Cash burn remains a critical concern, as evidenced by free cash flow margins reaching -49.0% in 2025Q1 and a cash position that has depleted from $43.5M in 2023Q4 to $15.0M in 2026Q1.
| 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 |
|---|
| Cash from Operations | -14.08M | -16.41M | -13.58M | -14.68M | -3.02M | 4.45M | 2.25M | 3.8M | 175K | -3.06M | 1.12M | 1.34M | -1.01M | -2.5M | -162K | -737K | -3.82M | -3.66M | -4.59M | -2.73M | -1.9M | -284.53K | -1.13M | -3.64M | -7.97M | -3.41M | 29.81K | -2.54M | -6.39M | -363.64K |
| Operating CF Margin % | - | -23.19% | -21.19% | -24.29% | -5.49% | 10.09% | 5.41% | 8.46% | 0.45% | -8.56% | 3.14% | 4.15% | -3.79% | -10.36% | -0.62% | -3.31% | -16.1% | -14.72% | -19.92% | -12.22% | -9.38% | -1.37% | -5.11% | -19.76% | -39.89% | -14.19% | 0.11% | -13.23% | -27.57% | -1.11% |
| Operating CF Growth % | 85.37% | -20.8% | 7.45% | -385.38% | -168.03% | 97.23% | -40.69% | 2071.43% | 105.72% | -373.37% | -16.37% | 231.95% | 59.36% | -1440.12% | 78.02% | 80.7% | -4.2% | 20.23% | -68.05% | -43.77% | -568.13% | 74.87% | 68.92% | 54.28% | -133.92% | -11526.85% | 101.18% | 60.36% | -1658.61% | - |
| Net Income | -30.02M | -29.25M | -19.02M | -21.18M | -2.93M | 700K | -1.94M | 1.51M | -338K | -681K | 3.84M | -1.67M | -512K | -5.02M | -7.47M | -938K | -12.72M | -7.77M | 1.6M | -5.44M | -3.43M | -1.06M | -1.15M | -8.96M | -4.04M | 7.15M | 11.74M | -6.25M | -7.16M | 181.82K |
| Depreciation & Amortization | 0 | 3.41M | 2.56M | 1.91M | 1.6M | 1.92M | 2.52M | 1.88M | 1.61M | 1.57M | 1.02M | 1M | 900K | 1.18M | 931K | 1.41M | 1.23M | 1.8M | 1.78M | 1.3M | 1.26M | 1.2M | 1.05M | 981.42K | 1.12M | 1.1M | 1.35M | 1.8M | 1.53M | 1.45M |
| Stock-Based Compensation | 0 | 2.56M | 3.28M | 6.87M | 2.1M | 1.9M | 0 | 260K | 289K | 382K | 360K | 66K | 140K | 367K | 243K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -231K | -97K | 42K | 48K | -563K | 51.3K | -106K | -153K | -153K | 65K | 23K | -18K | -65K | -52K | 293K | 180K | -57K | -77K | -161.18K | -90.92K | 83.59K | 254.5K | -225.5K | 5.72K | 131.5K | 72.4K | -207.7K | 85.27K | -90.91K |
| Other Non-Cash Items | -20.04M | 4.17M | 1.65M | 583K | 469K | -33K | 1.75M | 247K | 39K | -2.49M | -3.89M | 1.97M | -1.45M | 294K | 4.31M | -1.63M | 6.71M | 3.21M | -5.3M | 1.59M | 534.17K | 358.83K | -1.32M | -193.74K | 953 | -13.28M | -2.13K | 994 | -85.27K | 636.36K |
| Working Capital Changes | 4.38M | 2.93M | -1.96M | -2.9M | -4.32M | 521K | -124.26K | 8K | -1.27M | -1.69M | -287K | -56K | -75K | 751K | 1.88M | -683K | 700K | -971K | -2.85M | -425.93K | -415.21K | -1.04M | 28.77K | 4.76M | -3.05M | 1.49M | 2.17M | 2.22M | 85.27K | -2.55M |
| Change in Receivables | 0 | -567K | -139K | -4.91M | -1.94M | -103K | 1.3M | 908K | -1.01M | -1.64M | 1.8M | -1.79M | 1.2M | 2.55M | 2.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 6.85M | -4.04M | -4.21M | -4.48M | 166K | -631.54K | -1.04M | -704K | 669K | -1.99M | -381K | -1.26M | -961K | -497K | -436K | -355K | -319K | -126K | -820.99K | 428.85K | -680.51K | 2.34M | 1.11M | -428.84K | 559.71K | 3.29M | 24.84K | -1.02M | 818.18K |
| Change in Payables | 0 | 0 | 0 | 0 | 1.12M | 0 | -481.07K | -249K | -70K | 426K | -153K | 518K | 26K | -822K | -91K | 508K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.18M | -5.71M | -4.12M | -4.34M | -2.38M | -1.64M | -2.29M | -1.53M | -1.57M | -2.03M | -384K | -541K | -1.03M | -589K | 234K | -613K | -685K | 402K | -712K | -1.24M | -1.63M | -1.06M | 16.23K | -540.73K | 5.09M | 23.67M | 2.07M | -1.77M | -255.8K | -6.45M |
