Cash conversion remains highly volatile, with a 2026Q3 OCF/NI ratio of -0.42 and a concerning trend of utilizing cash for $3.4M in share repurchases despite ongoing operational cash burn.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Cash from Operations | 11.46M | -7.47M | -13.18M | -2.37M | 29.28M | -18.98M | 13.24M | 2.69M | -3.65M | -10.49M | -34.58M | -59.97M | 74.28M | -69.94M |
| Operating CF Margin % | - | -45.78% | -73.93% | -27.39% | 648.36% | -31.18% | 22.45% | 5.26% | -61.47% | -212.93% | - | -1331.25% | 204.08% | -57804.96% |
| Operating CF Growth % | 721.61% | 43.34% | -455.58% | -108.1% | 254.3% | -243.27% | 392.2% | 173.77% | 65.23% | 69.66% | 42.34% | -180.74% | 206.19% | - |
| Net Income | -22.93M | 12.89M | -1.4M | 16.03M | -19.99M | -7.87M | -13.15M | -6.64M | -10.9M | -17.41M | -9.44M | -41.76M | 433K | -47.61M |
| Depreciation & Amortization | 1.24M | 1.25M | 1.11M | 1.15M | 524K | 8.67M | 10.78M | 9.23M | 1.12M | 340K | 63K | 107K | 97K | 282K |
| Stock-Based Compensation | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 978K | 4.42M | 1.96M | 2.1M | 765K | 1.1M | 3.54M |
| Deferred Taxes | 216K | 216K | 0 | 0 | 0 | 546K | 36K | -2.27M | 148K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 29.83M | -11.68M | -4.03M | -18.82M | 48.67M | -20.36M | 11.17M | 25.84M | 9.56M | 17.3M | -27.39M | -19.45M | 55.43M | 3.72M |
| Working Capital Changes | 2.54M | -10.14M | -8.86M | -740K | 72K | 41K | 4.41M | -2.98M | -853K | -5.76M | 2.31M | 360K | 17.22M | -29.87M |
| Change in Receivables | -1.23M | -9.48M | -7.28M | -2.84M | -876K | 1.49M | 1.2M | -2.89M | -440K | -3.82M | 0 | 0 | 88K | -88K |
| Change in Inventory | 0 | 0 | 0 | 0 | 298K | 617K | -134K | 62K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 737K | 821K | 527K | 1.17M | 791K | 3.93M | 1.02M | 804K | -42K | -468K | 0 | 0 | 0 | 0 |
| Cash from Investing | 11.54M | -1.11M | 9.29M | 83.96M | -40.02M | -10.66M | -6.63M | -54.24M | -2.37M | -30.14M | 41.67M | 39.97M | -41.3M | 39.87M |
| Capital Expenditures | 0 | 0 | 0 | -53K | -827K | -6.97M | -8.85M | -7.66M | -13K | -35K | -35K | -30K | -72K | -269K |
| CapEx % of Revenue | 0% | - | - | 0.61% | 18.31% | 11.46% | 15% | 14.96% | 0.22% | 0.71% | - | 0.67% | 0.2% | 222.31% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 74.94M | 65.98M | 57.21M | 49.84M | 50.53M | 8.71M | 17.11M | 18.17M | 20.89M | 0 | 11.71M | 51.81M | 10.79M |
| Other Investing | 2.06M | -8.38M | -965K | 67.23M | -24.25M | -4.39M | 355K | 878K | 0 | -30M | 30M | 40M | -41.23M | 40.13M |
| Cash from Financing | -2.68M | -9M | -4.18M | -47.62M | 9.95M | 13.52M | 21.78M | 20.84M | 3.86M | 5.81M | -142K | -119K | 13.29M | 37.98M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 6.27M | -7.24M | -2.1M | 0 | -43K | 37.58M | 0 | -3.5M | 0 | 0 | -142K | -210K | -309K | 15.91M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -922K | -7.24M | -2.1M | 0 | -43K | -132K | 0 | -5.05M | 0 | 0 | -142K | -210K | -309K | -575K |
| Other Financing | -7.19M | 0 | 0 | -5.86M | -15.52M | 6.93M | -2.16M | -295K | 4.57M | 42.65M | 0 | 0 | 13.6M | 6K |
| Net Change in Cash | 22.84M | -17.58M | -8.08M | 37.88M | -2.1M | -16.12M | 27.67M | -30.71M | -2.35M | -34.82M | 6.96M | -20.12M | 46.26M | 7.9M |
| Free Cash Flow | 11.46M | -7.47M | -13.18M | -2.43M | 28.45M | -25.95M | 4.4M | -4.97M | -3.66M | -10.53M | -34.62M | -60M | 74.2M | -70.21M |
| FCF Margin % | 50.19% | -45.78% | -73.93% | -28% | 630.05% | -42.64% | 7.46% | -9.7% | -61.68% | -213.64% | - | -1331.92% | 203.88% | -58027.27% |
