Cash flow generation remains inconsistent, highlighted by a significant $19.1 million working capital outflow in 2026Q1 and a historical peak capital intensity of 23.7% in 2025Q4.
| 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 | 56.24M | 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 % | 423.47% | 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 | 11.69M | 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 | 23.35M | 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 | 0 | 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 | -487K | 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 | 36.22M | 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 | -14.53M | -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 | -2.11M | -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 | -19.2M | -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 | 9.53M | 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 | -48.91M | -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 | -43.41M | -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 | 9.46% | 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 | 0 | 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 | -5.5M | -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 | 9.56M | 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) | 146K | -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) | 10.14M | 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 | -731K | 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 | 18.07M | 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 | 12.83M | -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 % | 2.8% | -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 % | 3022.78% | -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 | 0.26 | -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) | 1.10x | 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 |
Regulatory approval timeline delays
As reported in recent financial filings, Artivion's operating cash flow frequently diverges from net income, evidenced by a 2025Q1 OCF/NI ratio of 33.57, which highlights the significant impact of non-cash adjustments and working capital volatility on the company's reported bottom-line profitability metrics.
The wide variance between net income and operating cash flow suggests that accounting earnings are currently poor proxies for the company's actual cash-generating capacity. Investors should monitor whether this disconnect persists as the company scales its high-tech aortic device portfolio, as persistent reliance on non-cash adjustments may mask underlying operational inefficiencies.
Based on the provided cash flow statements, Artivion's free cash flow trajectory remains inconsistent, with margins swinging from a negative 20.8% in 2025Q1 to a positive 14.0% in 2025Q3, reflecting the inherent difficulty in stabilizing cash generation during a period of aggressive strategic transition.
The erratic nature of free cash flow appears to be driven by the lumpy timing of capital expenditures and working capital requirements. This volatility warrants further investigation into whether the company can achieve sustainable positive free cash flow as it moves past the initial integration phases of its recent acquisitions.
According to historical data, Artivion's capital intensity has fluctuated significantly, peaking at a 23.7% CapEx-to-revenue ratio in 2025Q4, which suggests that the company is currently prioritizing heavy investment in manufacturing infrastructure to support its specialized aortic device production and global distribution capabilities.
The elevated capital spending appears necessary to maintain the clean-room environments and cryopreservation facilities required for its product lines. However, the high level of investment relative to revenue suggests that the company's cash flow will remain sensitive to the timing of these infrastructure projects for the foreseeable future.
As indicated by the quarterly cash flow data, Artivion experienced a substantial $19.1 million working capital outflow in 2026Q1, which underscores the operational challenges of managing inventory and receivables within a complex, high-acuity medical device supply chain that relies on consignment-based sales models.
The recurring negative working capital swings suggest that the company's growth is currently consuming significant cash to fund inventory build-ups and accounts receivable. This trend may indicate that the company's cash conversion cycle is lengthening, which could pressure liquidity if revenue growth does not accelerate to offset these requirements.
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.