Persistent cash burn is highlighted by a negative free cash flow margin that reached -34.7% in 2024Q2, indicating an inability to fund operations through internal cash generation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'05 |
|---|
| Cash from Operations | -4.24M | -8.58M | -16.32M | -757K | -1.85M | 8.13M | -14.87M | -1.32M | -3.35M | -3.58M | -5.72M | -6.31M | -4.13M | -4.38M | -4.79M | -6.78M | -4.81M | -2.85M | -2.59M | -1.82M | -710.26K | -1.16M | -1.02M | -1.02M |
| Operating CF Margin % | - | -4.87% | -7% | -0.32% | -0.83% | 3.65% | -18.89% | -3.9% | -17.08% | -29.97% | -74.48% | -107.2% | -104.89% | -164.69% | -434.8% | -1220.25% | -1011.86% | -2419% | -7363.83% | -2178.27% | -1058.46% | -759.01% | -375.09% | -375.09% |
| Operating CF Growth % | 614.73% | 47.44% | -2056.27% | 59.1% | -122.78% | 154.66% | -1022.81% | 60.51% | 6.44% | 37.35% | 9.31% | -52.77% | 5.77% | 8.45% | 29.42% | -40.92% | -68.62% | -10.32% | -42.09% | -156.28% | 38.56% | -13.54% | - | - |
| Net Income | 77.14M | 78.3M | -114.76M | -99.59M | -37.33M | -275.53M | -32.69M | -18.33M | -9.56M | -7.9M | -13.11M | -9.82M | -7.03M | -19.57M | -6.38M | -7.83M | -6.15M | -5.65M | -16.71M | -4.56M | -2.33M | -1.52M | -1.04M | -1.04M |
| Depreciation & Amortization | 26.47M | 27.71M | 30.76M | 27.49M | 22.77M | 20.25M | 9.87M | 2.42M | 857.94K | 664.83K | 374.2K | 239.23K | 197.94K | 311.59K | 393.96K | 343.03K | 245.48K | 150.09K | 81.98K | 1.34M | 111.22K | 88.75K | 92.6K | 92.6K |
| Stock-Based Compensation | 4.96M | 11.03M | 19.7M | 22.81M | 20.08M | 15.35M | 8.92M | 16.52M | 5.48M | 3.55M | 3.12M | 2.88M | 881.71K | 678.12K | 693.18K | 565.76K | 477.62K | 166.09K | 948.57K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.1M | 0 | 0 | -1.98M | 0 | 253.79M | 858K | 0 | 453.92K | 197.68K | 4.37M | 0 | 19.14K | 20.09K | 0 | 0 | 478.97K | 1.9M | 2.27M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.31M | -111.93M | 56.58M | 49.73M | 24.7M | 1.24M | 437K | 1.04M | 899.41K | 6.13K | 84.78K | 0 | 1.37M | 14.39M | 0 | 0 | -765 | 649 | 10.84M | 1.28M | 1.18M | 110.17K | 75.02K | 75.02K |
| Working Capital Changes | -13.73M | -13.69M | -8.61M | 780K | -32.07M | -6.96M | -2.25M | -2.97M | -1.49M | -100.54K | -549.4K | -918.14K | 432.13K | -217.72K | 441.04K | -92.47K | 139.57K | 585.12K | -17.62K | 116.55K | 327.01K | 167.22K | -147.62K | -147.62K |
| Change in Receivables | -7.3M | -6.53M | -4.15M | 3.67M | -4.14M | -7.27M | -2.62M | -3.6M | -1.96M | -441.64K | -581.2K | -469.81K | -76.59K | -323.6K | -70.97K | -90.33K | 25.24K | -78.49K | 18.86K | 0 | 12.13K | -26.37K | 0 | 0 |
| Change in Inventory | 120K | -2.19M | 3.25M | 1.51M | -14.2M | -5.98M | 1.32M | -253K | -105.72K | -25.3K | -74.89K | -70.47K | -39.98K | 9.51K | 12.54K | -7.53K | 16K | 81.01K | -408.29K | 24.06K | 44.31K | -39.34K | -97.86K | -97.86K |
| Change in Payables | -2.68M | -3.46M | -76K | -2.77M | -6.48M | 2.87M | 4.25M | 570.48K | 405.07K | 123.25K | 51.32K | 313.23M | 209.14K | -221.93K | 443.57K | -62.24M | -109.73M | 300.45K | -15.87K | 0 | 83.61K | 60.09K | 0 | 0 |
| Cash from Investing | 244.4M | 250.32M | 176.81M | 36.05M | -59.68M | -469.25M | -382.31M | -62.93M | -12.88M | -1.8M | -1.07M | -1.12M | -70.13K | -138.89K | -178.68K | -388.06K | -465.45K | -138.87K | 485 | -382.53K | 0 | -42.05K | -14.88K | -14.88K |
| Capital Expenditures | -15.12M | -16.44M | -17.25M | -38.78M | -22.11M | -23.88M | -8.92M | -5.34M | -2.91M | -1.71M | -1.07M | -1.12M | -70.13K | -138.89K | -156.2K | -262.64K | -341.4K | -148.87K | -108.36K | -182.53K | 0 | -42.05K | -14.88K | -14.88K |
