Operational cash flow remains consistently negative, evidenced by a -2.3% FCF margin in 2025Q4 and an OCF/NI ratio of -0.03, indicating a failure to convert earnings into liquid capital.
| Metric | 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 | -604.42K | 25.69K | -3.66M | -769.3K | -2.76M | -2.45M | 3.11M | -1.32M | -1.17M | 1.59M | 18.53M | -295.64K | -9.04M | 4.48M | -6.51M | -5.69M | -5.25M | -4.04M | -3.14M | -3.44M | -1.16M | -1.83M | -1.1M | -212.77K | 221.63K | -106.49K | -471.2K | -800K | 400K | 200K |
| Operating CF Margin % | -120.06% | 1.21% | -10.57% | 217.71% | 105.5% | 87.22% | -2706.33% | 143.24% | 115.91% | 86.78% | -248.87% | 7.29% | 78.24% | -213.08% | -509.51% | -360.3% | -311.05% | -229.38% | -168.1% | -231.44% | -86.07% | -150.23% | -34.9% | -7.87% | 29.22% | -14.28% | -81.89% | -266.67% | 80% | 7.14% |
| Operating CF Growth % | -2452.56% | 100.7% | -375.12% | 72.12% | -12.72% | -178.65% | 336.55% | -12.2% | -173.62% | -91.4% | 6366.36% | 96.73% | -301.87% | 168.82% | -14.39% | -8.32% | -30.05% | -28.52% | 8.64% | -197.51% | 36.82% | -65.71% | -419.14% | -196% | 308.11% | 77.4% | 41.1% | -300% | 100% | -33.33% |
| Net Income | 9.17M | 536.33K | 280.64K | 5.18M | 4.75M | -1.71M | -495.7K | -885.77K | -1.24M | 1.46M | -9.15M | -976.7K | -8.22M | 1.19M | -7.19M | 4.97M | 5.82M | 30.25M | 21.29M | -1.57M | -2.67M | -1.16M | -2.15M | -387.7K | 598.71K | -110.39K | -194.3K | -800K | -400K | -200K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 290.79K | 296.55K | 278.91K | 288.75K | 229.93K | 166.4K | 112.81K | 72.54K | 47.19K | 54.45K | 57.73K | 58.26K | 72.39K | 100K | 100K | 100K |
| Stock-Based Compensation | 0 | 1.25M | 631.7K | 786.64K | 729.34K | 377.61K | 199.36K | 83.83K | 13.51K | 10.32K | 7.54K | 2.23K | 0 | 5.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -9.8M | -524.73K | -4.62M | -6.73M | -8.45M | -1.09M | 3.24M | -91.36K | -1.47M | 273.29K | 27.4M | 3.24M | 3.99M | 4.62M | 5.29M | -13M | -9.56M | -35.88M | -25.87M | -2.04M | -412.04K | -409.33K | 882.64K | 150.49K | -397.07K | -2.21K | -376.98K | 0 | 0 | 300K |
| Working Capital Changes | 21.23K | 14.09K | 52.62K | -9.01K | 216.79K | -30.73K | 165.75K | -338.48K | 1.54M | -136.36K | 275.17K | -2.56M | -4.82M | -1.33M | -4.9M | 2.05M | -1.8M | 1.3M | 1.2M | 1.95K | 1.81M | -333.06K | 117.95K | -30.01K | -37.74K | -52.16K | 27.68K | -100K | 700K | 0 |
| Change in Receivables | 9.7K | 4.52K | 3.04K | 13.47K | -1.4K | 3.44K | 3.99K | -345.44K | 389.87K | -401.76K | 100.51K | 10.79K | 3.39K | -148.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 22.47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 17.5K | -8.6K | 40.66K | -22.47K | 7.4K | 1.25K | 6.25K | -2.5K | 61.5K | -1.32K | -6.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 1.18M | 1.94M | 2.75M | 2.69M | 74.76K | 367.93K | 5.19M | 0 | 0 | 0 | 2.45M | 0 | 0 | 0 | -11.39M | 9.4M | 25.54M | -3.91M | 14.77M | 10.03M | 901.45K | 1.68M | 1.14M | 203.39K | 191.88K | 412.87K | 1.26M | -200K | 1.3M | 1.1M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123.15K | -324.71K | -2.17M | -666.31K | -1.64M | -344.53K | -285K | -30.96K | -54.35K | -114.88K | -10.99K | -13.29K | -55.11K | -100K | 0 | -100K |