| Capital Expenditures | -4.54M | -1.21M | -1.31M | -1.18M | -2.18M | -393K | -722.74K | -396K | -1.87M | -2.07M | -1.33M | -650K | -1.02M | -760K | -650K | -870K | -609K | -738K | -1.12M | -559.67K | -250.79K | -395.98K | -247.12K | -399.4K | -859.58K | -848.55K | -456.77K | -498.88K | -682.13K | -5.82M |
| CapEx % of Revenue | 6.3% | 1.71% | 2.05% | 1.95% | 3.96% | 0.89% | 1.73% | 0.88% | 4.77% | 5.8% | 3.72% | 2.02% | 3.81% | 3.16% | 2.49% | 3.9% | 2.57% | 2.97% | 4.85% | 2.5% | 1.24% | 1.9% | 1.12% | 2.17% | 4.3% | 3.53% | 1.67% | 2.6% | 2.94% | 17.78% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 370.49K | 79.84K | 0 | 123.52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.7K | -27K | -210.61K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -644.05K | -4.5M | -2.81M | -3.17M | -195K | -1.26M | -1.57M | -1.12M | 300K | 40K | -58K | 109K | -13K | 135K | 348K | 257K | 330K | 1.15M | 1.1M | -587.79K | -347.02K | -661.94K | 281.06K | -428.78K | 619.43K | 2.87M | 2.53M | -1.27M | -2.9M | -636.36K |
| Cash from Financing | 8.51M | 8.61M | 4.63M | -911K | 21.74M | 20.27M | 3.65M | -664K | 1.18M | 2.87M | 7.69M | 1.99M | 6.04M | 1.94M | 1.34M | -327K | 652K | 992K | 296K | 11.84M | 5.19M | 187.44K | -82.62K | -667.78K | -256.35K | -4.14M | -1.81M | -1.76M | 3.67M | 14.64M |
| Debt Issued (Net) | 0 | 8.61M | 4.52M | -1.17M | -867K | -1.47M | 3.58M | -974K | 1.18M | 2.21M | 1.4M | 893K | -98K | -3.85M | -555K | -1.08M | -8.31M | -2.55M | -304K | 11.47M | -53.04K | 188.28K | -82.62K | -667.78K | -256.35K | -4.06M | -1.97M | -1.71M | 5.97M | 15.09M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 21.96M | 21.29M | 68.4K | 0 | 0 | 548K | 6.2M | 1.09M | 6.22M | 5.67M | 1.9M | 758K | 8.97M | 2.62M | 600K | 352K | 0 | 0 | 0 | 0 | 0 | -74.18K | 159.71K | -48.7K | -2.3M | 0 |
| Dividends 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 |
| Share Repurchases | 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 | -74.18K | 0 | -48.7K | -2.3M | 0 |
| Other Financing | 8.51M | 0 | 115K | 261K | 648K | 443K | 0 | 310K | 1K | 115K | 0 | 128K | -82K | 113K | -1K | -1K | -1K | 922K | 0 | 1K | 5.24M | -845 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -454.55K |
| Net Change in Cash | 15.01M | -10.54M | -13.63M | -19.66M | 15.95M | 22.49M | 6.77M | 1.42M | -540K | -1.99M | 8.41M | 2.44M | 4.46M | -360K | 2.14M | -2.47M | -4.22M | -2.24M | -3.7M | 7.64M | 1.58M | -1.08M | -1.03M | -5.32M | -3.61M | 16M | 127.77K | -5.55M | -3.07M | 14.64M |
| Free Cash Flow | -19.27M | -22.17M | -17.68M | -18.97M | -5.21M | 2.8M | 1.65M | 2.35M | -1.69M | -5.13M | -207K | 688K | -2.04M | -3.25M | -812K | -1.61M | -4.43M | -4.4M | -5.71M | -3.29M | -2.15M | -680.51K | -1.38M | -4.04M | -8.83M | -4.26M | -426.96K | -3.03M | -7.08M | -6.18M |
| FCF Margin % | -26.77% | -31.34% | -27.58% | -31.4% | -9.45% | 6.35% | 3.96% | 5.23% | -4.32% | -14.35% | -0.58% | 2.13% | -7.6% | -13.52% | -3.12% | -7.21% | -18.67% | -17.69% | -24.77% | -14.73% | -10.62% | -3.27% | -6.23% | -21.92% | -44.19% | -17.72% | -1.56% | -15.83% | -30.51% | -18.89% |
| FCF Growth % | 0.77% | -25.35% | 6.79% | -264.39% | -286.03% | 69.8% | -29.83% | 238.67% | 66.98% | -2378.74% | -130.09% | 133.81% | 37.48% | -300.86% | 49.47% | 63.7% | -0.57% | 22.91% | -73.41% | -53.03% | -216.21% | 50.67% | 65.88% | 54.21% | -107.47% | -896.61% | 85.93% | 57.13% | -14.48% | - |
