Free cash flow has reached an inflection point, improving from a $39.9 million outflow in 2023Q3 to a $16.0 million positive contribution in 2025Q4.
| Metric | 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 |
|---|
| Cash from Operations | 33.15M | -33.89M | -69.09M | -166.57M | -202.49M | -233.29M | -250.42M | -299.95M | -215.49M | -150.53M | -100.14M | -51.67M | -45.79M | -33.74M | -49.42M | -13.98M | -43.37M | -36.86M | 15.19M | -33.89M | -18.12M |
| Operating CF Margin % | 5.23% | -6.42% | -17.3% | -50.59% | -66.28% | -89.42% | -137.41% | -328.74% | -583.5% | -3036.18% | - | -4221.32% | -12615.43% | -183.28% | -230.58% | -1516.59% | -67.39% | -246.3% | 851.57% | - | - |
| Operating CF Growth % | 197.8% | 50.95% | 58.52% | 17.74% | 13.2% | 6.84% | 16.52% | -39.2% | -43.15% | -50.32% | -93.81% | -12.83% | -35.71% | 31.72% | -253.44% | 67.76% | -17.65% | -342.65% | 144.83% | -86.98% | - |
| Net Income | -27.11M | -56.11M | -151.58M | -236.57M | -250.46M | -276.85M | -356.39M | -349M | -284M | -200.04M | -132.12M | -68.93M | -59.63M | -48.78M | -44.41M | -54.94M | -6.57M | -39.35M | -41.17M | -46.34M | -19.97M |
| Depreciation & Amortization | 2.57M | 8.55M | 7.87M | 5.34M | 6.21M | 8.85M | 4.78M | 4.22M | 3.59M | 3.24M | 1.83M | 1.55M | 1.72M | 1.71M | 1.58M | 2.06M | 2.13M | 1.49M | 1.24M | 952.45K | 667.38K |
| Stock-Based Compensation | 87.41M | 84.91M | 86.08M | 76.51M | 57.84M | 49.15M | 44.43M | 29.26M | 23.1M | 17.5M | 9.97M | 6.01M | 6.18M | 6.19M | 8.68M | 6.19M | 7.79M | 6.45M | 2.82M | 0 | 0 |
| Deferred Taxes | 0 | 0 | -4.94M | 9K | 34K | -155K | -1.42M | 6.01M | -167.31M | -3.74M | 952K | 0 | -908K | 0 | 0 | 121K | 0 | -6.4M | -2.82M | 0 | 0 |
| Other Non-Cash Items | 9.91M | 27.71M | 41.47M | 28.01M | 2.47M | 17.78M | 46.57M | 14.28M | 234.91M | 31.37M | 4.88M | 314K | 1.99M | -625K | -2.76M | 1.41M | 195K | 6.45M | 4.13M | 4.53M | 391.94K |
| Working Capital Changes | -39.63M | -98.94M | -47.99M | -39.88M | -18.59M | -32.06M | 11.61M | -4.73M | -25.79M | 1.14M | 14.34M | 9.39M | 4.86M | 7.77M | -12.51M | 31.18M | -46.92M | -5.49M | 50.99M | 6.97M | 788.61K |
| Change in Receivables | -5.86M | -19.48M | -20.11M | -17.33M | -8.19M | -11.22M | -11.11M | -13.29M | -7.72M | -1.42M | 0 | 1.08M | 2.47M | 1.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -111.48M | -73.65M | -44.61M | -5.34M | -7.79M | -4.64M | -5.11M | -4.21M | -897K | -3.65M | 0 | 2.29M | -3.25M | 3.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 82.78M | -16.52M | 49.2M | -6.38M | 7.43M | -10.61M | 46.74M | 17.11M | 12.56M | 7.13M | 15.47M | 6.17M | -613K | -863K | -1.34M | -1.34M | -1.67M | -1.67M | 6.59M | 0 | 0 |
| Cash from Investing | -46.43M | -560K | 98.06M | 92.32M | 78.76M | -13.58M | 95.15M | -121.2M | -171.24M | -4.51M | -145.34M | -107.08M | 26.08M | -39.43M | 46.45M | -19.44M | 31.87M | 21.75M | -75.04M | -26.6M | -16.94M |
| Capital Expenditures | -3.3M | -3.55M | -7.44M | -3.77M | -3.88M | -3.23M | -20.01M | -6.31M | -4.53M | -5.95M | -4.82M | -238K | -695K | -4.32M | -1.42M | -384K | -1.81M | -2.67M | -669K | -2.03M | -3.04M |
| CapEx % of Revenue | 0.52% | 0.67% | 1.86% | 1.14% | 1.27% | 1.24% | 10.98% | 6.91% | 12.26% | 120.03% | - | 19.44% | 191.46% | 23.49% | 6.63% | 41.65% | 2.81% | 17.82% | 37.5% | - | - |
| Acquisitions | 0 | 0 | 0 | 3.41M | 0 | 0 | 0 | 6.31M | 0 | 0 | -141.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.31M | -166.72M | 1.44M | 534K | -106.84M | 26.78M | -35.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 610K | 5.12M | 61.68M | -7.46M | 212.07M | 262.86M | 217.5M | 450.77M | 247.43M | 272.71M | 290.89M | 139.18M | 29.38M | 81.48M | -934K | 43.66M | 2.77M | -998K | 91.91M | 66.17M | 41.25M |
| Debt Issued (Net) | -272K | -97K | -20.96M | -283K | -479K | 230.6M | -420K | 146.26M | -308K | 192.34M | 34.71M | -299K | 14.49M | -347K | -1.29M | -1.56M | 2.71M | -1.53M | -1.39M | -880.75K | -272.7K |
| Equity Issued (Net) | 19.2M | 27.24M | 103.21M | -7.18M | 199.75M | 0 | 188.99M | 294.58M | 243.04M | 97.07M | 243.04M | 135.81M | 15M | 80.19M | 0 | 45.21M | 0 | 530K | 92.75M | 63.62M | 40.42M |
| Dividends Paid | 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 | -11.49M | 0 | 0 | 0 | -2.83M | -1.6M | -1.28M | -2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -18.32M | -22.02M | -20.57M | 0 | 12.8M | 32.25M | 28.93M | 9.93M | 4.71M | -16.7M | 13.14M | 3.67M | -110K | 1.63M | 359K | 9K | 60K | 0 | 546K | 3.43M | 1.11M |
| Net Change in Cash | 600K | -33.36M | 96.96M | -96.34M | 83.29M | 19.82M | 63.97M | 31.14M | -137.97M | 117.54M | 45.41M | -19.57M | 9.67M | 8.3M | -3.9M | 10.23M | -8.73M | -16.11M | 32.06M | 5.68M | 6.19M |
