# Lowest cash conversion (operating cash flow / net income)

Informational only - not investment advice.

Companies ranked mechanically by latest-fiscal-year operating cash flow divided by net income for the same fiscal year, from SEC companyfacts, sorted from lower reported ratios upward. Rows require net income of at least $50.0M to avoid near-zero denominators.

Mechanical ranking by stated metric from SEC/FRED data; not a recommendation, endorsement, or investment judgment. As of: 2026-08-14.

- Ranked companies can have different latest fiscal-year ends, which affects temporal comparability.
- Period-end comparability: ranked values span fiscal period-ends from 2025-09-30 to 2026-06-27 (a 9-month spread), so the ranking compares companies over different reporting periods; row-level offsets are shown relative to modal period end 2025-12-31.
- This ranking spans companies in different accounting regimes (financial-sector and operating companies); financial-sector figures such as revenue and margins are defined differently and may not be directly comparable across regimes.
- Cash conversion is reported operating cash flow divided by reported net income for the same fiscal year. It is a structural fact about the composition of reported income under accrual accounting, not a judgment about the accounting or the company.
- Operating cash flow composition differs structurally by industry; SIC 6xxx financial companies are excluded from accrual-gap tables.
- Comparisons across industries are not apples-to-apples: revenue and assets are defined differently by industry (for example, a bank's revenue is interest/fee income, and a REIT's revenue is lease income).
- Minimum net-income floor: $50.0M.
- Computed for 1463 of 2825 covered companies; companies missing same-fiscal-year net income or operating cash flow, failing the same-period-end check, or below the stated net-income floor are omitted rather than estimated.