| FCF Growth % | 296.74% | 43.34% | -443.45% | -108.53% | 209.65% | -690.02% | 188.56% | -35.65% | 65.22% | 69.59% | 42.31% | -180.86% | 205.68% | - |
| FCF per Share | 0.37 | -0.19 | -0.44 | -0.08 | 1.06 | -1.01 | 0.17 | -0.20 | -0.15 | -0.45 | -3.68 | -6.43 | 8.19 | -9.27 |
| FCF Conversion (FCF/Net Income) | -0.50x | -0.58x | 9.50x | -0.09x | -1.97x | 2.61x | -1.02x | -0.41x | 0.33x | 0.69x | 2.26x | 4.92x | -13.28x | 1.76x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in recent financial filings, the persistent divergence between net income and operating cash flow, highlighted by a 2026Q3 OCF/NI ratio of -0.42, suggests that the company's reported earnings are frequently decoupled from the actual cash-generating capacity of its core investment management operations.
The frequent oscillation between positive and negative operating cash flow, despite varying net income results, indicates that accounting accruals and non-cash investment gains are heavily influencing the bottom line. Investors should monitor this volatility as it suggests the firm lacks a stable, cash-generative foundation to support its ongoing corporate overhead.
Based on the provided quarterly data, Great Elm Group's free cash flow trajectory remains erratic, swinging from a $5.8M inflow in 2026Q3 to a $5.8M outflow in 2025Q1, which underscores the instability of the firm's cash-generating model in the current market environment.
The lack of a consistent positive FCF trend suggests that the company is struggling to maintain self-funding operations. This inconsistency may indicate that the firm's cash position is highly sensitive to the timing of investment realizations rather than steady fee-based inflows.
According to historical cash flow statements, working capital changes have been the primary driver of quarterly cash fluctuations, with a notable $5.7M inflow in 2026Q3 contrasting sharply with a $10.2M outflow in 2024Q2, indicating significant instability in the company's underlying operational cash cycle.
These large, irregular swings in working capital suggest that the company's cash flow is heavily impacted by the timing of receivables and payables related to its managed vehicles. Such volatility warrants further investigation into whether these movements represent genuine operational efficiency or merely the lumpy nature of investment-related settlements.
As evidenced by the quarterly cash flow data, the company has consistently utilized its cash reserves for share repurchases, including $3.4M in 2026Q3, even during periods of negative operating cash flow, which suggests a management focus on supporting equity value over internal reinvestment.
The decision to prioritize buybacks while the core business struggles to generate consistent operating cash flow may indicate a lack of high-return internal growth opportunities. Investors should monitor whether this capital allocation strategy depletes the liquidity necessary to sustain the firm during periods of market stress.
Quick answers to the most common questions about buying GEGGL stock.
Great Elm Group, Inc. 7.25% Notes due 2027 (GEGGL) generated $-7.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Great Elm Group, Inc. 7.25% Notes due 2027 (GEGGL) reported negative free cash flow of $7.5M in 2025, indicating capital requirements exceeded cash from operations.
Great Elm Group, Inc. 7.25% Notes due 2027 (GEGGL) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Great Elm Group, Inc. 7.25% Notes due 2027 (GEGGL) spent $7.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.