Operating cash flow remains structurally challenged, evidenced by a $7.2M outflow in 2026Q1 and a ten-quarter streak of negative free cash flow.
| 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 | Dec'96 |
|---|
| Cash from Operations | -61.25M | -87.83M | -44.89M | -80.69M | -70.02M | 48.15M | -20.12M | 31.58M | 4.8M | 25.94M | 56.9M | -3.13M | 51.11M | 25.18M | 53.04M | 27.66M | 31.84M | 7.73M | -3.48M | 2.63M | -8.33M | -5.81M | 2.93M | 1.18M | 1.31M | 6.65M | 5.13M | 1.6M | 7.6M | -5M | -7M |
| Operating CF Margin % | - | -22.7% | -10.2% | -16.53% | -13.01% | 7.82% | -3.61% | 4.96% | 0.7% | 4.02% | 8.99% | -0.47% | 7.82% | 4.91% | 15% | 12% | 19.92% | 6.85% | -2.5% | 1.68% | -6.18% | -4.16% | 2.34% | 1.07% | 1.13% | 5.48% | 4.67% | 1.65% | 7.75% | -5.54% | -8.79% |
| Operating CF Growth % | -1735.94% | -95.66% | 44.37% | -15.24% | -245.43% | 339.29% | -163.71% | 558.49% | -81.51% | -54.41% | 1919.12% | -106.12% | 102.95% | -52.52% | 91.77% | -13.14% | 311.74% | 322.31% | -232.53% | 131.51% | -43.42% | -298.36% | 147.72% | -10.05% | -80.24% | 29.71% | 220.38% | -78.95% | 252% | 28.57% | -333.33% |
| Net Income | 62.45M | 29.88M | -255.59M | -363.17M | -122.95M | 322.05M | -149.59M | -69.63M | -45.26M | -65.32M | -39.27M | -663.92M | 11.95M | 44.12M | 38.94M | 35.42M | 19.57M | 1.14M | -6.15M | -6.74M | -29.28M | 10.08M | 2.56M | -26.02M | -14.87M | -1.34M | 8.14M | -5.3M | 2.1M | -4.6M | 4.6M |
| Depreciation & Amortization | 20.93M | 21.51M | 33.31M | 36.05M | 36.03M | 34.62M | 44.59M | 50.4M | 59.29M | 62.04M | 60.53M | 83.07M | 55.19M | 30.44M | 21.23M | 11.5M | 7.52M | 5.89M | 6.68M | 6.97M | 6.53M | 5.76M | 6.96M | 8.43M | 9.9M | 7.7M | 6.25M | 6.1M | 5.8M | 5.1M | 3.6M |
| Stock-Based Compensation | 4.16M | 9.53M | 18.46M | 23.5M | 42.41M | 55.15M | 17.73M | 23.59M | 29.25M | 27.26M | 31.3M | 34.73M | 32.79M | 13.56M | 5.12M | 2.64M | 1.41M | 1.19M | 1.44M | 0 | 1.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 4.31M | -685K | -952K | -2.41M | -2.52M | -11.68M | -1.21M | -3.35M | -2.99M | -5.57M | -6.57M | -2.88M | -24.55M | -9.89M | -661K | -5.14M | -1.24M | 309K | -243K | -268K | 1.75M | -2.5M | 0 | 0 | 7.81M | -1.75M | 1.98M | -2.9M | 200K | -2.5M | 1.5M |
| Other Non-Cash Items | -121.42M | -136.33M | 153.76M | 277.24M | 11.74M | -351.3M | 75.67M | 3.13M | -4.31M | 8.44M | 22.85M | 581.17M | 10.5M | 17.32M | 13.26M | 1.99M | 193K | 1.1M | 1.02M | 2.78M | 4.18M | -102K | 335K | 12.33M | -19.98M | 2.05M | 924K | 2.1M | 100K | 0 | 100K |
| Working Capital Changes | -31.68M | -11.73M | 6.13M | -51.92M | -34.74M | -707K | -7.31M | 27.46M | -31.19M | -906K | -11.95M | -35.3M | -34.76M | -70.36M | -24.84M | -18.75M | 4.39M | -1.89M | -6.21M | -120K | 7.41M | -19.05M | -6.92M | 6.44M | 18.45M | -13K | -12.17M | 1.6M | -600K | -3M | -16.8M |
| Change in Receivables | 14.01M | 18.42M | -6.38M | -6.19M | 8.14M | -11.91M | -6.05M | 15.07M | 599K | 3.99M | 27.13M | 20.89M | -55.98M | -43.68M | -19.25M | -12.09M | -7.46M | 1.43M | 3.48M | 0 | -13.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -14.72M | -14.44M | 15.77M | -20.55M | -51.08M | 7.87M | -9.9M | 18.45M | -34.03M | -17.72M | -22.18M | -31.24M | -30.75M | -30.89M | -12.22M | -2.61M | -5.69M | 2.44M | -2.46M | 6.05M | -11.24M | -7.91M | -189K | 2.35M | 7.09M | -2.05M | -6.96M | 1M | 1.2M | -100K | -5.7M |
| Change in Payables | -2.71M | -3.47M | -5.81M | -5.53M | -3.79M | 27.16M | -6.65M | -16.85M | 11.56M | 12.45M | -5.88M | -18.9M | 23.48M | 7.62M | -238K | -3.46M | 10.43M | -4.39M | -2.8M | 0 | 4.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 109.74M | 108.99M | -19.02M | 124.78M | -308.36M | 260.56M | -11.73M | -26.87M | -41.83M | -70.66M | -21.88M | -120.86M | -375.44M | -173.76M | -187.65M | -95.71M | -20.77M | -5.24M | -2.65M | -2.21M | -11.02M | -2.85M | -1.94M | -2.13M | -11.02M | -58.09M | -2.64M | -6M | -4.2M | -8.2M | -12.5M |
