Liquidity is under pressure as cash reserves declined from $101.1 million in 2023Q4 to $51.3 million in 2025Q2, exacerbated by a disconnect between net income and cash flow evidenced by an OCF/NI ratio of -7.16.
| 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 | Dec'11 |
|---|
| Cash from Operations | 12.2M | -66.93M | -53.63M | 51.27M | 25.02M | 7.8M | -4.01M | -1.49M | -921.03K | -1.17M | -1.69M | -1.9M | -3.33M | -1.57M | -860.16K |
| Operating CF Margin % | - | -28.02% | -15.08% | 13.19% | 11.39% | 12% | -44.96% | - | - | - | -120.93% | -33.56% | -40.31% | -18.48% | -7.13% |
| Operating CF Growth % | 0% | -24.79% | -204.61% | 104.9% | 220.65% | 294.44% | -170.05% | -61.34% | 21.24% | 30.98% | 10.66% | 42.98% | -112.46% | -81.99% | - |
| Net Income | -70.93M | -72.79M | -63.53M | 43.75M | 7.29M | -36.04M | -3M | -12.8M | -5.26M | 265.42K | -1.88M | -3.79M | -6.61M | 43.44M | -6.8M |
| Depreciation & Amortization | 8.45M | 15.37M | 13.17M | 11.7M | 7.39M | 3.25M | 23K | 10K | 3.48K | 0 | 0 | 23.36K | 142.78K | 112.08K | 224.55K |
| Stock-Based Compensation | 2.48M | 2.28M | 2.59M | 8.91M | 6.45M | 10.01M | 64.91M | 7.83M | 6.95K | 26.93K | 327.91K | 0 | -212.43K | 721.04K | -643.21K |
| Deferred Taxes | 0 | -14.53M | 2.25M | 93K | 11.44M | 37.06M | -9.04M | 682K | 3.06M | 0 | 0 | 0 | 4.48M | -47.81M | -2.56M |
| Other Non-Cash Items | 87.17M | 11.94M | 35.44M | -10.16M | -5.91M | -2.36M | -56.24M | 1.86M | 1.32M | -1.36M | 234.22K | 1.6M | 87.06K | 2.31M | 7.64M |
| Working Capital Changes | -14.97M | -9.19M | -43.55M | -3.02M | -1.65M | -4.12M | -669K | 930K | -52.13K | -103.86K | -378.65K | 276.47K | -1.22M | -343.71K | 1.28M |
| Change in Receivables | 4.94M | 13.26M | -23.49M | -18.29M | 8.39M | -4.47M | -899K | 40K | -13.9K | 69K | 265.45K | 225.85K | -174.13K | 537.98K | 936.28K |
| Change in Inventory | -27.87M | -17.44M | 40.21M | -75.99M | -17.89M | -16.18M | 3.03M | 0 | 0 | 0 | 460.63K | 716.48K | -233.33K | -567.86K | 909.63K |
| Change in Payables | 0 | -8.9M | -47.63M | 57.03M | 2.79M | 12.27M | -8K | 228K | 0 | -203.87K | -530.9K | -689.23K | -529.34K | -44.83K | -742.17K |
| Cash from Investing | -4.33M | 17.69M | 4.77M | -142.5M | -65.21M | -22.76M | -38.54M | -7.96M | -2.26M | -10.97M | -9.35M | 895.6K | 727.84K | -265.25K | 331.12K |
| Capital Expenditures | -3.25M | -4.38M | -2.62M | -19.74M | -14.03M | -20.84M | -1K | -93K | 0 | -7.69K | 0 | 0 | -261.19K | -298.88K | -15.22K |
| CapEx % of Revenue | 1.33% | 1.83% | 0.74% | 5.08% | 6.39% | 32.05% | 0.01% | - | - | - | - | - | 3.17% | 3.53% | 0.13% |
| Acquisitions | -114K | 405K | -4.2M | -8.32M | -19.09M | 387K | -2.26M | -5.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -968K | 21.66M | 11.59M | -114.44M | -30.84M | -1.64M | -40.81M | -2.62M | -2.37M | -10.4M | 405.98K | 896.15K | 731.66K | 33.62K | 346.35K |
| Cash from Financing | -34.85M | 26.45M | -82.89M | 120.45M | 197.94M | 25.29M | 66.17M | 10.61M | 2.86M | 12.27M | 13.22M | 350.45K | 0 | 4.3M | 761.2K |
| Debt Issued (Net) | 0 | 7.74M | -61.98M | 137.73M | 65.83M | -13.56M | -506K | 8.73M | 913K | 2.74M | 0 | 350.45K | 0 | 1.87M | 0 |
| Equity Issued (Net) | 0 | 34M | 0 | 0 | 128.73M | 38.02M | 62.28M | 1.21M | 2.09M | 7.81M | 0 | 0 | 0 | 2.43M | 761.2K |
| Dividends Paid | 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 |
| Other Financing | -34.85M | -15.29M | -20.91M | -17.28M | 3.38M | 833K | 4.39M | 670K | 0 | 1.1M | 13.22M | 214 | 0 | 0 | 0 |
| Net Change in Cash | 0 | -22.82M | -131.45M | 36.37M | 158.33M | 10.55M | 21.96M | 1.19M | -410.12K | 138.48K | 2.5M | -650.29K | -2.6M | 2.47M | 232.17K |
