Liquidity remains under severe pressure with negative FFO of -$825.5K in 2026Q1, confirming that the company lacks the distributable cash flow necessary to support dividend payments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 221.22K | -68.32K | -1.39M | -2.62M | 6.84M | 8M | 2.93M | 1.37M | 1.27M | 1.05M | 884.17K | -225K | -107.61K | -370.8K | 2.13K | 644.51K | 764.01K | 750.45K | 770.34K | 780.08K | 780.25K | 780.24K | 788.97K | 800.6K | 820.88K | 829K | 844K | 849K | 835K | 854K | 800K |
| Operating CF Growth % | 662.3% | 95.1% | 46.86% | -138.34% | -14.5% | 172.87% | 113.66% | 8.4% | 20.15% | 19.16% | 492.96% | -109.08% | 70.98% | -17500.23% | -99.67% | -15.64% | 1.81% | -2.58% | -1.25% | -0.02% | 0% | -1.11% | -1.45% | -2.47% | -0.98% | -1.78% | -0.59% | 1.68% | -2.22% | 6.75% | 0% |
| Operating CF / Revenue % | 11.03% | -3.4% | -45.7% | -118.02% | 80.31% | 94.59% | 68.62% | 62.92% | 64.11% | 53.15% | 44.75% | -11.42% | -6.17% | -35.52% | 0.23% | 70.43% | 83.5% | 82.02% | 84.19% | 85.25% | 85.27% | 85.27% | 86.23% | 87.5% | 89.71% | 90.6% | 92.24% | 92.79% | 91.26% | 93.33% | 88.89% |
| Net Income | -1.68M | -2.2M | -24.71M | -14.37M | -14.25M | 5.14M | 2.17M | 946.89K | 838.81K | 718.47K | 247.18K | -450.75K | -1.56M | -481.48K | -321.74K | 637.22K | 764.01K | 750.45K | 770.34K | 780.08K | 789.2K | 780.24K | 804.97K | 798.6K | 820.88K | 830K | 837K | 832K | 832K | 835K | 800K |
| Depreciation & Amortization | 277.79K | 258.88K | 1.05M | 2.49M | 1.85M | 1.23M | 378.86K | 275.9K | 237.14K | 237.14K | 237.14K | 237.14K | 171.39K | 8.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 190.95K | 334.16K | 693.58K | 885.31K | 682.26K | 382.33K | 255.61K | 205.34K | 222.72K | 195.89K | 195.83K | 185.97K | 180.65K | 145.2K | 41.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.59M | 849.89K | 19.39M | 6.28M | 16.83M | 35.11K | 34.11K | 26.06K | 25.19K | 25.19K | 177.48K | 345.13K | 178.02K | 145.2K | 41.53K | 637.22K | -925.63K | -9.01K | 4.55K | -44.51K | 8.95K | 0 | 16K | -2K | 10K | 1K | -7K | -17K | -3K | -19K | 0 |
| Working Capital Changes | -157.98K | 683.84K | 2.19M | 1.45M | 1.74M | 1.21M | 91.6K | -81.92K | -57.91K | -123.08K | 26.54K | -1.08M | 390.78K | -42.79K | 282.34K | 7.28K | 925.63K | 9.01K | -4.55K | 44.51K | -17.9K | 0 | -32K | 4K | -10K | -2K | 14K | 34K | 6K | 38K | 0 |
| Cash from Investing | 479.2K | 542.86K | 1.76M | 5.23M | -20.96M | -42.1M | -12.32M | -1.8M | 0 | 0 | 0 | 0 | -2.24M | -1.55M | -928.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -364.19K | -364.19K | -9.83K | 0 | 0 | 0 | -12.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 674.41K | 645.81K | 1.77M | 5.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 168.98K | 261.24K | 0 | 0 | -20.96M | -42.1M | 10.23M | 0 | 0 | 0 | 0 | 0 | -2.24M | -1.55M | -928.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -697.55K | -470.82K | -2.24M | -2.35M | 14.79M | 31.67M | -878.07K | 14.5M | -641.68K | -623.99K | -602.94K | 6.49K | 2.93M | 1.63M | 310.02K | 288.41K | -755K | -755K | -770.1K | -785.2K | -785.2K | -785.2K | -770.1K | -800.3K | -830.5K | -830K | -837K | -832K | -832K | -835K | -800K |
| Dividends Paid | 0 | 0 | 0 | -652.83K | -489.62K | -652.83K | -280.23K | -280.23K | -280.23K | -279.87K | -279.87K | -279.87K | -190.98K | -165.32K | -489.98K | -637.98K | -755K | -755K | -770.1K | -785.2K | -785.2K | -785.2K | -770.1K | -800.3K | -830.5K | -830K | -837K | -832K | -832K | -835K | -800K |
| Common Dividends | 0 | 0 | 0 | -652.83K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -165.32K | -489.98K | -637.98K | -755K | -755K | -770.1K | -785.2K | -785.2K | -785.2K | -770.1K | -800.3K | -830.5K | -830K | -837K | -812K | -832K | -835K | -800K |
| Debt Issuance (Net) | -938.65K | -504.01K | -1000K | 0 | 1000K | -635.1K | -597.84K | 1000K | -361.45K | -344.12K | -323.07K | 383.45K | -534.38K | 1000K | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 230.16K | -244.64K | 0 | -1.7M | -43.96K | -3.54M | 0 | -312.21K | 0 | 0 | 0 | -97.08K | 159.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20K | 0 | 0 | 0 |
| Net Change in Cash | 2.87K | 3.72K | -1.87M | 257.01K | 676.57K | -2.43M | -10.24M | 14.07M | 624.28K | 429.63K | 281.23K | -218.51K | 576.27K | -287.83K | -615.93K | 932.91K | 9.01K | -4.55K | 235 | -5.12K | -4.95K | -4.96K | 18.87K | 296 | -9.62K | -1K | 7K | 17K | 3K | 19K | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 24.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.24M | 2.23M | 4.1M | 3.85M | 3.17M | 5.6M | 15.84M | 1.77M | 1.15M | 717.1K | 435.87K | 654.38K | 78.11K | 365.94K | 981.88K | 48.96K | 39.95K | 44.51K | 44.27K | 49.39K | 54.34K | 59.31K | 40.44K | 40.14K | 49.76K | 51K | 44K | 42K | 39K | 20K | 0 |