| CapEx % of Revenue | 8.27% | 9.33% | 7.4% | 16.35% | 9.93% | 10.73% | 11.33% | 15.72% | 14.85% | 14.35% | 13.91% | 19.03% | 1.78% | 5.22% | 14.19% | 47.27% | 71.8% | 126.21% | 308.5% | 218.43% | - | 27.61% | 5.48% | 5.48% |
| Acquisitions | 210.24M | 210.24M | 0 | -7.34M | -6.55M | -5.54M | -363.14M | -20.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -306K | -3.07M | -4.33M | -5.14M | 910K | -1.13M | -751K | -73K | -46.57K | -85.65K | -5K | 0 | 0 | 0 | -22.48K | -125.42K | -124.05K | 10K | 108.84K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -20.89M | -21.07M | -161.53M | -23.8M | -39.17M | 564.34M | 385.58M | 74.15M | 38.53M | 15.9M | 6.14M | 8.81M | 5.23M | 4.33M | 909.39K | 2.51M | 10.93M | 6.37M | 604.71K | 4.17M | 969.93K | 482.54K | 1.75M | 1.75M |
| Debt Issued (Net) | -14.84M | -15.04M | -164.32M | -25.28M | -3.26M | 36.61M | 114.93M | -23K | 14.99M | -656.22K | -399.35K | -1.03M | 613.38K | 4.46M | 1.12M | -2.62M | 0 | 1.32M | 601.4K | 3.41M | 81K | -8K | 137.14K | 137.14K |
| Equity Issued (Net) | -6.04M | -6.04M | 2.79M | 1.48M | -35.91M | 527.73M | 274.77M | 74.17M | 23.83M | 16.56M | 6.46M | 9.83M | 4.7M | 326.89K | 0 | 5.29M | 11.78M | 5.41M | 3.31K | 807.37K | 904.53K | 490.54K | 1.61M | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -10.01M | -10.01M | 0 | 0 | -37.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | -4.12M | 0 | 0 | 0 | 0 | 10.88K | 0 | 0 | 0 | -159.93K | 0 | 0 | 0 | 0 | -15.6K | 0 | 0 | 0 |
| Net Change in Cash | 236.81M | 205.21M | -1.06M | 9.75M | -102.51M | 102.23M | -10.36M | 9.91M | 22.28M | 10.52M | 3.12M | 1.39M | 1.04M | -193.52K | 311.74K | 160.2K | -3.63M | 3.37M | 147.14K | -60.72K | 259.67K | -715.47K | 720.2K | 720.2K |
| Free Cash Flow | -17.82M | -28.09M | -33.58M | -45.66M | -26.05M | -16.88M | -24.54M | -6.73M | -6.31M | -5.38M | -6.79M | -7.42M | -4.2M | -4.52M | -4.96M | -7.17M | -5.28M | -3M | -2.69M | -2M | -710.26K | -1.2M | -1.03M | -1.03M |
| FCF Margin % | -9.74% | -15.94% | -14.39% | -19.24% | -11.7% | -7.58% | -31.18% | -19.84% | -32.17% | -45.04% | -88.38% | -126.23% | -106.67% | -169.91% | -451.04% | -1290.09% | -1109.74% | -2545.21% | -7672.33% | -2396.7% | -1058.46% | -786.62% | -380.58% | -380.58% |
| FCF Growth % | 48.19% | 16.36% | 26.46% | -75.28% | -54.3% | 31.2% | -264.4% | -6.65% | -17.26% | 20.67% | 8.59% | -76.88% | 7.12% | 8.95% | 30.75% | -35.84% | -75.76% | -11.41% | -34.55% | -181.98% | 40.71% | -15.97% | - | - |
| FCF per Share | -0.36 | -0.56 | -0.69 | -0.93 | -0.57 | -0.37 | -0.64 | -0.20 | -0.22 | -0.23 | -0.48 | -0.94 | -0.84 | -1.04 | -1.47 | -2.77 | -4.44 | -6.71 | -7.32 | -5.69 | -2.57 | -4.49 | -6.46 | -6.46 |
| FCF Conversion (FCF/Net Income) | -0.23x | -0.12x | 0.16x | 0.02x | 0.01x | -0.03x | 0.45x | 0.07x | 0.35x | 0.45x | 0.44x | 0.64x | 0.59x | 0.22x | 0.75x | 0.87x | 0.78x | 0.50x | 0.15x | 0.40x | 0.31x | 0.76x | 0.98x | 0.98x |
| Interest Paid | 743K | 0 | 2.69M | 3.4M | 3.63M | 3.3M | 1.82M | 707K | 637 | 4.74K | 9.53K | 57.12K | 753 | 0 | 15.68K | 113.31K | 39.57K | 13.88K | 95.36K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.97M | 0 | 1.42M | 1.46M | 1.98M | 1.31M | 60K | 14K | 19.95K | 5.14K | 5.67K | 3.63K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 800 | 0 | 0 | 0 | 0 | 0 |
Biotech funding cycle sensitivity
