Free cash flow turned negative at -$12.0M in Q2 2026, with operating cash flow of -$1.3M, as working capital swings and acquisition outflows of $116.7M overshadowed cumulative operating cash flow of $60.2M over ten quarters.
Artivion, Inc. (AORT) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 39.96M | 38.13M | 22.24M | 18.82M | -5.15M | -2.58M | 12.37M | 15.83M | 9.88M | 10.8M | 19.72M | 11.44M | 8.12M | 16.77M | 18.99M | 16.75M | 20.84M | 16.57M | 9.54M | 9.29M | -1.07M | -18.52M | -16.23M | -5.93M | -2.11M | 6.48M | 10.28M | 987K | 1.2M | -2.2M | 4M |
| Operating CF Margin % | - | 8.64% | 5.72% | 5.32% | -1.64% | -0.86% | 4.88% | 5.73% | 3.76% | 5.69% | 10.93% | 7.84% | 5.61% | 11.92% | 14.42% | 14% | 17.86% | 14.84% | 9.08% | 9.81% | -1.32% | -26.73% | -26.01% | -9.96% | -2.71% | 7.39% | 13.33% | 1.48% | 1.98% | -4.32% | 10.81% |
| Operating CF Growth % | 170.36% | 71.48% | 18.12% | 465.32% | -99.34% | -120.9% | -21.85% | 60.18% | -8.53% | -45.22% | 72.34% | 40.95% | -51.6% | -11.68% | 13.37% | -19.61% | 25.74% | 73.77% | 2.64% | 967.6% | 94.22% | -14.12% | -173.53% | -181% | -132.58% | -36.97% | 941.44% | -17.75% | 154.55% | -155% | 263.64% |
| Net Income | -3.17M | 9.77M | -13.36M | -30.69M | -19.19M | -14.83M | -3.46M | 1.72M | -2.84M | 3.7M | 10.78M | 4M | 7.32M | 16.17M | 7.95M | 7.37M | 3.94M | 8.68M | 32.91M | 7.2M | 365K | -19.54M | -18.75M | -32.29M | -27.76M | 9.17M | 7.82M | 4.45M | 6.5M | 4.7M | 3.9M |
| Depreciation & Amortization | 24.56M | 22.46M | 24.2M | 23.08M | 22.44M | 23.98M | 27.86M | 18.32M | 18.09M | 9.74M | 8.38M | 5.86M | 6.03M | 5.84M | 5.63M | 4.96M | 3.94M | 4.26M | 4.35M | 4.46M | 4.84M | 5.04M | 5.48M | 5.51M | 5.42M | 4.61M | 3.22M | 3.15M | 3.5M | 2.7M | 1.4M |
| Stock-Based Compensation | 16.58M | 24.39M | 14.24M | 14.42M | 12.34M | 10.71M | 6.91M | 8.8M | 6.33M | 6.92M | 6.33M | 5.09M | 3.44M | 3.24M | 3.16M | 2.79M | 2.62M | 2.43M | 2.1M | 2.13M | 1.62M | 358K | 358K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.15M | 37K | -1.51M | -1.39M | -1.72M | -4.47M | 4.28M | -2.31M | -4.49M | -1.48M | 595K | 3.68M | 178K | 617K | 1.23M | 1.77M | -1.51M | 5.25M | -7K | -961K | 226K | 3.55M | 7.19M | 5.73M | -5.57M | 624K | 1.66M | -970K | -1.9M | 400K | 0 |
| Other Non-Cash Items | 26.04M | 3.64M | 15.9M | 29.59M | 6.91M | 15.26M | 3.47M | 8.68M | 2.8M | 2.79M | -6.28M | 718K | -324K | -7.52M | 1.31M | 1.04M | 7.73M | 652K | -18.29M | 1.72M | 2.16M | -2.48M | 10K | 347K | 38.01M | 348K | 616K | 1.19M | -100K | 100K | 200K |
| Working Capital Changes | -22.9M | -22.16M | -17.24M | -16.19M | -25.94M | -33.23M | -26.7M | -19.38M | -10.01M | -10.87M | -83K | -7.91M | -8.52M | -1.58M | -289K | -1.17M | 4.11M | -4.71M | -11.52M | -5.25M | -10.28M | -5.45M | -10.52M | 7.9M | -12.21M | -8.98M | -3.03M | -6.84M | -6.6M | -10.1M | -1.5M |
