Free cash flow has eroded into negative territory, reaching -$1.1M in 2026Q1, highlighting a fundamental disconnect between accounting results and the company's ability to generate sustainable operational cash.
| 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 2.83M | 6.73M | 1.44M | 14.03M | 1.15M | 1.26M | 9.33M | 8.05M | 2.34M | 1.06M | 5.38M | 705K | 4.35M | 4.06M | 8.06M | 6.35M | 12.29M | 16.51M | 9.2M | 12.05M | 8.36M | 5.2M | 11.44M | 2.03M | 799.46K | 4.1M | 2.15M | 2.93M | 0 |
| Operating CF Margin % | - | 7.77% | 1.53% | 12.5% | 1.02% | 1.06% | 9.14% | 6.93% | 1.94% | 1.04% | 5.15% | 0.65% | 4% | 3.86% | 7.25% | 5.83% | 11.36% | 19.25% | 10.45% | 14.45% | 10.97% | 7.7% | 12.35% | 2.33% | 1.39% | 10.02% | 7.02% | 11.18% | - |
| Operating CF Growth % | 396.49% | 367.29% | -89.73% | 1117.71% | -8.72% | -86.48% | 15.96% | 243.3% | 121.76% | -80.36% | 663.55% | -83.8% | 7.17% | -49.64% | 27% | -48.36% | -25.54% | 79.41% | -23.67% | 44.27% | 60.85% | -54.58% | 464.06% | 153.65% | -80.48% | 90.84% | -26.68% | - | - |
| Net Income | -9.78M | -56.7M | -12.4M | -3.42M | -9.52M | -288K | -7.81M | -4.69M | -3.46M | -865K | -4.31M | -19.04M | 2.35M | -1.83M | 2.37M | 3.81M | 19.02M | 7.23M | 1.67M | -1.35M | -2.34M | -31.88M | 2.33M | 4.26M | 737.33K | -5.21M | -49.87M | -29.42M | 71K |
| Depreciation & Amortization | 2.94M | -4.93M | 7.16M | 7M | 7.58M | 7.62M | 7.63M | 7.73M | 7.88M | 3.8M | 4.27M | 4.57M | 3.88M | 3.99M | 4.21M | 4.02M | 3.56M | 3.05M | 3.1M | 3.47M | 3.34M | 5.04M | 6.35M | 5.29M | 3.01M | 2.97M | 1.49M | 1.26M | 27K |
| Stock-Based Compensation | 472K | -1.67M | 4.34M | 5M | 4.41M | 4.17M | 3.65M | 3.03M | 3.04M | 3.5M | 3.5M | 2.75M | 2.16M | 2.67M | 3.32M | 2.86M | 2.76M | 2.51M | 2.01M | 2.4M | 2.11M | 0 | 152K | 519.48M | 1.27B | 2.68B | 0 | 0 | 0 |
| Deferred Taxes | -30K | 50K | 363K | 336K | -414K | -330K | -143K | -398K | -2.86M | -1.58M | -279K | 15.12M | 1.41M | -2.44M | -731K | -849K | -11.73M | 469K | -757K | -474K | 682K | -99K | -918K | 726.38K | -555.46K | -193.63K | 927.66K | -1.31M | 0 |
| Other Non-Cash Items | 6.27M | 64.3M | 1.92M | 509K | -3.62M | 280K | 1.9M | 2.32M | -584K | 16K | 2.24M | 19K | -936K | -268K | -1.36M | 654K | -69K | -1.96M | 4.74M | 6M | 4.03M | 32.35M | 81K | -518.76M | -1.27B | -2.67B | 51.56M | 33.01M | -98K |
| Working Capital Changes | 2.96M | 5.67M | 65K | 4.6M | 2.72M | -10.19M | 4.11M | 42K | -1.68M | -3.81M | -41K | -2.72M | -4.51M | 1.94M | 256K | -4.15M | -1.24M | 5.21M | -1.56M | 2.01M | 545K | -212K | 3.45M | -8.97M | -5.24M | -1.77M | -1.96M | -611.89K | 0 |
| Change in Receivables | -966K | -934K | 974K | 810K | 4.78M | -4.29M | 3.1M | 468K | -2.79M | 196K | 566K | -1.34M | -735K | 436K | 1.15M | 232K | -1.09M | 3.23M | -391K | 1.9M | -1.91M | 1.86M | 1.38M | -3.25B | -3.74B | -691.32M | 0 | 0 | 0 |
| Change in Inventory | 737K | 2.95M | -64K | 1.52M | 252K | -5.86M | 413K | 3.26M | 2.55M | -548K | 1.25M | -1.22M | -3.06M | 1.92M | 1.17M | -1.71M | -1.24M | -41K | 511K | -950K | 1.92M | 1.57M | 582K | -1.08M | 1.31M | -637.43K | -737.74K | 215.15K | 0 |
| Change in Payables | 2.01M | 2.3M | -1.78M | -523K | -1.4M | 0 | 511K | -2.05M | 1.59M | -918K | -2.41M | 2.58M | 1.07M | -41K | -905K | 69K | 56K | -1.02M | -478K | -83K | 1.23M | -1.35M | -587K | -176.01M | -628.62M | -47.73M | 0 | 0 | 0 |
| Cash from Investing | -1.8M | -1.86M | -1.34M | -1.8M | -1.59M | -1.34M | -1.4M | -229K | -53.26M | -917K | -62K | -7.52M | -13.52M | 171K | -4.68M | -6.9M | -8.35M | -22.3M | -2.63M | -6.55M | -3.78M | -1.08M | -10.42M | -22.4M | -12.37M | -20.18M | -5.33M | -8.55M | 0 |
