Earnings quality remains poor, as evidenced by a negative OCF/NI ratio of -0.31 in 2026Q3, indicating that accounting losses are not being offset by core operational cash generation.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Cash from Operations | 17.38M | -206K | 257K | -17.44M | -22.59M | 16.47M | -17.04M | 16.02M | 19.78M | 29.33M | 21.78M | 26.16M | 21.05M | 21.23M | 22.18M | 14.47M | 7.48M | 9.44M | 17.52M | -2.06M | 10.87M | 13.05M | 7.93M | -101K | -7.57M | 5.01M | -3.6M | -3.4M | -5.5M | -3.6M |
| Operating CF Margin % | - | -0.16% | 0.2% | -16.89% | -20.3% | 16.33% | -10.65% | 2.87% | 3.77% | 5.51% | 4.03% | 4.85% | 4.41% | 4.81% | 6.98% | 5.23% | 3.14% | 4% | 7.35% | -0.98% | 4.68% | 6.36% | 4.13% | -0.06% | -3.97% | 2.39% | -10.17% | -10.15% | -57.89% | -144% |
| Operating CF Growth % | 818.71% | -180.16% | 101.47% | 22.8% | -237.17% | 196.66% | -206.37% | -19% | -32.56% | 34.63% | -16.71% | 24.28% | -0.87% | -4.29% | 53.3% | 93.36% | -20.69% | -46.15% | 949.66% | -118.98% | -16.73% | 64.48% | 7954.46% | 98.67% | -251.14% | 239.11% | -5.88% | 38.18% | -52.78% | - |
| Net Income | -34.09M | -38.72M | 12.01M | -99.56M | -116.72M | -32.29M | -15.15M | 411K | 24.92M | 10.68M | -11.45M | 13.72M | 19.34M | 22.81M | 13.1M | 4.26M | 3.98M | 7.73M | 13.54M | 29.19M | 8.65M | 5.4M | 2.9M | -1.49M | -4.84M | -2.08M | -2.8M | -2.9M | -8.6M | -4.2M |
| Depreciation & Amortization | 9.76M | 8.03M | 7.95M | 13.18M | 18.06M | 19.87M | 18.84M | 15.23M | 12.41M | 10.68M | 9.39M | 7.09M | 7.11M | 7.29M | 5.62M | 5.31M | 3.36M | 3.14M | 3.2M | 3.26M | 3.2M | 3.47M | 3.71M | 3.5M | 5.43M | 6.07M | 2.2M | 2.1M | 1.1M | 500K |
| Stock-Based Compensation | 4.21M | 10.16M | 6.2M | 3.61M | 2.61M | 3.36M | 2.38K | 3.56M | 4.4M | 3.96M | 3.46M | 1.58M | 1.36M | 1.7M | 1.87M | 1.95M | 1.02M | 933K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 33K | 0 | 163K | 357K | -6.83M | -7.87M | -5.44M | 910K | -7.22M | 2.51M | -9.94M | 3.69M | 3.68M | 5.21M | -774K | 2.49M | 3.25M | 2.57M | -611K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 36.11M | 25.02M | -22.38M | 45.19M | 83.38M | 23.65M | 12.37M | -2.91M | -4.64M | 919K | 32.85M | -3.2M | -9.67M | -11.82M | -5.83M | 3.34M | 165K | -2.14M | 548K | -24M | -902K | 563K | 609K | 2.17M | -2.49M | 1.1M | 0 | -200K | 3M | 100K |
| Working Capital Changes | 1.35M | -4.7M | -3.7M | 19.79M | -3.1M | 9.76M | -27.66M | -1.18M | -10.1M | 584K | -2.54M | 3.27M | -779K | -3.96M | 8.19M | -2.89M | -4.29M | -2.79M | 837K | -10.51M | -87K | 3.62M | 719K | -4.29M | -5.67M | -76K | -3M | -2.4M | -1M | -100K |
| Change in Receivables | 8.6M | -2.26M | -2.39M | 10.82M | -6.14M | 5.78M | -6.64M | -8.86M | -7.31M | -336K | 73K | -1.75M | -7.98M | -4.47M | -3.12M | -5.81M | -1.66M | 4.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 6.44M | 7.69M | 862K | -14.81M | -2.18M | -2.82M | -12.18M | -10.93M | -6.53M | 855K | -508K | -292K | -622K | -2.1M | -441K | -4.05M | -1.27M | 1.5M | -529K | -8.73M | -3.12M | 1.31M | 250K | 4.52M | -1.86M | -2.39M | -3M | -2M | 0 | -100K |
| Change in Payables | 734K | -1.67M | -6.68M | 16.04M | 9.34M | -5.98M | -1.25M | 19.12M | 4.96M | -5.19M | -4.11M | 2.89M | -141K | 8.84M | -68K | 2.34M | 1.01M | -5.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.09M | -6.42M | -18.39M | -4.81M | 79.96M | -12.31M | -23.89M | -96.8M | -35.59M | -25.01M | -41.59M | -34.44M | -13.34M | -10.42M | -44.07M | -29.39M | -42.8M | -12.34M | -20.21M | 42.04M | -5.49M | -5.2M | -1.37M | 7.52M | -4M | -15.62M | -3.1M | 4.1M | 5.7M | -20.7M |
