Liquidity is under pressure as evidenced by a $6.3M free cash flow outflow in 2026Q1, exacerbated by $8.7M in share repurchases despite the company's ongoing cash-burning state.
| 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 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 6.47M | 11.19M | 5.4M | -1.79M | 4.41M | 8.4M | 13.06M | 37.01M | 34.92M | 40.81M | 23.8M | 39.06M | 39.98M | 25.16M | 10.55M | 10.17M | 7.85M | 3.09M | 3.41M | 4.49M | 2M | 6.45M | 23.82M | 2.01M | 332.03K | -4.31M | -1.88M | 800K | 3.4M | 2.6M | -1.1M |
| Operating CF Margin % | - | 9.92% | 4.51% | -1.48% | 3.87% | 5.68% | 10.01% | 32.29% | 33.08% | 35.98% | 23.02% | 42% | 37.86% | 33.52% | 14.78% | 15.7% | 14.14% | 7.71% | 9.52% | 14.57% | 7.46% | 21.63% | 90.02% | 13.06% | 2.52% | -38.14% | -11.53% | 5.93% | 24.46% | 21.67% | -91.67% |
| Operating CF Growth % | -3315.3% | 107.07% | 402.18% | -140.55% | -47.49% | -35.73% | -64.69% | 5.98% | -14.44% | 71.47% | -39.07% | -2.29% | 58.87% | 138.56% | 3.69% | 29.54% | 153.77% | -9.17% | -24.16% | 124.5% | -68.98% | -72.92% | 1084.1% | 505.97% | 107.7% | -129.07% | -335.43% | -76.47% | 30.77% | 336.36% | 35.29% |
| Net Income | -11.06M | -10.88M | -56.38M | -82.67M | -14.86M | 4.13M | -23.98M | 27.19M | 18.72M | 31.82M | 32.55M | 30.76M | 38.32M | 20.57M | 11.76M | 8.47M | 4.32M | 3.69M | 3.63M | 6.04M | 4.6M | 5.89M | 11.19M | 827K | -3.04M | -6.76M | 173.55K | 1.1M | 4.3M | 3.3M | -2.7M |
| Depreciation & Amortization | 5.54M | 5.73M | 8.12M | 14.22M | 14.49M | 14.32M | 14.99M | 5.99M | 5.91M | 4.29M | 3.73M | 3.77M | 4.71M | 4.77M | 4.53M | 4M | 3.32M | 1.29M | 1.43M | 818.73K | 384.06K | 459K | 710K | 1.01M | 1.1M | 1.23M | 1.2M | 1.1M | 800K | 300K | 600K |
| Stock-Based Compensation | 13.86M | 10.08M | 13.13M | 15.24M | 14.31M | 11.09M | 0 | 6.09M | 11.05M | 5.81M | 3.39M | 2.23M | 1.61M | 1.27M | 1.15M | 1.19M | 1.1M | 958.02K | 1.39M | 911.72M | 1.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 83K | -7K | 260K | -6.33M | -5.27M | -1.77M | -3.54M | 794K | -1.82M | -1.2M | -712K | -1.59M | -8.81M | 1.35M | -462.74K | 1.72M | 1.89M | 1.74M | 377.05K | 696.52K | 659.98K | 1.91M | -11.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.79M | 7.08M | 53.37M | 69.87M | 7.56M | -4.66M | 39.05M | 3.58M | 4.26M | 2.45M | 706K | 945K | 377.75K | 122.32K | 3.05M | 1.76M | 1M | 322.87K | -117.88K | -911.29M | -1.27B | 1.21M | 652K | -6K | 10K | 129K | 63K | 100K | 200K | 200K | 500K |
| Working Capital Changes | -9.74M | -823K | -13.09M | -12.12M | -11.82M | -14.72M | -13.46M | -6.64M | -3.2M | -2.36M | -15.87M | 2.96M | 3.78M | -2.92M | -9.47M | -6.96M | -3.78M | -4.9M | -3.31M | -3.49M | -4.46M | -3.02M | 22.45M | 185K | 2.27M | 1.08M | -3.32M | -1.5M | -1.9M | -1.2M | 500K |
| Change in Receivables | -4.81M | 408K | 3.37M | -1.3M | -5.63M | -6.22M | 5.86M | -1.84M | 2.91M | 2.67M | -6.2M | -5M | 897.56K | 2.41M | -4.27M | -3M | -3.72M | -1.7M | 377.55K | -2.29B | -1.44B | 288M | -933M | -217M | 1.03B | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.9M | 30K | -9.42M | -11.4M | -6.87M | -6.62M | -14.18M | -5.58M | -7.58M | -6.52M | -1.74M | -2.94M | -1.97M | -2.82M | -2.37M | 224.71K | -1.22M | -1.87M | -1.27M | 850.55K | -2.18M | 826K | -642K | -703K | 802.91K | 1.01M | 756.06K | -2M | -1M | -100K | 0 |
| Change in Payables | 740K | 42K | -2.51M | -11K | 1.97M | -1.1M | 822K | 767K | -1.67M | 3.89M | -5.06M | 5.63M | -749.6K | 622.93K | -2.88M | -6.59M | 5.78M | 141.08K | -129.66K | 1.13B | -312.6M | 486M | 442M | -497M | -109.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.31M | -401K | -8.33M | -5.43M | -7.49M | -3.12M | -71.26M | 39.69M | -50.26M | -12.48M | -6.76M | -30.23M | -8.3M | -253.16K | -1.5M | -1.4M | -2.68M | -20.22M | -12.8M | -18.28M | -1.31M | -1.6M | 344K | 1.49M | 1.6M | 5.11M | 3.17M | -3.7M | -14.4M | -400K | 0 |
