Free cash flow remains volatile, evidenced by a swing from a negative 6.1% margin in 2025Q1 to a 44.3% margin in 2024Q3, complicated by significant stock-based compensation expenses.
| Cash from Operations | 170.33M | 167.9M | 183.89M | 138.29M | 146.78M | 178.78M | 131.34M | 83.29M | 45.25M |
| Operating CF Margin % | - | 21.07% | 23.21% | 18.43% | 19.15% | 23.98% | 23.85% | 21.45% | 18.14% |
| Operating CF Growth % | 397.87% | -8.69% | 32.97% | -5.78% | -17.9% | 36.12% | 57.7% | 84.05% | - |
| Net Income | 29.5M | 25.01M | 16.39M | -8.87M | -32.83M | -25.25M | -293.62M | 66.05M | 43.79M |
| Depreciation & Amortization | 82.56M | 81.68M | 69.54M | 111.77M | 54.18M | 34.54M | 18.43M | 13.57M | 9.81M |
| Stock-Based Compensation | 39.48M | 58.66M | 99.03M | 104.82M | 120.23M | 160.46M | 397.29M | 3.75M | 1.76M |
| Deferred Taxes | 4.07M | 0 | -11.91M | -65.56M | -497K | 12.85M | -10.91M | -5.67M | -2.43M |
| Other Non-Cash Items | 71.48M | 59M | 8.76M | 18.07M | 25.98M | 7.98M | 52.62M | 10.41M | 4.1M |
| Working Capital Changes | -42.39M | -56.44M | 2.09M | -21.94M | -20.29M | -11.8M | -32.46M | -4.82M | -11.77M |
| Change in Receivables | -70.81M | -88.02M | -2.33M | -26.47M | 1.38M | -43.95M | -16.14M | -14.52M | -12.84M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.55M |
| Change in Payables | -1.13M | 4.1M | -21.24M | 17.46M | -874K | 4.21M | 2.15M | 515K | 665K |
| Cash from Investing | -89.73M | -119.96M | -70.35M | -55.77M | -210.5M | -178.73M | -91.62M | -37.05M | -3.46M |
| Capital Expenditures | -39.61M | -2.28M | 0 | -1.04M | -3.97M | -4.57M | -20.55M | -1.43M | -3.46M |
| CapEx % of Revenue | 5.03% | 0.29% | 8.88% | 0.14% | 0.52% | 0.61% | 3.73% | 0.37% | 1.39% |
| Acquisitions | 0 | -30M | 0 | 0 | -155.28M | -144.28M | -55.79M | -31.31M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -50.12M | -87.68M | -70.35M | -54.72M | -51.25M | -29.89M | -15.27M | -4.32M | -2.65M |
| Cash from Financing | -145.87M | -234.47M | -337.5M | -167.4M | -120.23M | -30.53M | 905.82M | -54.78M | -24.73M |
| Debt Issued (Net) | -5M | -3.75M | -167M | -5.27M | -7.03M | -7.03M | -7.03M | -57.23M | 606.88M |
| Equity Issued (Net) | -129.81M | -206.94M | -158.84M | -103.97M | -101.72M | 0 | 991.79M | 1.62M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.35B |
| Share Repurchases | -129.04M | -206.94M | -158.84M | -103.97M | -101.72M | 0 | 0 | 0 | 0 |
| Other Financing | -11.06M | -23.78M | -11.64M | -58.15M | -11.48M | -23.5M | -78.95M | 828K | 714.75M |
| Net Change in Cash | -65.27M | -186.53M | -223.95M | -84.87M | -183.94M | -30.48M | 945.54M | -8.55M | 17.06M |
| Free Cash Flow | 131.64M | 164.38M | 113.55M | 82.53M | 91.57M | 144.32M | 95.52M | 77.54M | 41.8M |
| FCF Margin % | 16.71% | 20.63% | 14.33% | 11% | 11.95% | 19.36% | 17.34% | 19.97% | 16.75% |
| FCF Growth % | 39.2% | 44.77% | 37.59% | -9.87% | -36.55% | 51.1% | 23.19% | 85.52% | - |
| FCF per Share | 0.39 | 0.46 | 0.29 | 0.20 | 0.22 | 0.35 | 0.35 | 0.21 | 0.12 |
| FCF Conversion (FCF/Net Income) | 4.46x | 5.52x | 11.22x | -15.59x | -4.47x | -7.08x | -0.45x | 1.26x | 1.03x |
| Interest Paid | 0 | 40.84M | 55.1M | 48.8M | 30.7M | 20.2M | 24.52M | 48.44M | 18.66M |
| Taxes Paid | 0 | 13.13M | 23.62M | 17.24M | 4.36M | 18.11M | 29.23M | 19.4M | 11.7M |
PBM Disintermediation and Regulatory Exposure
As reported in financial statements, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from -42.21 in 2024Q1 to 67.94 in 2025Q3, suggesting that GAAP earnings are a poor proxy for the company's actual cash-generative capacity.
The extreme variance in the conversion ratio indicates that significant non-cash adjustments and working capital swings frequently distort the bottom line. Investors should monitor these fluctuations closely, as they imply that reported net income may not reflect the underlying cash reality of the transaction-based business model.
Based on GoodRx's reported figures, free cash flow margins have demonstrated significant instability, ranging from a negative 6.1% in 2025Q1 to a peak of 44.3% in 2024Q3, highlighting the difficulty in maintaining consistent cash conversion amidst shifting operational demands and marketing requirements.
The erratic trajectory of free cash flow suggests that the company's ability to self-fund operations is highly sensitive to quarterly shifts in transaction volume and marketing spend. This inconsistency warrants further investigation into whether the business can achieve a stable, predictable cash flow profile as it matures.
According to recent SEC filings, working capital changes have been a major source of cash flow volatility, with quarterly fluctuations reaching as high as $36.1 million in 2024Q3 and negative $47.9 million in 2025Q1, reflecting the complex timing of PBM settlements and transaction-related adjustments.
These large swings in working capital appear to be driven by the timing of payments and receipts within the PBM ecosystem. Such volatility suggests that the company's cash position is susceptible to external settlement cycles, which may complicate short-term liquidity management.
Based on financial data, GoodRx has prioritized share repurchases, with $99.9 million deployed in 2025Q1 alone, even as top-line growth has stalled, suggesting that management is utilizing excess cash to support the stock price rather than reinvesting in high-return organic growth initiatives.
The heavy reliance on share buybacks in the face of contracting growth signals a potential lack of internal investment opportunities that meet the company's return thresholds. Investors should monitor whether this capital allocation strategy is sustainable if cash flow generation remains inconsistent.
As indicated by quarterly filings, stock-based compensation remains a persistent non-cash expense, peaking at $28.8 million in 2023Q4, which effectively bridges the gap between GAAP losses and positive operating cash flow, potentially masking the true cost of talent acquisition and retention.
The consistent use of equity-based compensation suggests that the company's reported cash flow figures may be artificially bolstered by the exclusion of these significant personnel costs. This practice warrants further investigation into the long-term dilution impact on shareholders and the true economic profitability of the firm.
Quick answers to the most common questions about buying GDRX stock.
GoodRx Holdings, Inc. (GDRX) generated $167.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GoodRx Holdings, Inc. (GDRX) generated $164.4M 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.
GoodRx Holdings, Inc. (GDRX) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, GoodRx Holdings, Inc. (GDRX) spent $206.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.