Free cash flow remains highly volatile, fluctuating from a 27.7% margin in 2024Q2 to a deficit of 50.9% in 2025Q4, further complicated by a $6.9M working capital outflow in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Jan'15 | 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 | Jun'96 |
|---|
| Cash from Operations | 17.9M | 20.11M | 8.43M | -12.5M | -8.49M | -4.84M | 6.51M | 1.21M | 2.35M | 605K | -4.33M | -4.97M | -3.16M | 146.01K | 854.93K | -989.92K | -1.25M | -2.41M | -2.11M | -2.71M | -712.2K | -576.33K | 515.1K | -854.23K | -2.68M | -2.64M | -2.9M | -266.26K | 29.12K | -1.49M | -1.54M |
| Operating CF Margin % | - | 20.91% | 10.25% | -16.48% | -11.13% | -4.06% | 13.55% | 4.43% | 11.89% | 5.49% | -52.6% | -77.13% | -51.08% | 1.63% | 15.1% | -35.88% | -60.17% | -152.61% | -159.81% | -278.63% | -118.07% | -93.76% | 82.19% | -141.08% | -315.44% | -196.63% | -243.68% | -14.99% | 1.23% | -41.86% | -11.34% |
| Operating CF Growth % | 111.6% | 138.58% | 167.46% | -47.23% | -75.54% | -174.23% | 437.1% | -48.34% | 288.1% | 113.98% | 13.01% | -57.29% | -2265.87% | -82.92% | 186.36% | 20.97% | 48.11% | -14.21% | 21.98% | -280.37% | -23.57% | -211.89% | 160.3% | 68.1% | -1.31% | 8.83% | -988.66% | -1014.41% | 101.95% | 3.07% | 40.68% |
| Net Income | -10.5M | 0 | -20.18M | -66.43M | -139.81M | -7.63M | 2.67M | -1.66M | 3.27M | -2.52M | -8.04M | -5M | -3.3M | -1.08M | -1.66M | -1.96M | -1.98M | -2.77M | -2.78M | -2.85M | -1.13M | -619.32K | -743.16K | -1.3M | 215.88K | -4.41M | -2.77M | -1.18M | -1.27M | -1.59M | -2.23M |
| Depreciation & Amortization | 4M | 0 | 5.49M | 12.29M | 16.47M | 12.87M | 5.07M | 1.8M | 338K | 338.68K | 368.1K | 343.22K | 258.12K | 247.07K | 169.64K | 97.11K | 71.74K | 93.69K | 29.28K | 61.56K | 49.76K | 66.09K | 166.2K | 251.59K | 168.88K | 299.91K | 266.17K | 283.73K | 342.29K | 420.99K | 425.8K |
| Stock-Based Compensation | 23.65M | 0 | 30.92M | 31.67M | 25.33M | 13.96M | 5.98M | 3.04M | 1.52M | 1.27M | 776.99K | 511.46K | 229.68K | 248.2K | 216.09K | 235.84K | 164.48K | 109.88K | 71.46K | 117.91M | 218.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 68K | 0 | -64K | -62K | -5.24M | -20.13M | -3.3M | -1.54M | 672K | 1M | 2.79M | 90.13K | 93.61K | 0 | -368 | 0 | 0 | 3.73K | 0 | -117.9M | -218.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.17M | 29.02M | -7.96M | 8.56M | 109.65M | -1.64M | -2.12M | 4.04M | -127K | 203.54K | 313.13K | -127K | 185.32K | 108.75K | 940.34K | 76.02K | 1.63K | 782 | 43.75K | 117.91K | 261.82K | 41.69K | 0 | 1.57M | -2.94M | 37.54K | 36.23K | -651.16K | 185.03K | 367.94K | 524.82K |
| Working Capital Changes | -12.03M | -8.91M | 227K | 1.47M | -14.9M | -2.26M | -1.78M | -4.47M | -3.32M | 302.93K | -532.76K | -796.29K | -628.24K | 626.14K | 1.19M | 557.75K | 493.26K | 146.62K | 517.21K | -43.99K | 106.97K | -64.79K | 1.09M | -1.38M | -119.98K | 1.43M | -429.11K | 1.28M | 770.14K | -693.86K | -262.14K |
| Change in Receivables | -4.84M | 264K | -2.9M | 15.35M | -10.75M | -10.13M | -1.79M | -290K | -2.02M | 172.33K | -264.36K | -27.67K | 107.69K | -409.16K | -53.01K | -208.24K | -23.53K | -36.17K | 21.31K | -201.53M | -22.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.39M | -1.27M | 781K | -8.55M | -6.56M | 114K | -629K | -3.78M | -1.66M | -88.96K | -290.84K | -869.41K | -544.3K | 235.47K | -150.44K | -95.47K | -52.27K | 267.07K | -526.23K | -6.31K | 30.66K | -29.09K | -54.51K | -39.8K | 0 | 166.09K | 298.35K | 273.68K | 428.12K | 37.2K | -497.24K |
