MDA Space Ltd. (MDA) Cash Flow Statement
Where MDA’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$296.7M −47.5% vs 2024
- Capital expenditures
- C$127.7M 10.7% of revenue
- Free cash flow
- C$169.1M 14.2% margin
- Returned to shareholders
- —
- Change in cash
- −C$5.2M cash at year-end C$110.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MDA operating cash flow, capex and free cash flow
MDA cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$44.3M2020 | C$296.7M2025 | +46.3%/yr | |
| Capital expenditures | C$2.2M2020 | C$127.7M2025 | +125.3%/yr | |
| Free cash flow | C$42.1M2020 | C$169.1M2025 | +32.1%/yr | |
| Free cash flow margin | 18.1%2020 | 14.2%2025 | −3.9 pts | |
| Operating cash flow / net income | 24.862021 | 3.762025 | −21.11 | |
| Stock-based compensation | C$8.5M2022 | C$12.8M2025 | +14.6%/yr | |
| Capex / revenue | 0.9%2020 | 10.7%2025 | +9.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MDA cash flow by activity
MDA 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).
MDA cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | C$79.0M | C$55.2M | C$36.8M | C$19.4M | C$2.3M | −C$13.6M |
| Depreciation & amortization | C$102.4M | C$63.2M | C$58.9M | C$56.2M | C$63.1M | C$45.8M |
| Stock-based compensation | C$12.8M | C$10.4M | C$10.0M | C$8.5M | — | — |
| Change in working capital | C$112.4M | C$442.3M | −C$72.1M | −C$19.7M | −C$10.8M | C$28.9M |
| Other non-cash items | −C$9.8M | −C$6.4M | −C$23.4M | −C$22.4M | C$2.4M | −C$16.8M |
| Cash from operating activities | C$296.7M | C$564.7M | C$10.2M | C$42.0M | C$57.0M | C$44.3M |
| Investing activities | ||||||
| Capital expenditures | −C$127.7M | −C$98.1M | −C$111.7M | −C$101.7M | −C$41.5M | −C$2.2M |
| Acquisitions & other investing | −C$319.9M | −C$59.6M | −C$52.5M | −C$31.2M | −C$36.6M | −C$790.0M |
| Cash from investing activities | −C$447.6M | −C$157.7M | −C$164.2M | −C$132.9M | −C$78.1M | −C$792.2M |
| Financing activities | ||||||
| Net borrowing (repayment) | C$166.6M | −C$447.9M | C$186.6M | C$87.2M | — | — |
| Shares issued | C$0 | C$0 | C$0 | C$500,000 | C$0 | C$0 |
| Other financing | −C$23.7M | C$144.9M | −C$45.2M | −C$29.6M | C$24.2M | C$811.2M |
| Cash from financing activities | C$142.9M | −C$303.0M | C$141.4M | C$58.1M | C$24.2M | C$811.2M |
| Summary | ||||||
| Net change in cash | −C$5.2M | C$98.9M | −C$12.0M | −C$37.1M | C$4.4M | C$61.7M |
| Cash at end of period | C$110.7M | C$115.8M | C$17.0M | C$29.0M | C$66.1M | C$61.7M |
| Free cash flow | C$169.1M | C$466.6M | −C$101.5M | −C$59.6M | C$15.5M | C$42.1M |
| Free cash flow margin | 14.2% | 62.2% | −16.7% | −12.6% | 4.1% | 18.1% |
| Capex / revenue | 10.7% | 13.1% | 18.3% | 21.5% | 11.0% | 0.9% |
| Operating cash flow / net income | 3.76 | 10.24 | 0.28 | 2.17 | 24.86 | — |
| 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 | C$19.6M | C$21.3M | C$17.5M | C$17.5M | C$20.0M | C$32.9M | C$17.4M | C$21.8M | C$8.0M | C$10.2M | C$10.2M | C$6.8M |
| Depreciation & amortization | C$34.1M | C$33.2M | C$33.7M | C$31.2M | C$18.8M | C$25.3M | C$17.0M | C$15.7M | C$16.4M | C$16.8M | C$15.8M | C$14.6M |
| Stock-based compensation | — | C$4.3M | C$3.5M | C$4.0M | C$2.5M | C$2.8M | C$2.7M | — | — | — | — | — |
| Change in working capital | −C$95.3M | −C$15.4M | C$728,200 | −C$32.9M | C$2.4M | C$195.8M | C$225.1M | C$148.3M | C$82.6M | −C$2.1M | −C$42.9M | −C$44.1M |
