Free cash flow remains highly volatile, oscillating from a 8.5% margin in 2025Q4 to a -6.1% margin in 2026Q1, while stock-based compensation of $4.9 million in the most recent quarter continues to obscure underlying cash burn.
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 2.63M | 11.36M | 11.36M | -43.17M | -25.61M | -33.92M | -41.81M | -65.5M | -31.25M | -52.23M | -53.53M | -51.13M | -39.81M | -26.8M | -13.92M | -15.63M | -14.11M | -14.66M | -34.55M | -37.4M | -14.69M | -14.95M | -12.73M | -58.62M | -55.65M | -44M | -32.03M | -33.3M | -9.7M | -16.6M |
| Operating CF Margin % | - | 5.51% | 6.3% | -27.61% | -15.81% | -25.92% | -45.49% | -87.74% | -51.3% | -119.89% | -143.96% | -149.4% | -109.06% | -67.57% | -37.93% | -47.31% | -61.06% | -81.55% | -209.27% | -338.66% | -41.27% | -61.33% | -91.5% | -606.47% | -655.51% | -970.23% | -1730.52% | -1387.5% | -334.48% | -240.58% |
| Operating CF Growth % | -998.1% | 0% | 126.31% | -68.53% | 24.49% | 18.87% | 36.17% | -109.62% | 40.18% | 2.42% | -4.69% | -28.43% | -48.57% | -92.55% | 10.97% | -10.78% | 3.77% | 57.55% | 7.64% | -154.7% | 1.75% | -17.43% | 78.29% | -5.32% | -26.48% | -37.36% | 3.81% | -243.3% | 41.57% | - |
| Net Income | -9.55M | -15.63M | -20.96M | -37.49M | -42.83M | -54.38M | -59.86M | -71.24M | -57.56M | -60.59M | -62.91M | -55.87M | -38.76M | -43.34M | -15.92M | -16.98M | -16.91M | -24.14M | -29.18M | -45.3M | -4.78M | 13.06M | -31.15M | -58.27M | -57.19M | -49.37M | -36.03M | -22.6M | -29.6M | -14.7M |
| Depreciation & Amortization | 2M | 1.85M | 1.85M | 2.6M | 2.98M | 3.15M | 3.11M | 2.4M | 1.45M | 1.81M | 1.82M | 1.7M | 1.42M | 557K | 744K | 922K | 845K | 915K | 651K | 774K | 716K | 652K | 2.15M | 3.29M | 2.5M | 1.19M | 634K | 600K | 700K | 700K |
| Stock-Based Compensation | 21.14M | 22.87M | 22.87M | 20.27M | 24.46M | 23.57M | 18.03M | 13.31M | 10.39M | 9.36M | 8.06M | 6.73M | 5.15M | 3.27M | 2.54M | 1.85M | 1.83M | 2.05M | 2.15M | 2.6M | 0 | 0 | 193K | -401K | 673K | 0 | 7.09M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 462K | 0 | 0 | 4K | 3.71M | 28K | -3.82M | 26K | 27K | 62K | -600K | -291K | 0 | 0 | -2.37M | 0 | 0 | -193K | 401K | -673K | 0 | -7.27M | 0 | 0 | 0 |
| Other Non-Cash Items | 1.76M | 9.09M | 2.37M | 3.49M | 5.82M | 2.67M | 1.11M | 2.33M | 1.25M | -2.92M | 417K | -2.62M | -7.57M | 15.13M | -2.04M | 5K | 152K | 840K | -34K | 12.05M | -7.46M | -21.88M | 322K | -10K | 33K | 756K | -1K | -500K | 100K | 200K |
| Working Capital Changes | -12.7M | -6.83M | 5.23M | -32.03M | -16.05M | -9.4M | -4.2M | -12.3M | 13.22M | -3.61M | -950K | 2.75M | -76K | -2.44M | 692K | -827K | 266K | 5.67M | -8.13M | -5.15M | -3.16M | -6.78M | 15.95M | -3.63M | -991K | 3.42M | 3.54M | -10.8M | 19.1M | -2.8M |
| Change in Receivables | -3.19M | -396K | 5.5M | -1.1M | -9.2M | -4.21M | -4.13M | -8.07M | 3.66M | -5.55M | -1.07M | -301K | 632K | -1.68M | 1.65M | -1.3M | -1.17M | 696K | 660K | -2.49M | 0 | 0 | 4K | -25K | 241K | 0 | -267.02M | 0 | 0 | 0 |
| Change in Inventory | -14.16M | -14.68M | 7.03M | -14.95M | -1.77M | -19.61M | -4.03M | -6.04M | 806K | -2.09M | -1.78M | 3.99M | 3.03M | -1.81M | -3.74M | -487K | 2.02M | 3.37M | -4.05M | -5.23M | 0 | 0 | 18.84M | -48.04M | -4.51M | -1.12M | -1.07B | 0 | 0 | 0 |
| Change in Payables | 4.83M | 5.72M | -1.48M | -7.33M | -4.91M | 12.2M | 1.98M | 4.94M | 5.68M | 2.49M | 3.26M | -3.87M | -973K | -1.51M | 2.51M | 1.45M | -1.19M | 102K | -2.15M | 3.44M | 0 | 0 | -2.96M | -5.38M | 3.24M | 0 | 1.26B | 0 | 0 | 0 |
