North European Oil Royalty Trust (NRT) Cash Flow Statement
Where NRT’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $8.7M +49.2% vs FY2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $8.7M 101.0% margin
- Returned to shareholders
- $4.8M 55% of free cash flow
- Change in cash
- $3.2M cash at year-end $4.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NRT operating cash flow, capex and free cash flow
NRT cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.0MFY2016 | $8.7MFY2025 | +2.5%/yr | |
| Capital expenditures | $0FY2016 | $0FY2025 | — | |
| Free cash flow | $7.0MFY2016 | $8.7MFY2025 | +2.5%/yr | |
| Free cash flow margin | 100.1%FY2016 | 101.0%FY2025 | +0.9 pts | |
| Operating cash flow / net income | 1.13FY2016 | 1.10FY2025 | −0.03 | |
| Dividends paid | $7.2MFY2016 | $4.8MFY2025 | −4.4%/yr | |
| Capex / revenue | 0.0%FY2016 | 0.0%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NRT cash flow by activity
NRT 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).
NRT cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.9M | $5.1M | $21.2M | $17.1M | $4.0M | $3.3M | $7.6M | $6.4M | $7.0M | $6.1M |
| Change in working capital | $84,470 | $70,380 | $125,000 | $2,240 | $640 | $120,399 | $78,618 | $104,076 | $62,476 | $79,030 |
| Other non-cash items | $711,178 | $727,492 | $842,591 | $711,677 | $625,854 | $646,108 | $702,480 | $691,012 | $677,653 | $745,338 |
| Cash from operating activities | $8.7M | $5.9M | $22.1M | $17.8M | $4.6M | $4.1M | $8.4M | $7.2M | $7.8M | $7.0M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing activities | ||||||||||
| Dividends paid | −$4.8M | −$4.2M | −$27.6M | −$11.3M | −$3.2M | −$4.2M | −$7.4M | −$7.1M | −$6.1M | −$7.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$795,648 | −$797,872 | −$967,591 | −$713,917 | −$626,494 | −$766,507 | −$781,098 | −$795,088 | −$740,129 | −$824,368 |
| Cash from financing activities | −$5.6M | −$5.0M | −$28.5M | −$12.0M | −$3.8M | −$5.0M | −$8.2M | −$7.9M | −$6.8M | −$8.0M |
| Summary | ||||||||||
| Net change in cash | $3.2M | $830,142 | −$6.4M | $5.8M | $759,852 | −$941,308 | $133,686 | −$668,798 | $960,658 | −$1.0M |
| Cash at end of period | $4.8M | $1.6M | $795,201 | $7.2M | $1.4M | $649,585 | $1.6M | $1.5M | $2.1M | $1.2M |
| Free cash flow | $8.7M | $5.9M | $22.1M | $17.8M | $4.6M | $4.1M | $8.4M | $7.2M | $7.8M | $7.0M |
| Free cash flow margin | 101.0% | 101.2% | 100.6% | 100.0% | 100.0% | 100.1% | 100.2% | 100.1% | 100.1% | 100.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 1.10 | 1.16 | 1.05 | 1.04 | 1.16 | 1.23 | 1.10 | 1.12 | 1.11 | 1.13 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.5M | $2.1M | $1.9M | $2.7M | $2.7M | $2.3M | $285,468 | $526,735 | $2.3M | $2.0M | $179,085 | −$157,959 |
| Change in working capital | — | — | $18,670 | $84,470 | $58,180 | $32,960 | $13,740 | $70,380 | — | — | — | — |
| Other non-cash items | $182,713 | $346,682 | −$2.9M | $81,612 | $107,902 | $196,559 | $220,225 | $93,284 | $165,722 | $215,201 | $253,285 | $170,097 |
| Cash from operating activities | $2.7M | $2.4M | −$904,062 | $2.9M | $2.9M | $2.5M | $519,433 | $690,399 | $2.5M | $2.2M | $432,370 | $12,138 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing activities | ||||||||||||
| Dividends paid | −$2.0M | −$2.0M | −$2.8M | −$2.1M | −$2.1M | −$367,624 | −$183,812 | −$1.9M | −$1.8M | −$459,529 | −$459,529 | −$1.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$182,715 | −$346,683 | −$285,937 | −$166,082 | −$166,082 | −$229,519 | −$233,965 | −$163,664 | −$165,721 | −$215,201 | $206,245 | −$170,097 |
| Cash from financing activities | −$2.2M | −$2.4M | −$3.1M | −$2.3M | −$2.3M | −$597,143 | −$417,777 | −$2.1M | −$2.0M | −$674,730 | −$253,284 | −$2.1M |
| Summary | ||||||||||||
| Net change in cash | $452,429 | $29,880 | −$904,062 | $582,387 | $582,387 | $1.9M | $101,656 | −$1.4M | $479,976 | $1.6M | $179,085 | −$2.1M |
| Cash at end of period | $4.4M | $3.9M | $3.9M | $4.8M | $4.2M | $3.6M | $1.7M | $1.6M | $3.0M | $2.5M | $974,286 | $795,201 |
| Free cash flow | $2.7M | $2.4M | −$904,062 | $2.9M | $2.9M | $2.5M | $519,433 | $690,399 | $2.5M | $2.2M | $432,370 | $12,138 |
| Free cash flow margin | 100.0% | 100.0% | −40.5% | 93.7% | 109.4% | 100.8% | 102.7% | 103.0% | 101.1% | 100.7% | 101.8% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | 1.07 | 1.17 | −0.46 | 1.06 | 1.06 | 1.10 | 1.82 | 1.31 | 1.07 | 1.11 | 2.41 | — |
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.
NRT cash generation
In fiscal 2025 (ended October 31, 2025), North European Oil Royalty generated $8.7 million of cash from operations (up 49.2%) and spent $0 on capital expenditures, leaving free cash flow of $8.7 million, 101.0% of revenue. It returned $4.8 million to shareholders through dividends ($4.8 million) and net share buybacks ($0). Cash and equivalents rose by $3.2 million over the year.
Related: NRT income statement, NRT balance sheet, NRT dividend history. See the NRT stock overview for the latest quote and news.
NRT cash flow FAQ
What is North European Oil Royalty's free cash flow?
North European Oil Royalty's free cash flow was $8.7 million in fiscal 2025: $8.7 million of operating cash flow minus $0 of capital expenditures It was $5.9 million a year earlier..
How much cash does North European Oil Royalty generate from operations?
North European Oil Royalty generated $8.7 million of cash from operating activities in fiscal 2025, 1.10 times its net income of $7.9 million.
How much does North European Oil Royalty pay in dividends?
North European Oil Royalty paid $4.8 million in dividends in fiscal 2025, 54.7% of free cash flow.