| Free Cash Flow | 29.85M | -37.44M | -76.53M | -170.34M | -206.38M | -236.52M | -270.43M | -306.26M | -220.01M | -156.49M | -104.96M | -51.91M | -46.49M | -38.07M | -50.84M | -14.37M | -45.18M | -39.53M | 14.52M | -35.92M | -21.16M |
| FCF Margin % | 4.71% | -7.09% | -19.16% | -51.74% | -67.55% | -90.66% | -148.39% | -335.65% | -595.75% | -3156.21% | - | -4240.77% | -12806.89% | -206.77% | -237.2% | -1558.24% | -70.2% | -264.11% | 814.07% | - | - |
| FCF Growth % | 179.72% | 51.07% | 55.07% | 17.46% | 12.74% | 12.54% | 11.7% | -39.2% | -40.6% | -49.1% | -102.2% | -11.65% | -22.12% | 25.12% | -253.88% | 68.2% | -14.29% | -372.19% | 140.43% | -69.72% | - |
| FCF per Share | 0.10 | -0.12 | -0.26 | -0.59 | -0.76 | -0.91 | -1.12 | -1.65 | -1.43 | -1.16 | -0.95 | -0.70 | -0.91 | -0.84 | -1.47 | -0.52 | -2.00 | -1.76 | 1.10 | -48.81 | -51.59 |
| FCF Conversion (FCF/Net Income) | -1.22x | 0.60x | 0.46x | 0.70x | 0.81x | 0.84x | 0.70x | 0.86x | 0.76x | 0.75x | 0.76x | 0.75x | 0.77x | 0.69x | 1.11x | 0.25x | 6.60x | 0.94x | -0.37x | 0.73x | 0.91x |
| Interest Paid | 0 | 58.96M | 36.09M | 34.36M | 30.47M | 24.68M | 16.97M | 7.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 8.21M | 8.53M | 1.07M | 20.03M | 10.37M | 691K | 1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commercial launch execution friction
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly volatile, with 2025Q4 showing a net income of $1.7 million against $16.3 million in operating cash flow, largely driven by significant non-cash stock-based compensation adjustments impacting the bottom line.
The persistent gap between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash expenses, particularly stock-based compensation. Investors should monitor whether this cash-generative capacity can be sustained as the company scales its commercial operations for the Pompe franchise.
Based on quarterly data, Amicus has demonstrated an improving free cash flow trajectory, moving from a $39.9 million outflow in 2023Q3 to a $16.0 million positive contribution in 2025Q4, indicating that the company is successfully transitioning toward a self-sustaining commercial model for its rare disease portfolio.
The shift to positive free cash flow appears to be a direct result of the Galafold franchise maturity and the initial revenue contributions from the Pombiliti and Opfolda launch. This trend warrants further investigation to determine if the current margin expansion is sustainable or if future R&D requirements will necessitate renewed cash outflows.
According to recent SEC filings, working capital changes have been a significant source of cash flow instability, with a $43.7 million outflow in 2024Q4 followed by a $6.7 million outflow in 2025Q4, reflecting the logistical complexities of stocking new therapeutic products across global distribution channels.
The erratic nature of working capital movements suggests that inventory management and accounts receivable cycles are currently sensitive to the commercial rollout of the Pompe treatment. Analysts should interpret these fluctuations as a byproduct of launch-phase scaling rather than a permanent deterioration in operational efficiency.
As evidenced by the provided financial data, Amicus maintains a low capital intensity profile, with CapEx/Revenue ratios consistently remaining below 2% over the last ten quarters, suggesting that the company's business model does not require heavy investment in physical manufacturing infrastructure to support its current growth.
The minimal capital expenditure requirements highlight the asset-light nature of the company's commercial-stage biotech model. This allows for a higher conversion of operating cash flow into free cash flow, provided that the company continues to outsource or utilize existing capacity for its biologic manufacturing needs.
Based on the analysis of cash flow statements, stock-based compensation remains a material non-cash add-back, with $26.6 million recorded in 2025Q4 alone, which effectively obscures the true cash cost of talent retention required to manage the company's complex global regulatory and commercial infrastructure.
The reliance on stock-based compensation as a primary adjustment to reconcile net income to operating cash flow may mask the underlying cash burn associated with personnel. Investors should consider the dilutive impact of these awards alongside the reported cash flow figures to gain a more accurate view of shareholder value creation.
Quick answers to the most common questions about buying FOLD stock.
Amicus Therapeutics, Inc. (FOLD) generated $33.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amicus Therapeutics, Inc. (FOLD) generated $29.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Amicus Therapeutics, Inc. (FOLD) spent $3.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.