Free cash flow generation remains inconsistent, with margins fluctuating from a peak of 21.2% in 2024Q4 to a nominal 0.3% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 | Jun'95 |
|---|
| Cash from Operations | 245.59M | 254.3M | 183.04M | 74.91M | 69.9M | 102.54M | -79.4M | -91.14M | 120.5M | 91.3M | 90.2M | 79.68M | 54.2M | 79.05M | 75.03M | 49.87M | 42.89M | 24.59M | 14.46M | -20.69M | -70.88M | -3.97M | 3.6M | 1.28M | -22.95M | -8.18M | -14.7M | -14.8M | -12M | -9.6M | -6.3M |
| Operating CF Margin % | - | 18.32% | 14.6% | 6.49% | 6.84% | 9.9% | -8.5% | -8.41% | 10.89% | 9.02% | 7.43% | 27.33% | 19.22% | 31.08% | 34.34% | 26.18% | 25.56% | 17.12% | 11.92% | -15.8% | -57.42% | -3.84% | 3.25% | 1.22% | -32.74% | -17.07% | -49.16% | -99.33% | -857.14% | -685.71% | -630% |
| Operating CF Growth % | 80.1% | 38.93% | 144.33% | 7.17% | -31.83% | 229.15% | 12.88% | -175.64% | 31.98% | 1.22% | 13.21% | 47.01% | -31.44% | 5.37% | 50.44% | 16.29% | 74.4% | 70.11% | 169.87% | 70.81% | -1685.44% | -210.41% | 181.84% | 105.56% | -180.73% | 44.38% | 0.68% | -23.33% | -25% | -52.38% | -12.5% |
| Net Income | 107.14M | -242.5M | 63.23M | 17.55M | -86.2M | -135.82M | -345M | -157.64M | -189.4M | -25.1M | -62.8M | 57.85M | 54.89M | 46.36M | 36.08M | 46.73M | 78.45M | 26.72M | -10.33M | -51.18M | -59.07M | -12.22M | 6.76M | 5.18M | -26.12M | -3.93M | -12.5M | -14.2M | -11.2M | -10.1M | -7.2M |
| Depreciation & Amortization | 38.09M | 42M | 51.14M | 60.86M | 57.8M | 67.99M | 81.3M | 82.99M | 69.9M | 83M | 85.4M | 7.25M | 5.6M | 4.64M | 4.73M | 2.74M | 2.23M | 2.18M | 3.96M | 4.49M | 4.49M | 3.99M | 4.92M | 5.12M | 4.29M | 1.45M | 1.5M | 700K | 300K | 200K | 300K |
| Stock-Based Compensation | 9.17M | 36.3M | 33.93M | 36.35M | 44.81M | 40.56M | 35.09M | 32.55M | 26.9M | 19.1M | 19.6M | 46.07M | 0 | 11.24M | 11.68M | 11.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3.65M | 500K | 6.79M | -114.43M | 1.4M | 2.85M | 37.3M | -26.5M | -95.1M | -9.3M | -26.7M | 9.4M | -5.2M | 22.42M | 22.62M | 1.1M | -41.34M | 9.8K | -425.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 144.85M | 48.03M | 26.63M | 109.21M | 83.8M | 97.74M | 222.9M | 39.79M | 303.4M | 112.6M | 95.5M | -433.89K | -1.4M | 1.38M | 288.99K | -2.71M | -4.39M | -11.35M | 11.41M | 19.46M | -418.73K | -34.31K | 324.74K | -748.86K | 135.95K | 0 | 200K | 100K | -100K | 100K | 100K |
| Working Capital Changes | -26.41M | 369.97M | 1.31M | -34.62M | -31.7M | 29.22M | -111M | -62.34M | 4.8M | -89M | -20.8M | -6.33M | -10.94M | -7.42M | 162.62K | -4.35M | -689.03K | -2.65M | 9.66M | 6.54M | -15.88M | 4.3M | -8.41M | -8.28M | -1.26M | -5.69M | -3.9M | -1.4M | -1M | 200K | 500K |
| Change in Receivables | -21.48M | -10.7M | 11.1M | -28.86M | -4.8M | -15.74M | 58.8M | -5.32M | 21.2M | -48.9M | -16.4M | -2.65M | -10.66M | -10.18M | -1.25M | -1.95M | -3.83M | -3.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.34M | -5.3M | -6.8M | -28.48M | -25.7M | 4.48M | 1.4M | -7.92M | -10.6M | 7.2M | 26.7M | -7.11M | 254.19K | -3.4M | 682.45K | -819.4K | -1.51M | -37.95K | 4.52M | 90.62K | -8.77M | -758.51K | -1.65M | -1.51M | -281.82K | -1.44M | -3.1M | -1.1M | -300K | -100K | -200K |
| Change in Payables | -2.65M | -13.4M | -14.5M | 19.19M | -3.5M | 12.99M | -900K | -38.58M | 7.2M | -41.1M | 1.6M | 0 | 0 | 6.56M | 0 | 0 | 0 | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -76.86M | -72.9M | -48.16M | -40.33M | -38.4M | 36.9M | -41.8M | -41.29M | -120.6M | -52.9M | -38.2M | -9.77M | -34.41M | -35.99M | -21.98M | -11.39M | -6.22M | -2.92M | -817.06K | -1.43M | 17.5M | -11.61M | -2.6M | -4.21M | -3.29M | -1.59M | 13.4M | -34.6M | -7.5M | 2.8M | 10.6M |
