Free cash flow remains deeply negative, with a -5.1% FCF margin in 2026Q1, highlighting a structural inability to fund operations internally despite a cash balance of $31.1 million.
| 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 | -7.87M | -8M | -18.05M | -5.25M | -20.28M | -10.45M | -16.07M | -18.48M | -21.01M | -3.7M | -2.84M | -5.79M | -417K | -2.54M | 165K | 1.9M | -566K | -98.33K | 742.83K | 2.04M | 2.99M | -189.62K | 2.04M | 413.52K | 73.98K | 940.78K | 657.5K | 530.72K | -14.01K | -98.79K | 425.3K |
| Operating CF Margin % | - | -15.14% | -37.52% | -10.03% | -45.56% | -21.54% | -57.98% | -65.43% | -125.92% | -9.53% | -7.75% | -19.6% | -1.51% | -10.72% | 0.6% | 7.47% | -2.34% | -0.36% | 2.64% | 7.09% | 11.19% | -0.94% | 9.97% | 2.5% | 0.59% | 8.19% | 6.62% | 5.53% | -0.17% | -1.34% | 5.68% |
| Operating CF Growth % | 124.25% | 55.67% | -243.82% | 74.12% | -94.09% | 34.96% | 13.04% | 12.07% | -467.25% | -30.56% | 50.97% | -1287.53% | 83.56% | -1636.97% | -91.3% | 435.16% | -475.6% | -113.24% | -63.61% | -31.64% | 1674.83% | -109.28% | 394.29% | 458.96% | -92.14% | 43.08% | 23.89% | 3888.18% | 85.82% | -123.23% | 3302.4% |
| Net Income | -9.17M | -11.11M | -23.56M | -18.85M | -23.28M | -15.2M | -11.91M | -19.71M | 64.01M | -5.06M | -3.95M | -5.37M | -17.28M | -4.34M | 617K | 109K | -1.53M | 595.52K | 1.83M | 2.4M | 2.68M | 406.21K | 1.51M | 681.32K | -514.76K | 784.29K | 500.63K | -2.18M | -998.05K | 99.19K | 407.3K |
| Depreciation & Amortization | 719K | 655K | 599K | 692K | 890K | 903K | 887K | 754K | 669K | 696K | 734K | 812K | 876K | 827K | 857K | 925K | 1.01M | 1.05M | 973.07K | 770.83K | 529.26K | 545.88K | 395.12K | 314.68K | 274.88K | 524.24K | 396.81K | 321.17K | 787.09K | 311.14K | 260.6K |
| Stock-Based Compensation | 1.02M | 2M | 4.01M | 5.11M | 6.7M | 5.09M | 4.21M | 3.58M | 1.52M | 871K | 809K | 575K | 388K | 506K | 161K | 132K | 163K | 136.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -368K | -196K | 25K | -25K | 3.98M | -1.61M | 210K | -76K | -974K | 60.38K | 754.01K | -208.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.3K |
| Other Non-Cash Items | 2.83M | 2.04M | 2.15M | 2.25M | 628K | 603K | 996K | 215K | -68.45M | 503K | 209K | -1.62M | 8.03M | 912K | -154K | 703K | 1.15M | 12.03K | 165.82K | -20.11K | 509.56K | 0 | 58.61K | 326.58K | 367.55K | -211.19K | 0 | 2.81M | 390.1K | -63.6K | 10K |
| Working Capital Changes | -3.4M | -1.59M | -1.25M | 5.54M | -5.22M | -1.84M | -10.25M | -3.32M | -18.4M | -516K | -664K | -157K | 3.59M | 1.17M | -1.53M | 104K | -371K | -1.95M | -1.49M | -906.93K | -735.8K | -1.14M | 78.27K | -909.06K | -53.68K | -156.57K | -239.94K | -421.09K | -193.15K | -445.52K | -260.9K |
| Change in Receivables | -1.31M | -1.32M | -2.04M | 3.97M | 1.92M | -4.9M | -558K | -3.79M | -382K | -303K | -1.88M | -933K | -3K | 884K | -658K | -126K | 451K | 440.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.72M | -1.07M | 2.26M | 1.46M | -5.57M | -2.86M | 615K | -2.37M | -881K | -870K | -379K | -102K | 1.96M | -884K | 287K | -719K | -822K | -1.46M | -1.29M | -812.13K | -612.47K | -870.83K | 249.5K | -234.1K | -286.7K | -407.84K | -312.17K | -201.23K | -24.7K | -109.92K | -247.8K |
| Change in Payables | 275K | 355K | -63K | 25K | 67K | 1.15M | -965K | 1.05M | -224K | -23K | 392K | -189K | 494K | 257K | -284K | 134K | 362K | -727.93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.12M | -1.11M | -722K | 6.73M | -1.01M | -723K | -581K | 60.54M | 29.3M | -624K | -286K | -921K | -630K | -588K | -753K | -542K | 432K | -2.46M | -4.51M | -1.71M | -2.47M | -917.05K | -314.75K | -654.84K | -247.17K | -519.31K | -639.87K | -126.73K | -443.83K | -257.73K | 156.6K |
