Collegium exhibits high earnings quality with an OCF/NI ratio of 3.94 in 2026Q1, supported by a business model that requires minimal capital intensity, evidenced by a CapEx/Revenue ratio consistently below 0.5%.
| 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 |
|---|
| Cash from Operations | 331.04M | 329.32M | 204.98M | 274.75M | 124.23M | 103.56M | 93.94M | 27.78M | 169.39M | -67.02M | -75.05M | -21.57M | -17.95M | -16.53M |
| Operating CF Margin % | - | 42.19% | 32.46% | 48.48% | 26.78% | 37.4% | 30.3% | 9.36% | 60.41% | -235.35% | -4386.5% | - | - | - |
| Operating CF Growth % | 1027.58% | 60.66% | -25.39% | 121.16% | 19.96% | 10.23% | 238.13% | -83.6% | 352.75% | 10.71% | -248% | -20.17% | -8.57% | - |
| Net Income | 74.95M | 62.87M | 69.19M | 48.16M | -25M | 71.52M | 26.75M | -22.72M | -39.13M | -74.86M | -94.18M | -27.25M | -17.92M | -16.2M |
| Depreciation & Amortization | 227.86M | 220.82M | 169.16M | 149.26M | 138.94M | 68.92M | 61.55M | 15.48M | 110.91M | 594K | 655K | 171K | 187K | 169K |
| Stock-Based Compensation | 41.26M | 41.91M | 32.4M | 27.14M | 22.87M | 24.25M | 21.91M | 16.53M | 13.78M | 7.95M | 5.79M | 2.21M | 22K | 62K |
| Deferred Taxes | -26.09M | -25.66M | -26.81M | -2.15M | -8.39M | -78.04M | 0 | 0 | 0 | 1.84M | 0 | 0 | 0 | 79K |
| Other Non-Cash Items | 17.44M | 25.62M | 16.02M | 30.62M | 8.52M | 3.42M | 9.03M | -5.59M | 19.28M | -34K | -34K | -28K | -20K | -9K |
| Working Capital Changes | -4.39M | 3.76M | -54.98M | 21.73M | -12.71M | 13.49M | -25.3M | 24.08M | 64.55M | -2.5M | 12.71M | 3.34M | -219K | -634K |
| Change in Receivables | -60K | 17.2M | -4.41M | 3.59M | -21.78M | -22.52M | -10.37M | 4.99M | -68.23M | -7.84M | -2.13M | 0 | 0 | 0 |
| Change in Inventory | -5.52M | -5.35M | 13.93M | 14.17M | 48.27M | -2.3M | -8.27M | -1.83M | 219K | -497K | -1.32M | 0 | 0 | 0 |
| Change in Payables | -11.03M | 6.72M | -11.28M | 5.06M | -707K | -5.83M | 3.77M | 0 | 6.46M | -3.42M | 5.57M | 1.3M | 990K | -822K |
| Cash from Investing | -52.23M | -63.53M | -287.76M | -70.81M | -573.69M | -1.94M | -373.77M | -6.44M | -24.35M | -990K | -2.98M | -362K | -8K | -206K |
| Capital Expenditures | -1.21M | -1.74M | -1.65M | -461K | -1.62M | -1.94M | -5.55M | -6.44M | -24.35M | -990K | -2.98M | -362K | -8K | -206K |
| CapEx % of Revenue | 0.15% | 0.22% | 0.26% | 0.08% | 0.35% | 0.7% | 1.79% | 2.17% | 8.69% | 3.48% | 173.99% | - | - | - |
| Acquisitions | 0 | 0 | -267.54M | 0 | -572.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -368.23M | 0 | -18.88M | 0 | -2.5M | 0 | 0 | 0 |
| Cash from Financing | -106.35M | -110.25M | -60.6M | -140.18M | 436.72M | -89.3M | 286.47M | 2.04M | -117.2M | 33.48M | 135.56M | 115.99M | 12.04M | 12.35M |
| Debt Issued (Net) | -61.49M | -70.38M | 7.52M | -65.92M | 442.68M | -50M | 281.39M | 0 | 10.02M | -2.67M | -2.67M | -1.34M | 11.97M | 395K |
| Equity Issued (Net) | -20.18M | -19.46M | -60.02M | -75M | -14.06M | -47.86M | 0 | -822K | -30K | 34.34M | 137.34M | 116.84M | 0 | 11.96M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -24.57M | -24.57M | 0 | 0 |
| Share Repurchases | -25.1M | -25.1M | -60.02M | -75M | -14.06M | -47.86M | 0 | -822K | -560K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -24.69M | -20.4M | -8.1M | 740K | 8.1M | 8.56M | 5.08M | 2.86M | -127.19M | 1.81M | 885K | 25.07M | 72K | 1K |
| Net Change in Cash | 172.46M | 155.55M | -143.38M | 63.76M | -12.74M | 12.31M | 6.64M | 23.39M | 27.84M | -34.53M | 57.53M | 94.06M | -5.92M | -4.38M |
| Free Cash Flow | 329.83M | 327.58M | 203.33M | 274.29M | 122.61M | 101.61M | -279.83M | 21.34M | 145.04M | -68.01M | -78.03M | -21.93M | -17.95M | -16.74M |
| FCF Margin % | 41.42% | 41.97% | 32.2% | 48.4% | 26.43% | 36.7% | -90.26% | 7.19% | 51.72% | -238.83% | -4560.49% | - | - | - |
| FCF Growth % | 67.8% | 61.11% | -25.87% | 123.71% | 20.66% | 136.31% | -1410.99% | -85.28% | 313.26% | 12.84% | -255.83% | -22.13% | -7.28% | - |
| FCF per Share | 8.23 | 8.25 | 5.03 | 6.56 | 3.62 | 2.48 | -7.96 | 0.64 | 4.40 | -2.25 | -3.22 | -1.62 | -2.40 | -2.24 |
| FCF Conversion (FCF/Net Income) | 4.40x | 5.24x | 2.96x | 5.71x | -4.97x | 1.45x | 3.51x | -1.22x | -4.33x | 0.90x | 0.80x | 0.79x | 1.00x | 1.02x |
