Operational cash flow remains disconnected from reported net income, evidenced by a 2026Q1 OCF/NI ratio of -0.37 and a negative free cash flow margin of -2.2%.
Standard BioTools Inc. (LAB) cash flow statement — 20-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -126.9M | -74.35M | -143.45M | -43.29M | -89.37M | -44.06M | -15.42M | -35.21M | -25.2M | -24.1M | -39.1M | -34.7M | -22.62M | -1.59M | -17.48M | -17.54M | -11.51M | -19.51M | -28.72M | -21.76M | -22.31M |
| Operating CF Margin % | - | -87.13% | -82.24% | -40.71% | -91.24% | -33.74% | -11.16% | -30.03% | -22.31% | -23.64% | -37.43% | -30.25% | -19.43% | -2.24% | -33.4% | -40.92% | -34.29% | -76.79% | -187.14% | -299.09% | -348.64% |
| Operating CF Growth % | -117.4% | 48.17% | -231.4% | 51.56% | -102.83% | -185.79% | 56.21% | -39.72% | -4.58% | 38.37% | -12.69% | -53.37% | -1321.94% | 90.9% | 0.36% | -52.43% | 41.02% | 32.06% | -31.99% | 2.45% | - |
| Net Income | -87.38M | -74.9M | -138.88M | -74.66M | -190.1M | -59.24M | -53.02M | -64.79M | -59.01M | -60.53M | -75.98M | -53.31M | -52.83M | -15.82M | -19.02M | -22.47M | -16.9M | -19.13M | -29.5M | -25.45M | -23.55M |
| Depreciation & Amortization | 9.68M | 1.72M | 16.86M | 15.18M | 15.03M | 16.2M | 15.92M | 17.74M | 16.57M | 18.61M | 17.94M | 16.11M | 4.06M | 2.55M | 1.48M | 1.06M | 1.5M | 1.94M | 1.97M | 2.14M | 1.46M |
| Stock-Based Compensation | 34.98M | 29.61M | 31.73M | 13.12M | 14.88M | 16.1M | 14.45M | 11.39M | 11.02M | 9.09M | 13.86M | 16.83M | 20.94M | 6.44M | 4.09M | 2.8M | 1.59M | 2.11M | 2.02M | 708K | 145K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 212K | 0 | 141K | 0 | 0 | -2.33M | -332K | -1.78M | 0 | 23.37M | -10K | -1.9M | 14K | 0 | 0 |
| Other Non-Cash Items | -287.86M | 14.2M | -41.08M | 1.28M | 83.17M | 886K | 4.6M | 16.96M | 8.55M | -468K | 339K | -3.76M | 13.39M | 296K | 78K | -21.31M | 445K | 135K | -769K | 335K | 846K |
| Working Capital Changes | -95.68M | -44.98M | -12.08M | 1.79M | -12.35M | -18.01M | 2.41M | -16.51M | -2.48M | 9.2M | 4.75M | -8.23M | -7.85M | 6.72M | -4.1M | -990K | 1.87M | -2.67M | -2.46M | 511K | -1.2M |
| Change in Receivables | -1.53M | -1.36M | 8.97M | -2.99M | 1.06M | 6.73M | -7.63M | -2.08M | -1.79M | -554K | 10.52M | -2.76M | -3.39M | 2.41M | -3.7M | -1.22M | 209K | -4M | -3.28M | -135K | -400K |
| Change in Inventory | 2.14M | -11.52M | -9.88M | -4.91M | -8.47M | -4.78M | -8.64M | -3.05M | 1.49M | 4.6M | -3.39M | -3.74M | -6.16M | -1.53M | -1.68M | -1.08M | -961K | 1.51M | -20K | -2.46M | -955K |
| Change in Payables | -130K | 2.44M | 0 | 1.62M | 0 | 0 | 3.36M | 0 | -294K | 585K | -2.27M | 769K | 107K | 1.8M | -1.81M | 540K | 932K | -637K | 135K | 1.54M | -575K |
| Cash from Investing | 379.22M | 24.77M | 363.17M | 20.24M | -88.13M | -11.95M | 39.98M | -39.3M | 4.72M | 17.66M | 45.1M | 25.74M | -178.38M | -27.57M | 14M | -45.11M | -1.33M | -688K | 6M | -6.74M | -2.94M |
| Capital Expenditures | -2.85M | -8.3M | -8.36M | -2.83M | -3.83M | -13.26M | -12.72M | -2.53M | -372K | -1.62M | -5.07M | -10.65M | -7.4M | -4.69M | -2.38M | -1.68M | -1.54M | -799K | -910K | -973K | -2.93M |
