Liquidity remains highly volatile, with the company reporting a $30.0 million cash outflow in 2025Q4 and a reliance on a $20.3 million working capital inflow in 2026Q1 to mask underlying operational burn.
| 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 | -7.08M | -28.18M | 26.41M | 49.6M | 78.6M | 5.52M | -65.57M | 90.47M | 72.5M | 62.17M | 65.5M | 143.89M | -55.92M | 9.75M | -30.98M | 57.65M | -2.38M | 1.84M | 3.35M | 14.66M | -27.7M | 28.82M | -23.27M | -33.15M | -4.44M | -12.4M | -6.65M | -3.94M | -2.5M | -1.1M | -400K |
| Operating CF Margin % | - | -23.74% | 21.13% | 32.62% | 50.31% | 4.98% | -60.67% | 39.42% | 23.25% | 16.33% | 14.37% | 41.98% | -14.32% | 7.27% | -34.12% | 43.36% | -2.95% | 3.18% | 9.62% | 22.36% | -290.02% | 654.13% | -11486.53% | -3375.58% | -267.11% | -337.53% | -374.52% | -3420.59% | -312.5% | -183.33% | -133.33% |
| Operating CF Growth % | -13552.77% | -206.72% | -46.76% | -36.89% | 1323.1% | 108.42% | -172.48% | 24.8% | 16.62% | -5.09% | -54.48% | 357.33% | -673.27% | 131.48% | -153.75% | 2521.29% | -229.54% | -45.15% | -77.14% | 152.93% | -196.13% | 223.85% | 29.8% | -647.04% | 64.21% | -86.38% | -68.63% | -57.79% | -127.27% | -175% | - |
| Net Income | -35.69M | -30.38M | -21.58M | -331.94M | 109.63M | -1.28M | -28.14M | -217.2M | 36.91M | -102.5M | -88.72M | -75.74M | -111.05M | 25.21M | -29.78M | 70.73M | 3.9M | -22.01M | -15.3M | 49.22M | -39.66M | -24.47M | -26.87M | -30.02M | -13.49M | -17.6M | -9.7M | -17.21M | -2.8M | -1.2M | -500K |
| Depreciation & Amortization | 26.7M | 30M | 25.83M | 28.23M | 33.4M | 29.08M | 26.43M | 102.95M | 106.43M | 105.5M | 109.38M | 85.74M | 12.03M | 6.16M | 2.56M | 420K | 439K | 808K | 1.15M | 865K | 1.38M | 1.14M | 1.7M | 1.04M | 745.14K | 610.81K | 561.76K | 643.49K | 500K | 200K | 0 |
| Stock-Based Compensation | 2.01M | 3.45M | 5.01M | 9.16M | 7.5M | 3.54M | 10.92M | 10.6M | 12.59M | 13.02M | 17.17M | 14.23M | 8.93M | 6.11M | 5.07M | 3.87M | 2.03M | 2.66M | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 76.2M | -80.38M | 0 | -8.42M | -5.77M | 1.27M | -8.72M | 20.29M | -44.17M | 87.38M | -103.2M | 520K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.46M | 14.07M | 11.95M | 267.82M | 21.46M | 5.48M | -22.15M | 200.51M | 22.51M | 36.53M | 24.46M | 34M | 18.75M | 6.39M | 331K | 0 | 0 | 0 | 0 | 2.34M | 2.57M | -150.07K | 963.73K | 827.03K | 3.03M | 3.46M | 2.34M | 12.02M | 100K | 0 | 100K |
| Working Capital Changes | -4.56M | -45.33M | 5.2M | 140K | -13.01M | -31.29M | -44.21M | -606K | -107.2M | 18.34M | -17.07M | 129.83M | -71.96M | 69.09M | -9.69M | -17.36M | -8.75M | 20.38M | 15.05M | -37.76M | 8.01M | 52.3M | 940.48K | -5M | 5.29M | 1.13M | 145.15K | 605.44K | -300K | -100K | 0 |
| Change in Receivables | 4.76M | -65.99M | -6.46M | 48.67M | -996K | -11K | 19.8M | -5.53M | 35.27M | 30.14M | -30.93M | -44.12M | -15.45M | -7.84M | 807K | 1.67M | -1.41M | -1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 12.22M | 9.68M | -9.58M | -4.97M | -6.59M | 4.27M | -291K | -316K | 9.05M | -1.87M | -3.72M | 9.33M | 1.69M | 4.27M | -2.35M | -3.83M | 995K | 283K | 415K | 1.22M | -3.58M | -864.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -11.7M | -13.29M | -1.26M | -29.35M | -10.11M | -28.7M | -36.48M | -15.15M | -33.61M | -6.44M | 5.86M | 53.07M | 15.08M | 10.83M | 2.21M | -4.1M | 3.16M | 6.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 6.06M | -11.99M | -48.91M | 3.1M | -42.67M | -18.52M | 512.8M | -1.48M | -7.08M | 57.89M | 45.54M | -1.11B | -47.31M | -38.04M | 33.33M | -62.19M | 512K | 4.13M | -5.12M | -35.99M | 31.76M | -34.82M | 4.09M | -16.72M | -12.44M | -1.72M | -13.43M | 885.07K | -5.5M | -100K | 100K |
