Operational liquidity remains under severe pressure, as demonstrated by the company's failure to achieve positive free cash flow in nine of the last ten quarters, culminating in a -23.9% FCF margin in 2025Q4.
| 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 | Jul'11 | Jul'10 | Jul'09 |
|---|
| Cash from Operations | -10.84M | -8.45M | -7.72M | -15.64M | -14.87M | -7.1M | -11.5M | -4.79M | -1.56M | -8.76M | -2.13M | -497.09K | 6.53M | 831.4K | 31 | -87.29K | -69.6K | 0 |
| Operating CF Margin % | - | -12.94% | -14.18% | -29.29% | -29.54% | -12.62% | -20.76% | -12.07% | -4.19% | -29.19% | -31.47% | -93.12% | 85.42% | 92.14% | - | - | - | - |
| Operating CF Growth % | -1129.34% | -9.47% | 50.65% | -5.15% | -109.53% | 38.29% | -140.18% | -207.9% | 82.25% | -312.03% | -327.71% | -107.62% | 684.9% | 2681835.48% | 100.04% | -25.41% | - | - |
| Net Income | -21.13M | -19.14M | -16.18M | -18.54M | -13.83M | -7.96M | 820.79K | -3.3M | -9.06M | -6.21M | -601K | -6.69M | 6.04M | 246.59K | -455 | -169.25K | -3.79M | -4.6K |
| Depreciation & Amortization | 1.4M | 1.37M | 1.25M | 614.38K | 188.89K | 449.69K | 397.6K | 394.63K | 43.93K | 25.9K | 9.45K | 5.42K | 9.48K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.72M | 2.31M | 1.69M | 577.93K | 24.4K | 5.9M | 0 | 0 | 242K | 740.59K | 16.64K | 28.35K | 0 | 0 | 0 | 63.2K | 3.72M | 0 |
| Deferred Taxes | 12K | 22.72K | -11.84K | 656.98K | 780.1K | -714.11K | -178.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.62M | 7.77M | 5.38M | 8.96M | 6.66M | 1.52M | -667.16K | 1.73M | 6.55M | 2.84M | 16.06K | 6.15M | -163.19K | 0 | 486 | 835 | 952 | 0 |
| Working Capital Changes | -466.71K | -777.93K | 159.68K | -7.9M | -8.69M | -6.3M | -11.87M | -3.61M | 667.35K | -6.15M | -1.57M | 6.55K | 634.65K | 584.81K | 0 | 17.92K | -2.52K | 4.6K |
| Change in Receivables | -5.02M | -6.11M | 1.23M | -4.03M | -7.46M | -8.46M | -15.72M | -4.32M | 465.45K | -706.3K | -565.31K | -96.54K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -615.49K | -829.98K | 146.45K | -890.9K | -485.47K | -89.58K | 393.15K | -271.45K | 1.43M | -2.62M | -272.35K | -191.87K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.76M | 4.47M | 1.05M | 716.62K | 1.73M | 3.82M | 3.21M | 2.73M | -629.72K | 809.12K | 254.76K | 193.68K | -378.23K | 548.41K | 486 | 0 | -2.52K | 0 |
| Cash from Investing | -2.72M | -2.01M | -798.27K | -13.76M | -21.5K | -826.82K | -117.74K | 588.93K | -195.77K | -14.48K | -144.72K | -43.95K | -6.76M | 18.15K | 0 | 0 | 0 | 0 |
| Capital Expenditures | -54.23K | -55.67K | -418.07K | -2.98M | -74.21K | -581.4K | -117.74K | -672.79K | -503.36K | -55.34K | -12.82K | -43.95K | -21.47K | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0.08% | 0.09% | 0.77% | 5.58% | 0.15% | 1.03% | 0.21% | 1.7% | 1.36% | 0.18% | 0.19% | 8.23% | 0.28% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -5.23M | 0 | 0 | 0 | 0 | 307.59K | 40.86K | 0 | 0 | 0 | 18.15K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.66M | -1.96M | -380.19K | -5.55M | 55.34K | -245.42K | 0 | 0 | 0 | 0 | -131.9K | 0 | -6.73M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 15.36M | 14.06M | 5.05M | 12.69M | 35.05M | 7.27M | 12.46M | 3.59M | 1.99M | 9.29M | 2.74M | 329.12K | 504.12K | 2.37K | 917 | 102.06K | 70.07K | 0 |
| Debt Issued (Net) | 8.48M | 10.47M | 548.24K | -21.41K | -13.86M | 7.39M | 12.66M | 4.43M | 2.07M | 9.23M | 2.72M | 329.12K | 504.12K | 0 | 0 | -15.87K | 15.87K | 0 |
| Equity Issued (Net) | 7.25M | 5.42M | 649.04K | 9.9M | 41.28M | -126.86K | -200K | -845.25K | -80.05K | 57.32K | 0 | 0 | 0 | 0 | 0 | 117.93K | 54.2K | 0 |
| Dividends Paid | 0 | 0 | -6.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -100.45K | 0 | -376.86K | -200K | -845.25K | -80.05K | -34.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -369.29K | -1.83M | 10.04M | 2.82M | 7.63M | 0 | 0 | 0 | 0 | 0 | 24.14K | 0 | 0 | 2.37K | 917 | 0 | 0 | 0 |
| Net Change in Cash | 1.42M | 3.14M | -3.52M | -16.92M | 20.46M | -341.91K | 589.86K | -825.81K | 81.49K | 66.26K | 518.54K | -248.56K | -417.88K | 864.49K | 0 | 14.77K | 470 | 0 |