| Capital Expenditures | -1.12M | -1.11M | -722K | -533K | -1.01M | -723K | -581K | -1.3M | -363K | -624K | -286K | -421K | -630K | -588K | -753K | -542K | -201K | -2.47M | -4.52M | -1.71M | -2.47M | -910.28K | -606.5K | -565.91K | -220.67K | -172.94K | -256.08K | -126.73K | -321.22K | -257.72K | -456.8K |
| CapEx % of Revenue | 2% | 2.11% | 1.5% | 1.02% | 2.27% | 1.49% | 2.1% | 4.61% | 2.18% | 1.6% | 0.78% | 1.43% | 2.28% | 2.49% | 2.72% | 2.13% | 0.83% | 9.15% | 16.1% | 5.95% | 9.28% | 4.5% | 2.96% | 3.42% | 1.77% | 1.51% | 2.58% | 1.32% | 3.81% | 3.5% | 6.1% |
| Acquisitions | 0 | 0 | 0 | 7.41M | 0 | 195K | 0 | 0 | 91.09M | 0 | 0 | -500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -147K | 0 | -195K | 0 | 0 | 29.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 633K | 1.23K | 10.57K | 0 | 0 | -6.77K | 291.76K | -88.93K | -26.5K | -346.37K | -383.79K | 0 | -122.61K | -10 | 613.4K |
| Cash from Financing | 9.64M | 9.58M | 6.75M | 32.17M | 217K | 24K | -73K | 147K | -2.49M | -179K | 5.77M | 12.78M | -1.14M | 6.89M | -130K | -302K | 1.72M | 2.15M | 2.89M | 253.9K | 1.15M | 107.2K | 259.37K | 168.25K | -25.96K | -121.78K | -154.04K | -267.6K | 688.27K | 283.87K | 0 |
| Debt Issued (Net) | -20K | -20K | -20K | 35.04M | -148K | -238K | -369K | -60K | -2.69M | -239K | -240K | -239K | -84K | -162K | -130K | -302K | -1.1M | 2.07M | 2.66M | 0 | -186.46K | -31.66K | -35.34K | -553.46K | -31.67K | 55.86K | -33.21K | -19.97K | -50.01K | 635K | 0 |
| Equity Issued (Net) | 9.63M | 9.54M | 7M | 2.72M | 365K | 67K | 148K | 0 | 0 | 0 | 5.83M | 11.53M | 259K | 7.05M | 0 | 0 | 9K | 79K | 223.03K | 253.9K | 1.33M | 138.86K | 290.43K | 251K | 0 | -183K | -122K | -247.63K | 982.76K | 0 | 181K |
| 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 | 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 | -183K | -152K | -425K | 0 | 0 | 0 |
| Other Financing | 30K | 60K | -235K | -5.59M | 0 | 195K | 148K | 207K | 202K | 60K | 184K | 1.49M | -1.32M | 0 | 0 | 0 | 2.81M | 231 | 0 | 0 | 0 | 0 | 4.29K | -31.08K | 5.71K | 5.37K | 1.17K | 0 | -244.48K | -351.13K | -181K |
| Net Change in Cash | 126K | -1K | -11.91M | 33.46M | -20.68M | -11.04M | -16.9M | 42.22M | 5.8M | -4.51M | 2.65M | 6.07M | -2.19M | 3.76M | -718K | 1.05M | 1.67M | -409.62K | -970.32K | 581.87K | 1.66M | -999.48K | 1.99M | -73.07K | -199.15K | 299.69K | -136.41K | 136.4K | 230.43K | -72.66K | -44.9K |
| Free Cash Flow | -8.99M | -9.12M | -18.77M | -5.78M | -21.29M | -11.17M | -16.65M | -19.78M | -21.37M | -4.33M | -3.12M | -6.21M | -1.05M | -3.12M | -588K | 1.35M | -767K | -2.56M | -3.78M | 327.97K | 511.25K | -1.1M | 1.44M | -152.39K | -146.69K | 767.84K | 401.42K | 404K | -335.23K | -356.52K | -31.5K |
| FCF Margin % | -16.08% | -17.25% | -39.02% | -11.05% | -47.83% | -23.03% | -60.07% | -70.04% | -128.1% | -11.13% | -8.53% | -21.03% | -3.78% | -13.2% | -2.13% | 5.33% | -3.17% | -9.51% | -13.45% | 1.14% | 1.92% | -5.44% | 7.01% | -0.92% | -1.18% | 6.69% | 4.04% | 4.21% | -3.97% | -4.84% | -0.42% |
| FCF Growth % | 31.64% | 51.44% | -224.61% | 72.84% | -90.57% | 32.89% | 15.82% | 7.48% | -393.85% | -38.58% | 49.69% | -492.84% | 66.49% | -431.29% | -143.39% | 276.66% | 70.08% | 32.19% | -1252.66% | -35.85% | 146.48% | -176.52% | 1043.27% | -3.89% | -119.1% | 91.28% | -0.64% | 220.51% | 5.97% | -1031.8% | 91.01% |
