Despite reporting a $3.0M free cash flow surplus in 2025Q4, the company's liquidity is heavily influenced by volatile working capital shifts and significant acquisition-related outflows of $18.8M.
| Cash from Operations | 1.18M | 1.35M | -3.25M | -8.63M | 10.06M | -55.87M | -1.73M | 87.72M | 8.19M | 7.03M | 2.59M |
| Operating CF Margin % | 7.97% | 55.97% | -24.68% | -143.81% | 573.15% | -807.95% | -46.85% | 81.79% | 35.73% | 59.07% | 55.67% |
| Operating CF Growth % | -12.88% | 141.53% | 62.29% | -185.78% | 118% | -3127.23% | -101.97% | 971.13% | 16.57% | 171.62% | - |
| Net Income | -135.47M | -9.12M | -13.08M | -16.85M | -34.72M | -71.2M | 5.53M | 65.51M | 8.57M | 3.54M | -350.17K |
| Depreciation & Amortization | 2.15M | 0 | 0 | 18.39K | 15.16K | 580.5K | 406.8K | 174.38K | 92.22K | 61.39K | 19.7K |
| Stock-Based Compensation | 0 | 0 | 0 | 391.63K | 55.47K | 347.47K | 6.59M | 1.83M | 0 | 0 | 0 |
| Deferred Taxes | -30.8M | 0 | 0 | 0 | 26.76M | 3.58B | -3.72B | 415.62K | 135.64K | -366.5K | -218.95K |
| Other Non-Cash Items | 162.28M | 8.41M | 11M | 10.38M | -3.16M | -3.54B | 3.73B | -525.91K | 320.09K | -243.68K | 405.28K |
| Working Capital Changes | 3.02M | 2.06M | -1.17M | -2.56M | 21.11M | -30.9M | -15.34M | 20.32M | -608.99K | 3.79M | 3.14M |
| Change in Receivables | -859.54K | 327.19K | -8.1M | 13.89K | -25.43K | -183.91K | -418.64K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 1.5M | 6.11M | -7.8M | 20.52M | 176.6K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 417.18K | 166.04K | 712.88K | -104.24K | -82.1K | -176.6K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -105.91M | -54.72M | 18.47M | -19.96M | -662 | 12.78M | -68.11M | -27.62M | -287.76K | -120.46K | -224K |
| Capital Expenditures | -154.46K | 0 | 0 | -4.86K | 0 | -314.52K | -944.81K | -456.03K | -287.76K | -120.46K | -224K |
| CapEx % of Revenue | 1.05% | - | - | 0.08% | - | 4.55% | 25.57% | 0.43% | 1.26% | 1.01% | 4.82% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 0 | 0 | 0 | 0 | 1.6M | 30.79M | 0 | 0 | 0 | 0 |
| Other Investing | -12.01M | -54.72M | 18.47M | -19.96M | -662 | 27.68M | -50.66M | -27.17M | 0 | 0 | 0 |
| Cash from Financing | 195.88M | 131.65M | -27.51M | 34.78M | -9.04M | -3.97M | -29.38K | 47.52M | 4.29M | 243.27K | -1.41M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 195.88M | 139.34M | 0 | 10.02M | 5 | -2.67M | -1.32M | 43.27M | 2M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -19.55M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -2.67M | -1.32M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 34.76M | 962.77K | -1.3M | 838.62K | 4.24M | 2.29M | 243.27K | -1.41M |
| Net Change in Cash | 90.03M | 77.01M | -12.73M | 6.8M | 4.2M | -46.45M | -75.25M | 113.39M | 11.41M | 6.86M | 954.68K |
| Free Cash Flow | 1.02M | 1.35M | -3.25M | -8.63M | 10.06M | -56.18M | -2.68M | 87.27M | 7.9M | 6.9M | 2.36M |
| FCF Margin % | 6.92% | 55.97% | -24.68% | -143.89% | 573.15% | -812.5% | -72.41% | 81.36% | 34.48% | 58.05% | 50.85% |
| FCF Growth % | -24.31% | 141.53% | 62.32% | -185.83% | 117.9% | -1999.5% | -103.07% | 1004.37% | 14.44% | 192.27% | - |
| FCF per Share | 0.00 | 0.06 | -0.43 | -1.30 | 1.85 | -10.37 | -0.46 | 16.48 | 1.48 | 1.30 | 0.44 |
| FCF Conversion (FCF/Net Income) | -0.01x | -0.14x | 2.39x | 0.51x | -0.29x | 0.78x | -0.31x | 1.34x | 0.96x | 1.99x | -7.39x |
| Interest Paid | 0 | 111.56K | 336.59K | 676.89K | 0 | 2.41M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.98K | 24.99K | 17.55K | 92.82K | 0 | 3.21M | 12.25M | 1.02M | 300.6K | 0 | 0 |
Unsustainable operational cash burn
As reported in financial statements, AHG exhibits a profound divergence between net income and operating cash flow, with the company recording a $67.2M net loss in 2025Q4 while simultaneously reporting positive operating cash flow, suggesting that non-cash items or working capital shifts are heavily distorting performance.
The persistent gap between accounting losses and cash generation warrants extreme caution, as it implies that the company's reported cash flow may not be derived from core operational profitability. Investors should monitor whether these cash inflows are sustainable or merely temporary artifacts of aggressive working capital management.
Based on AHG's reported figures, free cash flow has swung violently from a $959.6K deficit in 2023Q4 to a $3.0M surplus by 2025Q4, indicating that the company's ability to generate self-sustaining cash remains highly erratic and disconnected from its underlying negative net income trajectory.
The lack of a consistent free cash flow trend suggests that the business model is currently unable to fund its own operations without external capital or balance sheet manipulation. This volatility makes it difficult to project a path to long-term solvency based on current operational performance.
According to recent SEC filings, AHG has prioritized aggressive capital deployment through acquisitions, with net cash outflows for acquisitions reaching $18.8M in 2025Q4, which significantly outpaces the company's ability to generate organic cash flow from its core e-commerce and consultancy service operations.
The reliance on inorganic growth through acquisitions appears to be a primary use of the company's cash pile, potentially masking the lack of organic operational success. Analysts should investigate whether these acquisitions are providing tangible synergies or if they are simply a mechanism to deploy capital in the absence of a viable internal growth strategy.
As indicated by the company's cash flow statements, working capital changes have frequently swung between positive and negative, including a $398.4K contribution in 2025Q4, which suggests that the company's cash position is highly sensitive to the timing of payables and receivables rather than operational efficiency.
The reliance on working capital fluctuations to bolster cash flow suggests that the company may be managing its cash position through the timing of vendor payments or customer collections. This approach is inherently fragile and may not be sustainable if suppliers or customers alter their payment terms.
Quick answers to the most common questions about buying AHG stock.
Akso Health Group (AHG) generated $1.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Akso Health Group (AHG) generated $1.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Akso Health Group (AHG) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.