Cash generation remains highly erratic, evidenced by a negative 23.2% FCF margin in 2026Q1 and an OCF/NI ratio that swung from -8.87 in 2025Q2 to 2.55 in 2024Q4.
| 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'01 |
|---|
| Cash from Operations | 148M | 170.6M | 58.7M | -206.3M | -34.1M | 321.1M | 536.9M | 188M | 41.8M | 208.14M | 53.49M | 44.46M | 112.32M | 96.97M | 39.64M | 14.59M | 99.54M | 30.51M | 7.32M | 55.45M | -4.06M | 42.25M | 9.2M | 321.1M |
| Operating CF Margin % | - | 22.96% | 5.62% | -19.66% | -3.05% | 18.1% | 34.04% | 17% | 5.34% | 37.11% | 10.94% | 9.09% | 27.77% | 31.01% | 14.06% | 5.34% | 34.78% | 13% | 4.1% | 30.31% | -2.66% | 32.33% | 11.01% | 708.69% |
| Operating CF Growth % | 17.96% | 190.63% | 128.45% | -504.99% | -110.62% | -40.19% | 185.59% | 349.76% | -79.92% | 289.14% | 20.31% | -60.42% | 15.83% | 144.6% | 171.66% | -85.34% | 226.25% | 316.99% | -86.8% | 1465.35% | -109.61% | 359.44% | -97.14% | - |
| Net Income | -8.6M | 52.6M | -190.6M | -760.5M | -211.6M | 230.9M | 305.8M | 54.5M | 62.7M | 82.59M | 51.78M | 62.87M | 36.74M | 30.26M | 18.14M | 16.11M | 47.18M | 26.55M | 20.68M | 22.94M | 22.79M | 15.78M | 11.47M | 230.9M |
| Depreciation & Amortization | 93.9M | 95.8M | 108.8M | 125.1M | 143.3M | 123.8M | 114.5M | 110.7M | 62.2M | 42.57M | 38.23M | 35.34M | 32.45M | 18.96M | 11.2M | 9.36M | 5.99M | 5M | 4.96M | 4.82M | 4.71M | 3.55M | 1.87M | 123.8M |
| Stock-Based Compensation | 16.6M | 16.2M | 18M | 23.1M | 45.1M | 42.4M | 51.8M | 26.7M | 23.2M | 15.21M | 18.48M | 15.85M | 12.83M | 11.24M | 11.12M | 10.74M | 7.06M | 5.01M | 2.51M | 0 | 723K | 0 | 0 | 42.4M |
| Deferred Taxes | -27.1M | -4M | -5.5M | -8.9M | -28.6M | 46.9M | -3.3M | -1.1M | 8.6M | 3.26M | 5.19M | 3.46M | 16.49M | 13.86M | 3.38M | 20.19M | 10.93M | 7.6M | 2.01M | 5.59M | 987K | -10.97M | -418K | 46.9M |
| Other Non-Cash Items | 28.7M | 32.4M | 39.3M | 485.2M | 19.8M | 33.5M | 58.6M | 39.6M | 4.2M | 10.78M | -14.73M | -7.15M | 261K | -1.49M | 8.64M | 4.68M | 6.51M | 12.75M | -1.47M | -3.46M | -285K | -17K | 491K | -28.2M |
| Working Capital Changes | 44.5M | -22.4M | 88.7M | -70.3M | -2.1M | -156.4M | 9.5M | -42.4M | -119.1M | 53.72M | -45.45M | -65.9M | 13.54M | 24.14M | -12.83M | -46.48M | 21.87M | -26.4M | -21.37M | 25.54M | -32.99M | 7.29M | -4.46M | -94.7M |
| Change in Receivables | 59.9M | 25.5M | -24.4M | -21.6M | 118.1M | -48.2M | 27.5M | -8.2M | -94.2M | -4.81M | -22.45M | -64.35M | 21.41M | 35.46M | -21.89M | -34.87M | 19.09M | -30.02M | -6.04M | 0 | -40.8M | 0 | 0 | -48.2M |
| Change in Inventory | -12.3M | -30.3M | -24.5M | 600K | -57.1M | -44M | -66.9M | -16.7M | -1.9M | 6.07M | -9.03M | -11.26M | 4.23M | 518K | -500K | -1.94M | 799K | 6.21M | -2.83M | 7.83M | -8.28M | -3.19M | -1.61M | -44M |
| Change in Payables | -17.4M | -8.4M | -33M | 10.6M | -14M | -2.5M | 28.3M | 16.5M | -7M | 16.13M | -14.79M | 4.75M | -9.28M | -551K | 274K | 2.51M | 3.62M | -1.33M | -457K | 0 | 5.8M | 0 | 0 | -2.5M |
| Cash from Investing | 7.5M | 69.4M | 125.2M | 212.3M | -381.3M | -225M | -151.9M | -96.9M | -897.2M | -249.93M | -76.26M | -45.46M | -210.05M | -67.89M | -40.11M | -53.96M | -23.46M | -33.29M | -30.81M | -43.97M | -41.64M | -5.84M | -18.18M | -225M |