| Capital Expenditures | -6.91M | -13.41M | -18.39M | -21.48M | -29.94M | -25.22M | -26.69M | -44.73M | -33.59M | -22.59M | -40.87M | -17.51M | -14.89M | -8.88M | -5.37M | -6.68M | -44.87M | -4.58M | -4.24M | -6.78M | -4.75M | -3.66M | -3.39M | -2.55M | -6.96M | -5.34M | -4.1M | -4.5M | -1.3M | -400K |
| CapEx % of Revenue | 5.11% | 10.41% | 14.34% | 20.8% | 26.91% | 25% | 16.67% | 8.02% | 6.41% | 4.24% | 7.55% | 3.25% | 3.12% | 2.01% | 1.69% | 2.42% | 18.84% | 1.94% | 1.78% | 3.22% | 2.05% | 1.78% | 1.77% | 1.39% | 3.65% | 2.55% | 11.58% | 13.43% | 13.68% | 16% |
| Acquisitions | 10M | 7M | 0 | 16.67M | 73.5M | 0 | 2.43M | -59.87M | -4.11M | -2.5M | -121K | 0 | 0 | 0 | -66.83M | 0 | 0 | -7K | -1.43M | -1.22M | -3.86M | 0 | 0 | -491K | -257K | -6.79M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -8.7M | 12.91M | 364K | 545K | -2M | 81K | -723K | 1.07M | 1.54M | -1.54M | 0 | 0 | -39.68M | 101K | 104K | 50.04M | 1.15M | 430K | 2.02M | 10.55M | 3.22M | -3.49M | 0 | 100K | -5.8M | 0 |
| Cash from Financing | -5.09M | 6.42M | 7.51M | 39.7M | -57.02M | -3.42M | 40.02M | 79.03M | 13.29M | -8.8M | 15.57M | 8.17M | -7.18M | -19.27M | 35.93M | -4.76M | 19.67M | 1.97M | -15.47M | 2.06M | 2.27M | -1.44M | -3.8M | -8.26M | 11.62M | 17M | 700K | 3.3M | -9.2M | 34.9M |
| Debt Issued (Net) | -5.13M | -18.56M | 2.17M | 3.12M | -55.41M | 7.47M | 41.77M | 54.91M | 18.92M | -8.63M | 15.6M | 8.15M | -9.93M | -14.68M | 39.15M | -3.94M | 19.61M | 0 | 0 | 7.35M | -1.14M | -5.91M | -4.5M | -15.87M | 6.32M | 6.57M | 290K | -6.7M | -600K | -200K |
| Equity Issued (Net) | -8K | 23.85M | 0 | 42.9M | 0 | 0 | 30K | 327K | 56K | 706K | 322K | 122K | 2.3M | 3.42M | -4.95M | -1.06M | 379K | 379K | -18.38M | -4.66M | 3.48M | 5.16M | 849K | 7.61M | 5.54M | 9.86M | 468K | 1.1M | 200K | 35.2M |
| 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 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.01M | -1.18M | 0 | 0 | -19.5M | -7.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 51K | 1.13M | 5.34M | -6.32M | -1.61M | -10.89M | -1.79M | 23.79M | -5.69M | -874K | -495K | -563K | 456K | -8.01M | 1.73M | 234K | -320K | 1.59M | 2.91M | -630K | -75K | -690K | -438K | 0 | -229K | -138K | 0 | 8.9M | -8.8M | -100K |
| Net Change in Cash | 3.42M | -197K | -10.63M | 17.45M | 348K | 742K | -912K | -1.75M | -2.52M | -4.49M | -4.23M | -116K | 525K | -8.46M | 14.04M | -19.68M | -15.64M | -937K | -18.16M | 42.04M | 7.65M | 6.41M | 2.76M | -846K | 59K | 6.39M | -6M | 4M | -9M | 10.6M |
| Free Cash Flow | 10.47M | -13.62M | -18.14M | -38.92M | -52.53M | -8.75M | -43.73M | -28.71M | -13.81M | 6.74M | -19.08M | 8.64M | 6.16M | 12.35M | 16.81M | 7.79M | -37.39M | 4.86M | 13.28M | -8.84M | 6.12M | 9.39M | 4.54M | -2.65M | -14.53M | -330K | -7.7M | -7.9M | -6.8M | -4M |
| FCF Margin % | 7.74% | -10.57% | -14.14% | -37.69% | -47.21% | -8.68% | -27.32% | -5.15% | -2.63% | 1.27% | -3.53% | 1.6% | 1.29% | 2.8% | 5.29% | 2.81% | -15.7% | 2.06% | 5.57% | -4.2% | 2.64% | 4.58% | 2.36% | -1.45% | -7.61% | -0.16% | -21.75% | -23.58% | -71.58% | -160% |
| FCF Growth % | 196.3% | 24.9% | 53.4% | 25.91% | -500.24% | 79.98% | -52.28% | -107.91% | -305.06% | 135.29% | -320.77% | 40.35% | -50.14% | -26.51% | 115.93% | 120.82% | -869.52% | -63.41% | 250.16% | -244.53% | -34.83% | 106.83% | 271.51% | 81.78% | -4303.03% | 95.71% | 2.53% | -16.18% | -70% | - |
| FCF per Share | 0.28 | -0.39 | -0.49 | -1.30 | -1.78 | -0.30 | -1.50 | -1.00 | -0.49 | 0.24 | -0.70 | 0.32 | 0.23 | 0.46 | 0.64 | 0.29 | -1.40 | 0.18 | 0.49 | -0.33 | 0.24 | 0.38 | 0.19 | -0.15 | -0.89 | -0.02 | -0.77 | -0.59 | -0.61 | -0.51 |