Based on reported quarterly filings, Cryoport exhibits a chronic inability to convert net income into operating cash flow, with OCF/NI ratios frequently oscillating in negative territory, suggesting that reported accounting profits are often decoupled from the actual cash-generating capacity of the company's core logistics operations.
The consistent failure to generate positive operating cash flow despite occasional net income spikes highlights a reliance on non-cash accounting adjustments. Investors should monitor this divergence as it suggests that the company's business model currently consumes more liquidity than it produces, regardless of headline earnings.
As reported in financial statements, Cryoport's free cash flow remains consistently negative, with FCF margins reaching as low as -34.7% in 2024Q2, indicating that the company is currently unable to fund its operational and capital requirements through internal cash generation alone.
The persistent negative FCF trajectory suggests that the company's infrastructure-heavy model is not yet self-sustaining. This trend warrants further investigation into whether the current capital expenditure levels are truly growth-oriented or merely necessary to maintain existing, underutilized logistics assets.
According to recent SEC filings, Cryoport's capital expenditure as a percentage of revenue has remained elevated, peaking at 20.2% in 2023Q4, which suggests that the company is forced to commit significant capital to maintain its specialized dewar fleet despite a contracting revenue base.
High capital intensity in a period of revenue decline may indicate that the company is struggling with asset utilization. This capital-heavy structure appears to be a significant drag on cash flow, potentially limiting the company's flexibility during periods of sector-wide biotech funding volatility.
Based on the provided cash flow data, working capital changes have frequently acted as a drain on cash, with a notable $10.1M outflow in 2025Q2, suggesting that the company's collection and inventory management cycles are not currently optimized to support its cash flow needs.
The erratic nature of these working capital swings may reflect the complexities of managing a global supply chain for sensitive biological materials. Investors should monitor whether these outflows are temporary timing issues or indicative of structural inefficiencies in the company's accounts receivable and inventory management processes.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $5.8M in 2023Q4, consistently masks the true extent of the company's cash burn, suggesting that the reported cash flow figures may be more optimistic than the underlying operational performance would otherwise indicate.
By adding back non-cash expenses like SBC and depreciation, the company presents a more favorable cash flow picture than the actual cash movement suggests. This accounting treatment warrants further investigation, as it may be obscuring the true cost of talent and infrastructure required to sustain the business.
Quick answers to the most common questions about buying CYRX stock.
Cryoport, Inc. (CYRX) generated $-8.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cryoport, Inc. (CYRX) reported negative free cash flow of $28.1M in 2025, indicating capital requirements exceeded cash from operations.
Cryoport, Inc. (CYRX) spent $16.4M 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, Cryoport, Inc. (CYRX) spent $10.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.