| Change in Receivables | -5.58M | -7.27M | -15.39M | -4.05M | -13.34M | -11.56M | 9.94M | -3.38M | -5.91M | -7.26M | 4.14M | -3.81M | -4.56M | -1.64M | 1.36M | -2.23M | 179K | -80.36M | -68.24M | 2.78M | -36.31M | -29.87M | -30.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -20.51M | -15.28M | -6.14M | -14.36M | -8.4M | -18.38M | -24.76M | -8.13M | 2.38M | -9.37M | -9.46M | -2.26M | -1.13M | 193K | -1.6M | 2.44M | -1.8M | -1.14M | -2.92M | -454K | -600K | 158K | -517K | 135K | -1.43M | -2.27M | -1.43M | -2.88M | -3M | -900K | 200K |
| Change in Payables | 4.04M | 2.18M | 9.5M | 1.68M | -1.96M | -1.89M | -9.16M | 251K | -8.87M | 8.73M | 4.72M | -656K | -64K | 572K | 529K | -772K | 2.38M | 483K | 267K | 842K | 155K | 342K | 342K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -175.03M | -42.04M | -28.19M | -502K | -10.71M | 5.66M | -73.13M | -23.94M | -6.71M | -170.99M | -73.85M | -4.49M | -5.35M | 10.88M | -22.92M | -27.72M | -10.73M | -4.38M | -4.34M | 446K | -557K | -2.03M | 457K | 9.35M | 6.28M | -18.1M | -6.63M | -3.28M | -18.9M | -9.6M | -4.9M |
| Capital Expenditures | -50.87M | -39.04M | -11.19M | -7.43M | -10.71M | -13.09M | -7.33M | -8.07M | -5.79M | -7.04M | -7.42M | -4.1M | -5.32M | -4.34M | -3.07M | -2.54M | -7.53M | -1.69M | -1.74M | -1.21M | -1.64M | -989K | -950K | -955K | -4.1M | -14.33M | -9.49M | -3.85M | -6.7M | -5.1M | -9.2M |
| CapEx % of Revenue | 10.79% | 8.85% | 2.88% | 2.1% | 3.41% | 4.38% | 2.89% | 2.92% | 2.2% | 3.71% | 4.12% | 2.81% | 3.68% | 3.08% | 2.33% | 2.12% | 6.46% | 1.51% | 1.65% | 1.27% | 2.02% | 1.43% | 1.52% | 1.6% | 5.27% | 16.34% | 12.31% | 5.77% | 11.04% | 10.02% | 24.86% |
| Acquisitions | -116.66M | 0 | 0 | 0 | 0 | 0 | -59.12M | 0 | 0 | -163.92M | -71.36M | -1.35M | 198K | 0 | -17.04M | -21.06M | 0 | 48K | 0 | 19K | 13K | 12K | 26K | 0 | 0 | 0 | 0 | 0 | 15M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.5M | -3M | -17M | 6.93M | 0 | -249K | -6.68M | -15.87M | -929K | -86K | 4.87M | 3K | -192K | -206K | -2.81M | -547K | -797K | -831K | -46K | -190K | -105K | -208K | -56K | 1.25M | -1.43M | 1.33M | 43K | -452K | -700K | -4.5M | -1.6M |
| Cash from Financing | 159.35M | 13.03M | 2.2M | 865K | -1.64M | -12.22M | 93.61M | -1.49M | -2.56M | 143.25M | 73.43M | -2.81M | -6.95M | -3.05M | -4.71M | -2.85M | -4.72M | 707K | -2.43M | 743K | -968K | 22.73M | 15.55M | -8.03M | -1.4M | 1.33M | 7.78M | -4.46M | 30.5M | 10.6M | 1.8M |
| Debt Issued (Net) | 148.78M | -2.46M | -358K | -2.77M | -2.75M | -3.08M | 94.65M | -2.78M | -2.79M | 152.79M | 73.59M | 0 | 0 | 0 | 0 | -31K | -1.54M | -1.33M | -4.2M | -41K | -2.76M | 3.79M | -717K | -6.25M | -2.21M | -176K | 6.37M | -738K | -12.5M | 10M | 1.2M |