| FCF Conversion (FCF/Net Income) | -0.31x | 0.01x | 0.02x | 0.18x | 0.19x | -0.51x | 0.45x | 7.55x | 0.80x | 2.77x | -1.87x | 1.93x | 1.10x | 0.94x | 1.75x | 3.69x | 1.88x | 1.22x | 1.29x | -0.07x | 1.26x | 2.42x | 2.74x | 0.07x | 0.40x | -1.25x | 1.29x | 1.17x | 0.64x | 0.86x |
| Interest Paid | 265K | 1.91M | 2.73M | 31.02M | 16.89M | 13.22M | 0 | 0 | 2.29M | 2.33M | 2.02M | 1.99M | 1.5M | 1.73M | -952K | 761K | 88K | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 17K | 46K | 72K | 23K | 441K | 0 | 0 | 0 | 283K | 2.79M | 2.63M | 150K | 50K | 5.61M | -246K | 146K | 652K | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and operational insolvency
As evidenced by the persistent divergence between net income and operating cash flow, LFCR's earnings quality is poor, with the company reporting a negative OCF/NI ratio of -0.31 in 2026Q3, indicating that accounting losses are not being offset by meaningful cash generation from core operations.
The consistent inability to align net income with operating cash flow suggests that the company's reported losses are exacerbated by non-cash charges or working capital inefficiencies. Investors should monitor whether this disconnect reflects structural operational challenges or merely the timing of milestone-based revenue recognition within the CDMO segment.
Based on the provided financial data, LFCR's free cash flow trajectory remains highly erratic, swinging from a peak of $6.0M in 2024Q4 to a low of -$8.6M in 2025Q2, underscoring the difficulty in achieving sustainable cash flow generation amidst ongoing strategic restructuring and operational instability.
The lack of a consistent positive FCF trend suggests that the business is currently unable to self-fund its capital-intensive requirements. This volatility implies that the company remains reliant on external financing or asset divestitures to bridge the gap between its high fixed-cost base and inconsistent revenue streams.
According to historical quarterly figures, LFCR maintains a significant capital intensity, with CapEx/Revenue ratios peaking as high as 17.8% in 2024Q3, which places substantial strain on the company's limited cash reserves and complicates its ability to achieve a self-sustaining financial position in the near term.
The high level of capital expenditure relative to revenue suggests that the company is forced to prioritize maintenance and facility upgrades despite its negative operating margins. This capital-intensive nature may limit management's flexibility to pivot toward growth without further dilutive capital raises or debt restructuring.
As reported in recent financial statements, working capital fluctuations have been a primary driver of cash flow volatility, with a notable $5.5M inflow in 2026Q3 contrasting sharply with an $8.7M outflow in 2025Q2, highlighting the unpredictable nature of the company's cash conversion cycle.
These erratic working capital movements suggest that the company may be struggling with inventory management or the timing of collections from its pharmaceutical partners. Such instability makes it difficult for analysts to forecast normalized cash flow, as the underlying operational efficiency remains masked by these periodic balance sheet adjustments.
Quick answers to the most common questions about buying LFCR stock.
Lifecore Biomedical, Inc. (LFCR) generated $-0.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lifecore Biomedical, Inc. (LFCR) reported negative free cash flow of $13.6M in 2025, indicating capital requirements exceeded cash from operations.
Lifecore Biomedical, Inc. (LFCR) spent $13.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.