| Cash from Investing | 4.88M | -8.13M | -8.13M | 8.62M | 8.46M | 12.69M | -49.56M | 28.18M | -43.85M | 421K | -19.92M | 1.41M | -3.35M | -29.06M | 205K | 563K | -87K | 9.44M | 23.89M | 9.3M | -7.94M | 15.36M | 28.52M | -45.25M | 12.04M | -41.78M | 15.87M | -23.9M | -4M | -10.4M |
| Capital Expenditures | -2.96M | -2.84M | -2.84M | -4.6M | -2M | -910K | -1.61M | -8.94M | -1.14M | -353K | -563K | -722K | -2.11M | -663K | -81K | -158K | -1.71M | -191K | -1.19M | -700K | -1.11M | -856K | -594K | -297K | -5.03M | -1.24M | -2.62M | -700K | -300K | -400K |
| CapEx % of Revenue | 1.37% | 1.38% | 1.57% | 2.94% | 1.23% | 0.7% | 1.76% | 11.97% | 1.88% | 0.81% | 1.51% | 2.11% | 5.77% | 1.67% | 0.22% | 0.48% | 7.4% | 1.06% | 7.23% | 6.34% | 3.11% | 3.51% | 4.27% | 3.07% | 59.27% | 27.25% | 141.6% | 29.17% | 10.34% | 5.8% |
| Acquisitions | 0 | 0 | 0 | 0 | -10.46M | 910K | 0 | 0 | 0 | -3.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191K | 1.19M | 700K | 0 | 0 | 0 | 10K | 0 | 25K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.97M | 0 | 0 | 0 | 10.46M | -910K | 0 | 0 | -42.7M | 3.47M | -19.36M | -104K | -175K | -15K | -1K | 55K | -11K | -191K | -1.19M | -700K | 0 | 51K | -1.24M | 63.64M | 64.2M | 27.32M | -1K | 100K | 0 | 0 |
| Cash from Financing | 352K | 4.96M | 4.96M | 10.67M | 4.19M | 34.29M | 91.78M | 43.49M | 92.75M | 43M | 24.57M | 97.95M | 36.45M | 58.64M | 14.91M | 11.62M | 25.86M | 12.21M | 1.33M | 1.44M | 63.13M | -33.81M | 207K | 104.59M | 1.54M | 78.41M | 84.5M | 54.6M | 8.3M | 32.6M |
| Debt Issued (Net) | 128K | -329K | 4.3M | 9.92M | 212K | 21.18M | 3.5M | 13.35M | -133K | 10.38M | -622K | 9.89M | 6.37M | -4.47M | 353K | 2.2M | 6.34M | -5K | 65K | -84K | -4.54M | -34.5M | -19K | 49.97M | -31K | -33K | -31K | 0 | -100K | -100K |
| Equity Issued (Net) | 263K | 560K | 0 | -175K | -104K | 2.74M | 76.53M | 26.93M | 85.04M | 30.2M | 22.12M | 75.3M | 18.49M | 61.42M | 14.23M | 9.27M | 19.29M | 12.21M | 1.29M | 1.52M | 67.67M | 693K | 226K | 54.63M | 1.57M | 78.44M | 85.16M | 54.7M | 8.3M | 32.6M |
| Dividends 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 | -639K | 0 | 0 | 0 |
| Share Repurchases | 263K | 0 | 0 | -175K | -104K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500K | 0 | 0 | 0 |
| Other Financing | -39K | 4.73M | 667K | 925K | 4.08M | 10.37M | 11.75M | 3.21M | 7.85M | 2.43M | 3.07M | 12.77M | 11.59M | 1.68M | 332K | 143K | 230K | 0 | -25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | -100K | 100K | 100K |
| Net Change in Cash | 8.4M | 8M | 8M | -24M | -13.69M | 12.14M | 1.48M | 5.83M | 17.66M | -8.81M | -48.89M | 48.24M | -6.7M | 2.79M | 1.2M | -3.45M | 11.66M | 6.98M | -9.32M | -26.66M | 40.51M | -33.39M | 16M | 730K | -42.07M | -7.37M | 68.33M | -2.7M | -5.4M | 5.6M |
| Free Cash Flow | -1.22M | 8.52M | 8.52M | -47.77M | -27.61M | -34.83M | -43.43M | -74.43M | -32.39M | -52.59M | -54.09M | -51.85M | -41.92M | -27.46M | -14M | -15.79M | -15.82M | -14.86M | -35.74M | -38.1M | -15.79M | -15.8M | -13.32M | -58.91M | -60.69M | -45.24M | -34.65M | -34M | -10M | -17M |
| FCF Margin % | -0.56% | 4.13% | 4.73% | -30.55% | -17.04% | -26.62% | -47.24% | -99.71% | -53.18% | -120.7% | -145.48% | -151.51% | -114.83% | -69.24% | -38.15% | -47.78% | -68.46% | -82.61% | -216.51% | -345% | -44.39% | -64.84% | -95.77% | -609.54% | -714.78% | -997.49% | -1872.12% | -1416.67% | -344.83% | -246.38% |
| FCF Growth % | -118.16% | 0% | 117.84% | -72.97% | 20.72% | 19.79% | 41.66% | -129.81% | 38.41% | 2.78% | -4.32% | -23.7% | -52.65% | -96.17% | 11.35% | 0.19% | -6.5% | 58.43% | 6.2% | -141.26% | 0.06% | -18.62% | 77.39% | 2.92% | -34.15% | -30.54% | -1.92% | -240% | 41.18% | - |