| Capital Expenditures | 0 | 0 | 0 | -628K | -274K | -53K | -10K | -1.48M | -5.51M | -666K | -2.86M | -26.71M | -599K | -1.96M | -6.88M | -698K | -179K | -629K | -257K | -156K | -774.22K | -791.25K | -2.67M | -1.12M | -463.77K | -1.33M | -899.33K | -138.23K | -900K | -100K | 0 |
| CapEx % of Revenue | 0% | - | - | 0.41% | 0.18% | 0.05% | 0.01% | 0.65% | 1.77% | 0.17% | 0.63% | 7.79% | 0.15% | 1.46% | 7.58% | 0.52% | 0.22% | 1.09% | 0.74% | 0.24% | 8.11% | 17.96% | 1319.37% | 114.35% | 27.92% | 36.07% | 50.63% | 119.86% | 112.5% | 16.67% | - |
| Acquisitions | 0 | 0 | 0 | 1.53M | -42.4M | -18.47M | 506.81M | 0 | 145K | 280K | 0 | -1.05B | 0 | -52.73M | -26.43M | 0 | 0 | 0 | 0 | 0 | -20.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -11.99M | -8.17M | 0 | 0 | 0 | 0 | 0 | 0 | 80K | 280K | 48.4M | -25M | -46.71M | 16.5M | 40.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.36K | 0 | -3.01M | -13.52M | 3.29M | 0 | 0 | 0 |
| Cash from Financing | -267K | -189K | -350K | -44.2M | -7.79M | 29.03M | -468.55M | -157.84M | -81.35M | -110.89M | -94.41M | 576.58M | 347.22M | 243.88M | 2.69M | 6.05M | -2.43M | -1.27M | 9.53M | 21.13M | 2.94M | 12.62M | 91.21K | 58.38M | 23.26M | 15.39M | 23.03M | -64.6K | 7.9M | 5.3M | -100K |
| Debt Issued (Net) | 0 | 0 | 0 | -10.5M | -750K | -9.84M | -454.26M | -153.25M | -82.5M | -110M | -100M | 562.06M | 345M | 0 | 0 | -2.24M | -3.84M | -3.31M | 9.08M | 0 | 0 | -9.77M | -328.1K | -441.22K | 2.72M | 4.05M | 1.34M | -69.59K | 400K | -300K | 100K |
| Equity Issued (Net) | -7K | 0 | -350K | -7.9M | 6.18M | 44.44M | -778K | -570K | 1.33M | 8.19M | 6.61M | 7.59M | 9.8M | 3.73M | 2.69M | 8.3M | 1.42M | 2.04M | 441K | 0 | 2.94M | 22.39M | 419.31K | 58.82M | 20.54M | 11.34M | 21.69M | 5K | 7.5M | 5.6M | 0 |
| 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 | -7K | 0 | -350K | -7.9M | -838K | -418K | -866K | -570K | -686K | -753K | -3.34M | -2.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -260K | -189K | 0 | -25.8M | -13.23M | -5.58M | -13.52M | -4.02M | -184K | -9.07M | -6.78M | -1.55M | -7.58M | 240.15M | 0 | 0 | 0 | 0 | 0 | 21.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K |
| Net Change in Cash | -1.29M | -40.36M | -22.85M | 8.5M | 28.13M | 16.02M | -21.32M | -68.84M | -15.94M | 9.18M | 16.63M | -387.58M | 243.99M | 215.6M | 5.03M | 1.52M | -4.3M | 4.69M | 7.75M | -200K | 7.01M | 6.61M | -19.09M | 8.51M | 6.38M | 1.27M | 2.94M | -3.12M | 7.9M | 5.3M | -400K |
| Free Cash Flow | -7.08M | -28.18M | 26.41M | 48.98M | 78.32M | 5.47M | -65.58M | 88.99M | 66.99M | 61.5M | 62.64M | 117.18M | -56.52M | 7.79M | -37.87M | 56.95M | -2.56M | 1.21M | 3.09M | 14.51M | -28.47M | 28.03M | -25.94M | -34.27M | -4.9M | -13.72M | -7.55M | -4.08M | -3.4M | -1.2M | -400K |
| FCF Margin % | -6.93% | -23.74% | 21.13% | 32.21% | 50.13% | 4.93% | -60.68% | 38.77% | 21.49% | 16.15% | 13.74% | 34.19% | -14.48% | 5.81% | -41.69% | 42.83% | -3.17% | 2.09% | 8.88% | 22.12% | -298.12% | 636.17% | -12805.9% | -3489.93% | -295.03% | -373.6% | -425.15% | -3540.45% | -425% | -200% | -133.33% |
| FCF Growth % | -211.3% | -206.72% | -46.08% | -37.47% | 1331.88% | 108.34% | -173.69% | 32.85% | 8.93% | -1.82% | -46.54% | 307.33% | -825.31% | 120.58% | -166.48% | 2324.73% | -311.75% | -60.92% | -78.67% | 150.94% | -201.6% | 208.04% | 24.31% | -599.26% | 64.29% | -81.73% | -84.95% | -20.09% | -183.33% | -200% | - |
| FCF per Share | -1.10 | -4.40 | 4.16 | 10.34 | 21.49 | 1.90 | -37.53 | 75.51 | 62.60 | 58.85 | 61.32 | 116.95 | -51.14 | 8.12 | -40.65 | 60.92 | -2.88 | 1.41 | 3.81 | 18.78 | -41.15 | 42.23 | -44.95 | -84.07 | -20.08 | -80.57 | -61.82 | -37.84 | -32.29 | -16.20 | -5.76 |