| CapEx % of Revenue | 3.36% | 9.73% | 4.79% | 2.66% | 3.91% | 10.16% | 9.21% | 2.16% | 0.33% | 1.59% | 4.85% | 9.29% | 6.36% | 6.58% | 4.56% | 3.91% | 4.59% | 3.14% | 5.93% | 13.37% | 45.83% |
| Acquisitions | 363.22M | 0 | 278.65M | 0 | 0 | 0 | -5.15M | 0 | 0 | 50K | 2.33M | -2.33M | -112.86M | 3.12M | -14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 380.51M | -5M | 92.88M | 0 | -84.3M | 1.32M | 21.04M | -36.77M | 5.09M | -50K | 50.17M | 2.33M | -57.79M | -24.12M | 14M | -2.02M | 206K | 111K | 625K | 19K | -8K |
| Cash from Financing | 290K | 570K | -102.62M | -6.81M | 230.76M | 15.96M | 20.86M | 2.79M | 57.66M | 29M | 76K | 5.3M | 200.33M | 5.81M | 48.52M | 70.37M | 3.8M | 16.94M | 6.33M | 37.55M | 31.12M |
| Debt Issued (Net) | 0 | 0 | -63.19M | -2.08M | 18.16M | 9.5M | 0 | 3.17M | 0 | 0 | 0 | 0 | 195.21M | 0 | -10.19M | -7.87M | 3.13M | 9.48M | 6.14M | 1.5M | 9M |
| Equity Issued (Net) | 790K | 1.05M | -40.95M | -5.55M | -774K | -1.79M | 20.23M | -629K | 59.47M | 28.79M | -111K | 0 | 5.11M | 0 | 56.01M | 76.95M | 633K | 7.41M | 0 | 35.91M | 21.93M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -112K | 0 | -40.95M | -5.41M | -774K | -1.79M | 0 | -629K | 0 | 0 | -111K | -151K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -69K |
| Other Financing | -500K | -484K | 1.52M | 827K | 213.37M | 8.25M | 631K | 245K | -1.81M | 204K | 187K | 5.3M | 0 | 5.81M | 2.7M | 1.29M | 39K | 53K | 180K | 147K | 190K |
| Net Change in Cash | 252.83M | -48.17M | 116.32M | -29.82M | 52.86M | -40.07M | 45.8M | -71.67M | 37.34M | 23.01M | 5.93M | -4.6M | -1.55M | -23.39M | 45.1M | 7.83M | -8.88M | -3.19M | -16.28M | 9.06M | 5.86M |
| Free Cash Flow | -129.75M | -82.65M | -151.81M | -46.12M | -93.19M | -57.33M | -28.13M | -37.74M | -25.57M | -25.71M | -44.16M | -45.35M | -30.03M | -6.28M | -19.86M | -19.22M | -13.05M | -20.31M | -29.63M | -22.73M | -25.24M |
| FCF Margin % | -153.37% | -96.86% | -87.03% | -43.37% | -95.15% | -43.9% | -20.37% | -32.19% | -22.64% | -25.23% | -42.28% | -39.53% | -25.78% | -8.82% | -37.95% | -44.83% | -38.88% | -79.93% | -193.07% | -312.47% | -394.47% |
| FCF Growth % | -23.04% | 45.55% | -229.18% | 50.51% | -62.57% | -103.76% | 25.46% | -47.58% | 0.55% | 41.77% | 2.61% | -51.03% | -378.35% | 68.4% | -3.35% | -47.3% | 35.77% | 31.45% | -30.34% | 9.93% | - |
| FCF per Share | -0.33 | -0.22 | -0.43 | -0.58 | -1.19 | -0.76 | -0.39 | -0.57 | -0.64 | -0.78 | -1.52 | -1.58 | -1.08 | -0.25 | -0.90 | -1.08 | -0.69 | -11.70 | -17.92 | -12.03 | -13.35 |
| FCF Conversion (FCF/Net Income) | 1.48x | 0.99x | 1.03x | 0.58x | 0.47x | 0.74x | 0.29x | 0.54x | 0.43x | 0.40x | 0.51x | 0.65x | 0.43x | 0.10x | 0.92x | 0.78x | 0.68x | 1.02x | 0.97x | 0.85x | 0.95x |
| Interest Paid | 9K | 15K | 3.09M | 3.82M | 3.49M | 3.15M | 3.09M | 3.54M | 5.53M | 5.53M | 5.53M | 5.54M | 2.75M | 7K | 579K | 1.72M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 9K | 0 | 0 | 801K | 0 | 0 | 521K | 0 | 321K | 245K | 355K | 189K | 187K | 242K | 181K | 42K | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying LAB stock.