| FCF per Share | -0.51 | -0.59 | -0.47 | -0.51 | -0.15 | 0.09 | 0.06 | 0.08 | -0.06 | -0.18 | -0.01 | 0.03 | -0.09 | -0.16 | -0.05 | -0.12 | -0.34 | -0.42 | -0.59 | -0.36 | -0.23 | -0.08 | -0.17 | -0.52 | -1.13 | -0.54 | -0.05 | -0.39 | -0.85 | -0.93 |
| FCF Conversion (FCF/Net Income) | 0.64x | 0.56x | 0.71x | 0.69x | 1.03x | 6.35x | -1.32x | 2.51x | -0.52x | 4.49x | 0.29x | -0.80x | 1.98x | 0.50x | 0.02x | 0.79x | 0.30x | 0.47x | -2.88x | 0.50x | 0.55x | 0.27x | 0.99x | 0.41x | 1.97x | -0.48x | 0.00x | 0.41x | 0.89x | -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 |
High cash burn rate
As reported in recent financial filings, EDAP's operating cash flow consistently trails net losses, with an OCF/NI ratio that frequently fluctuates below 1.0, indicating that the company's reported net income is not being supported by actual cash generation from its core medical device operations.
The recurring gap between net income and operating cash flow suggests that the company's accounting earnings are significantly impacted by non-cash items or timing differences that do not translate into liquidity. Investors should monitor whether this conversion ratio improves as the company attempts to scale its US installed base, as current trends imply a reliance on external financing to bridge the gap.
Based on quarterly data, EDAP's free cash flow margins remain deeply negative, reaching as low as -49.0% in 2025Q1, which underscores the significant capital intensity required to sustain the company's current market expansion strategy without achieving self-sustaining profitability in the near term.
The consistent negative FCF trajectory reflects a business model that is currently consuming cash to fund growth rather than generating it. This trend warrants further investigation into whether the company can reach a cash-flow-positive state before its existing liquidity reserves are exhausted by ongoing operational requirements.
According to recent SEC filings, EDAP's capital expenditure as a percentage of revenue has fluctuated between 4.2% and 10.0%, highlighting the ongoing investment required to maintain and expand the Focal One platform's footprint in competitive medical device markets.
The variability in capital intensity suggests that management is balancing the need for infrastructure investment with the reality of limited cash resources. The current level of spending appears necessary to support the technical requirements of the HIFU segment, though it continues to exert downward pressure on the company's overall cash position.
As indicated by quarterly cash flow statements, working capital changes have been highly inconsistent, swinging from a $2.8M inflow in 2026Q1 to a $2.2M outflow in 2023Q4, which suggests significant volatility in the company's ability to manage its receivables and inventory cycles effectively.
This instability in working capital management may reflect the lumpy nature of high-value medical equipment sales and the challenges of managing a hybrid distribution and direct-sales model. Such fluctuations complicate cash flow forecasting and suggest that the company's operational efficiency remains sensitive to the timing of large-scale customer payments.
Quick answers to the most common questions about buying EDAP stock.
Edap Tms S.a. (EDAP) generated $-16.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Edap Tms S.a. (EDAP) reported negative free cash flow of $22.2M in 2025, indicating capital requirements exceeded cash from operations.
Edap Tms S.a. (EDAP) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.