| Capital Expenditures | -84.52M | -81.1M | -47.11M | -34.98M | -26.5M | -25.48M | -35M | -24.69M | -38M | -34.1M | -37.2M | -6.69M | -19.06M | -14.31M | -17.98M | -7.39M | -6.12M | -2.67M | -817.06K | -1.43M | -4.3M | -3.71M | -2.6M | -4.21M | -5.08M | -4.11M | -1.7M | -3.5M | -300K | -100K | -300K |
| CapEx % of Revenue | 5.9% | 5.84% | 3.76% | 3.03% | 2.59% | 2.46% | 3.75% | 2.28% | 3.43% | 3.37% | 3.06% | 2.29% | 6.76% | 5.63% | 8.23% | 3.88% | 3.65% | 1.86% | 0.67% | 1.09% | 3.48% | 3.59% | 2.35% | 4.03% | 7.25% | 8.59% | 5.69% | 23.49% | 21.43% | 7.14% | 30% |
| Acquisitions | 0 | 0 | 0 | 0 | -8.9M | 41.25M | -1.7M | -10.75M | -93M | -14.2M | -3.04M | 948K | -5.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 7.65M | 7.4M | 89K | 1.15M | -88K | 1.73M | -1.9M | -3.35M | 14.2M | -1.5M | 3.04M | 12.5M | -29.99M | -19.19M | -26.29M | 1M | 0 | 0 | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Cash from Financing | -375.48M | -285.7M | 18.55M | 21.48M | 280.1M | -181.48M | 310.8M | 146.58M | -42.3M | 11.3M | -124.3M | -48.26M | -37.27M | -18.85M | -46.72M | -7.19M | -43.72M | -46.63M | -7.43M | 14.43M | 106.99M | 10.85M | 14.5M | 8.22M | 9.07M | 8.01M | 1.4M | 50.4M | 18M | 100K | 100K |
| Debt Issued (Net) | -372.49M | -280.93M | 87.97M | 26.4M | 284.01M | -487.85M | 407.05M | 172.95M | 29M | 11.69M | -47.59M | -20.86M | 0 | 0 | 0 | -7.04M | -8.24M | -43.05M | -50.4M | -7.5M | 5M | 81.31M | -7.17M | 1.53M | 1.74M | 0 | -43.09K | 0 | 0 | 0 | -100K |
| Equity Issued (Net) | -4.39M | -4.39M | -8.44M | -7.5M | -8.67M | 322.56M | -5.6M | -7.06M | -61.61M | -4.08M | -54.76M | -11.03M | -55.02M | -62.62M | -33.01M | -50.44M | -14.18M | -1.7M | 3.78M | 129.42K | 9.68M | 25.69M | 18.02M | 12.97M | 6.48M | 0 | 8.05M | 1.4M | 50.4M | 18M | 100K |
| 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 | 0 |
| Share Repurchases | -4.43M | -4.43M | -8.44M | -7.5M | -8.7M | 0 | -5.6M | -7.06M | -61.61M | -4.08M | -54.76M | -55.02M | -55.02M | -72.36M | -33.01M | -50.44M | -14.18M | -1.7M | -532.29K | -6.31M | 0 | -9.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.4M | -378K | -60.98M | 2.58M | 4.79M | -16.19M | -90.69M | -19.3M | -9.73M | 3.69M | -15.69M | 13.75M | 17.75M | 25.35M | 14.16M | 10.77M | 15.23M | 1.02M | 0 | -58.62K | -250.26K | 0 | 0 | 0 | 0 | 8.01M | 0 | 49M | 0 | 0 | 0 |
| Net Change in Cash | -198.73M | -88M | 145.68M | 62.25M | 307.6M | -44.84M | 191.7M | 13.93M | -46.4M | 53.8M | -72.8M | 20.89M | -17.41M | 24.05M | 7.34M | 30.08M | -7M | -24.83M | 6.25M | -7.55M | 53.68M | -4.79M | 14.79M | 5.38M | -17.26M | -1.79M | -100K | 900K | -1.4M | -6.6M | 4.4M |
| Free Cash Flow | 161.08M | 173.2M | 135.93M | 39.93M | 43.4M | 77.07M | -114.4M | -115.83M | 82.5M | 57.2M | 53M | 72.99M | 35.13M | 64.75M | 57.04M | 42.49M | 36.76M | 21.92M | 13.64M | -22.11M | -75.18M | -7.68M | 994.76K | -2.93M | -28.03M | -12.29M | -16.4M | -18.3M | -12.3M | -9.7M | -6.6M |
| FCF Margin % | 11.24% | 12.48% | 10.84% | 3.46% | 4.25% | 7.44% | -12.25% | -10.68% | 7.45% | 5.65% | 4.37% | 25.03% | 12.46% | 25.46% | 26.11% | 22.31% | 21.91% | 15.27% | 11.25% | -16.89% | -60.9% | -7.43% | 0.9% | -2.81% | -39.98% | -25.66% | -54.85% | -122.82% | -878.57% | -692.86% | -660% |
| FCF Growth % | 10.69% | 27.42% | 240.4% | -7.99% | -43.68% | 167.37% | 1.24% | -240.4% | 44.23% | 7.92% | -27.39% | 107.74% | -45.74% | 13.51% | 34.26% | 15.57% | 67.7% | 60.74% | 161.67% | 70.58% | -878.42% | -872.38% | 133.94% | 89.54% | -128.1% | 25.06% | 10.38% | -48.78% | -26.8% | -46.97% | -10% |
| FCF per Share | 2.88 | 3.18 | 2.49 | 0.74 | 0.81 | 1.52 | -2.35 | -2.40 | 1.70 | 1.18 | 1.08 | 2.74 | 1.28 | 2.31 | 2.02 | 1.48 | 1.28 | 0.80 | 0.51 | -0.87 | -3.02 | -0.32 | 0.04 | -0.13 | -1.29 | -0.68 | -0.94 | -1.14 | -1.02 | -1.02 | -0.72 |
