Cash flow remains highly volatile, evidenced by a $126.0 million share repurchase in 2026Q1 despite the company reporting a negative free cash flow of $29.0 million.
| Cash from Operations | -102.96M | -27M | 36M | -300M | -4M | 353M | -193M | 151M | 289.41M | 309.87M | 372.72M |
| Operating CF Margin % | - | -2.18% | 3.03% | -27.45% | -0.44% | 44.63% | -29.83% | 19.24% | 30.15% | 26.99% | 38.47% |
| Operating CF Growth % | -4423.79% | -175% | 112% | -7400% | -101.13% | 282.9% | -227.81% | -47.82% | -6.6% | -16.86% | - |
| Net Income | 251M | 210M | 2M | -129M | -44M | 213M | -156M | 178M | 262.67M | 60.92M | 32.05M |
| Depreciation & Amortization | 19M | 20M | 29M | 15M | 16M | 22M | 26M | 28M | 15.28M | 13.66M | 12.82M |
| Stock-Based Compensation | 29M | 26M | 24M | 21M | 16M | 11M | 8M | 3M | 0 | 0 | 0 |
| Deferred Taxes | -24M | -46M | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -104.9M | 20M | 16M | 87M | -110M | -66M | -52M | 21M | 20.06M | 177.52M | -65.02M |
| Working Capital Changes | -273.27M | -257M | -41M | -294M | 118M | 173M | -19M | -79M | 27.7M | 148.11M | 309.53M |
| Change in Receivables | -7.44M | 3M | -1M | -33M | -21M | -25M | 15M | 79M | -31.52M | -61.97M | -24.73M |
| Change in Inventory | 13.4M | 18M | -45M | -15M | -30M | -3M | -16M | 7M | -29.61M | -6.3M | 3.66M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55.4M | 5.25M | 130.04M |
| Cash from Investing | -81.69M | -66M | 69M | -95M | -222M | -14M | -4M | -2M | -3.82M | -45.17M | -32.05M |
| Capital Expenditures | -82.69M | -66M | -29M | -8M | -5M | -4M | -4M | -7M | -39.16M | -45.17M | -32.05M |
| CapEx % of Revenue | 6.41% | 5.33% | 2.44% | 0.73% | 0.55% | 0.51% | 0.62% | 0.89% | 4.08% | 3.93% | 3.31% |
| Acquisitions | 0 | 0 | 0 | -129M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 7M | 20M | -2M | -42M | 1M | -10M | 0 | 5M | 35.34M | 0 | 0 |
| Cash from Financing | -5.63M | -30M | -102M | -64M | -101M | -94M | -10M | -13M | -226.37M | -88.23M | -134.62M |
| Debt Issued (Net) | -13.08M | -17M | 92M | -12M | -3M | 14M | -4M | -4M | -229.24M | -86M | -78M |
| Equity Issued (Net) | 1.86M | -9M | -170M | -30M | -88M | -100M | 1M | 0 | 3M | 2M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -63.19M |
| Share Repurchases | -126.14M | -11M | -173M | -33M | -90M | -101M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.59M | -4M | -24M | -22M | -10M | -8M | -7M | -9M | -10.76M | 0 | 12.38M |
| Net Change in Cash | -197M | -124M | 3M | -458M | -328M | 244M | -202M | 136M | 61M | 171M | 206.05M |
| Free Cash Flow | -184.62M | -93M | 7M | -353M | -9M | 319M | -197M | 144M | 250.25M | 264.7M | 340.67M |
| FCF Margin % | -14.3% | -7.51% | 0.59% | -32.3% | -1% | 40.33% | -30.45% | 18.34% | 26.07% | 23.06% | 35.16% |
| FCF Growth % | -240.57% | -1428.57% | 101.98% | -3822.22% | -102.82% | 261.93% | -236.81% | -42.46% | -5.46% | -22.3% | - |
| FCF per Share | -1.43 | -0.73 | 0.05 | -2.49 | -0.06 | 2.07 | -1.34 | 0.95 | 1.67 | 1.77 | 2.29 |
| FCF Conversion (FCF/Net Income) | -0.74x | -0.13x | 18.00x | 2.33x | 0.09x | 1.72x | 1.30x | 1.13x | 1.10x | 5.09x | 11.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Litigation-driven cash volatility
As reported in recent financial statements, Indivior's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -5.18 in 2023Q4, which highlights a significant disconnect between accounting profits and the actual cash generated from core operations during periods of heavy litigation-related outflows.
The persistent divergence between net income and operating cash flow suggests that reported earnings are frequently bolstered by non-cash accounting adjustments or distorted by the timing of legal settlements. Investors should interpret this as a signal that the company's underlying cash-generative capacity is often masked by the non-recurring nature of its legal liabilities.
Based on the provided cash flow data, Indivior's free cash flow margin has shown extreme instability, swinging from a -96.8% deficit in 2023Q4 to a positive 49.1% in 2025Q2, indicating that the company's ability to retain cash is highly sensitive to non-operating cash outflows.
The erratic nature of free cash flow suggests that the business has yet to reach a steady state of cash generation, likely due to the ongoing burden of legacy legal obligations. This volatility makes it difficult to rely on current FCF trends as a predictor of future dividend capacity or debt reduction potential.
According to quarterly filings, Indivior experienced a massive working capital outflow of $366.6M in 2023Q4, illustrating how sudden shifts in payables and receivables management can rapidly deplete the company's cash position and create significant liquidity pressure in a single reporting period.
These dramatic swings in working capital appear to be driven by the timing of large-scale legal payments and potential fluctuations in distributor inventory levels. Such instability warrants close monitoring, as it suggests that the company's cash position is vulnerable to the timing of non-operational cash requirements.
As indicated by the company's cash flow statements, Indivior has directed significant capital toward share repurchases, including $126.0M in 2026Q1, even while operating cash flow remained negative, which suggests a management strategy that prioritizes equity support over the preservation of immediate cash liquidity.
The decision to fund buybacks during periods of negative operating cash flow may indicate a high level of confidence in the long-term terminal value of the Sublocade franchise. However, this approach appears aggressive given the company's history of litigation-related cash drains and the potential for future competitive pressure.
Quick answers to the most common questions about buying INDV stock.
Indivior Pharmaceuticals Inc (INDV) generated $-27.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Indivior Pharmaceuticals Inc (INDV) reported negative free cash flow of $93.0M in 2025, indicating capital requirements exceeded cash from operations.
Indivior Pharmaceuticals Inc (INDV) spent $66.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Indivior Pharmaceuticals Inc (INDV) spent $11.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.