| Change in Payables | 948K | -2.09M | 26K | -8.43M | 414K | 2.02M | -171K | 768K | -11K | 20.58K | 233.48K | 194.39K | -392.41K | 4.58K | 459.39K | 286.04K | -75.77K | -466.3K | 562K | -1.96M | 55.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -46.19M | -71.54M | 58.3M | 17.84M | -58.12M | -12.64M | -23.73M | -27.02M | -6.5M | -144K | 393K | 4.24M | -8.14M | -236.67K | -1.15M | -91.43K | -28.41K | -373.53K | -46.69K | -105.55K | -35.55K | 3.82K | -65.8K | -11.22K | 2.11M | -279.33K | -200.74K | -382.7K | -204.69K | -245.14K | -320.13K |
| Capital Expenditures | -9.47M | 0 | -3.23M | -6.38M | -10.38M | -8.38M | -4.63M | -675K | -500K | -143.77K | -1.26M | -1.42M | -589.68K | -236.67K | -1.15M | -93.53K | -28.41K | -373.53K | -46.69K | -105.55K | -35.55K | -15.11K | -65.8K | -11.22K | -87.39K | -279.33K | -185.74K | 0 | -249.62K | -355.29K | -317.24K |
| CapEx % of Revenue | 9.49% | 9.85% | 3.92% | 8.41% | 13.62% | 7.04% | 9.63% | 2.47% | 2.53% | 1.3% | 15.28% | 21.98% | 9.53% | 2.64% | 20.34% | 3.39% | 1.36% | 23.62% | 3.53% | 10.86% | 5.89% | 2.46% | 10.5% | 1.85% | 10.3% | 20.78% | 15.62% | - | 10.53% | 9.95% | 2.33% |
| Acquisitions | 33.74M | 0 | 60.39M | 0 | 0 | 1.56M | -15.94M | -22.19M | -6M | 0 | 0 | 1.37B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -20.65M | -71.54M | -2.37M | -4.86M | -3.54M | -5.82M | -3.17M | -1.66M | -6M | -233 | 208 | -1.37B | 4.4K | 0 | 1.4K | 2.1K | 0 | 0 | 0 | 0 | 0 | 18.93K | 0 | 0 | 2.2M | 0 | -15K | -382.7K | 44.93K | -45.85K | 0 |
| Cash from Financing | -15.83M | -10.92M | -6.78M | 10.59M | 16.32M | -2.78M | 102.08M | 1.6M | 28.15M | 4.8M | 3.17M | 368.75K | 13.68M | 50.46K | 475K | 1.09M | 1.15M | 2.83M | 2.2M | 2.75M | 681.33K | 225.93K | -705.52K | 1.59M | 345.82K | 1.06M | 5.24M | 521.73K | 186.76K | 94.82K | 553.28K |
| Debt Issued (Net) | -10M | -10M | -6.61M | -498K | 17.84M | -2.89M | 984K | 0 | 0 | 976K | 3M | 0 | 0 | 0 | 475K | 1.09M | 1.15M | 2.83M | 2.2M | 2.55M | -28.45K | 225.93K | -705.52K | 359.7K | 345.82K | -10.86K | -35.71K | -40.76K | -52.77K | 38.65K | 0 |
| Equity Issued (Net) | 208K | 18K | 202K | 10.24M | 192K | 1.27M | 100.12M | 0 | 15.75M | 0 | 0 | 0 | 13.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 879.34K | 0 | 0 | 1.23M | 0 | 1.07M | 5.4M | 562.48K | 200K | 0 | 1.91M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -436K | -106.25K | 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 | -4.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.04M | -942K | -377K | 845K | -1.71M | -1.16M | 973K | 1.6M | 12.83M | 3.93M | 166.77K | 368.75K | 83.59K | 50.46K | 0 | 0 | 0 | 2.6K | 2.33K | 199.82K | -169.56K | 0 | 0 | 0 | 0 | 0 | -120K | 0 | 39.52K | 56.16K | -1.36M |
| Net Change in Cash | -44.12M | -62.35M | 59.95M | 15.96M | -50.4M | -20.59M | 84.01M | -24.21M | 23.99M | 5.26M | -767K | -365.5K | 2.38M | -40.2K | 179.61K | 13.65K | -135.94K | 40.43K | 42.23K | -62.18K | -66.42K | -346.59K | -256.22K | 720.79K | -218.99K | -1.86M | 2.14M | -127.23K | 11.18K | -1.65M | -1.31M |
| Free Cash Flow | -1.79M | 10.64M | 5.2M | -18.88M | -18.87M | -13.22M | 1.88M | 538K | 1.85M | 461.23K | -5.58M | -6.39M | -3.75M | -90.66K | -296.79K | -1.08M | -1.28M | -2.79M | -2.16M | -2.81M | -747.75K | -591.44K | 449.3K | -865.45K | -2.76M | -2.92M | -3.08M | -266.26K | -220.5K | -1.85M | -1.86M |
| FCF Margin % | -1.8% | 11.06% | 6.33% | -24.89% | -24.76% | -11.1% | 3.91% | 1.97% | 9.36% | 4.18% | -67.88% | -99.11% | -60.61% | -1.01% | -5.24% | -39.27% | -61.54% | -176.22% | -163.34% | -289.48% | -123.96% | -96.21% | 71.69% | -142.93% | -325.74% | -217.41% | -259.3% | -14.99% | -9.3% | -51.81% | -13.68% |
