OFS Capital Corporation (OFS) Cash Flow Statement
Where OFS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $43.6M +32.2% vs 2024
- Capital expenditures
- $0
- Free cash flow
- $43.6M
- Returned to shareholders
- $15.9M 37% of free cash flow
- Change in cash
- −$2.7M cash at year-end $3.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OFS operating cash flow, capex and free cash flow
OFS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$11.3M2016 | $43.6M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | −$11.3M2016 | $43.6M2025 | — | |
| Free cash flow margin | −49.4%2016 | 66.7%2024 | +116.0 pts | |
| Operating cash flow / net income | −0.822016 | 1.162024 | +1.98 | |
| Dividends paid | $13.1M2016 | $15.9M2025 | +2.2%/yr | |
| Share buybacks (net) | $02016 | $350,0002022 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2024 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OFS cash flow by activity
OFS 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).
OFS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$33.1M | $28.4M | −$465,000 | −$7.6M | $56.9M | $3.7M | $9.6M | $9.6M | $7.9M | $13.8M |
| Depreciation & amortization | $1.6M | $69,000 | $408,000 | $409,000 | $222,000 | $206,000 | $195,000 | $195,000 | $195,000 | $195,000 |
| Stock-based compensation | — | — | −$1.2M | — | — | — | — | — | — | — |
| Change in working capital | $8.6M | −$8.0M | −$171,000 | $2.5M | −$10.7M | −$845,000 | $6.9M | $7.8M | −$992,000 | −$999,000 |
| Other non-cash items | $66.6M | $12.5M | $22.8M | $7.6M | −$58.4M | $77.6M | −$118.2M | −$118.7M | $3.6M | −$24.3M |
| Cash from operating activities | $43.6M | $33.0M | $21.4M | $2.9M | −$12.0M | $80.6M | −$101.6M | −$101.1M | $10.7M | −$11.3M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | — | — | — | — | — | — | $0 |
| Acquisitions & other investing | $23.2M | — | $60.2M | −$107.5M | −$216.1M | −$59.6M | −$187.1M | −$224.7M | −$105.9M | −$63.0M |
| Cash from investing activities | $23.2M | — | $60.2M | −$107.5M | −$216.1M | −$59.6M | −$187.1M | −$224.7M | −$105.9M | −$63.0M |
| Financing activities | ||||||||||
| Dividends paid | −$15.9M | −$18.2M | −$18.0M | −$15.4M | −$12.1M | −$11.4M | −$17.9M | −$22.9M | −$16.7M | −$13.1M |
| Share repurchases & issuance (net) | — | — | — | −$350,000 | — | — | — | $0 | −$72,000 | $0 |
| Net borrowing (repayment) | −$30.0M | −$54.1M | −$33.2M | −$14.3M | $30.3M | −$44.8M | $96.7M | $89.8M | $8.1M | $9.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$374,000 | $0 | $0 | −$1.0M | −$836,000 | −$239,000 | −$1.9M | −$643,000 | $53.3M | −$177,000 |
| Cash from financing activities | −$46.3M | −$72.3M | −$51.2M | −$31.1M | $17.3M | −$56.4M | $76.9M | $66.3M | $44.6M | −$3.7M |
| Summary | ||||||||||
| Net change in cash | −$2.7M | −$39.3M | $30.4M | −$28.1M | $5.3M | $24.3M | −$24.7M | −$34.8M | $55.3M | −$15.1M |
| Cash at end of period | $3.4M | $6.1M | $45.3M | $14.9M | $43.0M | $37.7M | $13.4M | $38.2M | $73.0M | $17.7M |
| Free cash flow | $43.6M | $33.0M | $21.4M | $2.9M | −$12.0M | $80.6M | −$101.6M | −$101.1M | $10.7M | −$11.3M |
| Free cash flow margin | — | 66.7% | 88.0% | 23.2% | −14.0% | 276.7% | −339.4% | −434.3% | 61.0% | −49.4% |
| Capex / revenue | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | 1.16 | — | — | −0.21 | 21.83 | −10.64 | −10.56 | 1.35 | −0.82 |