| Capital Expenditures | -9.21M | -9.94M | -16.12M | -27.18M | -20.91M | -18.79M | -13.64M | -23.98M | -41.66M | -32.04M | -17.7M | -23.31M | -23.48M | -8.62M | -3.95M | -3.21M | -1.58M | -1.2M | -6.11M | -2.23M | -11.26M | -2.6M | -781K | -874K | -3.21M | -3.32M | -4.89M | -7.7M | -5.8M | -8.4M | -9.4M |
| CapEx % of Revenue | 2.37% | 2.57% | 3.66% | 5.57% | 3.89% | 3.05% | 2.45% | 3.77% | 6.06% | 4.96% | 2.8% | 3.5% | 3.59% | 1.68% | 1.12% | 1.39% | 0.99% | 1.06% | 4.4% | 1.42% | 8.35% | 1.86% | 0.62% | 0.79% | 2.77% | 2.74% | 4.46% | 7.95% | 5.91% | 9.3% | 11.81% |
| Acquisitions | -3.78M | -3.93M | -3M | -29.15M | -103.7M | -139.69M | 0 | -2.5M | 333K | -36.54M | -3.53M | -91.8M | -345.36M | -162.32M | -183.7M | -92.68M | -19.2M | -4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.2M | 2.2M | 2.4M | 1.4M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 122.73M | 122.87M | 96K | 194K | 325K | 419.03M | 1.91M | -387K | -163K | -2.08M | -650K | -5.75M | -6.6M | -2.82M | -184.43M | 174K | 6K | 52K | 3.45M | 21K | 248K | -243K | -1.15M | -1.26M | -7.8M | -54.77M | 2.25M | -5M | -600K | -2.5M | -800K |
| Cash from Financing | -101.44M | -101.67M | -91.27M | -106.47M | -13.81M | 405.8M | -19.48M | 18.7M | 14.26M | -9.19M | -3.93M | -2.16M | 308.58M | 298.7M | 111.13M | 209.97M | 1.04M | 273K | -1.43M | 14.67M | 9.94M | 5.72M | 1.15M | 22.23M | 5.84M | 40.91M | 4.16M | 300K | -900K | 1.1M | 5.4M |
| Debt Issued (Net) | -84.09M | -84.09M | -87.22M | -100.61M | 0 | 438.61M | -26.84M | 0 | 25M | 0 | -1.05M | -1.05M | -696K | -157K | -163K | 148.74M | -216K | -3.28M | -423K | -8.59M | 7.97M | -180K | -1.02M | 8.81M | -7.89M | 30.43M | -110K | -100K | 0 | -100K | 4.9M |
| Equity Issued (Net) | -14.96M | -14.96M | -2.66M | -5.21M | 0 | -12.62M | 24.7M | -3.19M | -7.37M | 0 | -1.63M | 0 | 301.63M | 272.08M | 106.89M | 62.05M | 0 | 0 | 0 | 23.26M | 2.71M | 8.12M | 4.9M | 15.54M | 13.54M | 10.39M | 4.4M | 400K | -800K | 200K | 500K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -752K | -1.62M | -1.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14.96M | -14.96M | -2.66M | -5.21M | 0 | -12.62M | 0 | -3.19M | -7.37M | -5.54M | -2.87M | -652K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.4M | -200K | 0 |
| Other Financing | -2.39M | -2.62M | -1.39M | -644K | -13.81M | -20.19M | -17.34M | 21.89M | -3.37M | -9.19M | -1.24M | -1.11M | 7.65M | 26.78M | 4.4M | -818K | 1.26M | 3.55M | -1.01M | 0 | 33K | -604K | -1.31M | -2.12M | 185K | 86K | -130K | 0 | -100K | 1M | 0 |
| Net Change in Cash | -50.77M | -75.78M | -160.23M | -58.86M | -398M | 705.26M | -49.91M | 23.7M | -25.91M | -48.6M | 29.3M | -129.22M | -21.45M | 150.46M | -23.26M | 141.77M | 12.44M | 2.75M | -7.53M | 15.36M | -10M | -2.16M | 2.32M | 21.68M | -3.67M | -13.05M | 6.45M | -3.3M | 3.2M | -11.6M | -13.9M |
| Free Cash Flow | -70.46M | -97.77M | -61.01M | -107.88M | -90.93M | 29.36M | -33.76M | 7.6M | -36.87M | -6.1M | 39.2M | -26.43M | 27.63M | 16.56M | 49.09M | 24.45M | 30.26M | 6.54M | -9.59M | 399K | -19.59M | -8.41M | 2.15M | 308K | -1.9M | 3.33M | 233K | -6.1M | 1.8M | -13.4M | -16.4M |
| FCF Margin % | -18.16% | -25.27% | -13.86% | -22.1% | -16.9% | 4.77% | -6.06% | 1.19% | -5.36% | -0.94% | 6.19% | -3.97% | 4.23% | 3.23% | 13.88% | 10.61% | 18.93% | 5.79% | -6.9% | 0.25% | -14.53% | -6.02% | 1.71% | 0.28% | -1.64% | 2.75% | 0.21% | -6.3% | 1.83% | -14.84% | -20.6% |
| FCF Growth % | -2.33% | -60.26% | 43.45% | -18.64% | -409.74% | 186.94% | -544.5% | 120.6% | -504.49% | -115.56% | 248.31% | -195.67% | 66.81% | -66.26% | 100.75% | -19.18% | 362.89% | 168.19% | -2502.76% | 102.04% | -132.96% | -491.76% | 597.08% | 116.24% | -156.9% | 1330.04% | 103.82% | -438.89% | 113.43% | 18.29% | -680.95% |
