Operational cash flow remains erratic and decoupled from earnings, evidenced by a 2025Q4 OCF/NI ratio of -12.54, highlighting the company's reliance on non-cash adjustments and working capital fluctuations.
| 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 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Cash from Operations | 25.56M | 6.74M | -31.02M | 6.91M | -179.98M | -66.53M | -21.75M | -9.37M | -94.7M | -32.84M | -71.81M | -84.75M | -72.31M | -190.34M | -122.3M | -39.44M | -33.87M | -28.11M | -26.39M | -26.28M | -22.91M | -17.31M | -10.73M | -20.5M | 5.59M | 16.91M | 5.62M | -9.53M | -6.2M | -400K | -12.2M |
| Operating CF Margin % | - | 3.16% | -13.57% | 2.25% | -48.75% | -11.41% | -3.54% | -2.18% | -41.32% | -18.13% | -55.21% | -103.66% | -133.41% | -722.31% | - | - | - | - | - | -356.81% | -4581.8% | -3461.2% | -1054.77% | -278.4% | 8.53% | 338.77% | 35.73% | -84.91% | -62% | -1.65% | -56.74% |
| Operating CF Growth % | 644.22% | 121.74% | -549.13% | 103.84% | -170.53% | -205.94% | -132.18% | 90.11% | -188.4% | 54.28% | 15.26% | -17.2% | 62.01% | -55.63% | -210.11% | -16.44% | -20.48% | -6.52% | -0.43% | -14.71% | -32.38% | -61.33% | 47.68% | -466.8% | -66.95% | 200.82% | 159.03% | -53.63% | -1450% | 96.72% | -354.17% |
| Net Income | -33.61M | 0 | -82.18M | -59.34M | -105.74M | 7.73M | -18M | -22.64M | -116.44M | -67.86M | -86.35M | -115.2M | -56.36M | -166.23M | -179.18M | -69.13M | -249.59M | -59.32M | -20.02M | -38.2M | -31.16M | -18.91M | -9.93M | -6.09M | -32.66M | -4.41M | 4.38M | -21.65M | -28.8M | -7.7M | -15.6M |
| Depreciation & Amortization | -97.21K | 0 | 3.01M | 2.98M | 3.09M | 2.86M | 2.04M | 859K | 669K | 708K | 783K | 812K | 844K | 892K | 449K | 76K | 63K | 582K | 251K | 386K | 795K | 810K | 754K | 671K | 8.29M | 21.22M | 2.42M | 2.32M | 2.6M | 2.5M | 1.2M |
| Stock-Based Compensation | -3.95M | 0 | 17.7M | 0 | 0 | 0 | 45.81M | 30.92M | 18.81M | 13.96M | 13.61M | 13.88M | 8.52M | 10.98M | 18.32M | 9.2M | 10.92M | 3.76M | 4.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.08M | 8.8M | -4.25M | -3.61M | -3.43M | -3.71M | -2.49M | -1.69M | 28.13M | 345K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -22.77M | -25.54M | -5.73M | 12M | 26.67M | 38.86M | 2.24M | 1.64M | 2.18M | 2.33M | -327K | 7.32M | -43.34M | -29.69M | 37.42M | 18.52M | 204.04M | 688K | -8.14M | 12.9M | 4.45M | 809K | 400K | -15.65M | 28.13M | 97K | 302K | 3.78M | 11.1M | 0 | -2.2M |
| Working Capital Changes | 47.14M | 32.28M | 36.17M | 51.27M | -104.01M | -115.98M | -53.83M | -20.14M | 84K | 6.95M | -8.33M | 12.69M | 21.65M | -2.86M | 4.41M | 4.39M | 2.39M | -1.95M | -3.46M | -1.37M | 3M | -17K | -1.95M | 570K | 1.83M | 10K | -1.48M | 6.03M | 8.9M | 4.8M | 4.4M |
| Change in Receivables | -1.05M | -3.83M | 11.22M | -2.33M | 32.98M | -8.34M | -39.47M | -49.91M | -21.2M | -25.33M | -6.17M | -5.98M | -4.2M | -3.65M | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.58M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 33.22M | 34.96M | 105.44M | 56.34M | -36.4M | -167.05M | -112.09M | -18.97M | -27.54M | -9.75M | -1.52M | -5.25M | 12.96M | -5.43M | -21.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.81M | -815K | 428K | 863K | 300K | 100K | -600K |
| Change in Payables | 17.22M | 14.54M | -77.02M | -164.63K | -102.67M | 51.51M | 114.74M | 65.91M | 37.6M | 40.27M | 8.71M | 10.49M | 8.81M | -7.23M | 25.68M | 5.75M | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.32M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -11.72M | 8.85M | -45.98M | -25.62M | 175.18M | 104.09M | -376.96M | -2.48M | -58K | -12K | -21K | -28K | 0 | -14K | -14.34M | -2.05M | -23K | 773K | 57K | -4.97M | -245K | -135K | 13.73M | -3.06M | -11.47M | -48.78M | 537K | 1.95M | 8.8M | 2.9M | -7.7M |