| 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 | $11.6M | −$11.6M | −$11.6M | −$5.3M | −$9.6M | −$7.3M | $25.5M | $1.7M | $10.3M | −$9.0M | −$4.1M | $1.8M |
| Depreciation & amortization | $357,000 | — | $365,000 | $429,000 | $372,000 | $371,000 | $470,000 | $272,000 | $471,000 | $69,000 | $102,000 | $102,000 |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | −$883,000 | $117,000 |
| Change in working capital | $1.1M | −$1.3M | −$1.8M | −$2.4M | $4.5M | $5.1M | −$19.9M | $13.7M | $251,000 | −$2.0M | $1.6M | −$1.5M |
| Other non-cash items | $4.3M | $13.7M | $34.8M | $13.3M | $20.2M | $4.7M | −$20.6M | $1.6M | −$5.3M | $15.7M | $10.0M | $37.7M |
| Cash from operating activities | $17.4M | $828,000 | $21.8M | $6.0M | $15.4M | $2.8M | −$14.6M | $17.3M | $5.8M | $4.7M | $6.7M | $38.2M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $26.3M | $20.9M | $20.9M | $4.8M | $2.8M | −$4.0M | $5.7M | $2.0M | $7.7M | $4.6M | $27.9M | $33.5M |
| Cash from investing activities | $26.3M | $20.9M | $20.9M | $4.8M | $2.8M | −$4.0M | $5.7M | $2.0M | $7.7M | $4.6M | $27.9M | $33.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$1.1M | −$2.3M | −$2.3M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M | −$4.6M |
| Net borrowing (repayment) | −$16.6M | −$18.0M | −$18.8M | −$6.3M | −$4.7M | −$300,000 | −$750,000 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.1M | −$1.6M | −$844,000 | −$374,000 | $0 | $0 | $0 | $0 | −$9.4M | −$43.9M | −$600,000 | −$24.5M |
| Cash from financing activities | −$16.6M | −$21.9M | −$21.9M | −$11.3M | −$9.2M | −$4.9M | −$5.3M | −$4.6M | −$14.0M | −$48.5M | −$5.2M | −$29.1M |
| Summary | ||||||||||||
| Net change in cash | $724,000 | −$101,000 | −$101,000 | −$5.2M | $6.2M | −$2.0M | −$14.2M | $14.7M | −$512,000 | −$39.3M | $29.4M | $9.1M |
| Cash at end of period | $4.0M | $3.3M | $3.3M | $5.0M | $10.2M | $4.1M | $6.1M | $20.3M | $5.6M | $6.1M | $45.3M | $15.9M |
| Free cash flow | $17.4M | $828,000 | $21.8M | $6.0M | $15.4M | $2.8M | −$14.6M | $17.3M | $5.8M | $4.7M | $6.7M | $38.2M |
| Free cash flow margin | 2,121.4% | — | — | 794.3% | — | — | −47.8% | 260.7% | 36.8% | — | 357.9% | 470.5% |
| Capex / revenue | 0.0% | — | — | 0.0% | — | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Operating cash flow / net income | 1.50 | — | — | — | — | — | −0.57 | 10.24 | 0.56 | — | — | 21.19 |
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.
OFS cash generation
In fiscal 2025 (ended December 31, 2025), OFS Capital generated $43.6 million of cash from operations (up 32.2%) and spent $0 on capital expenditures, leaving free cash flow of $43.6 million. It returned $15.9 million to shareholders through dividends ($15.9 million) and net share buybacks ($0). Cash and equivalents fell by $2.7 million over the year.
Related: OFS income statement, OFS balance sheet, OFS dividend history. See the OFS stock overview for the latest quote and news.
OFS cash flow FAQ
What is OFS Capital's free cash flow?
OFS Capital's free cash flow was $43.6 million in fiscal 2025: $43.6 million of operating cash flow minus $0 of capital expenditures It was $33.0 million a year earlier..
How much cash does OFS Capital generate from operations?
OFS Capital generated $43.6 million of cash from operating activities in fiscal 2025.
How much does OFS Capital pay in dividends?
OFS Capital paid $15.9 million in dividends in fiscal 2025, 36.5% of free cash flow.