| FCF Growth % | -115.89% | 104.4% | 127.56% | -0.03% | -42.76% | -802.5% | 249.81% | -70.89% | 300.67% | 108.26% | 12.63% | -70.35% | -4038.4% | 69.45% | 72.61% | 15.42% | 54.04% | -29.03% | 23.25% | -276.4% | -26.43% | -231.63% | 151.92% | 68.7% | 5.38% | 5.26% | -1058.42% | -20.75% | 88.08% | 0.5% | 33.59% |
| FCF per Share | -0.04 | 0.22 | 0.11 | -0.43 | -0.44 | -0.34 | 0.07 | 0.03 | 0.11 | 0.03 | -0.44 | -0.52 | -0.36 | -0.02 | -0.06 | -0.22 | -0.26 | -0.56 | -0.43 | -0.57 | -0.20 | -0.67 | 0.51 | -0.98 | -3.12 | -3.30 | -4.35 | -0.11 | -0.09 | -0.78 | -1.05 |
| FCF Conversion (FCF/Net Income) | 0.17x | -1.66x | -0.42x | 0.19x | 0.06x | 0.54x | 2.44x | -0.73x | 0.72x | -0.24x | 0.63x | 1.18x | 0.98x | -0.13x | -0.52x | 0.51x | 0.63x | 0.87x | 0.76x | 0.95x | 0.63x | 0.93x | -0.69x | 0.66x | -12.40x | 0.60x | 1.05x | 0.23x | -0.02x | 0.94x | 0.69x |
| 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 |
Clinical trial funding dependency
As reported in financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating wildly from -3.85 in 2025Q1 to 9.83 in 2025Q3, suggesting that reported earnings are frequently decoupled from actual cash generation capabilities.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily influencing the bottom line. Investors should monitor whether this volatility is a byproduct of the ongoing portfolio restructuring or a structural inability to convert accounting profits into tangible liquidity.
Based on BioLife's reported figures, free cash flow trajectory remains inconsistent, swinging from a peak margin of 27.7% in 2024Q2 to a deficit of 50.9% in 2025Q4, reflecting the company's struggle to maintain a stable cash-generating engine amidst its strategic pivot toward high-margin consumables.
The erratic FCF performance appears to be driven by the lumpy nature of capital expenditures and the impact of divestitures on cash flow. This instability suggests that the company has yet to reach a steady state where operational cash flow reliably covers both maintenance capex and growth initiatives.
According to recent SEC filings, working capital changes have been a persistent drag on cash flow, notably evidenced by a $6.9 million outflow in 2026Q1, which highlights the operational friction inherent in managing inventory and receivables during the company's transition to a consumables-focused business model.
The frequent negative working capital adjustments suggest that the company may be struggling with inventory management or collection cycles as it shifts its product mix. Such volatility warrants further investigation into whether these outflows are temporary timing differences or indicative of deeper inefficiencies in the supply chain.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $7.1 million in 2025Q4, consistently masks the company's underlying cash burn, effectively acting as a non-cash substitute for compensation that would otherwise weigh heavily on the firm's operating cash flow and liquidity position.
By relying on equity-based incentives to manage cash expenses, the company may be artificially inflating its cash flow metrics while diluting shareholders. Investors should consider the impact of this persistent SBC load when evaluating the company's ability to achieve self-sustaining, organic cash flow growth.
Quick answers to the most common questions about buying BLFS stock.
BioLife Solutions, Inc. (BLFS) generated $20.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioLife Solutions, Inc. (BLFS) generated $10.6M 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.
BioLife Solutions, Inc. (BLFS) 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.