New England Realty Associates LP (NEN) Cash Flow Statement
Where NEN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $27.7M −24.2% vs 2024
- Capital expenditures
- $140.9M 158.0% of revenue
- Free cash flow
- $27.7M 31.0% margin
- Returned to shareholders
- $17.6M 64% of free cash flow
- Change in cash
- $9.1M cash at year-end $26.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NEN operating cash flow, capex and free cash flow
NEN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $15.3M2016 | $27.7M2025 | +6.8%/yr | |
| Capital expenditures | $5.2M2016 | $140.9M2025 | +44.4%/yr | |
| Free cash flow | $10.2M2016 | $27.7M2025 | +11.7%/yr | |
| Free cash flow margin | 20.5%2016 | 31.0%2025 | +10.5 pts | |
| Operating cash flow / net income | 3.102016 | 4.592025 | +1.49 | |
| Dividends paid | $6.7M2016 | $16.8M2025 | +10.7%/yr | |
| Share buybacks (net) | $1.6M2016 | $821,1862025 | −7.4%/yr | |
| Capex / revenue | 10.4%2016 | 158.0%2025 | +147.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NEN cash flow by activity
NEN 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).
NEN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $6.0M | $15.7M | $8.5M | $3.7M | −$2.7M | $1.4M | $6.5M | $4.2M | $6.9M | $5.0M |
| Depreciation & amortization | $23.3M | $17.0M | $16.8M | $16.4M | $16.7M | $18.4M | $14.7M | $15.6M | $13.5M | $12.2M |
| Change in working capital | −$1.2M | −$14,651 | −$948,629 | $1.4M | $45,776 | −$3.9M | $2.1M | −$199,964 | −$549,331 | −$88,009 |
| Other non-cash items | −$403,191 | $3.9M | $4.1M | $77,154 | $1.8M | $1.6M | −$895,353 | $6.1M | −$3.7M | −$1.7M |
| Cash from operating activities | $27.7M | $36.5M | $28.4M | $21.5M | $15.8M | $17.5M | $22.4M | $25.6M | $16.1M | $15.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$140.9M | −$4 | −$4 | −$6.0M | −$3.3M | −$3.2M | −$32.7M | −$4.1M | −$50.8M | −$5.2M |
| Investments (net) | $85.0M | −$16.6M | −$53.0M | −$93.1M | $985,000 | −$1.7M | −$29.3M | −$2.4M | −$45.5M | −$2.8M |
| Acquisitions & other investing | $1.6M | −$5.0M | $10.5M | $6.0M | $4 | $3.2M | $32.7M | $4.1M | $50.8M | $5.2M |
| Cash from investing activities | −$54.3M | −$21.6M | −$42.5M | −$93.1M | −$2.3M | −$1.7M | −$29.3M | −$2.4M | −$45.5M | −$2.8M |
| Financing activities | ||||||||||
| Dividends paid | −$16.8M | −$11.2M | −$10.0M | −$9.3M | −$4.7M | −$4.7M | −$4.7M | −$4.5M | −$8.0M | −$6.7M |
| Share repurchases & issuance (net) | −$821,186 | −$1.7M | −$3.9M | −$5.3M | −$450,258 | −$394,031 | −$4.1M | $0 | −$42,548 | −$1.6M |
| Net borrowing (repayment) | $54.9M | −$2.8M | −$2.7M | $39.6M | $69.3M | $569,858 | $14.5M | −$16.7M | $37.5M | −$6.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.6M | $0 | −$2,999 | $0 | −$179,245 | −$136,326 | −$446,459 | −$148,004 | −$304,529 | −$174,718 |
| Cash from financing activities | $35.7M | −$15.7M | −$16.6M | $25.0M | $64.0M | −$4.6M | $5.3M | −$21.4M | $29.2M | −$15.3M |
| Summary | ||||||||||
| Net change in cash | $9.1M | −$614,523 | −$31.3M | −$46.5M | $77.4M | $11.1M | −$1.5M | $1.8M | −$224,792 | −$2.8M |
| Cash at end of period | $26.7M | $17.6M | $18.2M | $49.6M | $96.1M | $18.6M | $7.5M | $9.1M | $7.2M | $7.5M |
| Free cash flow | $27.7M | $36.5M | $28.4M | $21.5M | $15.8M | $17.5M | $22.4M | $21.5M | −$34.6M | $10.2M |
| Free cash flow margin | 31.0% | 45.3% | 38.1% | 31.5% | 25.2% | 28.1% | 37.1% | 37.1% | −65.6% | 20.5% |
| Capex / revenue | 158.0% | 0.0% | 0.0% | 8.8% | 5.3% | 5.2% | 54.0% | 7.1% | 96.1% | 10.4% |
| Operating cash flow / net income | 4.59 | 2.33 | 3.35 | 5.79 | — | 12.25 | 3.43 | 6.15 | 2.33 | 3.10 |
| 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 | −$1.16B | −$3.91B | −$9.33B | −$521,828 | $4.1M | $3.8M | $4.2M | $3.9M | $4.1M | $3.5M | $2.3M | $2.2M |
| Depreciation & amortization | $8.1M | $8.0M | $7.5M | $7.4M | $4.5M | $3.9M | $4.3M | $4.2M | $4.3M | $4.2M | $4.5M | $4.4M |
| Change in working capital | −$1.4M | −$1.5M | $1.1M | −$4.5M | $4.3M | −$2.1M | −$4,693 | $773,341 | −$1.8M | −$1.1M | $669,881 | $1.5M |
