Cash conversion remains disconnected from accounting results, with a $200.6M net income failing to prevent a negative $1.8M operating cash flow in 2025Q3.
| Metric | TTM | 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 | -16.91M | -138M | -315.02M | -145.93M | -82.23M | 81.6M | -78.7M | -76.14M | -66.51M | 7.11M | -18.57M | 22.41M | 25.92M | -5.61M |
| Operating CF Margin % | - | -465.88% | -673.08% | -103.69% | -34.95% | 46.28% | -30.68% | -35.76% | -52.93% | 3.96% | -10.27% | 16.29% | 25.37% | -8.5% |
| Operating CF Growth % | 248.05% | 56.19% | -115.87% | -77.46% | -200.77% | 203.68% | -3.36% | -14.48% | -1035.75% | 138.27% | -182.85% | -13.52% | 562.41% | - |
| Net Income | 215.65M | -47.58M | -284.23M | -293.65M | -290.02M | -189.29M | -76.97M | -86.42M | -120.88M | -58.07M | -85.78M | -59.5M | -14.94M | -32.57M |
| Depreciation & Amortization | 1.09M | 2.69M | 9.93M | 10.6M | 14.81M | 22.05M | 21.45M | 6.56M | 6.1M | 6.04M | 5.68M | 4.47M | 5.08M | 5.6M |
| Stock-Based Compensation | 4.9M | 25.21M | 50.77M | 65.6M | 71.16M | 72.72M | 66.27M | 52.14M | 37.54M | 32.13M | 27.68M | 18.7M | 3.44M | 4.56M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -211K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 171.19M | -868K | 28.2M | 1.09M | 61.74M | 1.5M | -3.8M | -30K | 1.71M | 2.69M | 2.89M | 648K | 539K | 542K |
| Working Capital Changes | -195.97M | -117.46M | -119.69M | 70.43M | 60.08M | 174.63M | -85.66M | -48.4M | 9.02M | 24.52M | 30.96M | 58.1M | 31.79M | 16.27M |
| Change in Receivables | 6.77M | -6.74M | 3.43M | 765K | 25.18M | -11.97M | 35.23M | -55.23M | 2M | 4.96M | -1.95M | 4.04M | -8.71M | 14.15M |
| Change in Inventory | 9.75M | 22.28M | -1.7M | -11M | -14.16M | -9.18M | -6.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -3.09M | 14.51M | -15.51M | 5.91M | 805K | 17.73M | -3.05M | 3.63M | -714K | -298K | 1.97M | 3.48M | -2.04M | 770K |
| Cash from Investing | 88.85M | 125.99M | 153.66M | 89.12M | -426.97M | 452.49M | 120.02M | -522.12M | 69.87M | 6.62M | -5.87M | -107.29M | 10.78M | 19.15M |
| Capital Expenditures | -179K | -266K | -2.52M | -3.74M | -5.19M | -3.99M | -5.76M | -8.02M | -8.5M | -1.25M | -1.98M | -8.12M | -6.81M | -744K |
| CapEx % of Revenue | -0.15% | 0.9% | 5.38% | 2.66% | 2.2% | 2.27% | 2.25% | 3.77% | 6.76% | 0.7% | 1.09% | 5.9% | 6.66% | 1.13% |
| Acquisitions | 90.41M | 1.05M | 656K | 0 | 0 | -2.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -34.99M | -25M | 0 | 7K | 184K | 5K | 0 | 2K | 10K | 2K | 2K |
| Cash from Financing | -86.01M | -255K | 122.75M | 46.78M | -563K | 13.34M | -4.3M | 13.88M | 496.47M | 6.74M | 12.35M | 174.09M | 680K | 6.81M |
| Debt Issued (Net) | -80.56M | -40K | 73.59M | -538K | -5.89M | -13.02M | -12.33M | -360K | -403K | -403K | -403K | -403K | 421K | -714K |
| Equity Issued (Net) | -26K | 139K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 84K | 0 |
| Dividends Paid | 0 | -2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.42M | 1.88M | 748K | 43.13M | -7.37M | -11.46M | -12.75M | -15.61M | -9.24M | -2.74M | -2.24M | 16.86M | 175K | 7.52M |
| Net Change in Cash | 83.45M | -11.51M | -42.01M | -15.52M | -507.17M | 552.13M | 37.01M | -584.4M | 499.88M | 20.46M | -12.13M | 89.12M | 37.46M | 20.29M |
| Free Cash Flow | -17.09M | -138.26M | -317.54M | -184.67M | -112.42M | 77.61M | -84.47M | -84.16M | -75.01M | 5.86M | -20.55M | 14.3M | 19.11M | -6.35M |
| FCF Margin % | 14.47% | -466.78% | -678.46% | -131.22% | -47.77% | 44.02% | -32.92% | -39.52% | -59.69% | 3.26% | -11.36% | 10.39% | 18.71% | -9.63% |
| FCF Growth % | 86.46% | 56.46% | -71.95% | -64.27% | -244.85% | 191.88% | -0.36% | -12.2% | -1380.96% | 128.5% | -243.73% | -25.2% | 401.02% | - |
| FCF per Share | -4.23 | -1.38 | -3.26 | -1.97 | -1.22 | 0.86 | -0.97 | -1.00 | -1.03 | 0.09 | -0.34 | 0.25 | 0.40 | -0.48 |
| FCF Conversion (FCF/Net Income) | -0.08x | 2.90x | 1.11x | 0.50x | 0.28x | -0.43x | 1.02x | 0.88x | 0.53x | -0.12x | 0.22x | -0.38x | -1.73x | 0.17x |
