Liquidity has tightened significantly, with cash reserves plummeting to $5.3 million in 2026Q1 from a peak of $89.0 million in 2023Q4.
| Cash from Operations | 32.63M | 35.19M | 45.24M | 26.88M | -9.16M | 33.72M | 26.43M | 25.35M |
| Operating CF Margin % | - | 18.31% | 22.94% | 14.5% | -5.55% | 24.19% | 22.67% | 23.05% |
| Operating CF Growth % | -116.77% | -22.21% | 68.3% | 393.58% | -127.16% | 27.61% | 4.22% | - |
| Net Income | 15.6M | 27.05M | 46K | 3.32M | 1.32M | 32.62M | 29.16M | 21.29M |
| Depreciation & Amortization | 3.79M | 3.67M | 3.57M | 2.99M | 2.2M | 1.4M | 1.14M | 832K |
| Stock-Based Compensation | 6.79M | 8.92M | 8.73M | 9.06M | 82.18M | 0 | 0 | 0 |
| Deferred Taxes | 3.26M | 3.98M | -2.9M | 721K | -743K | 0 | 0 | 0 |
| Other Non-Cash Items | 2.15M | -165K | 25.85M | 19.72M | -58.3M | 1.16M | 1.71M | 837K |
| Working Capital Changes | -1.41M | -8.25M | 9.93M | -8.93M | -35.81M | -1.46M | -5.59M | 2.4M |
| Change in Receivables | -147K | -958K | -2.27M | -505K | -1.56M | -752K | -1.48M | -714K |
| Change in Inventory | -6.89M | -6.24M | 3.71M | -6.1M | -1.71M | -5.76M | -904K | 1.3M |
| Change in Payables | 4.9M | 1.01M | 1.54M | -165K | 416K | 1.6M | -884K | 1.22M |
| Cash from Investing | -6.18M | -6.86M | -18.8M | -2.71M | -1.84M | -3.81M | -1.39M | -1.67M |
| Capital Expenditures | -4.55M | -5.01M | -6.43M | -359K | -333K | -1.45M | -295K | -704K |
| CapEx % of Revenue | 2.42% | 2.61% | 3.26% | 0.19% | 0.2% | 1.04% | 0.25% | 0.64% |
| Acquisitions | 0 | 0 | -11.84M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -1.63M | -1.85M | -526K | -2.35M | -1.5M | -2.36M | -1.1M | -968K |
| Cash from Financing | -62.84M | -43.55M | -76.08M | -14.38M | 63.46M | -20.34M | -18.32M | -13.55M |
| Debt Issued (Net) | -1.25M | -1.25M | -6.25M | -6.25M | 84.38M | -5M | -5M | 44.19M |
| Equity Issued (Net) | -4.07M | -3M | -5.32M | 144K | 18K | 0 | 0 | 0 |
| Dividends Paid | -1.44M | -1.73M | -4.74M | -8.69M | -12.89M | -11.4M | -13.32M | -56.63M |
| Share Repurchases | -4.44M | -3.37M | -5.6M | 0 | -424K | 0 | 0 | 0 |
| Other Financing | -56.08M | -37.58M | -59.77M | 420K | -8.05M | -3.94M | 0 | -1.11M |
| Net Change in Cash | -36.38M | -15.22M | -49.66M | 9.77M | 52.47M | 9.56M | 6.72M | 10.12M |
| Free Cash Flow | 28.69M | 30.18M | 38.81M | 24.17M | -10.99M | 29.91M | 25.03M | 23.68M |
| FCF Margin % | 15.25% | 15.7% | 19.68% | 13.04% | -6.67% | 21.46% | 21.47% | 21.53% |
| FCF Growth % | -22.05% | -22.25% | 60.58% | 319.83% | -136.76% | 19.5% | 5.7% | - |
| FCF per Share | 0.80 | 0.82 | 1.13 | 0.94 | -1.36 | 3.95 | 3.30 | 3.13 |
| FCF Conversion (FCF/Net Income) | 1.84x | 1.30x | 14.33x | 8.11x | 9.45x | 1.03x | 0.91x | 1.19x |
| Interest Paid | 4.03M | 0 | 9.54M | 9.48M | 4.43M | 1.46M | 2.49M | 1.63M |
| Taxes Paid | 2.23M | 0 | 2.59M | 4.43M | 282K | 171K | 189K | 178K |
Regulatory compounding supply disruption
According to recent financial disclosures, Biote Corp. frequently reports operating cash flow significantly exceeding net income, as evidenced by the 2025Q4 OCF/NI ratio of 3.87, which suggests that non-cash adjustments and working capital fluctuations are playing a disproportionately large role in the company's reported cash generation.
The persistent divergence between net income and operating cash flow indicates that reported earnings may not be a reliable proxy for actual cash generation. Investors should monitor whether this gap is driven by sustainable operational efficiencies or by aggressive accrual accounting that may eventually reverse.
As reported in quarterly filings, free cash flow margins have fluctuated wildly, ranging from a high of 27.9% in 2025Q3 to a low of 7.9% in 2026Q1, highlighting a lack of consistent cash conversion as the company navigates a period of contracting revenue and shifting operational demands.
The inability to maintain stable FCF margins suggests that the business model is highly sensitive to volume fluctuations and potentially inefficient cost management. This volatility warrants further investigation into whether the company can achieve a predictable cash flow profile without significant revenue growth.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $8.4M inflow in 2024Q4 to a $4.7M outflow in 2025Q1, which complicates the assessment of the company's underlying ability to manage its inventory and accounts receivable cycles effectively.
These large, inconsistent swings in working capital suggest that the company may be experiencing lumpy demand or timing issues in its supply chain. Such instability makes it difficult to forecast future cash availability and may indicate underlying friction in the practitioner-facing sales process.
As indicated by historical cash flow data, the company has consistently utilized cash for share repurchases and dividends, such as the $1.1M buyback in 2026Q1, despite facing a contracting revenue environment and a relatively modest cash position of $24.1M reported in recent periods.
The decision to return capital to shareholders while revenue growth is negative may indicate a lack of high-return internal investment opportunities. Investors should monitor whether this capital allocation strategy is sustainable given the company's need to defend its market position against regulatory and competitive pressures.
Quick answers to the most common questions about buying BTMD stock.
biote Corp. (BTMD) generated $35.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
biote Corp. (BTMD) generated $30.2M 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.
biote Corp. (BTMD) spent $5.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, biote Corp. (BTMD) returned $1.7M to shareholders via cash dividends and spent $3.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.