| Interest Paid | 13.85M | 0 | 62.43M | 73.26M | 52.53M | 17.61M | 18.97M | 709K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 29.82M | 0 | 52.09M | 24.2M | 10.4M | 3M | 483K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Quota Constraints
As reported in financial statements, Collegium consistently generates operating cash flow significantly exceeding net income, with OCF/NI ratios frequently surpassing 3.0x, primarily driven by substantial non-cash amortization charges that mask the underlying cash-generating capacity of the company's specialty pharmaceutical portfolio across the observed ten-quarter period.
The persistent gap between net income and operating cash flow suggests that reported earnings are heavily impacted by non-cash accounting entries, specifically the amortization of acquired intangible assets. Investors should interpret this as a signal that the company's true cash-generating power is significantly higher than headline profitability metrics imply, though this requires careful adjustment for recurring stock-based compensation.
Based on the provided quarterly data, FCF margins have demonstrated significant volatility, ranging from a low of -5.8% in 2024Q3 to a peak of 59.6% in 2025Q4, reflecting the impact of working capital fluctuations and the timing of strategic capital allocation decisions within the business.
The erratic nature of FCF margins appears to be a function of working capital swings rather than fundamental operational deterioration. While the company maintains a strong ability to convert revenue into cash, the lack of consistent margin stability warrants further investigation into the predictability of its cash conversion cycle.
According to recent SEC filings, Collegium maintains an exceptionally low capital intensity, with CapEx/Revenue ratios consistently remaining below 0.5%, indicating that the company's business model relies primarily on intellectual property and commercial infrastructure rather than heavy investment in physical manufacturing assets or property, plant, and equipment.
This low capital requirement suggests that the company is well-positioned to direct the vast majority of its operating cash flow toward debt reduction, share repurchases, or future acquisitions. The minimal maintenance CapEx requirements provide a structural advantage, allowing for high free cash flow conversion even during periods of revenue stagnation.
As evidenced by the quarterly cash flow data, working capital changes have been a primary source of cash flow volatility, with a notable $64 million outflow in 2024Q3 followed by a $33.8 million inflow in 2025Q4, highlighting the sensitivity of cash balances to inventory and receivable timing.
The significant swings in working capital suggest that the company's cash flow is susceptible to the timing of PBM rebates and wholesale inventory management. Analysts should monitor these fluctuations closely, as they may obscure the underlying operational health of the business during periods of aggressive inventory build-up or liquidation.
Based on reported figures, Collegium has utilized its free cash flow to execute periodic share repurchases, such as the $25 million buyback in 2024Q4, while maintaining a flexible balance sheet that appears capable of supporting further strategic acquisitions without immediate reliance on external debt financing.
The company's approach to capital deployment appears disciplined, focusing on returning value to shareholders while retaining the capacity to pivot toward inorganic growth. This strategy suggests management is prioritizing long-term portfolio diversification, though the effectiveness of this capital allocation remains dependent on the successful integration of acquired assets.
Quick answers to the most common questions about buying COLL stock.
Collegium Pharmaceutical, Inc. (COLL) generated $329.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Collegium Pharmaceutical, Inc. (COLL) generated $327.6M 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.
Collegium Pharmaceutical, Inc. (COLL) spent $1.7M 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, Collegium Pharmaceutical, Inc. (COLL) spent $25.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.