| Rank | Company | Cash conversion | FY | Period end | Comparability | Regime | Extra |
| ---: | --- | ---: | ---: | --- | --- | --- | --- |
| 1 | [PMT](/company/PMT/) - PennyMac Mortgage Investment Trust | -5640.98% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$7.2B / NI $127.9M |
| 2 | [LC](/company/LC/) - Happen, Inc. | -2009.88% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$2.7B / NI $135.7M |
| 3 | [WD](/company/WD/) - Walker & Dunlop, Inc. | -1181.06% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$664.3M / NI $56.2M |
| 4 | [NEWT](/company/NEWT/) - NewtekOne, Inc. | -957.23% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$579.2M / NI $60.5M |
| 5 | [EFC](/company/EFC/) - Ellington Financial Inc. | -779.38% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$925.5M / NI $118.7M |
| 6 | [SOFI](/company/SOFI/) - SoFi Technologies, Inc. | -777.54% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$3.7B / NI $481.3M |
| 7 | [C](/company/C/) - CITIGROUP INC | -472.75% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$67.6B / NI $14.3B |
| 8 | [CG](/company/CG/) - Carlyle Group Inc. | -405.03% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$3.3B / NI $808.7M |
| 9 | [ONIT](/company/ONIT/) - ONITY GROUP INC. | -394.72% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$748.0M / NI $189.5M |
| 10 | [VYX](/company/VYX/) - NCR Voyix Corp | -338.71% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$210.0M / NI $62.0M |
| 11 | [PFSI](/company/PFSI/) - PennyMac Financial Services, Inc. | -329.69% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$1.7B / NI $501.1M |
| 12 | [WAL](/company/WAL/) - WESTERN ALLIANCE BANCORPORATION | -276.46% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$2.7B / NI $969.0M |
| 13 | [UPST](/company/UPST/) - Upstart Holdings, Inc. | -275.60% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$147.7M / NI $53.6M |
| 14 | [GS](/company/GS/) - GOLDMAN SACHS GROUP INC | -262.89% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$45.2B / NI $17.2B |
| 15 | [JPM](/company/JPM/) - JPMORGAN CHASE & CO | -259.05% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$147.8B / NI $57.0B |
| 16 | [JEF](/company/JEF/) - Jefferies Financial Group Inc. | -219.21% | 2025 | as of 2025-11-30 | offset -31d (offset) | financial | OCF -$1.5B / NI $682.0M |
| 17 | [LGIH](/company/LGIH/) - LGI Homes, Inc. | -192.93% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$140.0M / NI $72.6M |
| 18 | [RITM](/company/RITM/) - Rithm Capital Corp. | -185.36% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$1.3B / NI $697.1M |
| 19 | [MBIN](/company/MBIN/) - Merchants Bancorp | -155.98% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$341.2M / NI $218.8M |
| 20 | [CLSK](/company/CLSK/) - CLEANSPARK, INC. | -126.50% | 2025 | as of 2025-09-30 | offset about 3 months before row reference (-92d) (offset) | financial | OCF -$461.0M / NI $364.5M |
| 21 | [FOR](/company/FOR/) - Forestar Group Inc. | -117.75% | 2025 | as of 2025-09-30 | offset about 3 months before row reference (-92d) (offset) | financial | OCF -$197.7M / NI $167.9M |
| 22 | [SPIR](/company/SPIR/) - Spire Global, Inc. | -116.61% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$59.8M / NI $51.3M |
| 23 | [MOH](/company/MOH/) - MOLINA HEALTHCARE, INC. | -113.35% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$535.0M / NI $472.0M |
| 24 | [CIM](/company/CIM/) - CHIMERA INVESTMENT CORP | -107.97% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$248.9M / NI $230.5M |
| 25 | [ABEO](/company/ABEO/) - ABEONA THERAPEUTICS INC. | -107.23% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$76.3M / NI $71.2M |
| 26 | [MS](/company/MS/) - MORGAN STANLEY | -106.10% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$17.9B / NI $16.9B |
| 27 | [RUN](/company/RUN/) - Sunrun Inc. | -93.66% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$421.4M / NI $449.9M |
| 28 | [WFC](/company/WFC/) - WELLS FARGO & COMPANY/MN | -89.05% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$19.0B / NI $21.3B |
| 29 | [PLUS](/company/PLUS/) - EPLUS INC | -87.63% | 2026 | as of 2026-03-31 | offset about 3 months after row reference (+90d) (offset) | operating | OCF -$116.2M / NI $132.6M |
| 30 | [AVT](/company/AVT/) - AVNET INC | -84.01% | 2026 | as of 2026-06-27 | offset about 6 months after row reference (+178d) (offset) | operating | OCF -$280.9M / NI $334.4M |
| 31 | [CHRS](/company/CHRS/) - Coherus Oncology, Inc. | -82.44% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$138.5M / NI $168.0M |
| 32 | [CNS](/company/CNS/) - COHEN & STEERS, INC. | -78.61% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$120.4M / NI $153.2M |
| 33 | [BRSL](/company/BRSL/) - Brightstar Lottery PLC | -67.35% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$99.0M / NI $147.0M |
| 34 | [BYND](/company/BYND/) - BEYOND MEAT, INC. | -66.17% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$144.9M / NI $219.0M |
| 35 | [FTAI](/company/FTAI/) - FTAI Aviation Ltd. | -62.02% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$310.7M / NI $501.1M |
| 36 | [NVAX](/company/NVAX/) - NOVAVAX INC | -55.56% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$244.6M / NI $440.3M |
| 37 | [SLM](/company/SLM/) - SLM Corp | -53.51% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$398.6M / NI $744.8M |
| 38 | [PRA](/company/PRA/) - PROASSURANCE CORP | -50.32% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$25.6M / NI $50.9M |
| 39 | [VRTS](/company/VRTS/) - VIRTUS INVESTMENT PARTNERS, INC. | -49.42% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$67.2M / NI $136.0M |
| 40 | [LPLA](/company/LPLA/) - LPL Financial Holdings Inc. | -47.67% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$411.4M / NI $863.0M |
| 41 | [BUR](/company/BUR/) - Burford Capital Ltd | -46.37% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$29.0M / NI $62.6M |
| 42 | [DFH](/company/DFH/) - Dream Finders Homes, Inc. | -46.31% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$100.6M / NI $217.2M |
| 43 | [SKYT](/company/SKYT/) - SkyWater Technology, LLC | -24.36% | 2025 | as of 2025-12-28 | offset -3d (aligned) | operating | OCF -$29.0M / NI $118.9M |
| 44 | [SAFX](/company/SAFX/) - XCF Global, Inc. | -24.13% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$17.9M / NI $74.0M |
| 45 | [HTH](/company/HTH/) - Hilltop Holdings Inc. | -23.37% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$38.7M / NI $165.6M |
| 46 | [SABR](/company/SABR/) - Sabre Corp | -20.75% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$108.9M / NI $524.6M |
| 47 | [LNC](/company/LNC/) - LINCOLN NATIONAL CORP | -14.19% | 2025 | as of 2025-12-31 | offset 0d (aligned) | financial | OCF -$167.0M / NI $1.2B |
| 48 | [INDV](/company/INDV/) - Indivior Pharmaceuticals, Inc. | -12.86% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$27.0M / NI $210.0M |
| 49 | [SEAT](/company/SEAT/) - Vivid Seats Inc. | -11.36% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$91.6M / NI $806.1M |
| 50 | [ACMR](/company/ACMR/) - ACM Research, Inc. | -10.97% | 2025 | as of 2025-12-31 | offset 0d (aligned) | operating | OCF -$10.3M / NI $94.1M |