| Other non-cash items | −C$24.3M | C$372,980 | −C$15.4M | C$3.8M | −C$4.9M | C$10.2M | C$4.0M | C$5.4M | −C$1.5M | −C$6.6M | −C$14.2M | C$588,880 |
| Cash from operating activities | −C$65.8M | C$43.8M | C$40.0M | C$23.6M | C$38.8M | C$267.0M | C$266.2M | C$191.3M | C$105.6M | C$18.2M | −C$31.1M | −C$22.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$36.7M | −C$48.3M | −C$28.3M | −C$35.8M | −C$34.4M | −C$61.7M | −C$36.0M | −C$27.2M | −C$18.3M | −C$19.9M | −C$35.7M | −C$27.3M |
| Investments (net) | — | C$9.4M | — | — | C$0 | C$0 | — | — | — | — | — | — |
| Acquisitions & other investing | −C$3.3M | −C$18.0M | −C$33.2M | −C$272.5M | C$5.5M | C$200,000 | −C$11.5M | −C$15.2M | −C$22.1M | −C$12.8M | −C$26.2M | −C$9.1M |
| Cash from investing activities | −C$40.0M | −C$56.9M | −C$61.5M | −C$308.2M | −C$28.9M | −C$61.5M | −C$47.5M | −C$42.4M | −C$40.4M | −C$32.8M | −C$61.9M | −C$36.4M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | −C$33.0M | −C$13.1M | −C$65.6M | C$247.7M | −C$2.4M | −C$296.8M | — | — | — | — | — |
| Shares issued | C$0 | C$441.5M | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other financing | −C$2.7M | −C$112.7M | −C$2.1M | C$19.3M | −C$45.4M | C$8.7M | C$96.7M | −C$77.2M | −C$52.2M | C$20.4M | C$99.9M | C$39.4M |
| Cash from financing activities | −C$2.7M | C$295.8M | −C$15.2M | −C$46.3M | C$202.3M | C$6.3M | −C$200.1M | −C$77.2M | −C$52.2M | C$20.4M | C$99.9M | C$39.4M |
| Summary | ||||||||||||
| Net change in cash | −C$111.0M | C$280.4M | −C$29.8M | −C$348.6M | C$227.6M | C$209.6M | C$13.0M | C$69.0M | C$12.3M | C$4.7M | C$7.1M | −C$19.6M |
| Cash at end of period | C$280.1M | C$391.1M | C$110.7M | C$140.5M | C$489.1M | C$376.3M | C$115.8M | C$102.9M | C$33.9M | C$21.6M | C$17.0M | C$9.9M |
| Free cash flow | −C$102.4M | −C$4.5M | C$11.7M | −C$12.2M | C$4.3M | C$205.3M | C$230.2M | C$164.1M | C$87.2M | −C$1.7M | −C$66.8M | −C$49.4M |
| Free cash flow margin | −29.2% | −1.4% | 3.2% | −4.1% | 1.6% | 84.2% | 95.6% | 78.6% | 49.3% | −1.1% | −43.2% | −32.8% |
| Capex / revenue | 10.4% | 14.5% | 7.8% | 12.2% | 12.6% | 25.3% | 14.9% | 13.0% | 10.4% | 12.9% | 23.1% | 18.1% |
| Operating cash flow / net income | −3.35 | 2.06 | 2.29 | 1.34 | 1.94 | 8.12 | 15.26 | 8.77 | 13.14 | 1.79 | −3.05 | −3.23 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
MDA cash generation
In fiscal 2025 (ended December 31, 2025), MDA Space generated C$296.7 million of cash from operations (down 47.5%) and spent C$127.7 million on capital expenditures, leaving free cash flow of C$169.1 million, 14.2% of revenue. Cash and equivalents fell by C$5.2 million over the year.
Related: MDA income statement, MDA balance sheet. See the MDA stock overview for the latest quote and news.
MDA cash flow FAQ
What is MDA Space's free cash flow?
MDA Space's free cash flow was C$169.1 million in fiscal 2025: C$296.7 million of operating cash flow minus C$127.7 million of capital expenditures It was C$466.6 million a year earlier..
How much cash does MDA Space generate from operations?
MDA Space generated C$296.7 million of cash from operating activities in fiscal 2025, 3.76 times its net income of C$79.0 million.
How much does MDA Space spend on capital expenditures?
MDA Space spent C$127.7 million on capital expenditures in fiscal 2025, 10.7% of revenue, compared with C$98.1 million the year before.