Free cash flow remains persistently negative, evidenced by a -33.7% FCF margin in 2026Q3, indicating that the firm continues to burn cash despite minimal capital expenditures.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 |
|---|
| Cash from Operations | 1.68M | -1.94M | -1.39M | -5.13M | -28.82M | -25.96M | -28.37M | -13.83M | -15.94M | -13.83M | -10.66M | -6.63M | -5.5M | -37.7K | -37.85K | -64.82K | -43.38K | -46.63K | -44.8K | -27.92K |
| Operating CF Margin % | - | -2.92% | -2.13% | -4.78% | -29.82% | -39.56% | -102.68% | -188.94% | -435.53% | -429.28% | -415.91% | -2534.25% | -9336.59% | -2154.51% | -2162.8% | - | - | -2664.63% | - | - |
| Operating CF Growth % | 565.5% | -39.55% | 72.94% | 82.21% | -11.01% | 8.49% | -105.14% | 13.23% | -15.26% | -29.77% | -60.64% | -20.58% | -14492.52% | 0.38% | 41.61% | -49.44% | 6.98% | -4.09% | -60.48% | - |
| Net Income | -34.05M | -13.56M | -15.84M | -17.05M | -108.78M | -58.29M | -13.62M | -27.13M | -10.19M | -22.51M | -28.18M | -7.72M | -5.58M | -57.32K | -59.67K | -136.8K | -60.27K | -58.89K | -57.17K | -48.95K |
| Depreciation & Amortization | 4.1M | 5.38M | 6.72M | 8.81M | 10.15M | 9.2M | 6.25M | 2.73M | 2.59M | 4.36M | 874.79K | 118.2K | 97.48K | 4.94K | 6.15K | 6.76K | 9.19K | 8.28K | 7.51K | 6.42K |
| Stock-Based Compensation | 397K | 576K | 2.37M | 6.05M | 5.25M | 3.57M | 1.08M | 1.02M | 348.51K | 2.5M | 902.95K | 1.02M | 500K | 317K | 0 | 60K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 573.53K | -80.78K | -1.94M | 1.62M | 13.55M | -23.91K | -813.7K | 0 | 0 | 136.8K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 27.51M | 11.4M | 10.02M | 2.86M | 75.42M | 17.87M | -10.04M | 9.84M | -6.03M | 1.23M | 403.78K | 121.98K | 35.58K | 8.18K | 7.34K | -132.55K | 2.58K | 4.47K | 4.54K | 9.4K |
| Working Capital Changes | 3.79M | -5.73M | -4.66M | -5.8M | -10.86M | 1.68M | -12.61M | -210.2K | -718.81K | -1.04M | 1.79M | -145.02K | 257.68K | 6.49K | 8.34K | 971 | 5.13K | -487 | 316 | 5.22K |
| Change in Receivables | 11.34M | -7.63M | 5.2M | -7.15M | 6.53M | 1.54M | -3.56M | -1.16M | -50.74K | -355.03K | -5.37K | -157.06K | -6.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.69M | 382K | -4.82M | -3.61M | 1.3M | 2.79M | -6.95M | -101.1K | -26.75K | 195.43K | -485.26K | -39.44K | -10.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.83M | 287K | -2.08M | 2.38M | -7.68M | -3.25M | -1.38M | 134.78K | -109.71K | 493.22K | 1.62M | 547.31K | 421.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.03M | -2.56M | -329K | -117K | -3.25M | -2.78M | -5.66M | -1.06M | -484.29K | -3.53M | -5.3M | -1M | -9.3K | -338.92K | 0 | 0 | -6.58K | -7.47K | -7.47K | 0 |
| Capital Expenditures | -3.03M | -228K | -329K | 0 | 0 | 0 | 0 | -59.85K | -74.71K | -111.61K | -2.25M | 0 | -9.3K | -8.92K | 0 | 0 | -6.58K | 0 | -7.47K | 0 |
| CapEx % of Revenue | 5.36% | 0.34% | 0.5% | - | - | - | - | 0.82% | 2.04% | 3.46% | 87.92% | - | 15.78% | 509.71% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -5K | -3.18M | -481K | 188.23K | -505.02K | -7.38K | -4.04M | -3.05M | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -2.33M | 0 | -112K | -70K | -2.3M | -5.84M | -497.11K | -402.2K | 613.31K | 2K | -4.89K | 0 | -330K | 0 | 0 | -6.58K | -7.47K | -7.47K | 0 |
| Cash from Financing | 9.9M | 15.44M | -1.26M | 8.87M | 1.53M | 30.31M | 71.07M | 19.08M | 22.66M | 10.19M | 16.66M | 12.35M | 5.24M | 39.46K | 33.97K | 67.27K | 37.88K | 22.6K | 66.55K | 2.4K |
| Debt Issued (Net) | -4.94M | 6.67M | -1.89M | -2.35M | -5.22M | -3.74M | -16.25M | 5M | 0 | 0 | 5.17M | 0 | 21.48K | 31.46K | 15.75K | 23.77K | 22.98K | 6.5K | 6.8K | 2.4K |
| Equity Issued (Net) | 14.84M | 14.84M | 3.47M | 15.57M | 11.69M | 40.15M | 131.46M | 0 | 24.74M | 9.34M | 12.72M | 5M | 17.7K | 8K | 18.21K | 43.5K | 14.9K | 16.1K | 59.75K | 0 |
| Dividends Paid | 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 |
| Other Financing | 0 | -6.07M | -2.84M | -4.36M | -4.94M | -6.09M | -44.14M | 14.08M | -2.08M | 845.19K | -1.23M | 7.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 8.54M | 10.95M | -2.98M | 3.63M | -30.54M | 1.57M | 37.04M | 4.18M | 6.23M | -7.18M | 701.13K | 4.71M | -274.05K | 1.75K | -3.88K | 2.45K | -12.07K | -24.03K | 14.29K | -25.52K |