| Capital Expenditures | -1.31M | -1.26M | -2.64M | -1.79M | -1.59M | -1.2M | -1.15M | -1.22M | -986K | -890K | -1.48M | -2.98M | -2M | -1.68M | -1.83M | -1.51M | -844K | -1.38M | -1.31M | -1.45M | -2.39M | -1.1M | -3.01M | -1.35M | -1.31M | -1.84M | -629.52K | -332.47K | 0 |
| CapEx % of Revenue | 1.53% | 1.45% | 2.81% | 1.59% | 1.4% | 1% | 1.13% | 1.05% | 0.82% | 0.87% | 1.42% | 2.74% | 1.85% | 1.6% | 1.65% | 1.38% | 0.78% | 1.6% | 1.49% | 1.74% | 3.13% | 1.63% | 3.25% | 1.55% | 2.28% | 4.5% | 2.06% | 1.27% | - |
| Acquisitions | 0 | 0 | 0 | 512K | 0 | 0 | 0 | 1M | -52.25M | 12K | 1.42M | -4.54M | -12.65M | 2M | -2.88M | -5.46M | -7.12M | -20.76M | -1M | -5.38M | -1.12M | 0 | -7.08M | -21.15M | -10.74M | -17.98M | -4.03M | -8.13M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -488K | -605K | -619K | -523K | 0 | -150K | -250K | -15K | -16K | -27K | -1.48M | 6K | 1.14M | -150K | 33K | 72K | -387K | -160K | -320K | 284K | -277K | 24K | -326K | 101.16K | -324K | -352.78K | -671.15K | -87.08K | 0 |
| Cash from Financing | 158K | -1.29M | -131K | -12.13M | -2.84M | -252K | -7.97M | -7.63M | 53.05M | -1.79M | -4.87M | -540K | -1.23M | 68K | -1.06M | -1.14M | -31K | 9.79M | -7.96M | 3.03M | -5.29M | -7.79M | 4.21M | 13.05M | -3.14M | 9.7M | 36.52M | 6.99M | 0 |
| Debt Issued (Net) | -182K | -1.18M | 227K | -10.54M | -1.79M | 50K | -6.89M | -7.4M | 50.5M | -1.95M | -5.05M | -2.55M | -3.3M | 11.8M | -3.35M | -1.71M | 4.69M | 11.92M | -6.27M | 2.31M | -5.52M | -8.02M | 3.34M | 11.78M | -3.75M | 3.82M | -8.06M | 6.19M | 0 |
| Equity Issued (Net) | 197K | 47K | 0 | 0 | -1.63M | 0 | -1.14M | -221K | 4.56M | 160K | 182K | 0 | 0 | 0 | 2.29M | 567K | -4.72M | -2.13M | -1.69M | 722K | 235K | 225K | 871K | 1.27M | 600K | 5.88M | 44.75M | 925.17K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -171.07K | -121.67K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -1.63M | 0 | -1.14M | -221K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5M | -2.4M | -2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M | 0 | 0 |
| Other Financing | 143K | -156K | -358K | -1.59M | 577K | -302K | 70K | -2K | -2.01M | 0 | 0 | 2.01M | 2.07M | -11.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 524 | 9.69B | 0 | 0 | 0 |
| Net Change in Cash | 1.55M | 4.51M | -175K | -225K | -3.31M | -496K | -18K | 162K | 2.44M | 137K | -1.15M | -7.39M | -11.64M | 5.09M | 2.77M | -1.79M | 3.12M | 2.89M | -4.51M | 8.45M | -20K | -4.1M | 5.64M | -7.09M | -14.07M | -6.43M | 33.42M | 1.44M | 0 |
| Free Cash Flow | 1.51M | 5.62M | -1.82M | 11.72M | -438K | -83K | 8.18M | 6.83M | 1.36M | 167K | 3.9M | -2.27M | 2.35M | 2.38M | 6.23M | 4.84M | 11.45M | 15.13M | 7.89M | 10.6M | 5.97M | 4.09M | 8.43M | 678.65K | -507.27K | 2.26M | 1.52M | 2.59M | 0 |
| FCF Margin % | 1.77% | 6.49% | -1.94% | 10.44% | -0.39% | -0.07% | 8.01% | 5.88% | 1.12% | 0.16% | 3.74% | -2.09% | 2.16% | 2.26% | 5.6% | 4.45% | 10.58% | 17.64% | 8.97% | 12.71% | 7.84% | 6.07% | 9.1% | 0.78% | -0.88% | 5.52% | 4.96% | 9.91% | - |
| FCF Growth % | 1214.78% | 408.01% | -115.56% | 2775.11% | -427.71% | -101.01% | 19.73% | 403.02% | 713.17% | -95.72% | 271.76% | -196.89% | -1.47% | -61.79% | 28.69% | -57.71% | -24.34% | 91.7% | -25.55% | 77.6% | 45.79% | -51.41% | 1141.73% | 233.79% | -122.48% | 48.8% | -41.55% | - | - |
| FCF per Share | 0.34 | 1.26 | -0.42 | 2.76 | -0.11 | -0.02 | 2.12 | 1.81 | 0.37 | 0.05 | 1.14 | -0.68 | 0.71 | 0.75 | 2.09 | 1.62 | 3.89 | 5.05 | 2.52 | 3.38 | 1.92 | 1.33 | 2.71 | 0.22 | -0.18 | 0.88 | 1.89 | 4.63 | - |