| Equity Issued (Net) | 11.24M | 13.07M | 5.73M | -559K | -1.79M | -1.91M | -2M | -2.74M | -2.1M | -1.61M | -697K | -1.39M | -7.07M | -2.2M | -3.53M | -3.06M | -5.88M | -330K | 1.77M | 1.27M | 418K | 19.47M | 19.65M | 660K | 809K | 1.5M | 1.05M | -3.73M | 42.9M | 600K | 600K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.41M | -3.29M | -2.97M | -1.37M | 0 | 0 | 0 | 0 | -486K | -973K | -533K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -559K | -1.79M | -1.91M | -2M | -2.74M | -2.1M | -1.61M | -697K | -1.39M | -7.07M | -1.52M | -3.53M | -3.06M | -5.88M | -330K | -611K | -478K | -50K | 0 | -54K | 0 | -663K | 0 | -612K | -4.3M | -3.4M | 0 | 0 |
| Other Financing | -672K | 2.42M | -3.17M | 4.2M | 2.91M | -7.22M | 949K | 4.03M | 2.33M | -7.93M | 531K | 1.98M | 3.41M | 2.12M | 187K | 249K | 2.69M | 2.37M | 0 | 0 | 2.35M | 0 | -3.38M | -2.44M | 0 | 0 | 360K | 0 | 100K | 0 | 0 |
| Net Change in Cash | 23.84M | 11.45M | -5.48M | 19.59M | -15.66M | -6.95M | 27.66M | -7.94M | 1.48M | -16.66M | 19.05M | 4.21M | -4.27M | 24.63M | -8.7M | -13.79M | 5.38M | 12.92M | 2.74M | 10.33M | -2.5M | 1.92M | -184K | -4.61M | 3.07M | -10.28M | 11.35M | -6.76M | 30.5M | 10.6M | 1.8M |
| Free Cash Flow | -10.91M | -911K | 11.05M | 11.39M | -15.87M | -15.68M | 5.04M | 7.75M | 4.09M | 3.76M | 12.29M | 7.34M | 2.8M | 12.43M | 15.92M | 14.21M | 13.3M | 14.88M | 7.8M | 8.09M | -2.71M | -19.51M | -17.18M | -6.89M | -6.21M | -7.85M | 788K | -2.87M | -5.5M | -7.3M | -5.2M |
| FCF Margin % | -2.31% | -0.21% | 2.84% | 3.22% | -5.06% | -5.25% | 1.99% | 2.81% | 1.56% | 1.98% | 6.82% | 5.03% | 1.93% | 8.83% | 12.09% | 11.88% | 11.41% | 13.33% | 7.42% | 8.53% | -3.34% | -28.15% | -27.53% | -11.57% | -7.98% | -8.95% | 1.02% | -4.3% | -9.06% | -14.34% | -14.05% |
| FCF Growth % | -242.33% | -108.25% | -3.05% | 171.81% | -1.22% | -410.97% | -35% | 89.38% | 8.85% | -69.4% | 67.53% | 162.29% | -77.5% | -21.9% | 12.01% | 6.82% | -10.6% | 90.82% | -3.54% | 398.01% | 86.09% | -13.57% | -149.4% | -10.88% | 20.88% | -1096.19% | 127.49% | 47.89% | 24.66% | -40.38% | -940% |
| FCF per Share | -0.22 | -0.02 | 0.27 | 0.28 | -0.40 | -0.40 | 0.13 | 0.20 | 0.11 | 0.11 | 0.37 | 0.26 | 0.10 | 0.45 | 0.58 | 0.51 | 0.47 | 0.53 | 0.28 | 0.30 | -0.11 | -0.81 | -0.75 | -0.35 | -0.32 | -0.40 | 0.04 | -0.15 | -0.30 | -0.49 | -0.35 |
| FCF Conversion (FCF/Net Income) | 3.45x | 3.90x | -1.66x | -0.61x | 0.27x | 0.17x | -0.74x | 9.20x | -2.60x | 2.92x | 1.83x | 2.86x | 1.11x | 1.04x | 2.39x | 2.27x | 5.28x | 1.91x | 0.29x | 1.29x | -2.93x | 0.95x | 0.87x | 0.18x | 0.08x | 0.71x | 1.31x | 0.22x | 0.18x | -0.47x | 1.03x |
| Interest 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 |
| Taxes 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 |
Quick answers to the most common questions about buying AORT stock.