| Capital Expenditures | -5.43M | -6.83M | -7.73M | -5.43M | -7.49M | -5.14M | -1.63M | -2.83M | -4.66M | -8.98M | -14.01M | -9.22M | -1.55M | -440.89K | -1.5M | -1.4M | -2.78M | -3.96M | -16.25M | -14.76M | -1.31M | -1.6M | -474K | -256K | -88.91K | -908.47K | -505.35K | -1.7M | -2.2M | -300K | 0 |
| CapEx % of Revenue | 4.67% | 6.05% | 6.45% | 4.49% | 6.58% | 3.48% | 1.25% | 2.47% | 4.41% | 7.92% | 13.56% | 9.92% | 1.47% | 0.59% | 2.11% | 2.16% | 5.01% | 9.87% | 45.41% | 47.86% | 4.87% | 5.36% | 1.79% | 1.66% | 0.67% | 8.03% | 3.09% | 12.59% | 15.83% | 2.5% | - |
| Acquisitions | 4.5M | 8.99M | 0 | 0 | 0 | -476K | -94.6M | -42.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.38M | -2.57M | -600K | 0 | 0 | 0 | 0 | 42.52M | -45.6M | -3.5M | 7.25M | -21M | -6.75M | 187.74K | 0 | 0 | 105.3K | 0 | -58.06K | -1B | 0 | 0 | 818K | -759K | 199.1K | -23.56K | -29K | -5.8M | -200K | -100K | 0 |
| Cash from Financing | -15.46M | -10.55M | -12.73M | -6.32M | -4.85M | -6.78M | -3.77M | -8.14M | -28.9M | 314K | -23.35M | 1.92M | 5.33M | -5.69M | -758.85K | -1.17M | -1.34M | -1.64M | 16.69M | 2.53M | 1.73M | 556K | 579K | 93K | 0 | 0 | 539.93K | -1.4M | -1M | 17.7M | 200K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -284K | -201K | -558K | 0 | 0 | 0 | 0 | 0 | 0 | -9.6M | -1.6M | -1.6M | -1.6M | -1.6M | 15.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -13.7M | -8.98M | -10.91M | -5M | 0 | 0 | 1.52M | -30.29M | -30M | 0 | -25M | 0 | 2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 1.88M | 1.22M | 556K | 579K | 93K | 0 | 0 | 539.93K | -1.43M | -900K | 17.7M | 200K |
| 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 | -14.2M | -9.48M | -10.91M | -5M | 0 | 0 | 0 | -30M | -30M | 0 | -25M | 0 | 0 | 0 | 0 | 0 | 0 | 16.82B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.95M | -2M | 0 | 0 |
| Other Financing | -1.76M | -1.57M | -1.81M | -1.32M | -4.57M | -6.58M | -4.74M | 22.15M | 1.1M | 314K | 1.65M | 1.92M | 3.28M | 3.91M | 841.15K | 434.66K | 262.68K | -43.5K | 775.13K | 643.35K | 505.93K | 0 | 0 | 92.91M | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Net Change in Cash | -12.35M | 322K | -15.71M | -13.46M | -8.06M | -1.43M | -61.65M | 68.42M | -44.21M | 29M | -6.45M | 10.55M | 36.82M | 19.27M | 8.29M | 7.58M | 3.77M | -18.77M | 7.29M | -11.26M | 2.42M | 5.41M | 24.75M | 3.59M | 1.94M | 799.04K | 1.83M | -4.3M | -12M | 19.9M | -900K |
| Free Cash Flow | 1.04M | 4.36M | -2.33M | -7.21M | -3.08M | 3.25M | 11.44M | 34.18M | 30.26M | 31.83M | 9.79M | 29.84M | 38.43M | 24.72M | 9.04M | 8.77M | 5.07M | -867.53K | -12.84M | -10.26M | 695.37K | 4.85M | 23.35M | 1.76M | 243.12K | -5.22M | -2.39M | -900K | 1.2M | 2.3M | -1.1M |
| FCF Margin % | 0.89% | 3.87% | -1.94% | -5.97% | -2.7% | 2.2% | 8.77% | 29.82% | 28.67% | 28.07% | 9.47% | 32.09% | 36.39% | 32.93% | 12.67% | 13.54% | 9.12% | -2.16% | -35.88% | -33.29% | 2.59% | 16.26% | 88.23% | 11.4% | 1.84% | -46.17% | -14.62% | -6.67% | 8.63% | 19.17% | -91.67% |
| FCF Growth % | 126.3% | 287.13% | 67.69% | -134.48% | -194.56% | -71.55% | -66.54% | 12.94% | -4.93% | 225.25% | -67.2% | -22.35% | 55.42% | 173.38% | 3.09% | 73.08% | 684.25% | 93.24% | -25.1% | -1575.88% | -85.67% | -79.22% | 1229.73% | 622.28% | 104.65% | -118.64% | -165.42% | -175% | -47.83% | 309.09% | 45% |
| FCF per Share | 0.08 | 0.30 | -0.16 | -0.49 | -0.21 | 0.22 | 0.80 | 2.38 | 2.06 | 2.11 | 0.65 | 1.95 | 2.52 | 1.67 | 0.63 | 0.64 | 0.37 | -0.08 | -1.12 | -0.90 | 0.06 | 0.42 | 2.04 | 0.16 | 0.02 | -0.53 | -0.24 | -0.09 | 0.11 | 0.31 | -0.23 |
