Cash flow generation is structurally challenged, as evidenced by the OCF/NI ratio frequently exceeding 1.50, indicating that reported net income is often decoupled from actual operational cash inflows.
| 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 |
|---|
| Cash from Operations | 157.64M | -65.78M | -80.19M | -128.22M | -179.4M | -116.54M | -83.68M | -94.96M | -98.85M | -85.43M | -45.81M | -20.38M | -16.33M | -29.65M | -23.19M | -10.95M | -5.68M | -2.35M |
| Operating CF Margin % | - | -103.98% | -139.04% | -151.72% | -236.85% | -169.41% | -183.52% | -259.25% | -367.71% | -45.54% | -277.99% | -2361.3% | - | - | - | - | - | - |
| Operating CF Growth % | 1188.17% | 17.97% | 37.46% | 28.53% | -53.94% | -39.27% | 11.88% | 3.93% | -15.71% | -86.48% | -124.82% | -24.76% | 44.9% | -27.82% | -111.78% | -92.92% | -141.47% | - |
| Net Income | 127.77M | -32.91M | -120.86M | -154.15M | -213.91M | -164.83M | -102.98M | -101.66M | -130.8M | -99.84M | -71.29M | -53.88M | -20.39M | -37.16M | -27.61M | -36.36M | -9.98M | -3.67M |
| Depreciation & Amortization | 5.17M | 4.66M | 4.46M | 6M | 9.35M | 6.79M | 5.33M | 4.65M | 2.06M | 3.35M | 1.13M | 26K | 23K | 17K | 3K | 22K | 5K | 0 |
| Stock-Based Compensation | 22.45M | 28.74M | 32.62M | 17.03M | 22.99M | 19.49M | 13.45M | 13.19M | 15.01M | 14.01M | 12.13M | 14.29M | 5.55M | 5.9M | 3.64M | 1.47M | 2.33M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 287K | -8.56M | -73K | 2.11M | -220K | 0 | 0 | 36.34M | 234K | 0 |
| Other Non-Cash Items | -5.8M | -41.17M | 11.71M | 15.42M | 2.89M | -14.36M | 5.31M | -6.3M | 8.86M | 7.84M | 10.32M | 11.89M | 236K | 536K | 1.17M | -14.2M | 1.42M | 1.13M |
| Working Capital Changes | 33.67M | -25.1M | -8.13M | -12.52M | -715K | 36.37M | -4.78M | -4.84M | 5.74M | -2.23M | 1.97M | 5.19M | -1.53M | 1.06M | -398K | 1.77M | 318K | 184K |
| Change in Receivables | -6.8M | -19.33M | 4.47M | 12.52M | -4.84M | 834K | -10.32M | -6.91M | 2.26M | -5.93M | -1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 3.2M | 4.81M | -4.22M | 3.95M | 1.74M | -8.46M | -547K | -179K | -507K | 32K | -203K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 37.42M | -7.97M | -6.39M | -24.38M | 8.35M | 43.31M | 11.1M | 1.95M | 4.66M | 9.9M | 5.39M | 5.89M | -849K | 1.18M | -260K | -46K | 407K | -19K |
| Cash from Investing | 8.96M | 10.12M | -15M | -2.1M | -22.93M | 40.51M | -7.16M | 20.1M | 18.82M | -41.63M | -6.06M | 7.88M | -23.27M | -188K | -279K | -3.84M | -13K | -2K |
| Capital Expenditures | 0 | 0 | -15M | -63K | -2.71M | -4.57M | -1.93M | -2.35M | -9.36M | -5.45M | -6.37M | -11.98M | 0 | -188K | -279K | -3.84M | -13K | -2K |
| CapEx % of Revenue | 0% | - | 26.01% | 0.07% | 3.58% | 6.64% | 4.22% | 6.4% | 34.8% | 2.9% | 38.65% | 1388.3% | - | - | - | - | - | - |
| Acquisitions | 2.87M | 8.96M | 0 | 0 | -20M | 56.86M | 0 | -1.2M | 2.27M | -19K | 4.45M | -11.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.09M | 1.17M | 0 | -2.04M | -213K | -11.78M | -5.24M | 6.04M | 7.51M | -163K | -4.14M | 11.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -2.09M | 77.44M | 70.64M | 32.74M | 75.32M | 148.99M | 172.41M | 146.71M | 50.65M | 150.38M | 42.91M | 60.92M | -10.15M | 89.16M | 40.51M | 23.09M | 19.04M | 3.86M |
| Debt Issued (Net) | -20.13M | -5.64M | -7.33M | -38.79M | 49.25M | -9.64M | -29.67M | 15M | 17.3M | 37.16M | 6.14M | 10M | 355K | -1.34M | 14.25M | 0 | -348K | -304K |
| Equity Issued (Net) | 16.11M | 84.1M | 82.84M | 80.83M | 41.59M | 172.21M | 217.61M | 144.24M | 38.42M | 117.53M | 37.36M | 51.77M | 3.5M | 90.5M | 28.86M | 25.98M | 19.39M | 0 |
| Dividends Paid | -498K | -664K | -4.71M | -8.77M | -8.78M | -8.78M | -6.75M | -2.56M | -2.34M | -299K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14.34M | -265K | 0 | 0 | -1.11M | 0 | -70K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.29M | 0 |
| Other Financing | 2.42M | -360K | -163K | -529K | -6.74M | -4.8M | -8.78M | -9.96M | -2.73M | -6.6M | -594K | -855K | -14.01M | 0 | -2.59M | 22.9M | 0 | 4.16M |
| Net Change in Cash | 164.5M | 21.79M | -24.55M | -97.59M | -127.01M | 72.97M | 81.56M | 71.85M | -29.38M | 27.15M | -9.89M | 48.42M | -49.76M | 59.32M | 17.04M | 8.3M | 13.35M | 0 |
| Free Cash Flow | 157.64M | -65.78M | -95.19M | -136.32M | -182.46M | -132.89M | -90.85M | -104.36M | -108.2M | -90.88M | -56.32M | -32.36M | -16.33M | -29.83M | -23.47M | -14.79M | -5.69M | -2.35M |
| FCF Margin % | 238.26% | -103.98% | -165.05% | -161.3% | -240.89% | -193.17% | -199.23% | -284.9% | -402.51% | -48.45% | -341.74% | -3749.59% | - | - | - | - | - | - |
| FCF Growth % | 311.97% | 30.9% | 30.17% | 25.28% | -37.3% | -46.28% | 12.95% | 3.56% | -19.07% | -61.36% | -74.04% | -98.11% | 45.25% | -27.1% | -58.66% | -160.02% | -141.82% | - |