| Capital Expenditures | 0 | 0 | 0 | -535.07K | -598.63K | 0 | -252K | -2.48M | -58K | -12K | -21K | -28K | 0 | -14K | -12.69M | -398K | -23K | -126K | -317K | -6.22M | -245K | -135K | -7.9M | -662K | -716K | -1.5M | -683K | -129K | -300K | -2.6M | -2.8M |
| CapEx % of Revenue | 0% | - | - | 0.17% | 0.16% | 0% | 0.04% | 0.58% | 0.03% | 0.01% | 0.02% | 0.03% | - | 0.05% | - | - | - | - | - | 84.52% | 49% | 27% | 777.09% | 8.99% | 1.09% | 29.96% | 4.34% | 1.15% | 3% | 10.7% | 13.02% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -813K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -200.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -58K | 0 | -21K | -28K | 0 | -14K | -13.79M | -398K | -23K | 899K | 374K | 1.25M | 0 | 0 | 22.44M | -2.4M | -10.76M | -47.28M | 1.22M | 2.08M | 9.1M | 5.5M | -4.9M |
| Cash from Financing | -2.59M | -2.04M | -1.44M | 230.89K | -378.77K | -5.07M | -58.91M | 409.61M | 271.25M | 8.23M | 63.13M | 72.2M | 334K | 121.62M | 280.29M | 126.65M | 13.08M | 65.67M | 23.55M | 12.12M | 23.95M | 41.19M | 5.52M | 1.4M | -2.98M | 60.02M | -5.22M | 7.51M | -7.2M | -2.4M | 13.1M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -50.34M | -31.65M | -14.69M | 11.57M | 0 | 11.36M | -36K | -10K | 244.03M | -2K | -12K | 3.59M | -2.76M | 2.72M | -25K | -8K | -6.3M | -17.5M | -2.77M | 42.78M | -145K | 8.57M | -5.3M | -2.3M | 12.7M |
| Equity Issued (Net) | 140.33K | 140.33K | 131.06K | 2.22M | 664.59K | 4.57M | 0 | 440.11M | 264.84M | -2.77M | 64.61M | 57.67M | 0 | 121.21M | 0 | 98.65M | 0 | 62.25M | 26.31M | 9.4M | 23.97M | 38.59M | 11.82M | 19.11M | 198K | 4M | 9.54M | 27K | 200K | 400K | 1.3M |
| Dividends Paid | 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 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.77M | 0 | -194K | 0 | 0 | 0 | 0 | 0 | -4.19M | -3.69M | -285K | -2.45M | -3.94M | -953K | -2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.73M | -2.18M | -1.57M | -1.99M | -1.04M | -9.64M | -8.57M | 1.16M | 21.1M | -569K | -1.49M | 2.44M | 2.67M | 426K | 36.26M | 28M | 13.09M | -166K | 0 | 0 | -26.96K | 2.6M | 0 | -212K | -406K | 13.24M | -14.62M | -1.09M | -2.1M | -500K | -900K |
| Net Change in Cash | 11.44M | 13.52M | -78.44M | -18.41M | -5.18M | 32.49M | -457.62M | 397.77M | 176.49M | -24.61M | -8.71M | -12.58M | -71.97M | -68.73M | 143.64M | 85.16M | -20.82M | 38.02M | -4.06M | -18.5M | 795K | 23.75M | 8.52M | -22.17M | -8.86M | 28.16M | 938K | -66K | -4.5M | 200K | -6.8M |
| Free Cash Flow | 25.51M | 6.74M | -31.02M | 6.88M | -179.98M | -66.53M | -22M | -11.84M | -94.76M | -32.85M | -71.84M | -84.78M | -72.31M | -190.35M | -135M | -39.84M | -33.89M | -28.24M | -26.71M | -32.5M | -23.15M | -17.44M | -18.63M | -21.17M | 4.87M | 15.42M | 4.94M | -9.65M | -6.5M | -3M | -15M |
| FCF Margin % | 11.87% | 3.16% | -13.57% | 2.24% | -48.75% | -11.41% | -3.58% | -2.76% | -41.34% | -18.14% | -55.22% | -103.69% | -133.41% | -722.36% | - | - | - | - | - | -441.33% | -4630.8% | -3488.2% | -1831.86% | -287.39% | 7.44% | 308.81% | 31.39% | -86.06% | -65% | -12.35% | -69.77% |
| FCF Growth % | 182.56% | 121.74% | -550.7% | 103.82% | -170.53% | -202.43% | -85.73% | 87.5% | -188.47% | 54.27% | 15.26% | -17.24% | 62.01% | -41.01% | -238.87% | -17.54% | -20.03% | -5.72% | 17.83% | -40.38% | -32.76% | 6.38% | 11.98% | -534.26% | -68.39% | 212.13% | 151.17% | -48.52% | -116.67% | 80% | -494.74% |