| Interest Paid | 0 | 0 | 54K | 104K | 94K | 135K | 174K | 218K | 255K | 295K | 335K | 377K | -433K | 506K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical failure
As reported in recent financial statements, FibroGen's net income frequently diverges from operating cash flow, with the 2025Q3 period showing a $200.6M net profit against a negative $1.8M operating cash flow, highlighting a persistent inability to convert accounting gains into actual liquidity for the firm.
The significant gap between reported net income and operating cash flow suggests that non-cash items and accounting adjustments are heavily influencing the bottom line. Investors should monitor this disconnect, as it implies that the company's profitability metrics are not currently supported by sustainable cash generation from core operations.
Based on the company's reported figures, the free cash flow trajectory has remained consistently negative over the last ten quarters, with the exception of minor positive blips, underscoring a structural reliance on external financing to sustain the company's ongoing research and development activities and operational overhead.
The persistent negative free cash flow indicates that the company is consuming capital at a rate that far outpaces its ability to generate internal funds. This trend suggests that the business model is currently incapable of self-funding, necessitating a reliance on capital markets that may become increasingly difficult to access.
According to quarterly filings, working capital changes have been highly erratic, including a massive $160.3M outflow in 2025Q3, which suggests that the company's cash position is subject to significant swings driven by timing differences in partnership payments and operational liabilities rather than steady commercial growth.
The extreme volatility in working capital movements indicates that cash flow is highly sensitive to the timing of milestone payments and settlement of obligations. This instability complicates cash forecasting and suggests that the company's liquidity position may be more fragile than headline figures might otherwise imply.
As evidenced by the provided data, capital deployment has been largely absent in terms of shareholder returns, with the company instead focusing on asset divestitures and operational funding to offset a cash burn that has left the firm with a precarious $50.5M cash balance.
The lack of dividends or share repurchases is consistent with a company in a survival phase, where every dollar is prioritized for clinical trial maintenance. The recent net acquisition activity appears to be a reactive measure to manage liquidity rather than a strategic investment in long-term growth.
Analysis of the cash flow statement reveals that non-operating items, such as the $90.2M in net acquisition proceeds in 2025Q3, are masking the underlying operational cash drain, which warrants further investigation into the sustainability of the company's current funding strategy and its long-term viability.
The reliance on non-recurring cash inflows to offset operating losses suggests that the company is effectively selling off assets or leveraging one-time events to maintain operations. This strategy appears unsustainable and may indicate that the core business is not generating the necessary cash to support its current cost structure.
Quick answers to the most common questions about buying FGEN stock.
FibroGen, Inc. (FGEN) generated $-138.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
FibroGen, Inc. (FGEN) reported negative free cash flow of $138.3M in 2024, indicating capital requirements exceeded cash from operations.
FibroGen, Inc. (FGEN) spent $0.3M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, FibroGen, Inc. (FGEN) returned $2.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.