Cash conversion efficiency appears strained, as evidenced by a $67.9M working capital outflow in 2026Q1 that contributed to a negative $7.8M operating cash flow despite positive headline earnings.
| 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 |
|---|
| Cash from Operations | 57.63M | 51.77M | -306.2M | -467.36M | -495.7M | -417.65M | -271.55M | -175.94M | -138.8M | -95.1M | -60.18M | -43.47M | -18.4M | 6.31M | -652K |
| Operating CF Margin % | - | 7.48% | -84.2% | -175.23% | -968.65% | -5369.62% | -3905.48% | -1315.41% | -1311.8% | -6215.62% | -1306.54% | -535.43% | -131.61% | 30.92% | -4.18% |
| Operating CF Growth % | 418.1% | 116.91% | 34.48% | 5.72% | -18.69% | -53.8% | -54.34% | -26.75% | -45.96% | -58.03% | -38.45% | -136.19% | -391.65% | 1067.79% | - |
| Net Income | 506.6M | -219.03M | -378.08M | -481.45M | -583.19M | -383.58M | -418.95M | -218.02M | -130.1M | -123.9M | -68.5M | -32.92M | -9.66M | 4.08M | 1.25M |
| Depreciation & Amortization | 17.4M | 17M | 17.71M | 18.91M | 17.96M | 15.39M | 9.45M | 6.69M | 880K | 734K | 677K | 558K | 504K | 405K | 425K |
| Stock-Based Compensation | 60.66M | 0 | 95.51M | 66.66M | 64.18M | 66.83M | 53.17M | 37.49M | 19.65M | 9.71M | 7.32M | 1.71M | 1.27M | 671K | 125K |
| Deferred Taxes | 10.69M | 3.21M | 4.84M | 0 | 5.38M | -367K | -219K | -234K | -394K | -477K | -227K | -652K | -682K | 626K | 35K |
| Other Non-Cash Items | -488.98M | 182.44M | 60.98M | 24.77M | 12.45M | -68.2M | 85.97M | -5.93M | -30.55M | 13.81M | -3.51M | -7.5M | -2.44M | 4K | -35K |
| Working Capital Changes | -48.72M | 68.16M | -107.16M | -96.26M | -12.47M | -47.72M | -964K | 4.07M | 1.71M | 5.02M | 4.07M | -4.66M | -7.4M | 525K | -2.45M |
| Change in Receivables | -118.95M | 14.97M | -118.61M | -32.77M | -11.53M | -6.66M | -2M | -1.87M | 182K | 99K | 777K | 228K | 413K | 4.01M | -4.48M |
| Change in Inventory | -21.53M | -5.69M | -86.68M | -78.26M | -55.27M | -75.41M | 0 | -5.64M | 0 | -5.71M | 1.55M | -3.33M | -766K | 140K | 593K |
| Change in Payables | 333.35K | -9.96M | 0 | 0 | 0 | 0 | 0 | 7.51M | 8.26M | 10.76M | 4.71M | 3.4M | 2.62M | -12K | 13K |
| Cash from Investing | -14.55M | -8.15M | 6.88M | 286.47M | 61.73M | -110.58M | -291.2M | -5.16M | -2.65M | -941K | -672K | -1.04M | -405K | -1.2M | -291K |
| Capital Expenditures | -15.53M | -8.15M | -1.43M | -2.44M | -14.49M | -23.7M | -19.86M | -5.16M | -2.65M | -941K | -672K | -1.04M | -405K | -1.2M | -291K |
| CapEx % of Revenue | 1.79% | 1.18% | 0.39% | 0.92% | 28.31% | 304.76% | 285.63% | 38.57% | 25.03% | 61.5% | 14.59% | 12.8% | 2.9% | 5.86% | 1.87% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -10.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 974.77K | 0 | 950K | 288.92M | 9.54M | -530K | 3.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 16.75M | 34.89M | 443.93M | 134.29M | 396.77M | 351.39M | 602.65M | 493.59M | 203.27M | 124.72M | 117.46M | 105.74M | 47.91M | -220K | -205K |
| Debt Issued (Net) | -27.45M | -21.09M | 122.79M | 125.82M | 496.93M | -6.43M | -4.77M | -4.04M | 0 | 0 | 0 | 0 | 0 | -220K | -205K |
| Equity Issued (Net) | 38.52M | 66.93M | 309.91M | -1.81M | -105.31M | 346.28M | 580.54M | 480.25M | 216.38M | 133.11M | 125.97M | 114.14M | 48.1M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -53.39M | -16.71M | 0 | -1.81M | -105.31M | -21.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.68M | -10.95M | 11.22M | 10.29M | 5.15M | 11.54M | 26.88M | 17.38M | -13.12M | -8.39M | -8.5M | -8.4M | -189K | 0 | 0 |
| Net Change in Cash | 42.66M | 122.65M | 167.38M | -52.6M | -1.5M | -138.25M | -13.59M | 320.24M | 82.51M | 15.02M | 60.68M | 69.48M | 30.74M | 4.89M | -1.15M |