| Other non-cash items | $6.42B | $6.21B | $9.33B | $34,793 | −$443,523 | −$130,222 | $3.5M | −$428,174 | −$1.2M | $178,655 | $1.4M | $1,222 |
| Cash from operating activities | $5.26B | $2.31B | $6.5M | $2.3M | $12.5M | $5.5M | $12.0M | $8.5M | $5.4M | $6.8M | $8.9M | $8.1M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$3 | −$4 | −$124.3M | −$1 | −$22.5M | −$1 | −$1 | −$4 | −$2.8M | −$30.7M |
| Investments (net) | $0 | $0 | $0 | −$4.0M | −$62.1M | $21.2M | −$7.0M | −$4.1M | −$18.0M | $12.4M | −$2.4M | −$44.2M |
| Acquisitions & other investing | −$2.76B | −$1.07B | −$10.2M | $4 | $124.3M | $1 | $22.5M | $1 | $1 | −$524,996 | $2.1M | $30.7M |
| Cash from investing activities | −$2.76B | −$1.07B | −$10.2M | −$4.0M | −$62.1M | $21.2M | −$7.0M | −$4.1M | −$18.0M | $11.9M | −$3.1M | −$44.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.4M | −$1.4M | −$1.4M | −$1.4M | −$1.4M | −$12.6M | −$1.5M | −$1.4M | −$1.4M | −$7.0M | −$1.4M | −$1.4M |
| Share repurchases & issuance (net) | −$1.1M | −$134,196 | −$422,715 | −$107,253 | −$282,165 | −$9,053 | −$55,302 | −$712,705 | −$647,734 | −$253,390 | −$1.3M | −$1.4M |
| Net borrowing (repayment) | −$816,891 | −$813,356 | $18.8M | −$109,498 | $37.1M | −$816,477 | −$735,914 | −$705,340 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.31B | −$2.34B | $0 | $0 | $0 | $0 | −$127,126 | −$14,013 | −$712,008 | −$694,945 | −$690,782 | −$676,330 |
| Cash from financing activities | −$3.31B | −$2.34B | $17.0M | −$1.6M | $35.4M | −$13.4M | −$2.4M | −$2.8M | −$2.7M | −$8.0M | −$3.4M | −$3.5M |
| Summary | ||||||||||||
| Net change in cash | −$810.0M | −$1.11B | $13.3M | −$3.3M | −$14.2M | $13.2M | $2.5M | $1.6M | −$15.3M | $10.6M | $2.1M | −$39.6M |
| Cash at end of period | $24.75B | $25.56B | $26.7M | $13.4M | $16.7M | $30.9M | $17.6M | $15.1M | $13.5M | $28.8M | $18.2M | $16.1M |
| Free cash flow | $5.26B | $2.31B | $6.5M | $2.3M | $12.5M | $5.5M | $12.0M | $8.5M | $5.4M | $6.8M | $6.1M | $8.1M |
| Free cash flow margin | 21,566.1% | 9,548.2% | 27.7% | 9.9% | 59.0% | 26.5% | 58.7% | 42.0% | 26.7% | 33.9% | 30.8% | 42.9% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 585.4% | 0.0% | 110.3% | 0.0% | 0.0% | 0.0% | 14.2% | 161.8% |
| Operating cash flow / net income | — | — | — | — | 3.02 | 1.44 | 2.84 | 2.17 | 1.32 | 1.95 | 3.86 | 3.74 |
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.
NEN cash generation
In fiscal 2025 (ended December 31, 2025), New England Realty Associates generated $27.7 million of cash from operations (down 24.2%) and spent $140.9 million on capital expenditures, leaving free cash flow of $27.7 million, 31.0% of revenue. It returned $17.6 million to shareholders through dividends ($16.8 million) and net share buybacks ($0.8 million). Cash and equivalents rose by $9.1 million over the year.
Related: NEN income statement, NEN balance sheet, NEN dividend history. See the NEN stock overview for the latest quote and news.
NEN cash flow FAQ
What is New England Realty Associates's free cash flow?
New England Realty Associates's free cash flow was $27.7 million in fiscal 2025: $27.7 million of operating cash flow minus $140.9 million of capital expenditures It was $36.5 million a year earlier..
How much cash does New England Realty Associates generate from operations?
New England Realty Associates generated $27.7 million of cash from operating activities in fiscal 2025, 4.59 times its net income of $6.0 million.
How much does New England Realty Associates spend on capital expenditures?
New England Realty Associates spent $140.9 million on capital expenditures in fiscal 2025, 158.0% of revenue, compared with $0.0 million the year before.
How much stock does New England Realty Associates buy back?
New England Realty Associates spent $0.8 million on net share repurchases in fiscal 2025.
How much does New England Realty Associates pay in dividends?
New England Realty Associates paid $16.8 million in dividends in fiscal 2025, 60.7% of free cash flow.