Free cash flow remains structurally negative in nine of the last ten quarters, with the most recent period showing a $1.4 million deficit that underscores the company's reliance on external capital.
| 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 |
|---|
| Cash from Operations | -3.07M | -3.75M | -4.43M | -16.96M | -21.9M | -15.38M | -8.55M | -14.2M | -27.49M | -24.59M | -20.66M | -22.61M | -19.38M | -18.43M | -22.48M | -19.94M | -13.66M | -24.66M | -33.67M | -23.37M | -16.23M | -10.28M |
| Operating CF Margin % | - | -1172.56% | -55.3% | -195.44% | -194.86% | -113.05% | -75.67% | -94.11% | -4531.02% | -1910.28% | -2625.76% | -7741.79% | - | - | -7204.93% | - | - | - | - | - | - | - |
| Operating CF Growth % | 1182.15% | 15.32% | 73.9% | 22.56% | -42.45% | -79.82% | 39.79% | 48.35% | -11.8% | -19.04% | 8.63% | -16.62% | -5.2% | 18.03% | -12.76% | -45.89% | 44.58% | 26.77% | -44.08% | -44% | -57.89% | - |
| Net Income | -13.25M | -10.48M | -7.13M | -11.39M | -46.21M | -35.46M | -21.63M | -74.21M | -35.27M | -33.82M | -23.36M | -25.5M | -26.13M | -25.78M | -23.46M | -26M | -17.35M | -31.93M | -37.87M | -28.58M | -17.69M | -11.22M |
| Depreciation & Amortization | 12.1K | 11.98K | 22K | 154K | 2.15M | 1.97M | 1.67M | 1.71M | 440.56K | 925.46K | 139.58K | 188.61K | 188.9K | 174.63K | 226.99K | 303.97K | 375.76K | 424.35K | 513.06K | 992.37K | 95.85K | 143.23K |
| Stock-Based Compensation | 103.02K | 6.58M | 184K | 766K | 2.09M | 12.23M | 1.32M | 2.31M | 3.1M | 4.44M | 2.33M | 6.94M | 6.32M | 5.95M | 4.23M | 2.89M | 2.56M | 2.44M | 2.52M | 0 | 0 | 0 |
| Deferred Taxes | 4K | 0 | 6K | 28K | -423K | -60K | -86K | -1.14M | -3.45M | -2.31M | 1.86M | 826.62K | -6.32M | 199.59K | -4.22M | 26.24M | 440.48K | 1.5M | -2.52M | 0 | 0 | 0 |
| Other Non-Cash Items | 10.73M | 100.15K | 200K | -2.39M | 19.79M | 8.69M | 10.17M | 58.56M | 6.83M | 4.73M | -3.51M | -3.3M | 6.44M | 8.03K | 4.44M | -26M | -158.83K | 3.64M | 3.17M | 4.23M | 157.81K | 25.04K |
| Working Capital Changes | -604.84K | 39.91K | 2.29M | -4.13M | 709K | -2.74M | 6K | -1.43M | 857.22K | 1.45M | 1.89M | -1.77M | 113.38K | 1.02M | -3.68M | 2.63M | 461.15K | -732.71K | 515.83K | -11.07K | 1.21M | 768.83K |
| Change in Receivables | -341.71K | 0 | 560K | 125K | 678K | -284K | 1.22M | -3.62M | -507.89K | 28.1K | -105.63K | -55.12K | 14.93K | 26.63K | -52.41K | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -20K | 0 | 922K | -465K | -1.19M | -369K | -1.18M | -332K | 1.98M | 68.44K | -103.25K | -705.8K | 147.42K | 143.27K | -202.58K | -1.07M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 13.64K | 171.34K | 820K | -3.46M | 448K | -1.48M | -992K | 0 | 317.08K | -223.44K | 1.14M | -222.64K | 267.36K | 60.73K | -224.56K | 367.49K | -109.95K | -73.71K | -183.03K | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | -10K | -92K | 1.85M | -2.39M | -2.01M | -10.33M | -6.37M | -14K | -38.91K | -88.68K | -216.01K | 923.61K | 5.07M | -6.53M | 5.04M | 2.83M | 8.25M | -17.67M | -449.81K |
| Capital Expenditures | 0 | 0 | 0 | -43K | -131K | -352K | -390K | -14K | -49.58K | -137.12K | -14K | -38.91K | -88.68K | -416.01K | -76.39K | -252.27K | -2.59K | -186.98K | -244.44K | -800.39K | -634.97K | -449.81K |
| CapEx % of Revenue | 0% | - | - | 0.5% | 1.17% | 2.59% | 3.45% | 0.09% | 8.17% | 10.65% | 1.78% | 13.33% | - | - | 24.49% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 39K | 2.21M | -2M | -2M | -10.28M | -6.23M | 0 | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 33K | -600K | 0 | 0 | 0 | -20.8M | 20.81M | -6.55M | 0 | 0 | 200K | 1M | 6.33M | -6.53M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 10M | 8.65M | 677K | 17.57M | 3.13M | 33.3M | 11.07M | 13.66M | 33.2M | 37.81M | 16.05M | 18.95M | 7.79M | 19.63M | 15.38M | 12.52M | 36.42M | 13.18M | 3.16M | 46.32M | 40.72M | 16.11M |
| Debt Issued (Net) | 1M | 791.25K | 653K | 0 | 0 | -9.5M | 10.4M | -200K | 0 | 0 | 16.8M | 5M | -4M | -3M | 4.59M | -922K | -1.89M | -6.78M | 3.33M | 7.21M | 1.34M | 8.38M |
| Equity Issued (Net) | 8.99M | 7.86M | 24K | 17.57M | 639K | 42.8M | 679K | 478K | 37.24M | 6.47M | 0 | 22.65M | 9.84M | 24.05M | 5.05M | 14.52M | 38.28M | -898.97K | 0 | 40.87M | 40.86M | 7.78M |
| Dividends Paid | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.21M | -2.6M | -898.97K | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 2.49M | 0 | 0 | 13.38M | -4.04M | 31.34M | -749.79K | -8.7M | 1.96M | -1.42M | 5.73M | -1.08M | 23.7K | 20.86M | -164.83K | -1.75M | -1.49M | -40.05K |