| CapEx % of Revenue | - | 0% | - | -0% | -0% | - | - | - | - | - | - | - | - | - | 9.64% | 20.56% | 128.3% | 37.84% | 87.84% | 23.18% | 21.21% | 2.54% | 1.72% | 4.25% | 1.45% | 1.78% | 9.58% | 33.33% | - | 3.57% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65K | 55K | 260K | 195.5K | 65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.24M | 18.56M | 26.05M | 33.95M | 22.28M | 9.77M | 1.68M | 0 | 1.53M | 835.48K | -759.24K | -600.85K | 470.76K | -100K | 100K | 100K |
| Cash from Financing | -570.94K | -25.69K | 3.66M | 58.6K | 2.85M | 3.07M | -3.11M | 226.39K | 1.17M | -1.59M | -18.53M | 295.64K | 9.04M | -4.48M | 17.9M | -3.93M | -22.55M | 8.47M | -12.44M | -3.84M | 342.83K | 151.66K | -41.4K | -409.54K | 0 | -355.71K | -799.78K | 1M | -1.8M | -1.1M |
| Debt Issued (Net) | -730.22K | -25.69K | -473.51K | -1.79M | 2.85M | -1.17M | -3.11M | 120.06K | 1.53M | -1.04M | -17.51M | 1.11M | 9.57M | -3.07M | 19.18M | 541.26K | -16.32M | 17.37M | -10.2M | -3.6M | 0 | 600K | 200K | -300K | 0 | 0 | 0 | 0 | 800K | -900K |
| Equity Issued (Net) | 159.28K | 0 | 4.53M | 1.85M | 0 | 4.04M | 0 | 106.33K | -248.2K | -435.32K | -860.29K | -695.89K | -320.05K | -572.79K | -230.34K | -242.93K | -490.62K | -2.45M | -2.24M | -241.4K | 342.83K | -448.74K | -241.4K | -109.53K | 0 | -355.71K | -799.78K | 1M | -200K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -112.1K | -113.99K | -154.1K | -119.75K | -204.55K | -833.39K | -1.05M | -4.23M | -5.74M | -6.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.4M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32.22K | -248.2K | -435.32K | -860.29K | -695.89K | -320.05K | -572.79K | -230.34K | -242.93K | -490.62K | -2.45M | -2.5M | -241.4K | -219.02K | -474.33K | -272.13K | -109.53K | 0 | -355.71K | 0 | -500K | -200K | 0 |
| Other Financing | 0 | 0 | -401.27K | 0 | 0 | 201.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.58M | 400 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Net Change in Cash | 0 | 0 | 0 | -710.7K | 92.9K | 617.8K | 5.19M | -1.09M | -1.09M | 0 | 2.45M | 0 | 0 | 0 | 1.88K | -219.35K | -2.27M | 515.21K | -809.09K | 2.75M | 87.92K | 1.75K | -9.71K | -418.91K | 413.51K | -49.34K | -11.73K | 0 | -1.8M | -1.1M |
| Free Cash Flow | -604.42K | 25.69K | -3.66M | -769.3K | -2.76M | -2.45M | 3.11M | -1.32M | -1.17M | 1.59M | 18.53M | -295.64K | -9.04M | 4.48M | -6.63M | -6.01M | -7.42M | -4.71M | -4.79M | -3.78M | -1.44M | -1.86M | -1.16M | -327.65K | 210.63K | -119.78K | -526.32K | -900K | 400K | 100K |
| FCF Margin % | -120.06% | 1.21% | -10.57% | 217.71% | 105.5% | 87.22% | -2706.33% | 143.24% | 115.91% | 86.78% | -248.87% | 7.29% | 78.24% | -213.08% | -519.15% | -380.86% | -439.35% | -267.21% | -255.94% | -254.62% | -107.28% | -152.77% | -36.61% | -12.13% | 27.77% | -16.06% | -91.47% | -300% | 80% | 3.57% |
| FCF Growth % | -2452.56% | 100.7% | -375.12% | 72.12% | -12.72% | -178.65% | 336.55% | -12.2% | -173.62% | -91.4% | 6366.36% | 96.73% | -301.87% | 167.54% | -10.26% | 18.94% | -57.68% | 1.67% | -26.44% | -162.59% | 22.56% | -60.61% | -253.71% | -255.55% | 275.85% | 77.24% | 41.52% | -325% | 300% | -50% |
| FCF per Share | -0.12 | 0.01 | -0.79 | -0.09 | -0.68 | -0.62 | 0.74 | -0.35 | -0.31 | 0.42 | 4.82 | -0.08 | -2.20 | 1.09 | -1.57 | -1.42 | -1.73 | -1.07 | -1.05 | -0.82 | -0.31 | -0.40 | -0.25 | -0.07 | 0.05 | -0.03 | -0.11 | -0.18 | 0.08 | 0.02 |