| Free Cash Flow | 42.11M | 43.62M | -307.62M | -469.8M | -510.19M | -441.88M | -293.1M | -181.09M | -141.45M | -96.04M | -60.85M | -44.51M | -18.81M | 5.12M | -943K |
| FCF Margin % | 4.85% | 6.31% | -84.6% | -176.14% | -996.97% | -5681.19% | -4215.45% | -1353.98% | -1336.83% | -6277.12% | -1321.12% | -548.23% | -134.51% | 25.06% | -6.05% |
| FCF Growth % | 119.07% | 114.18% | 34.52% | 7.92% | -15.46% | -50.76% | -61.85% | -28.03% | -47.28% | -57.83% | -36.73% | -136.63% | -467.7% | 642.42% | - |
| FCF per Share | 0.65 | 0.72 | -5.31 | -8.35 | -9.10 | -8.07 | -5.79 | -3.89 | -3.44 | -2.86 | -2.29 | -1.87 | -1.11 | 0.47 | -0.09 |
| FCF Conversion (FCF/Net Income) | 0.08x | -0.24x | 0.81x | 0.97x | 0.85x | 1.09x | 0.65x | 0.81x | 1.07x | 0.77x | 0.88x | 1.32x | 1.91x | 1.55x | -0.52x |
| Interest Paid | 0 | 0 | 0 | 15.67M | 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 |
Commercial execution and dilution
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly disconnected, with the 2026Q1 net income of $639.7M contrasting sharply against a negative $7.8M in operating cash flow, suggesting significant non-cash or non-operating items are inflating reported earnings.
The wide divergence between accounting profit and cash generation indicates that the company's current profitability is not yet supported by core operational inflows. Investors should monitor this gap closely, as it suggests that the reported net income may not reflect the underlying cash-generating capacity of the commercial portfolio.
Based on quarterly data, free cash flow has exhibited extreme volatility, swinging from a $101.8M outflow in 2024Q1 to a $67.4M inflow in 2025Q4, highlighting the difficulty in achieving consistent cash self-sufficiency during the current phase of aggressive commercial scaling and infrastructure investment.
The inconsistent FCF trajectory reflects the lumpy nature of milestone payments and the ongoing costs associated with launching new therapies. Until the company demonstrates sustained positive FCF, the reliance on external financing remains a structural risk to the current valuation.
According to SEC filings, working capital changes have been a major source of cash flow instability, including a $67.9M outflow in 2026Q1, which suggests that inventory management and the timing of receivables collection are creating significant friction in the company's ability to convert sales into cash.
These fluctuations in working capital appear to be tied to the commercial ramp-up of SKYTROFA and YORVIPATH. The inability to maintain a consistent working capital cycle may indicate challenges in managing the supply chain or the credit terms extended to specialty pharmacy partners.
As indicated by the $52.7M in share repurchases during 2026Q1, the company is actively deploying capital despite ongoing operational cash burn, a strategy that warrants further investigation regarding the sustainability of such outflows while the core business is still transitioning toward consistent positive cash flow generation.
The decision to repurchase shares while operating cash flow remains negative suggests a management focus on supporting the equity price. This capital allocation strategy may limit the cash available for R&D or commercial expansion, potentially increasing the need for future dilutive financing if growth targets are missed.
Quick answers to the most common questions about buying ASND stock.
Ascendis Pharma A/S (ASND) generated $51.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ascendis Pharma A/S (ASND) generated $43.6M 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.
Ascendis Pharma A/S (ASND) spent $8.2M 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, Ascendis Pharma A/S (ASND) spent $16.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.