| FCF Conversion (FCF/Net Income) | -0.15x | -0.12x | -0.12x | -4.11x | -0.12x | -4.38x | -1.19x | -1.72x | -0.68x | -1.22x | -1.25x | -0.04x | 1.85x | -2.22x | 3.40x | 1.67x | 0.65x | 2.28x | 5.50x | -8.90x | -3.57x | -0.16x | 4.91x | 0.48x | 1.08x | -0.79x | -0.04x | -0.10x | - |
| Interest Paid | 783K | 0 | 3.23M | 3.79M | 2.31M | 1.58M | 4.88M | 5.5M | 4.99M | 686K | 620K | 854K | 997K | 892K | 577K | 638K | 652K | 114K | 374K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 46K | 0 | 0 | 207K | 534K | 577K | 416K | 374K | 98K | -13K | 928K | 963K | 843K | 1.48M | 1.52M | 2.23M | 1.78M | 1.92M | 2.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and cash burn
As reported in recent financial statements, Harvard Bioscience exhibits a chronic inability to convert net income into operating cash flow, with the 2025Q3 OCF/NI ratio of -0.67 highlighting a fundamental misalignment between accounting losses and the actual cash-generating capacity of the underlying business operations.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital volatility are masking the true cash-burn profile of the firm. Investors should monitor whether this disconnect persists, as it complicates the assessment of the company's core operational health.
Based on the provided cash flow data, HBIO's free cash flow trajectory has been highly erratic, swinging from a peak of $3.2M in 2023Q4 to a negative $1.1M in 2026Q1, indicating a lack of consistent cash generation to support the company's ongoing operational requirements.
The inability to maintain positive free cash flow margins suggests that the company's current revenue base is insufficient to cover both operating expenses and necessary capital expenditures. This trend warrants further investigation into whether the recent portfolio pruning has actually improved the underlying cash-flow-generating potential of the business.
According to historical cash flow filings, HBIO's capital expenditure as a percentage of revenue has remained elevated, reaching as high as 4.2% in 2024Q2, which suggests that the company is forced to reinvest heavily in its specialized instrumentation despite a shrinking top-line revenue environment.
This level of capital intensity appears disproportionate for a company struggling with revenue contraction, potentially indicating that maintenance capex is consuming resources that could otherwise be used to stabilize the balance sheet. The persistence of these expenditures suggests that the firm's manufacturing footprint may be oversized for its current market demand.
As indicated by the quarterly cash flow data, working capital changes have frequently served as a primary source of cash, such as the $3.5M inflow in 2025Q1, which appears to be a temporary measure rather than a sustainable driver of long-term operational cash flow.
The reliance on working capital fluctuations to offset operating losses suggests that the company is managing its cash position through aggressive inventory or payables adjustments. Investors should be cautious, as these levers are finite and may not be available to support liquidity if the core business continues to burn cash.
Quick answers to the most common questions about buying HBIO stock.
Harvard Bioscience, Inc. (HBIO) generated $6.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Harvard Bioscience, Inc. (HBIO) generated $5.6M 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.
Harvard Bioscience, Inc. (HBIO) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.