Liquidity is under pressure as the company continues to burn cash, with quarterly free cash flow deficits frequently exceeding $3 million, leaving only $8.5 million in cash as of 2026Q1.
Evogene Ltd. (EVGN) cash flow statement — 14-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -11.54M | -13.5M | -19.7M | -21.58M | -23.68M | -24.84M | -19.51M | -17.36M | -15.16M | -15.93M | -11.69M | -12.41M | -8.89M | -5.27M | -1.89M |
| Operating CF Margin % | - | -350.43% | -353.24% | -723.57% | -1413.61% | -2670.86% | -1876.35% | -2305.98% | -867.83% | -471.13% | -178.79% | -111.48% | -61.3% | -29.98% | -11.06% |
| Operating CF Growth % | 124.34% | 31.46% | 8.7% | 8.87% | 4.67% | -27.29% | -12.38% | -14.53% | 4.82% | -36.23% | 5.75% | -39.48% | -68.79% | -179.13% | - |
| Net Income | -9.07M | -14.16M | -18.05M | -25.95M | -29.84M | -30.45M | -26.21M | -19.11M | -20.81M | -20.84M | -19.59M | -17.21M | -14.53M | -8.88M | -2.52M |
| Depreciation & Amortization | 895K | 1.14M | 1.38M | 1.3M | 2.58M | 2.23M | 2.73M | 2.77M | 2.02M | 2.15M | 2.28M | 2.43M | 2.25M | 2.04M | 1.83M |
| Stock-Based Compensation | 155K | 654K | 1.79M | 1.88M | 1.19M | 2.61M | 4.1M | 1.58M | 1.73M | 2.24M | 2.94M | 4.37M | 3.23M | 2.73M | 1.17M |
| Deferred Taxes | -7K | -6K | 9K | -33K | 90K | 13K | 13K | 24K | 30K | 11K | 36K | 2.69M | 2.01M | 1.04M | 74K |
| Other Non-Cash Items | 4.84M | 116K | -1.52M | 1.63M | 3.08M | -906K | 1.28M | -1.62M | 2.03M | 705K | 705K | -845K | -926K | 157K | 84K |
| Working Capital Changes | -556.44K | -1.25M | -3.31M | -400K | -771K | 1.66M | -1.43M | -997K | -161K | -196K | 1.94M | -3.84M | -928K | -2.36M | -2.53M |
| Change in Receivables | -333.13K | 1.71M | 191K | -1.45M | -67K | -59K | -150K | 88K | -28K | 37K | 2.51M | -1.49M | 730K | -345K | -742K |
| Change in Inventory | -329.25K | -1.02M | -1.74M | 490K | -474K | -92K | -912K | -895K | 146K | 351K | -279K | -1.22M | -830K | 874K | 1.31M |
| Change in Payables | -37.05K | -259K | -596K | 742K | -469K | 625K | -29K | -122K | -114K | -86K | -215K | -68K | -267K | 292K | 231K |
| Cash from Investing | 21.66M | 17.74M | 9.62M | -4.54M | 13.27M | -20.44M | 9.41M | 37.14M | 17.35M | 15.24M | 4.03M | 17.39M | -84.03M | -2.9M | 18.48M |
| Capital Expenditures | -28.65K | -135K | -626K | -785K | -1.17M | -724K | -682K | -900K | -374K | -590K | -808K | -2M | -3.56M | -1.61M | -2.96M |
| CapEx % of Revenue | 2.19% | 3.5% | 11.22% | 26.32% | 69.91% | 77.85% | 65.58% | 119.52% | 21.41% | 17.45% | 12.35% | 18.02% | 24.56% | 9.17% | 17.36% |
| Acquisitions | 147.29K | 78K | 0 | 0 | 0 | 0 | 0 | 10M | 0 | -4.76M | -5.46M | 0 | 0 | 0 | -17.62M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 25.94M | 17.8M | 58K | 26K | 0 | 0 | 0 | -10M | 0 | 4.76M | 5.47M | 953K | -1M | 0 | 17.65M |
| Cash from Financing | -9.71M | -6.6M | 4.66M | 18.15M | 9.34M | 30.28M | 20.37M | 9M | 297K | 814K | 655K | 45K | 2.67M | 79.41M | 1.11M |
| Debt Issued (Net) | -254K | -526K | -901K | -836K | 9.2M | -580K | -639K | -597K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 4.29M | 4.28M | 123K | 8.45M | 21K | 29.58M | 18.66M | 0 | 0 | 0 | 0 | 0 | 0 | 77.01M | 0 |
| Dividends Paid | -2.74M | 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 |
| Other Financing | -11.01M | -10.36M | 5.43M | 10.54M | 125K | 1.27M | 2.35M | -97K | 297K | 814K | 655K | 45K | 2.67M | 2.39M | 1.11M |
| Net Change in Cash | 990K | -2.35M | -5.47M | -8.21M | -3.35M | -13.9M | 11.48M | 28.94M | 2.38M | 199K | -6.99M | 5.01M | -90.24M | 71.19M | 17.8M |
| Free Cash Flow | -11.56M | -13.64M | -20.33M | -22.36M | -24.85M | -25.56M | -20.2M | -18.26M | -15.54M | -16.52M | -12.5M | -14.41M | -12.46M | -6.88M | -4.85M |
