Free cash flow remains highly volatile, swinging from a negative $2.6 million in 2025Q4 to a positive $5.2 million in 2026Q1, reflecting inconsistent cash conversion efficiency.
| Cash from Operations | 7.5M | 3.1M | 11.35M | 23.96M | 24.45M | 26.63M | 13.96M | 4.94M |
| Operating CF Margin % | - | 2.04% | 6.29% | 12.23% | 14.48% | 19.98% | 22.24% | 11.97% |
| Operating CF Growth % | 246.47% | -72.72% | -52.62% | -2.01% | -8.21% | 90.82% | 182.64% | - |
| Net Income | -11.22M | -11.67M | -8.25M | -4.48M | -14.68M | 10.55M | 7.58M | -2.21M |
| Depreciation & Amortization | 25.51M | 12.78M | 11.89M | 10.25M | 8.06M | 6.6M | 5.64M | 4.96M |
| Stock-Based Compensation | 6.61M | 2.33M | 3.76M | 18.22M | 29.46M | 7.18M | 325K | 341K |
| Deferred Taxes | -5.91M | -5.91M | -252K | 1.34M | 1.13M | 208K | 0 | 0 |
| Other Non-Cash Items | 5.18M | 7.25M | 355K | -5K | 2M | 1.32M | 211K | 226K |
| Working Capital Changes | 3.14M | -1.69M | 3.85M | -1.38M | -1.53M | 771K | 203K | 1.62M |
| Change in Receivables | 1.39M | 1.56M | -1.11M | 890K | -2.83M | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.35M | 579K | 739K | -206K | 865K | 1.58M | -1.02M | 1.87M |
| Cash from Investing | -554K | -2.4M | -14.01M | -9.92M | -12.92M | -7.12M | -3.69M | -4.44M |
| Capital Expenditures | -5.07M | -2.4M | -14.01M | -9.92M | -12.92M | -7.12M | -3.69M | -4.44M |
| CapEx % of Revenue | 3.34% | 1.58% | 7.77% | 5.06% | 7.65% | 5.34% | 5.88% | 10.76% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 4.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 4.19M | -478K | 630K | -13.39M | -27.26M | -4.55M | -5.02M | -783K |
| Debt Issued (Net) | -29.2M | -19.19M | 2.88M | -12.13M | -760K | 48.77M | -400K | -500K |
| Equity Issued (Net) | 33.35M | 18.76M | -903K | -233K | 0 | 13.54M | 0 | 0 |
| Dividends Paid | 0 | 0 | -252K | -464K | -24.32M | -66.86M | -4.62M | -283K |
| Share Repurchases | 0 | 0 | -903K | -233K | 0 | 0 | 0 | 0 |
| Other Financing | 37K | -56K | -1.09M | -569K | -2.18M | 0 | 0 | 0 |
| Net Change in Cash | 11.14M | 214K | -2.03M | 646K | -15.73M | 14.97M | 5.25M | -284K |
| Free Cash Flow | 6.95M | 692K | -2.66M | 14.04M | 11.53M | 19.52M | 10.27M | 499K |
| FCF Margin % | 4.57% | 0.46% | -1.47% | 7.16% | 6.83% | 14.64% | 16.36% | 1.21% |
| FCF Growth % | 226.43% | 126.04% | -118.93% | 21.79% | -40.94% | 90.08% | 1957.72% | - |
| FCF per Share | 0.10 | 0.01 | -0.05 | 0.25 | 0.21 | 0.35 | 0.18 | 0.01 |
| FCF Conversion (FCF/Net Income) | -0.62x | -0.27x | -1.38x | -5.35x | -1.67x | 2.52x | 1.84x | -2.23x |
| Interest Paid | 1.27M | 0 | 6M | 6.28M | 5.83M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.81M | 4.66M | 4.93M | 0 | 0 | 0 |
High Customer Acquisition Costs
As reported in recent financial filings, the relationship between net income and operating cash flow for AIRS remains highly volatile, with the most recent quarter showing an OCF/NI ratio of -2.20, indicating that reported earnings are failing to capture the underlying cash reality of the business.
The persistent divergence between net income and operating cash flow suggests that non-cash items and working capital fluctuations are masking the true operational performance. Investors should monitor this gap closely, as it may indicate that the company is struggling to convert its service-based revenue into actual liquidity.
Based on the company's quarterly cash flow statements, free cash flow has exhibited significant instability, swinging from a positive $5.2 million in 2026Q1 to a negative $2.6 million in 2025Q4, reflecting the inherent difficulty in maintaining consistent cash generation within this elective medical service model.
The erratic nature of free cash flow suggests that the company's capital-intensive clinical footprint is highly sensitive to fluctuations in procedure volume. This lack of predictability in cash generation warrants further investigation into whether the current business model can achieve sustainable self-funding without external capital support.
According to historical cash flow data, AIRS has demonstrated variable capital expenditure patterns, with CapEx/Revenue ratios reaching as high as 13.7% in 2025Q4, which suggests that the company is heavily reliant on ongoing investment to maintain its clinical facilities and specialized medical equipment.
The high level of capital intensity relative to revenue appears to be a structural burden that limits the company's ability to generate meaningful free cash flow. It remains unclear whether these expenditures are primarily for growth or essential maintenance, which complicates the assessment of long-term operational efficiency.
As indicated by the quarterly cash flow statements, working capital changes have been highly inconsistent, ranging from a $4.0 million inflow in 2026Q1 to a $2.3 million outflow in 2025Q3, highlighting the operational challenges in managing cash cycles within a transactional, elective healthcare service environment.
These fluctuations in working capital suggest that the company may be experiencing difficulties in managing its accounts receivable or inventory of medical consumables. Such volatility often points to underlying inefficiencies in the revenue collection process or potential mismatches between marketing spend and actual procedure realization.
Quick answers to the most common questions about buying AIRS stock.
AirSculpt Technologies, Inc. (AIRS) generated $3.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AirSculpt Technologies, Inc. (AIRS) generated $0.7M 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.
AirSculpt Technologies, Inc. (AIRS) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.