| Free Cash Flow | -11.09M | -8.5M | -8.14M | -24.8M | -15.25M | -7.99M | -11.62M | -5.46M | -2.06M | -8.82M | -2.14M | -541.04K | 6.5M | 831.4K | 31 | -87.29K | -69.6K | 0 |
| FCF Margin % | -15.96% | -13.03% | -14.95% | -46.47% | -30.3% | -14.2% | -20.97% | -13.77% | -5.55% | -29.37% | -31.66% | -101.36% | 85.14% | 92.14% | - | - | - | - |
| FCF Growth % | -94.94% | -4.53% | 67.2% | -62.61% | -90.97% | 31.26% | -112.75% | -165.3% | 76.65% | -312.15% | -295.33% | -108.32% | 682.31% | 2681835.48% | 100.04% | -25.41% | - | - |
| FCF per Share | -0.24 | -0.28 | -0.42 | -2.07 | -7.91 | -12.16 | -21.83 | -10.29 | -3.87 | -17.24 | -4.26 | -1.08 | 12.93 | 1.95 | 0.00 | -0.89 | -0.83 | - |
| FCF Conversion (FCF/Net Income) | 0.52x | 0.44x | 0.48x | 0.84x | 1.08x | 0.89x | -14.01x | 1.45x | 0.17x | 1.41x | 3.54x | 0.07x | 1.08x | 3.37x | -0.07x | 0.52x | 0.02x | - |
| Interest Paid | 275.43K | 0 | 0 | 406.88K | 588.05K | 2.06M | 955.38K | 447.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 14.13K | 11.61K | 0 | 0 | 0 | 0 | 0 | 1.4K | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, COSM's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly, including a 0.45 reading in 2025Q4, which suggests that accounting losses are not being mitigated by cash-generative operational efficiency or favorable accrual adjustments.
The recurring gap between net losses and operating cash outflows indicates that the company's core business model is currently unable to self-fund its operations. Investors should monitor this divergence, as it implies that the reported net income figures may actually understate the true cash-burn intensity of the underlying distribution business.
Based on quarterly cash flow statements, COSM has failed to achieve positive free cash flow in nine of the last ten quarters, with a 2025Q4 FCF margin of -23.9%, highlighting a structural inability to convert revenue growth into sustainable liquidity for the enterprise.
The consistent negative FCF trajectory suggests that the company's expansion efforts are currently value-destructive from a cash perspective. Without a fundamental shift in margin profile, the company appears reliant on external financing to bridge the gap between its operational requirements and its limited cash reserves.
According to historical cash flow data, working capital changes have been highly erratic, swinging from a $2.7M inflow in 2023Q4 to a $846K outflow in 2025Q3, which suggests that the company lacks a stable mechanism for managing its inventory and accounts receivable cycles.
This volatility in working capital suggests that the company may be struggling to balance its inventory procurement with the timing of customer collections. Such instability in cash conversion cycles often precedes liquidity crunches in low-margin distribution businesses, warranting close scrutiny of future receivable aging reports.
As evidenced by quarterly disclosures, COSM consistently utilizes stock-based compensation, reaching $582K in 2025Q4, which effectively serves as a non-cash expense that masks the true extent of the company's cash-based operational losses and dilutes the equity base of existing shareholders.
The reliance on stock-based compensation appears to be a strategic necessity to preserve the company's minimal cash balance. However, this practice does not address the underlying cash burn, and investors should interpret these figures as a signal that the company's cost structure is higher than the cash-basis financials might suggest.
Quick answers to the most common questions about buying COSM stock.
Cosmos Health Inc. (COSM) generated $-8.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cosmos Health Inc. (COSM) reported negative free cash flow of $8.5M in 2025, indicating capital requirements exceeded cash from operations.
Cosmos Health Inc. (COSM) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.