Cash conversion efficiency remains poor, as evidenced by an OCF/NI ratio that swung from 0.14 in 2025Q3 to 2.47 in 2025Q2, highlighting the company's struggle to generate consistent self-funding.
| 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'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -18.19M | -13.09M | -23.65M | -135.49M | -174.83M | -263.81M | -85.18M | -70.34M | -148.64M | -131.3M | -47.73M | -38.16M | -32.02M | -18.11M | -10.81M | -9.07M | -26.56M | -22.77M | -17.95M | -7.85M |
| Operating CF Margin % | - | -3.25% | -7.12% | -116.46% | -231.64% | -336.29% | -37.43% | -47.41% | -80.57% | - | - | - | - | -0.36% | - | - | - | - | -897700% | - |
| Operating CF Growth % | -41.32% | 44.65% | 82.54% | 22.5% | 33.73% | -209.72% | -21.09% | 52.68% | -13.2% | -175.09% | -25.09% | -19.16% | -76.78% | -67.58% | -19.19% | 65.86% | -16.68% | -26.81% | -128.64% | - |
| Net Income | -7.42M | -22.68M | -51.74M | -209.25M | -233.66M | -269.11M | -143.55M | -97.17M | -201.81M | -166.99M | -74.98M | -49.78M | -36.38M | -26.09M | -11.74M | -10.82M | -28.73M | -24.93M | -27.58M | -10.67M |
| Depreciation & Amortization | 2.35M | 105K | 63K | 164K | 500K | 612K | 547K | 319K | 265K | 258K | 252K | 236K | 160K | 70.55K | 139.43K | 178.47K | -1.29M | -2.01M | -2.05M | -683.22K |
| Stock-Based Compensation | 7.41M | 9.87M | 11.99M | 11.96M | 15.21M | 24.31M | 28.39M | 25.88M | 23.97M | 18.61M | 15.96M | 12.73M | 3.68M | 1.23M | 79.86K | 78.45K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -97K | 0 | 0 | 334K | 1.01M | 694K | 233K | 2.51M | 51.97K | 108.31K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 18.47M | 14.26M | 76.56M | 47.96M | 46.49M | 32.89M | 33.8M | 7.92M | -217K | 23K | 44K | 61K | 31K | 936.58K | 1.5M | 581.47K | 3.92M | 5.24M | 8.7M | 1.64M |
| Working Capital Changes | -38.99M | -14.64M | -60.53M | 13.68M | -3.37M | -52.51M | -4.26M | -7.3M | 29.16M | 16.47M | 9.98M | -2.09M | 251K | 3.23M | -840.17K | 801.92K | -465K | -1.06M | 2.98M | 1.86M |
| Change in Receivables | -51.06M | -60.05M | -31.65M | -14.77M | -10.79M | -10.55M | -10.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.5K |
| Change in Inventory | -4.89M | -10.63M | -28.87M | -30.42M | -807K | -18.26M | -16.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.62M |
| Change in Payables | -6.49M | 20.92M | 12.43M | 8.68M | 5.6M | -34.1M | 23.11M | -16.05M | 24.45M | 15.76M | 3.89M | -1.33M | -299K | 1.76M | -214.9K | 619.24K | -1.24M | -816K | 2.62M | 1.32M |
| Cash from Investing | 0 | 0 | -317K | 42.5M | 8.1M | -50.48M | 21.36M | 64.23M | 140.45M | -35.85M | 10.12M | -160.07M | -36.6M | -21M | -1.68K | 509.03K | -5.48M | -2.13M | -2.02M | -1.56M |
| Capital Expenditures | 0 | 0 | -317K | 0 | 0 | 0 | -13.37M | -953K | -151K | -19K | -94K | -325K | -873K | -31.37K | -6.78K | -33.63K | -1.16M | -2.02M | -1.34M | -1.56M |
| CapEx % of Revenue | 0% | - | 0.1% | - | - | - | 5.88% | 0.64% | 0.08% | - | - | - | - | 0% | - | - | - | - | 67050% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 12.5M | 0 | 0 | 0 | 0 | 24K | 0 | 0 | 0 | 0 | 0 | 0 | -233K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -12.5M | 0 | 140.6M | -35.83M | 10.21M | 24K | 12K | 201.26K | 5.1K | 42.31K | 30K | -105K | -450K | 0 |
| Cash from Financing | 59.9M | 36.18M | 86.48M | 50.46M | 32.61M | 268.22M | 201.72M | 136.19M | 10.69M | 163.46M | -1.56M | 190.52M | 97.12M | 89.14M | 15.75M | 6.72M | 1.44M | 25.02M | 84.12M | 2.78M |
| Debt Issued (Net) | -54.91M | -54.91M | 35.01M | 0 | 0 | -440K | 271.6M | 0 | -1.05M | -1.71M | -1.6M | -638K | 4.84M | 0 | 15.41M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 103.9M | 98.35M | 91.19M | 56.88M | 90.85M | 218.69M | -55M | 0 | 0 | 164M | 0 | 189.98M | 0 | 16.95M | 338.68K | 6.7M | 0 | 0 | 0 | 0 |
| Dividends Paid | 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 | -55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 10.92M | -7.26M | -39.72M | -6.42M | -58.24M | 49.98M | -14.87M | 136.19M | 11.74M | 1.17M | 45K | 1.18M | 92.28M | 72.19M | 10 | 15.89K | 1.44M | 25.02M | 84.12M | 2.78M |
