Mount Logan Capital Inc. (MLCI) Cash Flow Statement
Where MLCI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$22.2M −179.8% vs 2024
- Capital expenditures
- $0
- Free cash flow
- −$22.2M
- Returned to shareholders
- $3.1M
- Change in cash
- $42.0M cash at year-end $143.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
MLCI operating cash flow, capex and free cash flow
MLCI cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$56.5M2021 | −$22.2M2025 | — | |
| Capital expenditures | $10.6M2021 | $02025 | −100.0% | |
| Free cash flow | −$67.1M2021 | −$22.2M2025 | — | |
| Free cash flow margin | −303.9%2021 | 14.2%2024 | +318.1 pts | |
| Operating cash flow / net income | −1.972021 | 4.972024 | +6.94 | |
| Stock-based compensation | $02023 | $2.0M2025 | — | |
| Dividends paid | $1.2M2021 | $1.6M2025 | +7.3%/yr | |
| Share buybacks (net) | $02024 | $1.4M2025 | — | |
| Capex / revenue | 48.0%2021 | 0.0%2024 | −48.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MLCI cash flow by activity
MLCI 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).
MLCI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$60.8M | $5.6M | −$16.5M | $48.3M | $28.7M |
| Depreciation & amortization | $3.6M | $3.6M | $972,000 | $559,000 | $792,000 |
| Stock-based compensation | $2.0M | $1.2M | $0 | — | — |
| Change in working capital | $8.0M | $14.0M | $146.6M | −$34.9M | −$86.3M |
| Other non-cash items | $25.1M | $3.5M | −$29.8M | $104.8M | $265,000 |
| Cash from operating activities | −$22.2M | $27.8M | $101.3M | $118.8M | −$56.5M |
| Investing activities | |||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$10.6M |
| Investments (net) | $14.1M | −$28.7M | −$93.3M | −$106.1M | $88.7M |
| Acquisitions & other investing | $36.8M | $0 | $0 | $0 | $10.6M |
| Cash from investing activities | $50.9M | −$28.7M | −$93.3M | −$106.1M | $88.7M |
| Financing activities | |||||
| Dividends paid | −$1.6M | −$1.5M | −$1.4M | −$1.4M | −$1.2M |
| Share repurchases & issuance (net) | −$1.4M | $0 | — | — | — |
| Net borrowing (repayment) | $3.4M | $14.2M | $18.0M | $10.2M | −$16.3M |
| Shares issued | $0 | $0 | $0 | $0 | $5.6M |
| Other financing | $13.0M | −$270,000 | −$297,000 | −$137,000 | $0 |
| Cash from financing activities | $13.3M | $12.4M | $16.3M | $8.7M | −$11.9M |
| Summary | |||||
| Net change in cash | $42.0M | $11.5M | $24.3M | $21.6M | $20.0M |
| Cash at end of period | $143.7M | $101.7M | $90.2M | $66.0M | $44.3M |
| Free cash flow | −$22.2M | $27.8M | $101.3M | $118.8M | −$67.1M |
| Free cash flow margin | — | 14.2% | 47.2% | 235.6% | −303.9% |
| Capex / revenue | — | 0.0% | 0.0% | 0.0% | 48.0% |
| Operating cash flow / net income | — | 4.97 | — | 2.46 | −1.97 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$4.2M | −$6.0M | −$39.8M | −$4.4M | −$3.4M | −$13.3M | $6.6M | −$17.6M | $3.6M | $13.1M |
| Depreciation & amortization | $674,000 | $444,000 | $469,000 | $8.3M | $1.7M | $737,000 | $140,000 | $345,000 | $347,000 | $346,000 |
| Stock-based compensation | $79,000 | $0 | $884,000 | $884,000 | $685,000 | $400,000 | $399,000 | $790,000 | $0 | — |
| Change in working capital | $15.9M | −$15.9M | $9.6M | −$62.6M | $38.0M | $23.1M | −$56.5M | $32.9M | $32.3M | $5.2M |