| Capital Expenditures | -12.6M | -13.8M | -22.9M | -51.6M | -115.8M | -225M | -141.9M | -86.9M | -72.1M | -54.83M | -76.26M | -44.81M | -30.67M | -42.02M | -53.84M | -54.03M | -22.1M | -33.29M | -20.81M | -43.97M | -41.23M | -6.53M | -17.07M | -225M |
| CapEx % of Revenue | 1.86% | 1.86% | 2.19% | 4.92% | 10.36% | 12.69% | 9% | 7.86% | 9.22% | 9.78% | 15.6% | 9.16% | 7.58% | 13.44% | 19.1% | 19.76% | 7.72% | 14.18% | 11.66% | 24.04% | 26.99% | 5% | 20.45% | 496.59% |
| Acquisitions | 0 | 0 | 0 | 270.2M | 0 | 0 | 0 | 0 | -827.7M | -195.1M | 0 | -650K | -179.38M | -25.87M | 0 | 0 | -17.87M | 0 | 0 | 0 | -218K | -559K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 20.1M | 83.2M | 148.1M | -6.3M | -265.5M | 0 | -10M | -10M | 2.6M | -195.1M | 0 | 0 | 0 | -67.89M | 11.77M | 0 | 16.52M | 0 | -10M | -43.97M | -192K | 1.25M | -1.25M | 0 |
| Cash from Financing | -147.6M | -136.6M | -190M | -535.7M | 481.2M | -141M | 69.5M | -35.9M | 788.7M | -51.4M | -18.64M | 33.45M | 198.87M | 8.61M | -1.76M | 14.25M | -9.36M | 14.84M | 8.97M | 18.49M | 86.02M | -6.66M | 8.68M | -141M |
| Debt Issued (Net) | -112.5M | -112.5M | -198.4M | -543.4M | 564.2M | -35.9M | 62.9M | 13.7M | 795.2M | -20M | 0 | 2M | 180.59M | -774K | 3.32M | 12.03M | -18.29M | 8.54M | -751K | 15.03M | 30.86M | -956K | 11.76M | 0 |
| Equity Issued (Net) | -31.4M | -22.7M | 9.3M | 8.4M | -82.1M | -106M | 0 | 0 | -100K | -13.8M | 0 | -100K | -200K | -213K | -5.91M | 0 | 7.24M | 4.46M | 3.39M | 2.47M | 54.37M | -304K | -653K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.4M | 0 | 0 |
| Share Repurchases | -33.9M | -24.9M | 0 | 0 | -82.1M | -106M | 0 | 0 | -100K | -33.1M | -1.1M | -100K | -200K | -213K | -5.91M | 0 | 61.2M | 0 | 0 | 0 | -192K | -337K | -665K | -106M |
| Other Financing | -3.7M | -1.4M | -900K | -700K | -900K | 900K | 6.6M | -49.6M | -6.4M | -17.6M | -18.64M | 31.55M | 18.49M | 9.6M | 821K | 2.22M | 1.7M | 1.84M | 6.33M | 995K | 789K | 0 | -2.42M | -141M |
| Net Change in Cash | 8.7M | 103.5M | -6.1M | -530.9M | 66.3M | -45.2M | 453.5M | 55.6M | -66.9M | -93.22M | -41.28M | 32.3M | 101.16M | 37.67M | -2.23M | -25.12M | 66.09M | 11.45M | -14.26M | 29.31M | 40.12M | 29.47M | -298K | -45.2M |
| Free Cash Flow | 135.4M | 156.8M | 35.8M | -257.9M | -149.9M | 96.1M | 395M | 101.1M | -30.3M | 153.31M | -22.77M | -353K | 81.64M | 54.95M | -14.2M | -39.43M | 77.44M | -2.78M | -13.5M | 11.48M | -45.29M | 35.72M | -7.88M | 96.1M |
| FCF Margin % | 20.01% | 21.11% | 3.43% | -24.58% | -13.41% | 5.42% | 25.04% | 9.14% | -3.87% | 27.33% | -4.66% | -0.07% | 20.19% | 17.57% | -5.04% | -14.42% | 27.06% | -1.18% | -7.56% | 6.28% | -29.65% | 27.33% | -9.43% | 212.1% |
| FCF Growth % | 43.43% | 337.99% | 113.88% | -72.05% | -255.98% | -75.67% | 290.7% | 433.66% | -119.76% | 773.3% | -6350.42% | -100.43% | 48.59% | 486.9% | 63.98% | -150.92% | 2889.7% | 79.43% | -217.58% | 125.34% | -226.8% | 553.5% | -108.2% | - |
| FCF per Share | 2.40 | 2.77 | 0.68 | -5.04 | -2.99 | 1.78 | 7.34 | 1.93 | -0.59 | 3.05 | -0.46 | -0.01 | 1.78 | 1.50 | -0.39 | -1.09 | 2.38 | -0.09 | -0.44 | 0.39 | -1.84 | 1.57 | -0.39 | 5.20 |
| FCF Conversion (FCF/Net Income) | -15.74x | 3.24x | -0.31x | 0.27x | 0.16x | 1.46x | 1.76x | 3.45x | 0.67x | 2.52x | 1.03x | 0.71x | 3.06x | 3.11x | 1.69x | 0.63x | 1.93x | 0.98x | 0.35x | 2.42x | -0.18x | 2.68x | 0.80x | -579.60x |
