Free cash flow has shifted from a 77.3% margin in 2023Q4 to a negative 4.0% in 2026Q1, reflecting the rapid depletion of pandemic-related cash inflows.
| Cash from Operations | 857.99M | 438M | 207.7M | 5.37B | 13.58B | 889.7M | -13.5M | -198.5M | -58.18M | -52.56M |
| Operating CF Margin % | - | 15.89% | 7.55% | 140.65% | 78.43% | 4.69% | -2.8% | -182.78% | -45.6% | -85.33% |
| Operating CF Growth % | 339.36% | 110.88% | -96.13% | -60.44% | 1426.07% | 6690.37% | 93.2% | -241.18% | -10.69% | - |
| Net Income | -1.26B | -1.09B | -677.7M | 1.19B | 12.95B | 15.05B | -145.8M | -179.4M | -47.66M | -85.91M |
| Depreciation & Amortization | 489.53M | 367.69M | 298M | 183.4M | 123.3M | 75.2M | 38.7M | 33.9M | 21.98M | 10.53M |
| Stock-Based Compensation | 0 | 0 | 100.9M | 51.4M | 108.6M | 93.9M | 32.1M | 30.2M | 7.64M | 5.91M |
| Deferred Taxes | 66.87M | 70.98M | 0 | 0 | 0 | 0 | 0 | 0 | 1.04M | 26.27M |
| Other Non-Cash Items | 463.91M | 574.01M | -734.1M | -1.62B | -4.13B | -3.6B | 154.6M | 300K | -226K | -1.4M |
| Working Capital Changes | 1.15B | 516.57M | 1.22B | 5.57B | 4.52B | -10.73B | -93.1M | -83.5M | -40.96M | -7.96M |
| Change in Receivables | 1.1B | 1.04B | 387.7M | 5.37B | 4.37B | -11.81B | -247.9M | 2.9M | -18.73M | -2.82M |
| Change in Inventory | 153.42M | 170.88M | 74.5M | 81.9M | 62.9M | -438.4M | -49.8M | -5.8M | -1.25M | -574K |
| Change in Payables | -104.15M | -695.23M | 758.4M | 118.9M | 85.7M | 1.52B | 204.6M | -80.6M | -20.98M | -4.57M |
| Cash from Investing | -955.08M | -2.37B | -2.08B | -6.95B | -35.3M | -566.1M | -144.8M | -77.2M | -67.15M | -52.55M |
| Capital Expenditures | 355.15M | -719.44M | -286.5M | -250.1M | -329.2M | -127.5M | -66M | -38.6M | -67.85M | -57.74M |
| CapEx % of Revenue | 12.69% | 26.1% | 10.41% | 6.55% | 1.9% | 0.67% | 13.68% | 35.54% | 53.19% | 93.74% |
| Acquisitions | 255.18M | 183.27M | 0 | -336.9M | 0 | -20.8M | -60.6M | -6.1M | 727.57K | 4.88M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -622.22M | 0 | -164.6M | -576.59M | -33.5M | -23.1M | -18.2M | -32.5M | 706K | 5.19M |
| Cash from Financing | -16.12M | -50.81M | -45.9M | -778.6M | -1.42B | 94.2M | 894.7M | 383.3M | 365.18M | -1.64M |
| Debt Issued (Net) | 31.19M | -10.85M | -45.9M | -40.1M | -59.1M | -66.7M | 141.7M | 7.9M | 3.45M | -1.64M |
| Equity Issued (Net) | 0 | 0 | 0 | -738.5M | -875.9M | 160.9M | 753M | 375.4M | 361.73M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -484.3M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -738.5M | -986.4M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -47.32M | -39.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 554.22M | -931.17M | -1.9B | -2.21B | 12.18B | 482.5M | 691.1M | 107.6M | 239.39M | -131.57M |
| Free Cash Flow | 1.26B | 269.81M | -244.6M | 4.67B | 13.21B | 735.7M | -98.9M | -269.6M | -126.03M | -110.3M |
| FCF Margin % | 45.14% | 9.79% | -8.89% | 122.18% | 76.34% | 3.88% | -20.51% | -248.25% | -98.79% | -179.07% |
| FCF Growth % | 201.44% | 210.31% | -105.24% | -64.69% | 1696.13% | 843.88% | 63.32% | -113.91% | -14.26% | - |
| FCF per Share | 5.00 | 1.12 | -1.02 | 19.22 | 52.90 | 2.83 | -0.40 | -1.27 | -0.56 | -0.49 |
| FCF Conversion (FCF/Net Income) | -1.00x | -0.40x | -0.31x | 5.77x | 1.44x | 0.09x | -0.89x | 1.11x | 1.21x | 0.61x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
According to the provided cash flow data, the relationship between net income and operating cash flow is highly erratic, evidenced by a 2025Q3 OCF/NI ratio of -29.78, which highlights a significant divergence between accounting losses and the underlying cash movements within the business.
The extreme variance in the OCF/NI ratio suggests that non-cash items and working capital swings are currently masking the true cash-generating capacity of the core business. Investors should monitor this disconnect, as it implies that reported net income is an unreliable proxy for the company's actual liquidity position during this transition phase.
As reported in financial statements, BioNTech's free cash flow trajectory has been characterized by extreme volatility, swinging from a peak FCF margin of 77.3% in 2023Q4 to a negative 4.0% in 2026Q1, reflecting the rapid normalization of pandemic-era cash inflows.
The inability to maintain consistent positive free cash flow suggests that the company is currently reliant on its legacy cash reserves to fund its ambitious R&D pipeline. This trend warrants further investigation into whether the company can achieve self-sustaining cash generation before its current capital buffer is significantly depleted.
Based on the reported figures, working capital changes have been a primary driver of quarterly cash flow fluctuations, with a massive $2.6 billion inflow in 2024Q2 followed by a $1.8 billion outflow in 2023Q4, indicating highly irregular settlement cycles with commercial partners.
These dramatic swings in working capital suggest that the company's cash flow is heavily influenced by the timing of profit-sharing payments rather than steady-state operational efficiency. Such volatility makes it difficult to forecast future cash availability without a deeper understanding of the underlying contractual settlement schedules.
Data from recent filings indicates that BioNTech's capital intensity is highly variable, with CapEx/Revenue ratios reaching as high as 118.0% in 2024Q2, which suggests that the company is aggressively investing in infrastructure to support its long-term clinical and manufacturing objectives.
The high level of capital expenditure relative to revenue appears to be a deliberate strategy to build out internal capabilities, though it places additional pressure on the company's cash position. Analysts should monitor whether these investments are yielding the expected operational efficiencies or if they represent a permanent increase in the company's fixed cost base.
Quick answers to the most common questions about buying BNTX stock.
BioNTech SE (BNTX) generated $438.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioNTech SE (BNTX) generated $269.8M 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.
BioNTech SE (BNTX) spent $719.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.