| FCF Conversion (FCF/Net Income) | -0.07x | 0.05x | -13.02x | -0.15x | -0.58x | 1.44x | -6.28x | 1.49x | 0.95x | 1.09x | -2.03x | 0.30x | 1.10x | 3.77x | 0.91x | -1.15x | -0.90x | -0.27x | -0.30x | 4.38x | 0.87x | 3.15x | 1.03x | 1.10x | 0.74x | 1.93x | 4.85x | 2.00x | -2.00x | -2.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investment Portfolio Volatility
As indicated by the company's financial statements, the relationship between net income and operating cash flow is consistently negative, with an OCF/NI ratio of -0.03 in 2025Q4, illustrating that reported profits are largely driven by non-cash investment gains rather than core medical device operations.
The persistent divergence between accounting net income and cash generation suggests that the company's profitability is largely a function of its investment portfolio rather than its medical device business. Investors should monitor this gap, as it implies that the core business remains unable to self-fund its operations despite positive headline earnings.
Based on reported figures, Daxor's free cash flow remains consistently negative, with a -2.3% FCF margin in 2025Q4, highlighting the ongoing cash burn required to sustain the medical segment in the absence of meaningful, recurring revenue from its BVA-100 diagnostic platform and associated kit sales.
The inability to generate positive free cash flow suggests that the company's medical segment is currently a cash-consuming entity rather than a self-sustaining business. This trajectory warrants further investigation into whether the current commercialization strategy can ever achieve the scale necessary to reach cash flow neutrality.
According to recent SEC filings, stock-based compensation remains a significant non-cash expense, with $969.9K recorded in 2024Q4, which effectively masks the true extent of the company's operational cash burn by inflating the reported expense base without requiring an immediate outflow of liquid capital.
The reliance on stock-based compensation appears to be a mechanism to preserve cash, yet it obscures the underlying cost of talent required to maintain the BVA-100 system. Analysts should adjust for these non-cash charges to better understand the actual cash requirements of the business model.
As reported in financial statements, Daxor has historically avoided significant equity dilution, instead utilizing its investment portfolio to fund R&D, though the 2023Q4 buyback of $200.6K suggests an inconsistent approach to capital deployment that may not align with the urgent need for commercial scaling.
The company's capital deployment strategy appears focused on maintaining its independence through asset preservation rather than aggressive market expansion. This approach may limit the company's ability to compete with larger, better-capitalized peers who can invest more heavily in sales infrastructure and clinical adoption programs.
Quick answers to the most common questions about buying DXR stock.
Daxor Corporation (DXR) generated $-0.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Daxor Corporation (DXR) reported negative free cash flow of $0.6M in 2025, indicating capital requirements exceeded cash from operations.
Daxor Corporation (DXR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.