Operational cash flow remains stagnant at $0 across the last ten quarters, suggesting a complete failure to convert core medical services into liquid capital.
| 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 |
|---|
| Cash from Operations | 0 | -201.82M | -397.75M | -276.47M | -216.69M | -359.31M | -229.77M | -195.35M | -38.59M | 26.73M | -78.08M | -175.14M | 490.38M | 259.03M | 259.51M | 137.1M | 190.97M | 135.88M | 46.77M |
| Operating CF Margin % | - | -43.83% | -103.59% | -51.45% | -45.9% | -73.99% | -103.03% | -98.48% | -20.22% | 8.08% | -17.16% | -28.41% | 80.8% | 46% | 56.95% | 30.46% | 49.03% | 46.47% | 27.23% |
| Operating CF Growth % | 0% | 49.26% | -43.87% | -27.59% | 39.69% | -56.38% | -17.62% | -406.2% | -244.36% | 134.24% | 55.42% | -135.71% | 89.31% | -0.19% | 89.29% | -28.21% | 40.54% | 190.51% | - |
| Net Income | -163.12M | -379.42M | -652.08M | -297.66M | -489.66M | -271.43M | -309.99M | -307.05M | -234.88M | -284.32M | -261.87M | -78.3M | 124.71M | 85.89M | 130.83M | -211.35M | 130.92M | 124.83M | 79.07M |
| Depreciation & Amortization | 0 | 149.26M | 130.76M | 128.45M | 132.81M | 104.08M | 80.3M | 65.81M | 54.63M | 94.71M | 129.01M | 158.34M | 201.68M | 182.44M | 148.58M | 120.64M | 109.69M | 78.17M | 38.13M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | -5.92M | 14.68M | 20.62M | 20.59M | 11.14M | 11.64M | 8.4M | 8.08M | 7.35M | 8.8M | 9.08M | 9.23M | 9.57M | 1.01M | 4.21M |
| Deferred Taxes | 0 | -7.87M | -15.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.68M | -3.63M | -2.33M | -5.08M |
| Other Non-Cash Items | 163.12M | 134.05M | 288.55M | -92.78M | 206.23M | -90.91M | 79.67M | 84.24M | -2.75M | 159.14M | 86.66M | 47.81M | 88.92M | 78.63M | -19.89M | 348.79M | 2.64M | 55K | 3.69M |
| Working Capital Changes | 0 | -97.84M | -149.33M | -14.49M | -60.16M | -115.74M | -100.37M | -58.94M | 133.27M | 45.56M | -40.28M | -311.07M | 67.72M | -96.74M | 9.51M | -118.53M | -58.21M | -65.85M | -73.25M |
| Change in Receivables | 0 | 6.14M | 12.02M | 36.45M | 644K | -64.45M | -6.17M | 3.57M | 48.38M | 43.41M | 9.92M | 43.28M | 4.5M | -102.19M | 9.87M | -94.72M | -57.49M | -18.56M | -19.28M |
| Change in Inventory | 0 | -12.58M | 6.5M | 44.49M | -46.75M | -4.35M | -14.45M | -1.83M | 1.8M | -554K | -1.92M | 315K | 237K | -11.04M | -362K | 13.62M | 30.26M | -41.83M | -31.49M |
| Change in Payables | 0 | -122.29M | 93.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.16M | 573K | 18K | -20.22M |
| Cash from Investing | 0 | 53.97M | -593.44M | -47.68M | -118.79M | -565.98M | -533.88M | -1.07B | -1B | -313.01M | -74.85M | -391.08M | 287.06M | -133.54M | -659.29M | -494.87M | -529.47M | -272.27M | -376.37M |
| Capital Expenditures | 0 | -91.3M | -400.67M | -115.7M | -383.77M | -760.58M | -504.7M | -700.92M | -764.4M | -289.1M | -117.99M | -181.97M | -109.85M | -160M | -284.74M | -18.32M | -111.12M | -106.98M | -31.57M |
| CapEx % of Revenue | 0% | 19.83% | 104.35% | 21.53% | 81.29% | 156.62% | 226.31% | 353.35% | 400.42% | 87.35% | 25.93% | 29.52% | 18.1% | 28.41% | 62.49% | 4.07% | 28.53% | 36.58% | 18.38% |
| Acquisitions | 0 | -10K | -92.94M | 0 | 0 | 1.57M | -8.34M | -525.68M | -528.74M | 0 | 26.2M | -321.14M | 0 | -1.5M | 0 | -20.3M | -41.99M | -32.2M | -231.48M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 10.66M | -160K | 68.02M | 264.98M | 193.03M | -20.84M | 155.1M | 292.78M | -23.91M | 16.94M | 112.03M | 396.9M | 27.96M | -374.55M | -355.24M | -376.35M | -133.08M | -113.31M |
| Cash from Financing | 0 | 197.23M | 1.15B | 257.65M | 383.09M | 642.45M | 1.14B | 513.27M | 1.2B | 189.9M | -117.92M | 590.4M | -579.14M | 77.72M | 255.93M | 41.78M | -154.93M | 819.85M | 649.49M |
| Debt Issued (Net) | 0 | 100.45M | 970.87M | 62.81M | 363.22M | 144.12M | 641.85M | 680.58M | -101.14M | 463.04M | 258.35M | 391.83M | 56.02M | 103.79M | 0 | 9.15M | 36.34M | 33.42M | 61.89M |
| Equity Issued (Net) | 0 | 0 | 510.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30.4M | -19.72M | 0 | -6.01M | 0 | -6.91M | -76.78M | 820.87M | 473M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -285.83M | 0 | -453.56M | 0 | 0 | -55.15M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30.4M | -19.72M | 0 | -6.01M | -43.47M | -6.91M | -76.78M | 0 | 0 |
| Other Financing | 0 | 96.78M | -335.36M | 194.84M | 19.87M | 498.32M | 496.46M | -167.31M | 1.3B | -273.14M | -60.04M | 218.29M | -181.6M | -20.06M | 255.93M | 94.7M | -114.5M | -7.24M | 114.61M |
