PennantPark Floating Rate Capital Ltd. (PFLT) Cash Flow Statement
Where PFLT’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $95.0M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $95.0M 55.4% margin
- Returned to shareholders
- $111.6M 117% of free cash flow
- Change in cash
- $10.6M cash at year-end $122.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PFLT operating cash flow, capex and free cash flow
PFLT cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$165.5MFY2016 | $95.0MFY2025 | — | |
| Capital expenditures | $0FY2016 | $0FY2025 | — | |
| Free cash flow | −$165.5MFY2016 | $95.0MFY2025 | — | |
| Free cash flow margin | −388.0%FY2016 | 55.4%FY2025 | +443.4 pts | |
| Operating cash flow / net income | −4.94FY2016 | 1.43FY2025 | +6.37 | |
| Dividends paid | $30.5MFY2016 | $111.6MFY2025 | +15.5%/yr | |
| Share buybacks (net) | $0FY2016 | $0FY2023 | — | |
| 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.
PFLT cash flow by activity
PFLT 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).
PFLT cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $66.4M | $91.8M | $39.3M | $3.5M | $56.5M | $18.4M | $11.4M | $33.5M | $36.3M | $33.5M |
| Depreciation & amortization | $25.1M | $2.0M | $7.4M | $20.3M | −$44.54B | $24.80B | $1.12B | $1.50B | −$2.80B | −$8.69B |
| Stock-based compensation | — | — | $100.7M | — | — | — | — | — | — | — |
| Change in working capital | $1.0M | $20.7M | −$8.8M | $18.9M | −$25.8M | −$4.9M | −$50.9M | $54.1M | −$5.4M | $9.3M |
| Other non-cash items | $2.5M | −$915.9M | $2.0M | −$92.6M | $44.56B | −$24.82B | −$1.20B | −$1.79B | $2.70B | $8.48B |
| Cash from operating activities | $95.0M | −$801.4M | $140.6M | −$50.0M | $49.6M | −$4.9M | −$121.4M | −$208.3M | −$76.7M | −$165.5M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$4 | −$5 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$815.6M | — | — | −$112.6M | $41.0M | −$39.8M | −$112.86B | −$291.29B | −$102.4M | −$200.3M |
| Cash from investing activities | −$815.6M | — | — | −$112.6M | $41.0M | −$39.8M | −$112.86B | −$291.29B | −$102.4M | −$200.3M |
| Financing activities | ||||||||||
| Dividends paid | −$111.6M | −$78.8M | −$565,000 | −$46.1M | −$44.2M | −$44.2M | −$44.2M | −$43.0M | −$34.3M | −$30.5M |
| Share repurchases & issuance (net) | — | — | $155.3M | −$81.9M | — | — | — | $89.0M | $81.0M | $81.0M |
| Net borrowing (repayment) | $601.0M | $683.2M | −$180.5M | $13.8M | −$13.1M | $43.3M | $155.9M | $218.5M | $20.9M | $203.3M |
| Shares issued | $245.5M | $213.9M | $162.8M | $81.9M | $1.4M | $0 | $0 | $89.0M | $0 | $0 |
| Other financing | −$3.7M | −$5.5M | −$228.5M | $80.0M | −$371,045 | $0 | $0 | −$90.0M | −$470,000 | −$81.0M |
| Cash from financing activities | $731.2M | $812.9M | −$91.5M | $47.7M | −$56.3M | −$909,163 | $111.7M | $263.6M | $67.1M | $172.8M |
| Summary | ||||||||||
| Net change in cash | $10.6M | $11.5M | $49.1M | −$1.9M | −$7.7M | −$5.8M | −$8.9M | $53.3M | −$10.0M | $7.5M |
| Cash at end of period | $122.7M | $112.0M | $100.6M | $47.9M | $49.8M | $57.5M | $63.3M | $72.2M | $18.9M | $28.9M |
| Free cash flow | $95.0M | −$801.4M | $140.6M | −$50.0M | $49.6M | −$4.9M | −$121.4M | −$208.3M | −$76.7M | −$165.5M |
| Free cash flow margin | 55.4% | −477.5% | 333.4% | −430.2% | 80.1% | −21.8% | −608.7% | −325.5% | −155.7% | −388.0% |
| 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 | 1.43 | −8.73 | 3.58 | −14.47 | 0.88 | −0.27 | −10.64 | −6.22 | −2.11 | −4.94 |
| 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 | −$25.2M | $28.7M | −$3.6M | $17.5M | $19.3M | $1.2M | $28.3M | $21.3M | $16.9M | $31.1M | $22.5M | $28.0M |
