Cash generation remains inconsistent, highlighted by a significant $190.1M working capital outflow in 2026Q1 that resulted in a negative free cash flow of $42.6M.
| Cash from Operations | 303.86M | 339.99M | 295.1M | 345.58M | 65.1M | 241.82M | 379M | 1.71M | 250.23M | 234.19M | 115.06M | 104.88M |
| Operating CF Margin % | - | 11.26% | 10.56% | 14.44% | 2.94% | 11.55% | 19.02% | 0.1% | 15.05% | 22.66% | 11.3% | 12.11% |
| Operating CF Growth % | -382.48% | 15.21% | -14.61% | 430.84% | -73.08% | -36.2% | 22128.8% | -99.32% | 6.85% | 103.53% | 9.7% | - |
| Net Income | 122.36M | 72.06M | -73.88M | -48.72M | -254.79M | 10.62M | 91.06M | -603.57M | -201.3M | 169.32M | 209.43M | 169.45M |
| Depreciation & Amortization | 163.41M | 223.57M | 236.19M | 229.4M | 240.18M | 233.41M | 244.06M | 207.24M | 137.4M | 45.94M | 33.02M | 25.45M |
| Stock-Based Compensation | 24.7M | 31.95M | 27.77M | 26.82M | 31.85M | 0 | 20.75M | 21.68M | 167.6M | 0 | 0 | 0 |
| Deferred Taxes | -23.36M | 0 | 0 | 0 | 0 | 0 | 0 | 371.72M | -9.44M | 742K | 121K | 0 |
| Other Non-Cash Items | 246.01M | 216.93M | 109.08M | 185.26M | 107.81M | 131.38M | 84.75M | 124.86M | 148.96M | 14.52M | 3.25M | -90.02M |
| Working Capital Changes | -288.22M | -204.52M | -4.07M | -47.19M | -59.95M | -133.59M | -61.63M | -120.22M | 7.01M | -1.05M | -152.15M | -122.73M |
| Change in Receivables | -97.77M | -120.57M | -162.16M | 125.8M | -79.07M | -16.31M | 16.79M | -133.66M | 89.08M | 35.26M | -122.48M | -44.65M |
| Change in Inventory | -128.72M | -87.03M | -130.53M | -126.18M | -102.4M | -49.02M | -113.78M | -20.39M | -42.88M | -31.83M | -42.59M | -78.08M |
| Change in Payables | 9.37M | 21.32M | 235.13M | -94.45M | 109.57M | -43.93M | 0 | -10.26M | -55.21M | 18.11M | 6.26M | 0 |
| Cash from Investing | -116.17M | -112.26M | -63M | -69.19M | -174.31M | -194.18M | -317.55M | -19.58M | -396.38M | -98.55M | -124.61M | -135.62M |
| Capital Expenditures | -117.75M | -70.06M | -60.34M | -46.8M | -48.8M | -49.43M | -61.84M | -47.18M | -97.09M | -114.27M | -124.61M | -117.38M |
| CapEx % of Revenue | 3.87% | 2.32% | 2.16% | 1.96% | 2.21% | 2.36% | 3.1% | 2.9% | 5.84% | 11.06% | 12.24% | 13.55% |
| Acquisitions | 1.57M | 0 | 11.99M | 0 | -84.71M | -141.54M | -251.36M | 34.83M | -324.63M | 15.72M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -42.2M | -14.65M | -22.39M | -40.8M | -3.21M | -4.35M | -7.23M | 25.34M | -3.78M | -1.85M | -18.24M |
| Cash from Financing | -49.44M | -31.53M | -211.79M | -212.57M | -106.62M | -138.12M | 131.81M | -45.83M | 287.68M | -95.02M | -19.5M | -24.99M |
| Debt Issued (Net) | 37.63M | 26.27M | -185.12M | 22.65M | -38.27M | -79.18M | 142.99M | -29.27M | 541.05M | 286.1M | 188.6M | 186.99M |
| Equity Issued (Net) | 1.93M | 1.96M | 0 | 0 | 0 | 853K | -863K | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -183M | -375.26M | -200.62M | -258.17M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -863K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -88.99M | -59.76M | -26.67M | -235.22M | -68.35M | -59.8M | -10.32M | -16.56M | -70.37M | -5.85M | -7.48M | 46.19M |
| Net Change in Cash | 136.06M | 194.52M | 19.31M | 63.88M | -221.51M | -90.38M | 194.3M | -65.96M | 140.86M | 40.38M | -27.56M | -56.44M |
| Free Cash Flow | 205.28M | 269.93M | 220.11M | 276.39M | -25.5M | 194.09M | 317.16M | -95.73M | 153.14M | 119.92M | -9.55M | -12.5M |
| FCF Margin % | 6.74% | 8.94% | 7.88% | 11.55% | -1.15% | 9.27% | 15.92% | -5.89% | 9.21% | 11.6% | -0.94% | -1.44% |