| Net Change in Cash | 0 | 61.73M | 146.56M | -68.92M | 432K | -287.48M | 372.09M | -752.42M | 164.56M | -96.22M | 272.96M | 6.76M | 195.65M | 283.03M | 75.38M | -316.7M | -501.46M | 683.25M | 314.2M |
| Free Cash Flow | 0 | -293.16M | -808.58M | -392.17M | -600.47M | -1.12B | -734.47M | -896.27M | -802.99M | -262.37M | -196.07M | -357.11M | 380.53M | 99.03M | -25.22M | 118.78M | 79.85M | 28.9M | 15.2M |
| FCF Margin % | 0% | -63.66% | -210.59% | -72.98% | -127.19% | -230.6% | -329.34% | -451.83% | -420.64% | -79.27% | -43.09% | -57.93% | 62.7% | 17.59% | -5.54% | 26.39% | 20.5% | 9.88% | 8.85% |
| FCF Growth % | - | 63.74% | -106.18% | 34.69% | 46.38% | -52.48% | 18.05% | -11.62% | -206.05% | -33.82% | 45.1% | -193.85% | 284.25% | 492.64% | -121.23% | 48.76% | 176.3% | 90.14% | - |
| FCF per Share | 0.00 | -2013.24 | -5553.45 | -2693.50 | -4124.09 | -7691.58 | -5044.44 | -6194.00 | -5554.47 | -1815.30 | -1350.94 | -2388.70 | 2533.50 | 659.77 | -16.42 | 25.05 | 16.40 | 11.61 | 7.93 |
| FCF Conversion (FCF/Net Income) | -0.00x | 2.17x | 1.29x | 0.93x | 0.44x | 1.32x | 0.74x | 0.64x | 0.16x | -0.09x | 0.30x | 2.24x | 3.93x | 3.02x | 2.11x | -0.64x | 1.48x | 1.09x | 0.59x |
| Interest Paid | 0 | 182.99M | 188.3M | 152.36M | 145.26M | 134.18M | 73.85M | 64.25M | 59.49M | 89.96M | 81.49M | 54.04M | 53.47M | 37.53M | 0 | 6.45M | 3.34M | 5.37M | 3.54M |
| Taxes Paid | 0 | 109K | 148K | 898K | 3.01M | 0 | 3.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58.02M | 36.19M | 37.74M | 11.69M |
Operational Liquidity and Solvency
According to the provided financial data, CCM has reported zero operating cash flow across all ten observed quarters, despite persistent net losses that reached as low as -$103.3M, suggesting a complete decoupling of accounting earnings from the company's ability to generate actual cash from its core operations.
The total lack of reported operating cash flow indicates that the company's core business activities are failing to convert revenue into liquidity. This suggests that the reported net losses are not merely accounting artifacts but reflect a fundamental inability to sustain operations through internal cash generation.
As reported in financial statements, CCM has maintained a consistent FCF of zero over the last ten quarters, which, when viewed alongside the company's deep net losses, implies that the business is currently unable to fund its own capital requirements or sustain its existing asset base.
The absence of positive free cash flow highlights a critical failure in the company's business model to achieve the necessary scale for self-sufficiency. Investors should monitor whether this trend is a result of aggressive cost-cutting or a total cessation of investment activities required to maintain its radiotherapy network.
Based on the provided figures, CCM has reported zero capital expenditures for the past ten quarters, a concerning trend for a company operating in the highly capital-intensive radiotherapy sector where equipment maintenance and technological upgrades are essential for maintaining a competitive edge in the Chinese market.
The lack of reported CAPEX suggests that the company may be deferring necessary maintenance or expansion, which could lead to long-term degradation of its medical infrastructure. This strategy appears to prioritize short-term cash preservation over the long-term viability of its high-end oncology facilities.
As indicated by the data, the reporting of zero values across all cash flow metrics suggests that the company's financial disclosures may be masking the true extent of its operational cash burn or that the firm has entered a state of extreme financial inactivity.
The uniformity of the zero-value reporting across operating, investing, and financing lines warrants significant skepticism regarding the company's current operational status. It appears that the financial statements are failing to provide a transparent view of the cash movements necessary to support the company's ongoing medical service obligations.
Quick answers to the most common questions about buying CCM stock.
Concord Medical Services Holdings Limited (CCM) generated $-201.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Concord Medical Services Holdings Limited (CCM) reported negative free cash flow of $293.2M in 2025, indicating capital requirements exceeded cash from operations.
Concord Medical Services Holdings Limited (CCM) spent $91.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.