Free cash flow remains erratic, oscillating between a peak of $18.0M in 2025Q4 and a trough of -$19.3M in 2025Q1, heavily influenced by volatile working capital swings.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 |
|---|
| Cash from Operations | 4.45M | -10.13M | -28.16M | 78K | -7.19M | 24.09M | -14.55M | 37.44M | 41.29M | 55.74M | 45.22M | 25.68M | 24.68M | 26.65M | 11.6M | 33.87M | 39.96M | 19.94M | 25.91M | 8.78M | 3.22M | 4.79M | 2.5M | 680K | 1.21M |
| Operating CF Margin % | - | -3.46% | -9.27% | 0.02% | -2.27% | 8.28% | -5.51% | 10.41% | 11.99% | 15.94% | 12.78% | 7.2% | 6.96% | 7.79% | 5.23% | 15.68% | 18.5% | 10.22% | 15.56% | 7.83% | 4.1% | 7.94% | 5.1% | 1.77% | 3.9% |
| Operating CF Growth % | 453.8% | 64.03% | -36200% | 101.08% | -129.86% | 265.54% | -138.87% | -9.32% | -25.94% | 23.29% | 76.04% | 4.07% | -7.4% | 129.72% | -65.75% | -15.24% | 100.38% | -23.02% | 194.93% | 172.88% | -32.77% | 91.52% | 267.65% | -43.62% | - |
| Net Income | -31.39M | -33.99M | -184.35M | -52.44M | -26.55M | -31.55M | -156.07M | 61.34M | 16.34M | 7.01M | -44.45M | -3.27M | 3.09M | -614K | -5.09M | 8.12M | 12.31M | 9.93M | 10.89M | -9.13M | 6.87M | 4.55M | 3.14M | 1.19M | 1.01M |
| Depreciation & Amortization | 23.19M | 25.8M | 27.71M | 30.87M | 29.35M | 25.92M | 23.8M | 25.88M | 23.16M | 24.81M | 28.38M | 30.49M | 25.05M | 29.07M | 13.04M | 12.58M | 12.46M | 12.05M | 8.87M | 3.41M | 1.08M | 771K | 681K | 657K | 569K |
| Stock-Based Compensation | 11.69M | 9.77M | 10.53M | 11.16M | 10.69M | 8.63M | 7.59M | 9.25M | 7.91M | 6.18M | 3.24M | 6M | 5.41M | 4.61M | 4.09M | 4.61M | 4.88M | 5.79M | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -200K | -988K | -7.97M | -2.31M | -3.71M | -4.8M | -1.57M | -2.65M | -8.95M | 4.43M | 39.98M | -5.12M | 2.72M | 666K | -703K | -840K | 5.88M | 4.27M | 5.48M | -2.82M | -18K | 119K | 57K | 45K | 55K |
| Other Non-Cash Items | 3.59M | 3.39M | 111.5M | 19.83M | 4.07M | 16.83M | 140.23M | -55.11M | 364K | -9.54M | 4.61M | 9.31M | -1.46M | 1.14M | 1.66M | 5.6M | -1.54M | -5.54M | 9.55M | 26.94M | 2.78M | 2.15M | 665K | 910K | 60K |
| Working Capital Changes | -2.43M | -14.11M | 14.42M | -7.03M | -21.05M | 9.07M | -28.55M | -1.26M | 2.46M | 24.86M | 12.86M | -10.98M | -12.9M | -9.62M | -3.33M | 3.81M | 5.9M | -6.57M | -8.89M | -9.62M | -7.49M | -2.79M | -2.05M | -2.12M | -487K |
| Change in Receivables | -2.4M | 23K | 7.89M | -1.3M | -17.15M | -4.16M | 11.92M | -3.18M | 5.04M | 8.48M | 3.13M | 2.1M | -14.79M | 1.02M | -2.4M | 2.77M | -2.61M | 351K | -6.13M | -1.47M | -3.83M | -1.91M | -1.48M | -2.08M | -811K |
| Change in Inventory | 4.73M | -1.35M | -9.41M | -8.2M | -2.8M | 11.54M | -18.84M | -1.43M | 5.74M | 687K | 11.98M | -6.15M | -5.45M | -2.4M | -1.09M | 1.56M | 8.3M | -10.53M | 4.17M | -6.52M | -5.89M | -1.72M | 86K | -722K | -2.56M |
| Change in Payables | -10.94M | -15.88M | 27.53M | 2.14M | 3.91M | 4.88M | -15.47M | 5.21M | -7.09M | 17.21M | -3.4M | -5.88M | 7.25M | -12.72M | 6.67M | -2.43M | 5.57M | 5.57M | 2.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -7.3M | -10.18M | 123.72M | -9.75M | -19.31M | -13.71M | -63.34M | 82.55M | -3.66M | -2.55M | -7.57M | -13.29M | -17.05M | -21.65M | -175.69M | -48.62M | -11.78M | -15.7M | -26.19M | -55.04M | -19.1M | -13.54M | -996K | -4.57M | -715K |