| FCF Growth % | -12.32% | 22.63% | -20.36% | 1184.09% | -113.14% | -38.8% | 431.33% | -162.51% | 27.71% | 1356.19% | 23.61% | - |
| FCF per Share | 0.62 | 0.83 | 0.71 | 1.57 | -0.17 | 1.28 | 2.13 | -0.72 | 1.20 | 1.04 | -0.05 | -0.07 |
| FCF Conversion (FCF/Net Income) | 1.68x | 4.72x | -2.52x | -4.11x | -0.50x | 22.76x | 4.16x | -0.00x | -1.47x | 1.40x | 0.55x | 0.62x |
| Interest Paid | 56.32M | 0 | 263.52M | 192.81M | 142.72M | 0 | 130.19M | 158.57M | 131.5M | 0 | 0 | 0 |
| Taxes Paid | 8.95M | 0 | 15.22M | 2.5M | 12.65M | 0 | 0 | 10.26M | 34.95M | 0 | 0 | 0 |
High Debt Servicing Burden
Based on reported financial data, the relationship between net income and operating cash flow is highly erratic, evidenced by an OCF/NI ratio that swung from -908.81 in 2024Q3 to -0.46 in 2026Q1, suggesting that reported earnings frequently fail to translate into actual cash generation.
The persistent disconnect between accounting profits and cash flow indicates that non-cash charges and accruals are heavily influencing the bottom line. Investors should monitor whether this volatility stems from aggressive revenue recognition or the lumpy nature of milestone payments in the specialty segment.
As reported in quarterly filings, Amneal's free cash flow trajectory is inconsistent, oscillating between a peak of $121.1M in 2024Q3 and a deficit of $42.6M in 2026Q1, which highlights the difficulty in maintaining stable cash generation amidst significant operational and interest-related outflows.
The inability to sustain positive free cash flow suggests that the company's core operations are not yet generating sufficient surplus to cover both capital expenditures and debt obligations. This inconsistency warrants further investigation into whether the recent biosimilar investments will eventually provide the necessary cash flow stability.
According to recent SEC filings, working capital changes have been a major drag on cash flow, with a significant outflow of $190.1M in 2026Q1 alone, indicating that the company is struggling to manage its inventory and receivables cycle effectively in a competitive generic market.
These large, negative working capital adjustments suggest that the company may be building inventory or facing delayed collections, both of which consume cash that is vital for servicing its high debt load. The recurring nature of these outflows implies that working capital management is a structural challenge rather than a temporary timing issue.
Based on the provided figures, capital expenditures have trended upward, reaching $46.2M in 2025Q4, which reflects the company's ongoing investment in complex manufacturing capabilities and biosimilar infrastructure necessary to differentiate its product portfolio from commodity generic competitors.
While these investments are essential for long-term competitiveness, the rising capital intensity relative to revenue suggests that the company is in a heavy reinvestment phase. Analysts should monitor whether these capital outlays yield the expected margin expansion or if they merely serve to maintain existing market share.
Quick answers to the most common questions about buying AMRX stock.
Amneal Pharmaceuticals, Inc. (AMRX) generated $340.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amneal Pharmaceuticals, Inc. (AMRX) generated $269.9M 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.
Amneal Pharmaceuticals, Inc. (AMRX) spent $70.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.