| Depreciation & amortization | $649,000 | −$14.2M | $30.7M | — | $31.4M | $42.3M | $362,000 | −$11.9M | $487,000 | — | −$7.2M | −$8.4M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | $49.8M |
| Change in working capital | $48.4M | −$32.7M | −$16.6M | $17.2M | $4.3M | $30.4M | −$50.9M | $10.4M | $8.6M | $2.8M | −$1.0M | $11.3M |
| Other non-cash items | $111.7M | $9.2M | $138.1M | $7.5M | −$28.0M | −$192.0M | −$210.5M | −$311.6M | −$181.1M | −$206.6M | −$196.2M | −$52.9M |
| Cash from operating activities | $135.6M | −$8.9M | $148.6M | $42.2M | $27.0M | −$118.1M | −$232.7M | −$291.7M | −$155.1M | −$172.6M | −$181.9M | $27.7M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $333.2M | $33.2M | $236.0M | −$376.7M | −$62.3M | −$171.0M | −$205.6M | −$317.9M | −$183.3M | −$193.4M | −$198.8M | $47.5M |
| Cash from investing activities | $333.2M | $33.2M | $236.0M | −$376.7M | −$62.3M | −$171.0M | −$205.6M | −$317.9M | −$183.3M | −$193.4M | −$198.8M | $47.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$61.0M | −$30.5M | −$30.5M | −$30.5M | −$30.0M | −$26.8M | −$24.3M | −$22.3M | −$20.1M | −$18.4M | −$18.1M | −$17.5M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | — | −$307.0M |
| Net borrowing (repayment) | −$89.7M | $35.4M | −$145.5M | $385.0M | $25.0M | $26.0M | $165.0M | $280.3M | — | — | — | −$55.0M |
| Shares issued | $0 | $0 | $0 | $0 | $31.7M | $131.1M | $82.7M | $62.8M | $99.7M | $51.4M | $0 | $35.2M |
| Other financing | $26.4M | −$2.5M | $0 | −$2,000 | −$75,000 | −$3.1M | −$496,000 | −$1.7M | $34.9M | $189.0M | $175.2M | $307.0M |
| Cash from financing activities | −$124.3M | $2.3M | −$176.0M | $354.5M | $26.6M | $127.2M | $222.9M | $319.2M | $114.4M | $222.1M | $157.2M | −$37.3M |
| Summary | ||||||||||||
| Net change in cash | $344.5M | $26.6M | −$27.4M | $20.0M | −$8.6M | $9.1M | −$9.8M | $27.5M | −$40.7M | $49.4M | −$24.7M | $41.5M |
| Cash at end of period | $466.4M | $121.9M | $95.3M | $122.7M | $102.7M | $111.4M | $102.3M | $112.0M | $84.6M | $125.3M | $75.8M | $100.6M |
| Free cash flow | $135.6M | −$8.9M | $148.6M | $42.2M | $27.0M | −$118.1M | −$232.7M | −$291.7M | −$155.1M | −$172.6M | −$181.9M | $27.7M |
| Free cash flow margin | 289.6% | −15.3% | 576.7% | 90.6% | 57.3% | −457.4% | −374.9% | −564.4% | −443.1% | −360.0% | −548.3% | 73.0% |
| Capex / revenue | 0.0% | 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 | — | −0.31 | — | 2.41 | 1.40 | −96.50 | −8.21 | −13.67 | −9.17 | −5.55 | −8.10 | 0.99 |
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.
PFLT cash generation
In fiscal 2025 (ended September 30, 2025), PennantPark Floating Rate Capital generated $95.0 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of $95.0 million, 55.4% of revenue. It returned $111.6 million to shareholders through dividends ($111.6 million) and net share buybacks ($0). Cash and equivalents rose by $10.6 million over the year.
Related: PFLT income statement, PFLT balance sheet, PFLT dividend history. See the PFLT stock overview for the latest quote and news.
PFLT cash flow FAQ
What is PennantPark Floating Rate Capital's free cash flow?
PennantPark Floating Rate Capital's free cash flow was $95.0 million in fiscal 2025: $95.0 million of operating cash flow minus $0 of capital expenditures It was -$801.4 million a year earlier..
How much cash does PennantPark Floating Rate Capital generate from operations?
PennantPark Floating Rate Capital generated $95.0 million of cash from operating activities in fiscal 2025, 1.43 times its net income of $66.4 million.
How much does PennantPark Floating Rate Capital pay in dividends?
PennantPark Floating Rate Capital paid $111.6 million in dividends in fiscal 2025, 117.4% of free cash flow.