| Capital Expenditures | -2.94M | -4.46M | -2.52M | -3.81M | -4.3M | -5.19M | -7.24M | -3.12M | -2.39M | -3M | -2.33M | -11.38M | -11.17M | -12.12M | -2.49M | -2.96M | -5.04M | -4.36M | -6.71M | -7.34M | -6.08M | -1.82M | -1.64M | -4.06M | -682K |
| CapEx % of Revenue | 0.94% | 1.53% | 0.83% | 1.13% | 1.36% | 1.78% | 2.74% | 0.87% | 0.69% | 0.86% | 0.66% | 3.19% | 3.15% | 3.54% | 1.12% | 1.37% | 2.33% | 2.24% | 4.03% | 6.54% | 7.75% | 3.03% | 3.33% | 10.57% | 2.21% |
| Acquisitions | 0 | 0 | 0 | 0 | -3.6M | 0 | -55.76M | -84.92M | 0 | 0 | 0 | 0 | -4.17M | -24.47M | -237.19M | -973K | -5.41M | 0 | -18.69M | -23.71M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.36M | -5.71M | 126.23M | -5.93M | -11.41M | -8.52M | -350K | 169.24M | -1.26M | 0 | -3.27M | -1.35M | -1.44M | 2.5M | -7.05M | -295K | 0 | -17.08M | 1.72M | -6.92M | 0 | 101K | 647K | -798K | 0 |
| Cash from Financing | -5.1M | -255K | -64.25M | 25.42M | 7.68M | -16.99M | -95.24M | 33.93M | -11.55M | -37.98M | -23.66M | -10.46M | -14.02M | -6.29M | 142.34M | 1.92M | 2.72M | -8.27M | 4.01M | 10.53M | 65.42M | 21.5M | -696K | 3.31M | 371K |
| Debt Issued (Net) | -6.34M | 6.16M | -50M | 25M | 5M | -20M | -92.5M | 40M | -5M | -23.91M | -16.25M | -5M | 160K | -7.5M | 143.45M | -260K | -265K | -10.04M | -315K | 4.79M | -165K | -3.15M | -140K | 3.4M | 394K |
| Equity Issued (Net) | 950K | -1.67M | 752K | 1.17M | 2.68M | 3.01M | 0 | 0 | 0 | -13.56M | 0 | 0 | 0 | 0 | -2.1M | 0 | 0 | 0 | 4.24M | 4.58M | 65.81M | 5.66M | 0 | 0 | 0 |
| 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 |
| Share Repurchases | 0 | -1.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.56M | 0 | 0 | 0 | 0 | -2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 295K | -4.75M | -15M | -751K | 0 | 0 | -2.74M | -6.07M | -6.55M | -516K | -7.41M | -5.46M | -14.18M | 1.21M | 992K | 2.18M | 2.98M | 1.77M | 91K | 1.16M | -218K | 19M | -556K | -89K | -23K |
| Net Change in Cash | -6.95M | -20.16M | 31.44M | 15.79M | -19.34M | -6.27M | -173.21M | 153.54M | 26.55M | 15.21M | 13.94M | 2.29M | -5.7M | -1.71M | -22.48M | -12.78M | 30.85M | -4.13M | 3.73M | -35.73M | 49.54M | 12.75M | 808K | -586K | 862K |
| Free Cash Flow | 1.5M | -14.59M | -33.93M | -4.27M | -11.49M | 18.91M | -22.14M | 34.32M | 37.63M | 52.74M | 39.62M | 12.95M | 12.07M | 13.73M | 8.56M | 30.8M | 34.92M | -1.5M | 19.2M | 1.45M | -2.86M | 2.96M | 865K | -3.38M | 524K |
| FCF Margin % | 0.48% | -4.99% | -11.16% | -1.26% | -3.63% | 6.5% | -8.38% | 9.55% | 10.93% | 15.09% | 11.2% | 3.63% | 3.41% | 4.01% | 3.86% | 14.26% | 16.16% | -0.77% | 11.53% | 1.29% | -3.64% | 4.91% | 1.76% | -8.8% | 1.7% |
| FCF Growth % | 105.33% | 56.99% | -693.78% | 62.81% | -160.78% | 185.4% | -164.5% | -8.79% | -28.65% | 33.12% | 205.98% | 7.25% | -12.07% | 60.42% | -72.21% | -11.79% | 2432.46% | -107.8% | 1228.44% | 150.58% | -196.42% | 242.54% | 125.58% | -745.42% | - |
| FCF per Share | 0.04 | -0.36 | -0.84 | -0.11 | -0.29 | 0.49 | -0.58 | 0.92 | 1.00 | 1.43 | 1.10 | 0.36 | 0.34 | 0.39 | 0.34 | 1.23 | 1.41 | -0.06 | 0.79 | 0.08 | -0.22 | 0.24 | 0.09 | -0.36 | 0.06 |
| FCF Conversion (FCF/Net Income) | -0.05x | 0.30x | 0.15x | -0.00x | 0.27x | -0.76x | 0.09x | 0.61x | 2.53x | -7.90x | -1.04x | -7.58x | 10.52x | -22.01x | -2.24x | 4.17x | 3.25x | 2.01x | 2.38x | -0.96x | 0.47x | 1.05x | 0.80x | 0.57x | 1.20x |