| FCF Conversion (FCF/Net Income) | 1.50x | -1.05x | 2.89x | 4.27x | -0.81x | -0.76x | 0.23x | 0.58x | -0.64x | -3.64x | -1.44x | 1.38x | 0.99x | 1.71x | 2.08x | 1.07x | 0.55x | 0.92x | -1.40x | 0.40x | 1.20x | 0.32x | 0.53x | 0.25x | 0.88x | 2.68x | 1.18x | 1.04x | 1.07x | 0.95x | 0.88x |
| Interest Paid | 0 | 31.07M | 38.89M | 0 | 19.04M | 32.57M | 28.57M | 15.83M | 9.28M | 7.51M | 7.37M | 0 | 1K | 4K | 96K | 281.21K | 372.94K | 1.32M | 3.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 29.37M | 15.91M | 0 | 1.22M | 0 | 7.49M | 2.01M | 26.39M | 38.97M | 47.81M | 0 | 15.58M | 4.3M | 3.52M | 1.12M | 1.28M | 1.07M | 686.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Legacy litigation and impairments
As reported in financial statements, LivaNova's operating cash flow to net income ratio has fluctuated significantly, reaching a low of -0.07 in 2025Q1 and a high of 3.30 in 2023Q4, indicating that GAAP earnings are frequently decoupled from the company's actual cash-generating capacity.
The wide variance in the OCF/NI ratio suggests that non-cash charges and one-time legal settlements continue to distort the perceived quality of earnings. Investors should monitor whether the recent stabilization in cash flow conversion reflects a genuine improvement in operational efficiency or merely the absence of large, non-recurring accounting adjustments.
Based on the provided quarterly data, LivaNova's free cash flow margin has shown extreme volatility, ranging from a peak of 21.2% in 2024Q4 to a marginal 0.3% in 2026Q1, highlighting the difficulty in maintaining consistent cash conversion amidst shifting operational and capital expenditure requirements.
The sharp decline in FCF margin during the most recent quarter suggests that the company is struggling to balance growth-oriented investments with the need for self-sustaining cash generation. This trend warrants further investigation into whether the current capital intensity is a temporary phase of platform scaling or a structural drag on long-term profitability.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $335.9 million inflow in 2025Q1 to a $60.3 million outflow in 2026Q1, which suggests that the company's cash position is heavily influenced by the timing of inventory management and accounts receivable collections.
These dramatic swings in working capital appear to be the primary driver of the company's inconsistent quarterly cash flow performance. The recent outflow in 2026Q1 may indicate a build-up of inventory or delayed collections that could pressure liquidity if the trend toward higher working capital requirements persists.
Based on reported figures, LivaNova's capital expenditure as a percentage of revenue reached 8.9% in 2025Q4, reflecting a period of significant investment in the Essenz platform and other infrastructure, which contrasts with the more moderate 3.9% intensity observed in the most recent 2026Q1 quarter.
The fluctuation in capital intensity suggests that the company is managing its asset base through discrete investment cycles rather than steady-state maintenance. Analysts should monitor whether these capital outlays are effectively translating into the expected market share gains in the cardiopulmonary segment or if they represent an ongoing burden on free cash flow.
Quick answers to the most common questions about buying LIVN stock.
LivaNova PLC (LIVN) generated $254.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LivaNova PLC (LIVN) generated $173.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
LivaNova PLC (LIVN) spent $81.1M 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, LivaNova PLC (LIVN) spent $4.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.