| FCF per Share | -0.49 | -0.78 | -0.46 | -0.83 | -0.71 | 0.23 | -0.29 | 0.07 | -0.33 | -0.05 | 0.35 | -0.24 | 0.26 | 0.17 | 0.60 | 0.32 | 0.43 | 0.10 | -0.14 | 0.01 | -0.38 | -0.18 | 0.05 | 0.01 | -0.05 | 0.09 | 0.01 | -0.18 | 0.05 | -0.39 | -0.47 |
| FCF Conversion (FCF/Net Income) | -1.13x | -2.94x | 0.18x | 0.22x | 0.57x | 0.15x | 0.13x | -0.45x | -0.11x | -0.39x | -1.48x | 0.00x | 4.39x | 0.57x | 1.36x | 0.78x | 1.63x | 7.26x | 0.57x | -0.39x | 0.28x | -0.58x | 1.14x | -0.05x | -0.09x | -4.96x | 0.63x | -0.30x | 3.62x | 1.09x | -1.52x |
| Interest Paid | 3.3M | 3.54M | 1.02M | 478K | 196K | 1.14M | 2.11M | 0 | 542K | 503K | 839K | 707K | 888K | 1.58M | 9.11M | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 7.81M | 9.63M | 5.54M | 3.9M | 5.33M | 4.71M | 3.71M | 0 | 8.96M | 6.34M | 11.04M | 12.51M | 15.6M | 5.64M | 3.51M | 1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
According to the provided quarterly data, 3D Systems consistently reports negative operating cash flows that frequently decouple from net income, as evidenced by the 2025Q2 period where a $104.4M net income failed to prevent a $25.8M cash outflow from core operations, signaling poor earnings quality.
The recurring inability to convert accounting profits into actual cash suggests that the company's net income is heavily influenced by non-cash or non-operating adjustments. Investors should monitor this divergence, as it implies that the core business model is not generating the liquidity required to sustain its current operational scale.
As reported in financial statements, the company has maintained a negative free cash flow trajectory for ten consecutive quarters, with FCF margins reaching as low as -38.7% in 2025Q1, highlighting a structural inability to fund operations through internal cash generation during this period of revenue contraction.
The persistent negative FCF indicates that the company is consuming capital rather than generating it, which places significant pressure on the balance sheet. This trend warrants further investigation into whether the current cost-cutting measures are sufficient to reach a cash-flow-neutral state in the near term.
Based on the provided figures, working capital changes have been a significant drag on cash flow, with a notable $14.3M outflow in 2026Q1, suggesting that the company is struggling to manage its cash conversion cycle effectively amidst a challenging industrial demand environment.
The erratic nature of working capital movements suggests potential inefficiencies in inventory management or collection cycles. This volatility complicates cash forecasting and may indicate that the company is forced to tie up liquidity in inventory that is not moving as quickly as anticipated.
Data from recent filings shows that 3D Systems continues to deploy capital toward maintenance and growth initiatives, with CapEx/Revenue ratios peaking at 5.4% in 2023Q4, even as the company faces a 12.09% year-over-year revenue contraction, raising concerns about the efficiency of these investments.
While capital expenditure is necessary to maintain the proprietary hardware ecosystem, the current level of spending appears difficult to justify given the lack of top-line growth. It appears that the company is prioritizing long-term asset maintenance over immediate cash preservation, which may be a risky strategy given the current burn rate.
Quick answers to the most common questions about buying DDD stock.
3D Systems Corporation (DDD) generated $-87.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
3D Systems Corporation (DDD) reported negative free cash flow of $97.8M in 2025, indicating capital requirements exceeded cash from operations.
3D Systems Corporation (DDD) spent $9.9M 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, 3D Systems Corporation (DDD) spent $15.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.