| Interest Paid | 46.1M | 49.7M | 64M | 68.3M | 33M | 30.4M | 21M | 34.5M | 10.2M | 8.4M | 8.2M | 7.75M | 3.76M | 2.06M | 2.14M | 1.74M | 2.18M | 1.63M | 3.22M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 30.8M | 40M | 26.5M | 52.8M | 6.2M | 71.6M | 109.3M | 30.8M | 14M | 12M | 10.1M | 28.27M | 4.71M | 6.33M | 6.54M | 4.28M | 22.44M | 15.15M | 16.79M | 0 | 0 | 0 | 0 | 0 |
Government procurement cycle volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio fluctuating wildly from -8.87 in 2025Q2 to 2.55 in 2024Q4, suggesting that reported earnings are poor proxies for actual cash generation.
The extreme divergence between net income and operating cash flow indicates that non-cash charges and significant working capital swings are masking the underlying cash-generating capacity of the business. Investors should monitor this disconnect, as it suggests that accounting profits are frequently decoupled from the actual liquidity available to fund operations.
Based on the provided cash flow data, FCF margins have demonstrated extreme volatility, swinging from a negative 23.2% in 2026Q1 to a positive 73.5% in 2025Q2, which highlights the company's inability to maintain a consistent cash-generative trajectory amidst shifting government procurement cycles.
The erratic nature of free cash flow suggests that the company's core business model remains highly sensitive to the timing of large, lumpy government contract payments. This lack of predictability complicates long-term valuation, as the company appears unable to sustain positive cash flow generation across consecutive reporting periods.
According to quarterly cash flow statements, working capital changes have been the primary determinant of liquidity, with a massive $118.7M outflow in 2025Q1 contrasting sharply with a $205.9M inflow in 2024Q2, reflecting the inherent lumpiness of managing inventory and receivables for government-dependent biodefense contracts.
The significant magnitude of these working capital fluctuations suggests that the company's cash position is largely at the mercy of contract delivery schedules and government payment cycles. This reliance on working capital management to bridge liquidity gaps warrants further investigation into the sustainability of current inventory levels and collection efficiency.
As reported in financial filings, capital expenditures have remained modest, with the CapEx/Revenue ratio peaking at 4.1% in 2023Q4 and declining to 1.5% in 2026Q1, indicating that the company is currently prioritizing cash preservation over significant investment in new manufacturing capacity.
The downward trend in capital intensity may suggest that the company is attempting to optimize its existing asset base rather than pursuing aggressive growth. While this preserves cash in the short term, it may also indicate a lack of confidence in future demand, potentially limiting the company's ability to scale if new procurement opportunities arise.
Quick answers to the most common questions about buying EBS stock.
Emergent BioSolutions Inc. (EBS) generated $170.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Emergent BioSolutions Inc. (EBS) generated $156.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Emergent BioSolutions Inc. (EBS) spent $13.8M 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, Emergent BioSolutions Inc. (EBS) spent $24.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.