| Net Change in Cash | 41.52M | 23.09M | 62.51M | -42.53M | -134.12M | -46.07M | 137.9M | 130.09M | 2.5M | -3.7M | -39.17M | -7.7M | 28.5M | 50.03M | 4.94M | -1.84M | -29.79M | 58K | 64.32M | -6.64M |
| Free Cash Flow | -18.19M | -13.09M | -23.97M | -135.49M | -174.83M | -263.81M | -98.55M | -71.29M | -148.79M | -131.32M | -47.82M | -38.48M | -32.89M | -18.14M | -10.82M | -9.1M | -27.72M | -24.79M | -19.3M | -9.42M |
| FCF Margin % | -4.35% | -3.25% | -7.21% | -116.46% | -231.64% | -336.29% | -43.31% | -48.05% | -80.66% | - | - | - | - | -0.36% | - | - | - | - | -964750% | - |
| FCF Growth % | 81.88% | 45.38% | 82.31% | 22.5% | 33.73% | -167.7% | -38.22% | 52.08% | -13.3% | -174.59% | -24.28% | -16.98% | -81.29% | -67.77% | -18.82% | 67.16% | -11.82% | -28.48% | -104.93% | - |
| FCF per Share | -0.07 | -0.06 | -0.13 | -1.31 | -2.63 | -9.13 | -3.59 | -2.63 | -5.56 | -5.49 | -2.12 | -1.75 | -2.01 | -1.18 | -1.13 | -0.95 | -6.62 | -6.34 | -6.54 | -7.00 |
| FCF Conversion (FCF/Net Income) | 2.45x | 0.58x | 0.46x | 0.65x | 0.75x | 0.98x | 0.59x | 0.72x | 0.74x | 0.79x | 0.64x | 0.77x | 0.88x | 0.69x | 0.92x | 0.84x | 0.92x | 0.91x | 0.65x | 0.74x |
| Interest Paid | 0 | 16.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 612K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commercial ramp-up execution risk
According to recent SEC filings, Esperion's OCF/NI ratio has fluctuated wildly, ranging from 0.14 in 2025Q3 to 2.47 in 2025Q2, indicating that reported net income is a poor proxy for the company's actual ability to generate cash from its core commercial operations.
The significant divergence between net income and operating cash flow suggests that non-cash items and lumpy milestone recognition heavily distort the company's profitability profile. Investors should monitor this disconnect, as it implies that the reported earnings do not yet reflect a sustainable, cash-generative business model.
As reported in financial statements, Esperion's free cash flow trajectory is characterized by extreme instability, with quarterly figures swinging from a $53.8M inflow in 2024Q1 to a $35.5M outflow in 2024Q3, highlighting the company's ongoing struggle to achieve consistent self-funding status.
The erratic nature of FCF margins, which frequently dip into deep negative territory, suggests that the company remains in a high-burn commercialization phase. This pattern warrants further investigation into whether the current revenue ramp-up can eventually outpace the fixed cost base required for cardiovascular market penetration.
Based on Esperion's reported figures, working capital changes have been a major source of cash flow volatility, with a $21.3M outflow in 2025Q4 contrasting with a $12.0M inflow in 2025Q1, suggesting significant fluctuations in inventory management and accounts receivable collection cycles.
These large swings in working capital appear to be driven by the timing of milestone payments and inventory build-ups rather than steady-state operational efficiency. Such volatility makes it difficult to discern the underlying health of the product demand and suggests that cash flow is highly sensitive to accounting timing.
As evidenced by the cash flow statement, Esperion consistently utilizes stock-based compensation, averaging roughly $2.5M to $3.0M per quarter, which effectively subsidizes operating expenses and masks the true extent of the company's cash-based operational burn rate.
While SBC is a standard practice in biotech, the reliance on equity-based incentives during a period of negative free cash flow suggests that the company is managing its cash runway through dilution rather than operational profitability. This practice warrants close monitoring as it directly impacts the long-term value for existing shareholders.
Quick answers to the most common questions about buying ESPR stock.
Esperion Therapeutics, Inc. (ESPR) generated $-13.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Esperion Therapeutics, Inc. (ESPR) reported negative free cash flow of $13.1M in 2025, indicating capital requirements exceeded cash from operations.
Esperion Therapeutics, Inc. (ESPR) 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.