| Net Change in Cash | 6.18M | 4.88M | -3.77M | 604K | -18.86M | 19.81M | -11.05M | -2.56M | -4.62M | 6.85M | -4.62M | -3.69M | -11.68M | 988.7K | -6.18M | -2.35M | 16.22M | -6.44M | -27.68M | 31.2M | 6.82M | 5.39M |
| Free Cash Flow | -3.07M | -3.75M | -4.43M | -17M | -22.03M | -15.73M | -8.94M | -14.21M | -27.54M | -24.73M | -20.67M | -22.64M | -19.47M | -18.84M | -22.56M | -20.19M | -13.67M | -24.84M | -33.91M | -24.17M | -16.86M | -10.73M |
| FCF Margin % | -227.98% | -1172.56% | -55.3% | -195.93% | -196.02% | -115.64% | -79.12% | -94.2% | -4539.19% | -1920.93% | -2627.54% | -7755.12% | - | - | -7229.41% | - | - | - | - | - | - | - |
| FCF Growth % | 31.47% | 15.32% | 73.96% | 22.83% | -40.1% | -75.92% | 37.1% | 48.39% | -11.38% | -19.62% | 8.72% | -16.29% | -3.35% | 16.47% | -11.73% | -47.71% | 44.99% | 26.74% | -40.32% | -43.32% | -57.19% | - |
| FCF per Share | -0.52 | -1.73 | -214.67 | -4140.00 | -75279.46 | -104356.31 | -207906.98 | -656828.87 | -999999.00 | -999999.00 | -1.23 | -999999.00 | -999999.00 | -0.30 | -1654.46 | -1938.21 | -4707.48 | -14484.09 | -5841.64 | -28666.59 | -94507.64 | -79956.09 |
| FCF Conversion (FCF/Net Income) | 0.23x | 0.37x | 0.62x | 1.49x | 0.47x | 0.24x | 0.40x | 0.19x | 0.34x | 0.73x | 0.88x | 0.89x | 0.74x | 0.71x | 0.96x | 0.77x | 0.79x | 0.77x | 0.89x | 0.82x | 0.92x | 0.92x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 296K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 12K | 10K | 5K | 102K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in quarterly filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly from 1.49 to -0.51, suggesting that accruals and working capital swings are currently driving cash movements rather than core operational profitability.
The lack of a consistent correlation between net income and operating cash flow indicates that the company's reported earnings are not currently reflective of its underlying cash-generating capacity. Investors should monitor these wide variances as they suggest that non-cash items and timing differences in working capital are obscuring the true extent of the company's cash burn.
Based on the provided financial data, Vyome Holdings has consistently generated negative free cash flow in nine of the last ten quarters, with the exception of a single anomalous period, highlighting a structural inability to fund operations through internal cash generation.
The persistent FCF deficits underscore the company's reliance on external financing to sustain its clinical development pipeline. This trajectory appears unsustainable without a fundamental shift in the business model or a significant infusion of capital, as the current burn rate continues to erode the remaining cash balance.
According to the cash flow statements, working capital changes have been highly inconsistent, ranging from a $2.1 million inflow in 2025Q3 to a $1.9 million outflow in 2025Q2, which suggests significant instability in the timing of vendor payments and potential milestone-related cash receipts.
These erratic swings in working capital appear to be the primary driver of short-term cash flow fluctuations rather than operational efficiency. The lack of a predictable working capital cycle warrants further investigation, as it may indicate underlying challenges in managing payables or collecting on sporadic licensing agreements.
As indicated by the historical data, the cash flow statement obscures the true extent of the company's operational challenges by masking the impact of stock-based compensation and minimal capital expenditures, which together fail to offset the underlying cash depletion from core research and development activities.
While the company reports minimal capital expenditures, this should not be interpreted as operational efficiency but rather as a lack of investment in physical infrastructure. The reliance on stock-based compensation to preserve cash may provide a temporary buffer, but it does not address the fundamental issue of the company's inability to generate sustainable operating cash flow.
Quick answers to the most common questions about buying HIND stock.
Vyome Holdings, Inc. (HIND) generated $-3.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vyome Holdings, Inc. (HIND) reported negative free cash flow of $3.7M in 2025, indicating capital requirements exceeded cash from operations.
Vyome Holdings, Inc. (HIND) 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.