| FCF per Share | 4.10 | -0.24 | -4.58 | -16.81 | -30.79 | -24.40 | -18.93 | -28.61 | -37.35 | -32.72 | -21.14 | -12.40 | -6.75 | -14.71 | -16.26 | -1.93 | -0.96 | -9.77 |
| FCF Conversion (FCF/Net Income) | 1.23x | -9.65x | 1.74x | 2.11x | 2.07x | 1.80x | 1.80x | 2.38x | 1.17x | 1.28x | 0.83x | 0.42x | 0.80x | 0.80x | 0.84x | 0.30x | 0.57x | 0.64x |
| Interest Paid | 4.06M | 7.39M | 7.16M | 7.95M | 9.42M | 6.92M | 8.82M | 5.9M | 0 | 778K | 400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 49K | 120K | 0 | 858K | 993K | 0 | 0 | 0 | 4.24M | 104K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Subsidiary Capital Dependency
As reported in financial statements, FBIO consistently exhibits a significant divergence between net income and operating cash flow, with the OCF/NI ratio frequently exceeding 1.50, suggesting that reported profits are often driven by non-cash accounting adjustments rather than core operational cash generation.
The persistent gap between net income and operating cash flow indicates that the company's bottom-line results are heavily influenced by non-operating items, such as fair value adjustments or deconsolidation gains. Investors should monitor this trend, as it implies that the reported profitability may not be indicative of the company's ability to self-fund its ongoing R&D and commercial operations.
Based on recent SEC filings, FBIO's free cash flow trajectory remains deeply negative in most periods, with the exception of 2026Q1, highlighting a structural reliance on external financing to sustain the high-burn hub-and-spoke model across its various clinical-stage subsidiaries.
The inability to generate consistent positive free cash flow suggests that the commercial dermatology segment is not yet providing sufficient scale to offset the aggregate R&D burn of the broader portfolio. This trajectory warrants further investigation into whether the company can reach a self-sustaining cash flow inflection point without further dilutive capital raises.
According to the provided cash flow data, working capital changes have been a recurring source of cash flow volatility, with a notable $55.8M inflow in 2026Q1 contrasting with significant outflows in prior periods, reflecting the lumpy nature of milestone-driven receivables and subsidiary-level inventory management.
The erratic nature of working capital movements appears to be a byproduct of the company's complex corporate structure and the timing of milestone payments from partner companies. This volatility complicates cash flow forecasting and suggests that liquidity may be subject to sudden, unpredictable shifts depending on the timing of regulatory and commercial milestones.
As indicated by the cash flow statements, FBIO has utilized share repurchases in 2026Q1 while simultaneously managing a persistent burn, suggesting a complex capital allocation strategy that may be attempting to offset dilution while still requiring external funding to support its subsidiary network.
The simultaneous use of cash for share repurchases and the ongoing need for capital to fund clinical development appears contradictory and warrants further investigation into management's long-term capital allocation priorities. Investors should monitor whether these repurchases are intended to signal confidence or if they are merely a tactical response to market volatility.
Based on reported figures, stock-based compensation (SBC) has been a consistent add-back to operating cash flow, reaching as high as $16.8M in 2025Q2, which effectively masks the true economic cost of talent acquisition and retention within the company's high-burn biotech incubator model.
The reliance on SBC as a non-cash expense suggests that the company's actual cash burn is higher than the headline operating cash flow figures might imply. This practice may be obscuring the true cost of maintaining the specialized workforce required to manage the hub-and-spoke architecture, potentially understating the long-term dilution risk to shareholders.
Quick answers to the most common questions about buying FBIO stock.
Fortress Biotech, Inc. (FBIO) generated $-65.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fortress Biotech, Inc. (FBIO) reported negative free cash flow of $65.8M in 2025, indicating capital requirements exceeded cash from operations.
Fortress Biotech, Inc. (FBIO) 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.
In 2025, Fortress Biotech, Inc. (FBIO) returned $0.7M to shareholders via cash dividends and spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.