| Interest Paid | 0 | 185K | 0 | 2.58M | 562K | 731K | 413K | 5.12M | 3.19M | 2.97M | 3.06M | 3.15M | 3.59M | -4.94M | 0 | 0 | 0 | 612K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 800K | 455K | 342K | 329K | 313K | 682K | 426K | 36K | 102K | 332K | -699K | -182K | -200K | 0 | 0 | 0 | 2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Negative Operating Cash
According to quarterly financial statements, ANGO exhibits a volatile relationship between net income and operating cash flow, with OCF/NI ratios frequently swinging into extreme territory, such as the 2.99x observed in 2025Q3, which highlights the significant impact of non-cash items and working capital fluctuations on reported results.
The persistent gap between net losses and operating cash flow suggests that the company's accounting earnings are heavily influenced by non-cash charges, primarily depreciation and amortization. Investors should monitor whether this divergence reflects genuine operational cash generation or merely the timing of accruals that fail to translate into sustainable liquidity.
As reported in recent filings, ANGO's free cash flow trajectory remains erratic, oscillating between a peak of $18.0M in 2025Q4 and a trough of -$19.3M in 2025Q1, indicating that the company has yet to establish a consistent pattern of self-funded growth or operational stability.
The inability to maintain positive free cash flow suggests that the business model remains sensitive to operational disruptions and timing differences in revenue recognition. This lack of consistency complicates the valuation of the company as a growth entity, as cash burn remains a recurring feature of the quarterly cycle.
Based on the provided cash flow data, working capital changes are the primary determinant of quarterly liquidity, with swings as large as -$18.0M in 2025Q3 and +$16.7M in 2025Q4, suggesting that the company's cash position is highly vulnerable to the timing of inventory management and accounts receivable collections.
These significant fluctuations imply that the company's cash flow is not driven by core operational efficiency but rather by the management of current assets and liabilities. Such volatility warrants further investigation into whether these shifts are indicative of underlying supply chain inefficiencies or simply the nature of the medical device sales cycle.
Analysis of recent financial disclosures reveals that ANGO consistently utilizes stock-based compensation, with expenses reaching $4.5M in 2026Q1, which effectively masks the true economic cost of operations while failing to provide the cash-based performance metrics necessary to justify such significant dilution of existing shareholders.
The reliance on equity-based incentives during periods of negative operating cash flow suggests a misalignment between management compensation and the company's ability to generate internal capital. This practice may be artificially inflating the perceived health of the cash flow statement by excluding these costs from the operating cash flow calculation.
Quick answers to the most common questions about buying ANGO stock.
AngioDynamics, Inc. (ANGO) generated $-10.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AngioDynamics, Inc. (ANGO) reported negative free cash flow of $14.6M in 2025, indicating capital requirements exceeded cash from operations.
AngioDynamics, Inc. (ANGO) spent $4.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, AngioDynamics, Inc. (ANGO) spent $1.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.