Free cash flow remains deeply negative, with a $43.6M burn in 2025Q2, underscoring the company's ongoing struggle to achieve self-sustaining operations despite a current ratio of 6.17.
| Cash from Operations | 204.08M | 101.85M | -267.89M | -286.18M | -733.13M | 522.4M | -86.96M | -74.11M |
| Operating CF Margin % | - | 19.03% | -498.32% | -424.47% | -711.84% | 1068.31% | -499.33% | -575.79% |
| Operating CF Growth % | 727.86% | 138.02% | 6.39% | 60.96% | -240.34% | 700.72% | -17.34% | - |
| Net Income | 193.64M | 190.88M | -260.17M | -249.16M | -412.5M | -129.85M | -100.13M | -71.13M |
| Depreciation & Amortization | 17.8M | 18.81M | 23.39M | 23.74M | 15.67M | 10.67M | 7.16M | 3.78M |
| Stock-Based Compensation | 5.08M | 4.12M | 7.7M | 9.19M | 14.96M | 14.24M | 19.56M | -4.25M |
| Deferred Taxes | 0 | 0 | 0 | -1.58M | 199.02M | -2.87M | -847K | 52K |
| Other Non-Cash Items | 47.01M | 52M | 29.49M | 57.2M | -480.74M | 51.63M | 9.93M | -1.48M |
| Working Capital Changes | -86.2M | -163.96M | -68.29M | -125.56M | -69.55M | 578.57M | -22.65M | -1.08M |
| Change in Receivables | 37.24M | 11.47M | -7.92M | -16.68M | -19.82M | -32.3M | -10.12M | -5.59M |
| Change in Inventory | -84K | 590K | -46.96M | -47.85M | -227.46M | -8.33M | -3.25M | 878K |
| Change in Payables | 0 | -140.58M | -29.37M | -96.19M | 179.32M | 620.3M | -9.58M | 9.4M |
| Cash from Investing | -7.93M | -18.44M | -55.2M | -93.5M | -127.9M | -45.27M | 28.18M | -4.26M |
| Capital Expenditures | -7.04M | -14.31M | -52.32M | -93.22M | -127.9M | -47.35M | -12.22M | -14.72M |
| CapEx % of Revenue | 1.38% | 2.67% | 97.32% | 138.27% | 124.19% | 96.83% | 70.19% | 114.39% |
| Acquisitions | 0 | 0 | 0 | -277K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -894K | -4.13M | -2.88M | -5.2M | -3.68M | 3.24M | 2.33M | 5.14M |
| Cash from Financing | -5.39M | -5.11M | 230.89M | 63.17M | 344.96M | 819.83M | 67.98M | -112K |
| Debt Issued (Net) | -5.26M | -5.11M | -5.19M | -4.22M | -28.18M | -47.88M | 67.98M | -112K |
| Equity Issued (Net) | -138K | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -69K | 0 | 0 | 0 | -30.91M | 0 | 0 | 0 |
| Other Financing | -1K | 0 | 246K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 190.19M | 79.3M | -93.34M | -315.67M | -511.13M | 1.29B | 9.3M | -78.27M |
| Free Cash Flow | 196.15M | 83.41M | -323.09M | -379.4M | -861.03M | 475.05M | -99.19M | -88.83M |
| FCF Margin % | 38.42% | 15.58% | -601% | -562.74% | -836.03% | 971.47% | -569.52% | -690.18% |
| FCF Growth % | 160.27% | 125.82% | 14.84% | 55.94% | -281.25% | 578.94% | -11.66% | - |
| FCF per Share | 0.87 | 0.37 | -1.46 | -2.01 | -4.63 | 3.59 | -0.53 | -0.50 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.63x | 1.03x | 1.15x | 1.78x | -4.05x | 0.87x | 1.04x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical and commercial binary outcomes
As reported in financial statements, CureVac's OCF/NI ratio has fluctuated wildly, reaching 2.03 in 2024Q4, which suggests that reported net income is a poor proxy for actual cash generation due to the lumpy nature of milestone-based revenue recognition inherent in the company's collaboration-heavy business model.
The significant divergence between net income and operating cash flow indicates that accounting earnings are heavily influenced by non-cash accruals and timing differences in revenue recognition. Investors should interpret these figures with caution, as the lack of consistent cash conversion suggests that the company's underlying operational health remains disconnected from its reported bottom-line performance.
Based on CureVac's reported figures, the free cash flow trajectory remains deeply negative, with the exception of the 2024Q3 outlier, as the company continues to burn cash to fund its R&D pipeline, evidenced by a negative $43.6M FCF in 2025Q2 alone.
The inability to sustain positive free cash flow, even during periods of significant milestone recognition, highlights the structural challenge of funding a clinical-stage biotech. This trajectory suggests that the company remains entirely dependent on external capital or sporadic partnership payments to maintain its current research intensity.
According to recent SEC filings, CureVac's capital expenditure as a percentage of revenue has been highly volatile, peaking at 187.5% in 2023Q2, which indicates that the company is still in a phase of heavy infrastructure investment rather than efficient, scaled commercial production.
The high capital intensity relative to revenue suggests that the company is prioritizing the development of its proprietary mRNA platform over immediate cost optimization. This level of spending warrants further investigation into whether these investments will yield the necessary clinical validation to justify the ongoing capital outlay.
As indicated by quarterly data, working capital changes have been erratic, swinging from a $50.1M outflow in 2024Q4 to a $12.5M inflow in 2025Q2, reflecting the unpredictable timing of cash receipts from collaboration partners rather than standard operational efficiency in managing receivables or payables.
This volatility suggests that the company's cash position is highly sensitive to the timing of contract-related payments. Such fluctuations may indicate that the company lacks a stable, recurring cash cycle, leaving it vulnerable to liquidity pressures if milestone achievements are delayed or if partnership terms are renegotiated.
Based on the provided financial data, CureVac has prioritized cash preservation over shareholder returns, with no dividends paid and negligible share repurchases, as the company directs nearly all available liquidity toward sustaining its R&D-heavy clinical pipeline and managing its ongoing operational burn.
The absence of capital return programs is consistent with a pre-commercial biotech entity that must conserve cash to reach critical clinical milestones. This allocation strategy appears to be a defensive necessity, as the company lacks the self-sustaining cash flows required to support a more balanced capital distribution policy.
Quick answers to the most common questions about buying CVAC stock.
CureVac N.V. (CVAC) generated $101.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
CureVac N.V. (CVAC) generated $83.4M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CureVac N.V. (CVAC) spent $14.3M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.