| FCF Margin % | -884.79% | -353.93% | -364.46% | -749.9% | -1483.52% | -2748.71% | -1941.92% | -2425.5% | -889.24% | -488.58% | -191.15% | -129.5% | -85.86% | -39.15% | -28.41% |
| FCF Growth % | 36.55% | 32.91% | 9.1% | 10.01% | 2.79% | -26.57% | -10.58% | -17.57% | 5.96% | -32.14% | 13.26% | -15.68% | -81.01% | -41.89% | - |
| FCF per Share | -0.95 | -1.73 | -3.57 | -4.89 | -6.03 | -0.62 | -0.55 | -0.71 | -0.60 | -0.64 | -0.49 | -0.57 | -0.50 | -0.35 | -0.26 |
| FCF Conversion (FCF/Net Income) | 1.27x | 1.59x | 1.20x | 0.90x | 0.89x | 0.89x | 0.83x | 0.96x | 0.73x | 0.76x | 0.60x | 0.72x | 0.61x | 0.59x | 0.75x |
| Interest Paid | 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 |
Quick answers to the most common questions about buying EVGN stock.
Evogene Ltd. (EVGN) generated $-13.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Evogene Ltd. (EVGN) reported negative free cash flow of $13.6M in 2025, indicating capital requirements exceeded cash from operations.
Evogene Ltd. (EVGN) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent liquidity depletion risk
Earnings Quality Masked by Volatility
According to reported financial data, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios fluctuating wildly from -12.19 to 2.00, suggesting that reported earnings are frequently decoupled from actual cash generation due to the timing of milestone-based revenue recognition.
The extreme variance in the OCF/NI ratio indicates that net income is an unreliable proxy for the company's underlying cash health. Investors should interpret these swings as evidence that non-cash accounting adjustments and lumpy milestone payments are obscuring the persistent cash burn inherent in the R&D-heavy business model.
Persistent Free Cash Flow Deficit
As reported in financial statements, Evogene continues to experience a consistent free cash flow deficit, with quarterly outflows frequently exceeding $3 million, highlighting a structural inability to fund its expansive computational biology R&D pipeline through internal commercial operations alone.
The persistent negative FCF trajectory suggests that the company remains in a capital-intensive phase where revenue growth is insufficient to cover operational overhead. This trend warrants close monitoring, as the lack of a clear path to positive FCF necessitates ongoing reliance on external financing to maintain current research activities.
Minimal Capital Expenditure Intensity
Based on reported figures, Evogene maintains an exceptionally low capital intensity, with CapEx/Revenue ratios often remaining below 5%, which indicates that the company's primary cash drain is operational R&D rather than heavy investment in physical manufacturing or infrastructure assets.
The low level of capital expenditure suggests that the company is prioritizing software and personnel-driven discovery over physical asset expansion. While this preserves cash in the short term, it may also imply that the company lacks the scale-up infrastructure required to transition from a discovery engine to a commercial manufacturer.
Working Capital Volatility Impacts Liquidity
As evidenced by quarterly filings, working capital changes have been highly inconsistent, swinging from a $986,000 inflow in 2025Q2 to a $1.9 million outflow in 2025Q1, reflecting the unpredictable nature of collections and inventory management across its diverse subsidiary segments.
These fluctuations in working capital suggest that the company struggles with predictable cash conversion cycles, likely due to the sporadic nature of seed sales and milestone payments. Such volatility complicates liquidity planning and may force management to maintain higher cash buffers than would otherwise be necessary.