| Free Cash Flow | 1.64M | -5.17M | -1.72M | -5.13M | -28.82M | -25.96M | -28.37M | -13.89M | -16.02M | -13.94M | -12.91M | -6.63M | -5.51M | -46.62K | -37.85K | -64.82K | -49.95K | -46.63K | -52.27K | -27.92K |
| FCF Margin % | 2.9% | -7.78% | -2.63% | -4.78% | -29.82% | -39.56% | -102.68% | -189.76% | -437.57% | -432.74% | -503.83% | -2534.25% | -9352.37% | -2664.23% | -2162.8% | - | - | -2664.63% | - | - |
| FCF Growth % | 127.09% | -200.82% | 66.52% | 82.21% | -11.01% | 8.49% | -104.26% | 13.26% | -14.88% | -7.98% | -94.6% | -20.38% | -11720.65% | -23.18% | 41.61% | -29.76% | -7.12% | 10.78% | -87.22% | - |
| FCF per Share | 0.16 | -0.82 | -0.31 | -1.54 | -19.61 | -30.91 | -123.36 | -356.44 | -4812.17 | -119661.30 | -593169.47 | -473872.43 | -612362.22 | -5828.00 | -4731.13 | -8102.25 | -8325.17 | -9326.20 | -10453.00 | - |
| FCF Conversion (FCF/Net Income) | -0.05x | 0.14x | 0.09x | 0.30x | 0.26x | 0.45x | 2.08x | 0.29x | 1.56x | 0.61x | 0.38x | 0.86x | 0.99x | 0.66x | 0.63x | 0.47x | 0.72x | 0.79x | 0.78x | 0.57x |
| Interest Paid | 466K | 2.82M | 4.04M | 3.81M | 3.15M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 140K | 1.42M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash burn
According to quarterly financial data, AYTU exhibits a persistent disconnect between net income and operating cash flow, evidenced by a volatile OCF/NI ratio that swung from 3.69 in 2025Q2 to -1.62 in 2025Q3, suggesting that reported earnings are frequently decoupled from actual cash generation.
The frequent divergence between net income and cash flow suggests that non-cash items and working capital fluctuations are masking the underlying cash-generating capacity of the business. Investors should monitor whether this volatility is a result of aggressive revenue recognition or simply the inherent lumpiness of pharmaceutical rebate true-ups.
As reported in recent filings, AYTU's free cash flow trajectory remains firmly in negative territory, with a -33.7% FCF margin in 2026Q3, indicating that the company continues to consume cash rather than generate it despite its specialized ADHD product portfolio and high-margin manufacturing capabilities.
The inability to sustain positive free cash flow suggests that the current cost structure is misaligned with the company's revenue scale. Without a significant shift in prescription volume or a reduction in operating expenses, the company may continue to face liquidity pressure that necessitates external financing.
Based on the provided cash flow statements, working capital changes have been a primary driver of cash flow volatility, with a significant $9.8M outflow in 2025Q3 followed by a $4.0M inflow in 2026Q2, highlighting the sensitivity of the company's cash position to inventory and receivable management.
The erratic nature of these working capital swings suggests that the company's cash flow is highly susceptible to channel inventory management and the timing of PBM payments. This volatility makes it difficult to forecast the company's true cash burn rate and warrants further investigation into the underlying collection cycles.
Analysis of the cash flow statement reveals that while capital expenditures remain minimal, the company's reliance on stock-based compensation and non-cash adjustments, as seen in the 2024Q2 period with $707K in SBC, may be masking the true economic cost of maintaining its current sales force.
The reliance on non-cash compensation to retain talent in a competitive specialty pharma market may be understating the true operating expense burden. Investors should consider whether these adjustments are sustainable or if they represent a long-term dilution risk that is not fully captured in the headline cash flow metrics.
Quick answers to the most common questions about buying AYTU stock.
Aytu BioPharma, Inc. (AYTU) generated $-1.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aytu BioPharma, Inc. (AYTU) reported negative free cash flow of $5.2M in 2025, indicating capital requirements exceeded cash from operations.
Aytu BioPharma, Inc. (AYTU) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.