investing activities | $12.1M | −$68.8M | −$41.4M | −$51.5M | −$77.9M | −$31.7M | −$74.9M | −$39.3M | −$187.7M | −$121.3M |
| Financing activities | ||||||||||
| Dividends paid | −$18.5M | −$6.1M | −$17.4M | −$17.1M | −$16.8M | −$17.2M | −$17.1M | −$6.8M | −$16.6M | −$10.0M |
| Share repurchases & issuance (net) | — | — | — | — | −$1.75B | −$10.0M | — | −$7,000 | $94.3M | $559.5M |
| Net borrowing (repayment) | $10.9M | $56.3M | $47.8M | $26.9M | $47.1M | $80.3M | $79.3M | $58.2M | $90.5M | $43.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$7.0M | −$11.5M | −$9.7M | $0 | $1.75B | −$5.2M | $0 | −$10.3M | −$20.6M | −$569.2M |
| Cash from financing activities | −$14.6M | $38.7M | $20.7M | $9.8M | $30.3M | $47.8M | $62.2M | $41.1M | $147.6M | $24.1M |
| Summary | ||||||||||
| Net change in cash | $20.1M | $1.8M | $5.6M | −$21.6M | −$36.8M | $32.1M | $5.5M | $29.1M | −$29.3M | −$87.8M |
| Cash at end of period | $58.2M | $38.1M | $36.2M | $30.7M | $52.2M | $89.0M | $42.5M | $37.0M | $8.3M | $37.5M |
| Free cash flow | $22.6M | $31.9M | $26.2M | $20.1M | $10.8M | $16.0M | $23.8M | −$12.6M | −$9.5M | −$111.9M |
| Free cash flow margin | 14.7% | 21.4% | 18.9% | 15.5% | 8.8% | 13.0% | 20.5% | −11.5% | −9.1% | −120.4% |
| Capex / revenue | 0.0% | 0.0% | 29.9% | 35.0% | 29.0% | 25.9% | 64.5% | 36.3% | 19.5% | 130.4% |
| 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 | −$6.3M | −$11.1M | −$11.3M | −$26.4M | −$1.1M | −$13.3M | −$1.1M | −$1.1M | −$1.7M | −$2.7M | −$1.1M | −$2.3M |
| Depreciation & amortization | $7.8M | $8.1M | $8.4M | $8.0M | $7.3M | $7.6M | $7.6M | $7.4M | $7.4M | $7.4M | $7.7M | $7.3M |
| Stock-based compensation | $1.1M | $1.1M | $968,000 | $1.1M | $1.1M | $1.1M | $714,000 | $713,000 | $713,000 | $561,000 | $801,000 | $783,000 |
| Change in working capital | $10.9M | $4.9M | $4.3M | −$4.2M | −$30,000 | −$1.4M | $2.6M | −$1.5M | $1.7M | $279,000 | $2.6M | −$6.4M |
| Other non-cash items | $904,000 | $659,000 | $3.7M | $22.9M | $1.1M | $12.6M | $767,000 | $765,000 | $732,000 | $726,000 | −$986,000 | $633,000 |
| Cash from operating activities | $14.4M | $3.6M | $6.1M | $1.4M | $8.4M | $6.7M | $10.5M | $6.3M | $8.8M | $6.3M | $9.1M | −$91,000 |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.0M | $0 | $0 | $0 | −$15.7M | $0 | $0 | −$42.1M | −$19.8M | −$22.2M | −$13.6M | −$8.9M |
| Investments (net) | — | — | $0 | −$5.1M | $27.6M | −$9.7M | −$11.7M | −$15.0M | −$19.8M | −$22.2M | −$13.6M | −$8.9M |
| Acquisitions & other investing | $1.9M | −$1.9M | −$791,000 | $0 | $15.7M | $0 | $0 | $42.1M | $19.8M | $22.2M | $13.6M | $8.9M |
| Cash from investing activities | −$3.0M | −$1.9M | −$791,000 | −$5.1M | $27.6M | −$9.7M | −$11.7M | −$15.0M | −$19.8M | −$22.2M | −$13.6M | −$8.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$7.9M | −$1.5M | −$4.6M | −$4.6M | −$9.2M | −$4.6M | −$1.5M | −$1.5M | −$3.1M | −$4.4M | −$1.5M | −$4.3M |
| Net borrowing (repayment) | $1.4M | −$434,000 | $5.1M | $3.8M | −$3.8M | $5.8M | $7.5M | $12.5M | — | — | — | $25.1M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.0M | −$3.2M | −$4.3M | $252,000 | −$2.7M | $4.4M | −$2.9M | −$2.9M | $10.6M | $24.4M | $4.9M | −$5.5M |
| Cash from financing activities | −$3.5M | −$5.1M | −$3.8M | −$527,000 | −$15.8M | $5.5M | $3.1M | $8.1M | $7.6M | $20.0M | $3.4M | $15.2M |
| Summary | ||||||||||||
| Net change in cash | $7.9M | −$3.5M | $1.5M | −$4.2M | $21.7M | $1.1M | $2.0M | −$650,000 | −$3.5M | $4.0M | −$1.1M | $6.3M |
| Cash at end of period | $62.6M | $54.7M | $58.2M | $56.6M | $60.8M | $39.1M | $38.1M | $36.1M | $36.7M | $40.2M | $36.2M | $37.4M |
| Free cash flow | $9.5M | $3.6M | $6.1M | $1.4M | −$7.4M | $6.7M | $10.5M | $6.3M | $8.8M | $6.3M | −$4.5M | −$91,000 |
| Free cash flow margin | 24.5% | 9.4% | 16.5% | 3.8% | −18.9% | 16.9% | 27.7% | 16.7% | 23.5% | 17.5% | −13.0% | −0.3% |
| Capex / revenue | 12.9% | 0.0% | 0.0% | 0.0% | 40.3% | 0.0% | 0.0% | 111.8% | 53.0% | 62.2% | 38.9% | 25.2% |
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.
CLPR cash generation
In fiscal 2025 (ended December 31, 2025), Clipper Realty generated $22.6 million of cash from operations (down 29.2%) and spent $0 on capital expenditures, leaving free cash flow of $22.6 million, 14.7% of revenue. It returned $18.5 million to shareholders through dividends ($18.5 million) and net share buybacks ($0). Cash and equivalents rose by $20.1 million over the year.
Related: CLPR income statement, CLPR balance sheet, CLPR dividend history. See the CLPR stock overview for the latest quote and news.
CLPR cash flow FAQ
What is Clipper Realty's free cash flow?
Clipper Realty's free cash flow was $22.6 million in fiscal 2025: $22.6 million of operating cash flow minus $0 of capital expenditures It was $31.9 million a year earlier..
How much cash does Clipper Realty generate from operations?
Clipper Realty generated $22.6 million of cash from operating activities in fiscal 2025.
How much does Clipper Realty pay in dividends?
Clipper Realty paid $18.5 million in dividends in fiscal 2025, 81.8% of free cash flow.