| Cash at End | 2.04M | 2.24M | 2.23M | 4.1M | 3.85M | 3.17M | 5.6M | 15.84M | 1.77M | 1.15M | 717.1K | 435.87K | 654.38K | 78.11K | 365.94K | 981.88K | 48.96K | 39.95K | 44.51K | 44.27K | 49.39K | 54.34K | 59.31K | 40.44K | 40.14K | 50K | 51K | 59K | 42K | 39K | 0 |
| Free Cash Flow | 221.21K | -68.32K | -1.39M | -2.64M | 6.84M | 8M | -7.3M | -426.75K | 1.27M | 1.05M | 884.17K | -225K | -2.35M | -1.92M | -925.96K | 644.51K | 764.01K | 750.45K | 770.34K | 780.08K | 780.25K | 780.24K | 788.97K | 800.6K | 820.88K | 829K | 844K | 849K | 835K | 854K | 800K |
| FCF Growth % | 115.49% | 95.1% | 47.17% | -138.56% | -14.5% | 209.59% | -1610.67% | -133.71% | 20.15% | 19.16% | 492.96% | 90.42% | -22.33% | -107.44% | -243.67% | -15.64% | 1.81% | -2.58% | -1.25% | -0.02% | 0% | -1.11% | -1.45% | -2.47% | -0.98% | -1.78% | -0.59% | 1.68% | -2.22% | 6.75% | 0% |
| FCF / Revenue % | 11.03% | -3.4% | -45.7% | -118.69% | 80.31% | 94.59% | -170.86% | -19.57% | 64.11% | 53.15% | 44.75% | -11.42% | -134.79% | -184% | -101.19% | 70.43% | 83.5% | 82.02% | 84.19% | 85.25% | 85.27% | 85.27% | 86.23% | 87.5% | 89.71% | 90.6% | 92.24% | 92.79% | 91.26% | 93.33% | 88.89% |
Liquidity and tenant insolvency
As reported in recent financial statements, Power REIT's FFO has consistently trailed GAAP operating cash flow, with the 2026Q1 FFO of -$825.5K significantly underperforming the -$147.1K operating cash flow, suggesting that non-cash adjustments are failing to mask the underlying cash-burn reality of the current portfolio.
The persistent gap between GAAP operating cash flow and FFO indicates that the company is struggling to generate positive cash from its core operations. Investors should monitor this conversion closely, as the inability to bridge the gap between accounting losses and cash outflows suggests a fundamental lack of operational scale.
Based on the provided financial data, the discrepancy between Net Income and FFO is frequently narrow, as seen in 2024Q2 where Net Income of -$19.1M aligns closely with an FFO of -$18.9M, indicating that non-cash depreciation charges are insufficient to mitigate the impact of massive operational impairments.
In a typical REIT, FFO serves to add back depreciation to show true cash earnings, but here the FFO remains deeply negative, implying that the losses are driven by operational cash deficits rather than just accounting write-downs. This suggests that the company's asset base is not currently producing the cash flow necessary to cover its own overhead.
According to the historical data, Power REIT has maintained a dividend of zero for the last ten quarters, which is consistent with the reported AFFO figures that have remained negative throughout the observed period, confirming that there is no surplus cash available for shareholder distributions.
The lack of positive AFFO underscores the company's current status as a capital-consuming entity rather than a yield-generating REIT. Without a clear path to positive AFFO, the prospect of future dividend payments appears highly speculative and contingent upon a complete turnaround in tenant performance.
As evidenced by the quarterly cash flow statements, the company's reliance on stock-based compensation and professional fees, which reached $143.2K in several periods, masks the true cash-burn rate, suggesting that the reported FFO may be overstating the company's actual liquidity position by ignoring recurring administrative cash outflows.
The cash flow statement reveals that the company is effectively funding its operations through a combination of cash reserves and equity-linked compensation rather than property-level income. This structure warrants further investigation into how long the company can sustain its current administrative burden before requiring additional external financing.
Quick answers to the most common questions about buying PW stock.
Power REIT (PW) generated $-0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Power REIT (PW) reported negative free cash flow of $0.1M in 2025, indicating capital requirements exceeded cash from operations.
Power REIT (PW) 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.