Artivion, Inc. (AORT) generated $38.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Artivion, Inc. (AORT) reported negative free cash flow of $0.9M in 2025, indicating capital requirements exceeded cash from operations.
Artivion, Inc. (AORT) spent $39.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Regulatory delays for JOTEC portfolio
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Volatility
Operating cash flow swung from -$17.0M in Q1 2025 to $20.5M in Q3 2025, while net income remained near breakeven, indicating significant non-cash adjustments and working capital swings, per recent filings.
The OCF/NI ratio is highly erratic, ranging from -5.01 to 33.57, suggesting that net income is a poor proxy for cash generation. In Q2 2026, net income was -$13.5M but OCF was only -$1.3M, implying large non-cash charges like D&A and SBC. This divergence warrants close monitoring of accruals and working capital management.
FCF Volatility Masks Underlying Growth
Free cash flow swung from -$20.6M in Q1 2025 to $15.9M in Q3 2025, with Q2 2026 at -$12.0M, reflecting lumpy capex and working capital, as reported in quarterly statements.
FCF margins have been inconsistent, ranging from -20.8% to 14.0%, with no clear upward trend. The TTM FCF is negative, indicating that the company is not yet self-funding its growth. However, the revenue growth of 13.6% TTM suggests that investments are being made to capture market share, which may translate into positive FCF if operating leverage materializes.
Capital Intensity Spikes on Strategic Investments
CapEx surged to $27.5M in Q4 2025 (23.7% of revenue) from $3.3M in Q2 2025, indicating a deliberate investment phase, based on reported figures.
The elevated capex in Q4 2025 and Q2 2026 (8.5% of revenue) suggests investments in manufacturing capacity or regulatory infrastructure, likely tied to the JOTEC portfolio. While this pressures near-term FCF, it may be necessary to support future growth. Investors should monitor whether these investments yield higher revenue and margins.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes ranged from -$26.8M in Q1 2025 to +$3.2M in Q3 2025, with a -$9.2M drag in Q2 2026, indicating significant variability in collections and inventory, per financial statements.
The large negative working capital changes in several quarters suggest that the company is building inventory or facing slower collections, possibly due to consignment stock or international expansion. This volatility is a key driver of the erratic OCF and FCF. Effective working capital management will be crucial to stabilize cash flow.
Acquisition-Driven Cash Deployment
Cash outflows for acquisitions reached $116.7M in Q2 2026, while dividends and buybacks were nil, indicating a focus on inorganic growth, as disclosed in cash flow statements.
The significant acquisition spend in Q2 2026, likely related to JOTEC or other strategic assets, underscores management's commitment to expanding the product portfolio. With no dividends or buybacks, all cash is being reinvested. This strategy could enhance long-term value if the acquired assets generate expected synergies, but it also increases integration risk.
Cumulative Earnings vs Cash: A Persistent Gap
Over the last ten quarters, cumulative net income is approximately -$15.3M, while cumulative operating cash flow is +$60.2M, indicating that cash generation has outpaced reported earnings, based on quarterly data.
The positive cumulative OCF despite negative net income suggests that non-cash charges like D&A and SBC are significant, and that working capital has been a source of cash in some periods. This divergence implies that the company's cash-generative capacity may be stronger than earnings suggest, but it also highlights the impact of heavy investment and acquisition-related costs.
What Could Invalidate the Base Case
The sustained gap between 13.6% TTM revenue growth and 6.1% operating margin suggests that heavy investment may not yield expected operating leverage, as per the latest financials.
If the elevated capex and acquisition spend do not translate into improved margins and positive FCF, the company may face prolonged cash burn. Additionally, the reliance on acquisitions for growth introduces integration risk, and any delays in regulatory approvals for the JOTEC portfolio could further pressure cash flow. Investors should monitor whether the company can achieve positive FCF without additional external financing.