| Free Cash Flow | 8.95M | -71.3M | -56.25M | 31.52M | 10.99M | -13.04M | -4.01M | -1.58M | -921.03K | -1.18M | -1.69M | -1.9M | -3.59M | -1.86M | -875.38K |
| FCF Margin % | 3.68% | -29.85% | -15.82% | 8.11% | 5% | -20.05% | -44.97% | - | - | - | -120.93% | -33.56% | -43.48% | -22.01% | -7.25% |
| FCF Growth % | - | -26.76% | -278.43% | 186.83% | 184.3% | -224.81% | -154.21% | -71.44% | 21.75% | 30.52% | 10.66% | 47.13% | -92.41% | -112.96% | - |
| FCF per Share | 0.16 | -1.49 | -1.23 | 0.70 | 0.27 | -0.51 | -0.17 | -0.08 | -0.05 | -0.09 | -0.19 | -1.17 | -2.37 | -4.27 | -2.98 |
| FCF Conversion (FCF/Net Income) | -0.13x | 0.99x | 0.87x | 1.14x | 5.33x | -0.21x | 0.68x | 0.12x | 0.18x | -4.41x | 0.90x | 0.50x | 0.50x | -0.04x | 0.13x |
| Interest Paid | 8.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical and Regulatory Volatility
According to recent financial disclosures, InterCure exhibits a significant disconnect between net income and operating cash flow, evidenced by an OCF/NI ratio of -7.16 in 2025Q2, which suggests that reported earnings are currently failing to capture the underlying cash-generative capacity of the firm's core operations.
The wide variance between accounting losses and positive operating cash flow indicates that non-cash charges, likely including depreciation and amortization, are heavily influencing the bottom line. Investors should monitor whether this cash flow generation is sustainable or merely a temporary byproduct of aggressive working capital management.
As reported in recent filings, InterCure's free cash flow trajectory has been highly erratic, swinging from a -50.1% margin in 2023Q1 to a 6.9% margin by 2025Q2, which highlights the difficulty the company faces in maintaining consistent cash conversion during periods of significant revenue contraction.
The recent improvement in FCF margins appears to be driven more by a reduction in capital intensity than by organic growth in core profitability. This trend warrants further investigation into whether the company can maintain positive FCF if revenue continues to face downward pressure.
Based on the provided data, InterCure's capital expenditure remains relatively modest at 2.5% of revenue as of 2025Q2, suggesting that the company has shifted away from heavy infrastructure investment toward a more maintenance-focused capital allocation strategy following its initial pharmacy and cultivation build-out phase.
While lower capital intensity preserves cash, it may also indicate a lack of new growth initiatives or an inability to fund further expansion. Analysts should consider whether this level of spending is sufficient to maintain the competitive edge of the company's existing pharmacy and cultivation assets.
Financial statements indicate that working capital changes have become a significant drag on cash flow, with a $7.5 million outflow recorded in 2025Q2, suggesting that the company is struggling to efficiently manage its inventory levels or collect receivables in the current market environment.
This negative working capital trend may imply that the company is forced to hold excess inventory or extend credit terms to maintain its market position. Such dynamics often precede margin compression and suggest that operational efficiency is currently being sacrificed to support top-line volume.
Quick answers to the most common questions about buying INCR stock.
InterCure Ltd. (INCR) generated $-66.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
InterCure Ltd. (INCR) reported negative free cash flow of $71.3M in 2024, indicating capital requirements exceeded cash from operations.
InterCure Ltd. (INCR) spent $4.4M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.