Standard BioTools Inc. (LAB) generated $-74.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Standard BioTools Inc. (LAB) reported negative free cash flow of $82.7M in 2025, indicating capital requirements exceeded cash from operations.
Standard BioTools Inc. (LAB) spent $8.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent cash burn rate
Metrics are mathematically derived from official filings.
Earnings Quality Remains Fundamentally Disconnected
According to reported financial data, the persistent gap between net income and operating cash flow, highlighted by a 2026Q1 OCF/NI ratio of -0.37, suggests that reported profitability is heavily influenced by non-cash items rather than core operational cash generation capabilities.
The divergence between accounting profits and cash reality indicates that the company's earnings are not currently supported by underlying operational efficiency. Investors should monitor this disconnect, as it implies that the reported net income may be masking a deeper, structural inability to convert sales into liquid capital.
Free Cash Flow Trajectory Remains Negative
As reported in financial statements, Standard BioTools continues to experience significant cash outflows, with free cash flow margins reaching -2.2% in 2026Q1, underscoring the ongoing difficulty in achieving self-sustaining operations despite various strategic pivots and corporate restructuring efforts.
The consistent negative free cash flow trajectory suggests that the company remains reliant on external funding or existing cash reserves to maintain its current infrastructure. This trend warrants further investigation into whether the current cost structure can be rationalized before the existing liquidity runway is exhausted.
Working Capital Volatility Signals Operational Friction
Based on the provided figures, working capital fluctuations, including a notable $30.9M outflow in 2025Q4, suggest that the company's cash conversion cycle is highly unstable and potentially sensitive to the timing of large-scale instrument placements or inventory management challenges.
The erratic nature of these working capital changes may indicate inefficiencies in collections or inventory management that exacerbate the company's cash burn. Such volatility often points to a lack of predictability in the sales cycle, which complicates the forecasting of future liquidity needs.
Stock-Based Compensation Masks Cash Reality
Based on recent SEC filings, the company consistently utilizes stock-based compensation, reaching $8.8M in 2026Q1, which effectively obscures the true cash cost of talent acquisition and retention in a highly competitive life science tools market.
While stock-based compensation preserves cash in the short term, it represents a significant dilution risk that is not fully captured in traditional cash flow metrics. Analysts should consider this as a hidden cost of operations that may impact long-term shareholder value if the company fails to reach profitability.