| FCF per Share | 1.23 | 0.33 | -1.51 | 0.34 | -8.97 | -3.31 | -1.15 | -0.69 | -6.38 | -2.43 | -6.78 | -9.39 | -8.32 | -22.79 | -18.75 | -6.12 | -6.76 | -13.31 | -24.21 | -69.39 | -57.65 | -86.32 | -134.39 | -247.41 | 104.40 | 73.68 | 117.33 | -1287.72 | -866.67 | -405.24 | -2115.66 |
| FCF Conversion (FCF/Net Income) | -0.76x | -0.17x | 0.38x | -0.12x | 1.70x | -8.61x | 1.21x | 0.41x | 0.81x | 0.48x | 0.83x | 0.74x | 1.28x | 1.15x | 0.68x | 0.57x | 0.14x | 0.47x | 1.32x | 0.69x | 0.85x | 0.84x | -3.32x | 1.07x | -0.15x | -3.55x | 2.21x | -2.18x | 0.22x | 0.05x | 0.78x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 2.04M | 4.59M | 21.53M | 17.24M | 17.08M | 12.56M | 10.03M | 6.09M | 2.71M | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3.31M | 0 | 3.98M | 0 | 0 | 0 | 207K | 67K | 850K | 1.75M | 1.46M | 711K | 781K | 1.4M | 1.12M | 761K | 230K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Single product revenue erosion
As reported in recent financial statements, Amarin's operating cash flow frequently decouples from net income, with the 2025Q4 period showing a massive OCF/NI ratio of -12.54, suggesting that reported earnings are heavily influenced by non-cash adjustments rather than core operational cash generation.
The persistent divergence between net income and operating cash flow indicates that the company's bottom line is not a reliable proxy for its actual cash-generating capacity. Investors should monitor whether these accrual-heavy periods represent temporary timing differences or a structural inability to convert sales into realized cash.
Based on quarterly data, Amarin's free cash flow trajectory remains highly erratic, swinging from a $16.6M inflow in 2025Q2 to a $12.5M outflow in 2025Q1, which highlights the company's struggle to maintain consistent cash generation amidst its ongoing commercial transition.
The lack of a stable FCF trend suggests that the business model is currently unable to support its own operational requirements without significant volatility. This inconsistency warrants further investigation into whether the company can achieve sustainable positive cash flow before its existing liquidity reserves are exhausted.
According to recent SEC filings, Amarin's cash flow is heavily dependent on working capital fluctuations, evidenced by a $24.9M inflow from working capital in 2025Q2, which significantly obscures the underlying cash-generating capability of the firm's core pharmaceutical operations.
The reliance on working capital swings to bolster cash flow suggests that management may be aggressively managing payables or inventory to preserve liquidity. Such tactics are often unsustainable and may indicate underlying pressure on the company's ability to fund operations through organic revenue growth.
As indicated by the provided cash flow data, the company's reported cash flow figures are frequently distorted by significant stock-based compensation and D&A adjustments, such as the $12.3M negative adjustment in 2025Q4, which complicates the assessment of true operational cash burn.
These adjustments suggest that the cash flow statement may be masking the true extent of the company's operational expenses. Analysts should be cautious, as these non-cash items often hide the reality of a business that is struggling to reach a self-sustaining cash position.
Quick answers to the most common questions about buying AMRN stock.
Amarin Corporation plc (AMRN) generated $6.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amarin Corporation plc (AMRN) generated $6.7M 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.
Amarin Corporation plc (AMRN) 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.