| FCF per Share | -0.21 | -0.22 | -0.53 | -0.17 | -0.62 | -0.33 | -0.49 | -0.58 | -0.62 | -0.14 | -0.11 | -0.22 | -0.06 | -0.18 | -0.03 | 0.08 | -0.04 | -0.14 | -0.22 | 0.02 | 0.03 | -0.07 | 0.09 | -0.01 | -0.01 | 0.05 | 0.02 | 0.03 | -0.02 | -0.04 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.98x | 0.71x | 0.77x | 0.28x | 0.87x | 0.69x | 1.35x | 0.94x | -0.33x | 0.73x | 0.72x | 1.08x | 0.02x | 0.58x | 0.27x | 17.40x | 0.37x | -0.17x | 0.41x | 0.85x | 1.11x | -0.47x | 1.35x | 0.61x | -0.14x | 1.20x | 1.31x | -0.24x | 0.01x | -1.00x | 1.04x |
| Interest Paid | 3.49M | 4.64M | 4.75M | 1.94M | 15K | 10K | 46K | 8K | 104K | 136K | 158K | 0 | 0 | 0 | 0 | 0 | 0 | 128K | 58.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 257K | 258K | 382K | 329K | 128K | 111K | 82K | 325K | 13.28M | 32K | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 245K | 135.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent cash burn trajectory
According to the provided financial data, the relationship between net income and operating cash flow is consistently disjointed, with OCF/NI ratios frequently fluctuating, as seen in the 2025Q4 period where the ratio reached 1.95, suggesting that non-cash items and working capital swings heavily distort reported earnings.
The persistent gap between net losses and operating cash flow suggests that the company's accounting earnings are not currently reflective of its underlying cash generation capabilities. Investors should monitor whether this divergence is driven by recurring non-cash charges or if it indicates a fundamental inability to convert revenue into actual liquidity.
As reported in recent financial statements, APYX has consistently failed to generate positive free cash flow, with quarterly FCF margins reaching as low as -62.2% in 2024Q1, highlighting a structural inability to fund operations through internal cash generation despite various revenue growth initiatives.
The consistent negative FCF trajectory suggests that the company remains in a cash-consuming phase of its lifecycle, necessitating external financing to sustain operations. This trend warrants further investigation into whether the current cost structure can ever reach a breakeven point without significant scale improvements.
Based on reported figures, working capital changes have been highly erratic, swinging from a $2.6M inflow in 2025Q1 to a $2.8M outflow in 2025Q4, which suggests that the company's cash position is highly sensitive to the timing of inventory management and accounts receivable collections.
This volatility in working capital appears to mask the underlying operational cash burn, making it difficult to assess the true efficiency of the company's cash conversion cycle. Analysts should be cautious of relying on short-term cash flow improvements that may be driven by temporary timing differences rather than sustainable operational gains.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $1.1M in 2024Q2, serves as a significant non-cash adjustment that effectively subsidizes the company's operating expenses, thereby obscuring the true magnitude of the cash burn required to retain talent.
While SBC is a standard accounting practice, its reliance in this context suggests that the company is using equity to preserve limited cash reserves. Investors should consider the dilutive impact of this strategy alongside the persistent operating losses when evaluating the long-term sustainability of the current capital structure.
Quick answers to the most common questions about buying APYX stock.
Apyx Medical Corporation (APYX) generated $-8.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apyx Medical Corporation (APYX) reported negative free cash flow of $9.1M in 2025, indicating capital requirements exceeded cash from operations.
Apyx Medical Corporation (APYX) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.