| Other non-cash items | −$18.1M | −$3.0M | $32.3M | −$4.2M | −$5.4M | −$6.1M | $25.5M | −$20.0M | $3.4M | −$2.9M |
| Cash from operating activities | −$5.7M | −$24.4M | $3.5M | −$62.0M | $31.6M | $4.8M | −$24.0M | −$3.6M | $39.6M | $15.8M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$4 | −$1 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | $35.0M | −$37.4M | −$20.2M | $76.8M | −$35.5M | $29.7M | $1.3M | $17.4M | −$16.9M | — |
| Acquisitions & other investing | −$1.3M | $0 | $4 | $1 | $0 | $0 | $0 | $0 | $0 | −$30.6M |
| Cash from investing activities | $33.7M | −$37.4M | −$20.2M | $76.8M | −$35.5M | $29.7M | $1.3M | $17.4M | −$16.9M | −$30.6M |
| Financing activities | ||||||||||
| Dividends paid | −$669,000 | $0 | −$384,000 | −$427,000 | −$410,000 | −$399,000 | −$372,000 | −$376,000 | −$758,000 | — |
| Share repurchases & issuance (net) | $42,911 | −$15.4M | $18,806 | −$1.5M | $0 | $0 | — | — | — | — |
| Net borrowing (repayment) | −$153,000 | $16.5M | $2.4M | −$1.2M | −$268,000 | $2.5M | $11.9M | −$1.4M | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$7.6M | −$10.1M | −$3.4M | $16.4M | $0 | $0 | −$270,000 | $0 | −$1.0M | $4.7M |
| Cash from financing activities | −$8.4M | −$9.0M | −$1.4M | $13.3M | −$678,000 | $2.1M | $11.2M | −$1.7M | −$1.8M | $4.7M |
| Summary | ||||||||||
| Net change in cash | $18.8M | −$70.8M | −$18.1M | $28.0M | −$4.6M | $36.6M | −$11.4M | $12.1M | $20.9M | −$22.4M |
| Cash at end of period | $80.7M | $72.9M | $143.7M | $161.8M | $133.8M | $138.3M | $101.7M | $113.1M | $101.0M | $67.8M |
| Free cash flow | −$7.1M | −$24.4M | $3.5M | −$62.0M | $31.6M | $4.8M | −$24.0M | −$3.6M | $39.6M | $15.8M |
| Free cash flow margin | −81.3% | −1,053.2% | — | −226.7% | 58.9% | 9.3% | −92.2% | −11.2% | 82.0% | — |
| Capex / revenue | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | — | — | — | — | — | — | −3.66 | — | 11.05 | 1.21 |
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.
MLCI cash generation
In fiscal 2025 (ended December 31, 2025), Mount Logan Capital generated -$22.2 million of cash from operations (down 179.8%) and spent $0 on capital expenditures, leaving free cash flow of -$22.2 million. It returned $3.1 million to shareholders through dividends ($1.6 million) and net share buybacks ($1.4 million). Cash and equivalents rose by $42.0 million over the year.
Related: MLCI income statement, MLCI balance sheet, MLCI dividend history. See the MLCI stock overview for the latest quote and news.
MLCI cash flow FAQ
What is Mount Logan Capital's free cash flow?
Mount Logan Capital's free cash flow was -$22.2 million in fiscal 2025: -$22.2 million of operating cash flow minus $0 of capital expenditures It was $27.8 million a year earlier..
How much cash does Mount Logan Capital generate from operations?
Mount Logan Capital generated -$22.2 million of cash from operating activities in fiscal 2025.
How much stock does Mount Logan Capital buy back?
Mount Logan Capital spent $1.4 million on net share repurchases in fiscal 2025.
How much does Mount Logan Capital pay in dividends?
Mount Logan Capital paid $1.6 million in dividends in fiscal 2025.