| FCF Conversion (FCF/Net Income) | 0.20x | 0.93x | -1.22x | -0.15x | 0.72x | -4.31x | 2.33x | -0.42x | 1.96x | -0.61x | -0.74x | -1.90x | -0.42x | 0.23x | 1.04x | 0.82x | -0.61x | -0.08x | -0.22x | 0.30x | 0.70x | -1.18x | 0.87x | 1.10x | 0.33x | 0.70x | 0.69x | 0.23x | 0.89x | 0.92x | 0.80x |
| Interest Paid | 1.3M | 0 | 2.6M | 3.65M | 7.75M | 10.12M | 17.6M | 37.79M | 48.44M | 55.54M | 0 | 0 | 0 | 0 | 0 | 0 | 512K | 935K | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.59M | 4.03M | 0 | 0 | 0 | 4.4M | 6.47M | 121K | 0 | 0 | 58.32M | 45K | 144K | 0 | 5K | 6K | 631K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and revenue erosion
According to recent SEC filings, Assertio's operating cash flow frequently decouples from net income, as evidenced by the 2025Q4 period where the company reported a $11.9 million net loss alongside a $30.0 million cash outflow, suggesting significant underlying volatility in the firm's core cash-generating capabilities.
The persistent divergence between net income and operating cash flow indicates that reported earnings are heavily influenced by non-cash charges, such as amortization of intangible assets. Investors should monitor whether this gap reflects genuine operational inefficiency or merely the accounting impact of legacy acquisition costs.
As reported in financial statements, Assertio's free cash flow trajectory is erratic, swinging from a $19.1 million inflow in 2025Q2 to a $30.0 million outflow by 2025Q4, which highlights the difficulty in maintaining consistent cash generation amidst a rapidly contracting revenue base and high fixed costs.
The lack of a stable free cash flow trend suggests that the company's current business model is highly sensitive to working capital fluctuations and timing of payments. This instability warrants further investigation into whether the firm can sustain its operations without recurring to external financing.
Based on Assertio's reported figures, working capital changes have been a primary driver of cash flow variance, notably contributing a $20.3 million inflow in 2026Q1, which appears to be a temporary relief rather than a sustainable improvement in the company's underlying cash collection or inventory management efficiency.
The reliance on working capital adjustments to bolster cash flow suggests that the company may be aggressively managing payables or accelerating collections to offset operational losses. Such tactics are typically unsustainable and may indicate mounting pressure on the firm's liquidity position.
Data from the cash flow statement indicates that while capital expenditures remain minimal, the company's cash position is being eroded by persistent operating losses and potential integration costs, as evidenced by the $10.2 million cash balance which provides limited cushion against ongoing quarterly cash burn.
The absence of significant capital investment suggests that the firm is not prioritizing long-term asset renewal, potentially to preserve cash for immediate operational needs. This strategy may limit future growth prospects and leaves the company vulnerable to competitive pressures in its core therapeutic segments.
Quick answers to the most common questions about buying ASRT stock.
Assertio Holdings, Inc. (ASRT) generated $-28.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Assertio Holdings, Inc. (ASRT) reported negative free cash flow of $28.2M in 2025, indicating capital requirements exceeded cash from operations.
Assertio Holdings, Inc. (ASRT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.