| FCF Conversion (FCF/Net Income) | -0.09x | -1.03x | -0.10x | 0.02x | -0.30x | 2.03x | -0.54x | 1.36x | 1.87x | 1.28x | 0.73x | 1.27x | 1.04x | 1.22x | 0.90x | 1.20x | 1.82x | 0.84x | 0.94x | 0.74x | 0.43x | 1.09x | 2.13x | 2.43x | -0.11x | 0.64x | -10.85x | -0.32x | 0.79x | 0.79x | 0.41x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126K | 184.88K | 193.88K | 222.92K | 208.05K | 191.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.99M | 3.12M | 106K | 1.23M | 0 | 9.26M | 5.56M | 15.09M | 22.83M | 12.72M | 13.78M | 9.84M | 6.5M | 2.65M | 360K | 1.21M | 10K | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
As reported in recent financial filings, the persistent divergence between net income and operating cash flow, highlighted by an OCF/NI ratio of 0.96 in 2026Q1, suggests that Anika's reported earnings are heavily influenced by non-cash adjustments rather than sustainable cash generation from core operations.
The frequent disconnect between accounting losses and cash flow outcomes indicates that the company's profitability metrics are not currently reflective of its underlying cash-generating capacity. Investors should monitor whether this trend persists, as the reliance on non-cash items to bridge the gap between net income and operating cash flow may mask deeper operational inefficiencies.
Based on quarterly data, Anika's free cash flow trajectory remains highly unstable, swinging from a $5.0M inflow in 2025Q3 to a $6.3M outflow in 2026Q1, which underscores the difficulty in achieving consistent cash flow positivity during the current strategic transition toward direct sales.
The erratic nature of free cash flow suggests that the company's capital allocation and operational spending are not yet synchronized with revenue cycles. This volatility warrants further investigation into whether the current cash burn is a temporary byproduct of investment or a structural feature of the new business model.
According to the provided cash flow statements, working capital fluctuations have become a significant drag on liquidity, evidenced by a $9.2M outflow in 2026Q1, which suggests that the company is struggling to manage its inventory and receivables effectively during its commercial expansion phase.
The recurring negative impact of working capital changes on operating cash flow implies that the company may be tying up excessive capital in inventory or facing delays in collections. This trend appears to be a primary contributor to the company's current cash-burning status and requires closer scrutiny of the underlying inventory turnover metrics.
As indicated by recent financial statements, Anika continues to prioritize share repurchases, such as the $8.7M outflow in 2026Q1, despite generating negative free cash flow, which raises questions regarding the sustainability of returning capital to shareholders while the core business remains in a cash-burning state.
The decision to allocate significant cash to buybacks while operating cash flow is negative suggests a management focus on supporting the share price that may be at odds with the company's immediate liquidity needs. Investors should monitor whether this capital deployment strategy is prudent given the lack of consistent profitability and the ongoing need for investment in the direct sales force.
Quick answers to the most common questions about buying ANIK stock.
Anika Therapeutics, Inc. (ANIK) generated $11.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Anika Therapeutics, Inc. (ANIK) generated $4.4M 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.
Anika Therapeutics, Inc. (ANIK) spent $6.8M 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, Anika Therapeutics, Inc. (ANIK) spent $9.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.