| FCF per Share | -0.01 | 0.04 | 0.05 | -0.26 | -0.16 | -0.20 | -0.26 | -0.53 | -0.25 | -0.49 | -0.53 | -0.54 | -0.55 | -0.41 | -0.25 | -0.33 | -0.39 | -0.43 | -1.10 | -1.20 | -0.55 | -0.66 | -0.60 | -3.04 | -3.83 | -2.99 | -2.65 | -3.06 | -1.07 | -2.04 |
| FCF Conversion (FCF/Net Income) | 0.13x | -0.73x | -0.54x | 1.15x | 0.60x | 0.62x | 0.70x | 0.92x | 0.54x | 0.86x | 0.85x | 0.92x | 1.03x | 0.62x | 0.87x | 0.92x | 0.83x | 0.61x | 1.18x | 0.83x | 3.07x | -1.14x | 0.41x | 1.01x | 0.97x | 0.89x | 0.89x | 1.47x | 0.33x | 1.13x |
| Interest Paid | 0 | 0 | 0 | 9.21M | 5.1M | 4.18M | 3.27M | 3.08M | 2.73M | 2.03M | 1.37M | 1.09M | 563K | 294K | 460K | 1.02M | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 356K | 322K | 270K | 278K | 265K | 229K | 254K | 160K | 157K | 153K | 177K | 146K | 162K | 125K | 114K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in financial statements, the relationship between net income and operating cash flow is frequently disconnected, with OCF/NI ratios fluctuating wildly, such as the 11.31x divergence observed in 2023Q4, suggesting that accruals and non-cash items significantly distort the company's underlying cash generation capabilities.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash-generating health. Investors should monitor this disconnect, as it suggests that reported earnings are heavily influenced by accounting adjustments rather than operational cash inflows.
Based on Cerus's reported figures, free cash flow remains highly inconsistent, oscillating between positive peaks like the 8.5% margin in 2025Q4 and deep negative outflows, which highlights the company's ongoing struggle to achieve a self-sustaining financial model while funding its extensive R&D pipeline.
The inability to maintain positive FCF suggests that the business model is currently dependent on external capital to bridge the gap between operational costs and revenue. This trajectory warrants caution, as the lack of a stable cash-flow base limits the company's flexibility during periods of high investment.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, exemplified by the significant $20.8 million outflow in 2023Q4, which underscores the sensitivity of the company's cash position to inventory management and the timing of distributor payments.
The erratic nature of working capital suggests that the company's cash cycle is susceptible to supply chain disruptions or shifts in distributor purchasing patterns. This volatility creates a recurring liquidity risk that may force management to prioritize short-term cash preservation over long-term strategic initiatives.
Data from the cash flow statement reveals that stock-based compensation, reaching as high as $10.6 million in 2025Q4, consistently offsets operating losses, effectively masking the true cash burn rate and diluting existing shareholders to support the company's ongoing operational and research requirements.
By relying on equity-based incentives to manage cash expenses, the company is essentially trading future ownership for current operational runway. This practice obscures the true cost of operations and suggests that the company's path to cash-flow neutrality is more difficult than headline figures might imply.
Quick answers to the most common questions about buying CERS stock.
Cerus Corporation (CERS) generated $11.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cerus Corporation (CERS) generated $8.5M 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.
Cerus Corporation (CERS) spent $2.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.