Operating cash flow ran at 2.15x net income in 2026Q3 but only 0.61x in 2026Q2, and capital expenditure rose to 7.8% of revenue from 3.2% in 2024Q4, indicating volatile cash conversion and higher reinvestment needs.
LivaNova PLC (LIVN) cash flow statement — 30-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 | 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 | 237.8M | 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 % | -39.46% | 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 | 196.08M | -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 | 64M | 42M | 51.14M | 60.86M | 57.8M | 67.99M | 81.32M | 82.99M | 69.94M | 70.2M | 85.36M | 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 | 49.04M | 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 | -90.56M | 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 | 60.84M | 48.03M | 26.63M | 109.21M | 83.8M | 97.74M | 222.89M | 39.79M | 303.36M | 125.4M | 95.54M | -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 | -41.59M | 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 | -27.33M | -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 | -12.64M | -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 | 7.89M | -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 | -99.76M | -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 | -108.84M | -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 | 7.22% | 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 | 2.08M | 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 | -216.48M | -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) | -160.05M | -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) | -803K | -4.39M | -8.44M | -7.5M | -8.67M | 296.67M | -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 | -805K | -4.43M | -8.44M | -7.5M | -8.7M | -12.94M | -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 | -55.62M | -378K | -60.98M | 2.58M | 4.79M | 9.69M | -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 | -82.56M | -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 | 128.96M | 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 % | 8.56% | 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 % | -32.63% | 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 | 2.25 | 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) | 0.66x | -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 |
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.
Key Metrics
Top Statement Risk
Earnings conversion volatility
Metrics are mathematically derived from official filings.
Operating Cash Flow Diverges From Reported Earnings
Based on LivaNova's reported quarterly figures, operating cash flow ran at 2.15x net income in 2026Q3 yet was only 0.61x in 2026Q2, a swing that suggests reported earnings are poor predictors of quarterly cash generation.
The ratio of operating cash flow to net income is distorted by large non-operating items, including a $327.3M net loss in 2025Q1 against positive operating cash flow of $24.0M. This pattern suggests the bottom line is dominated by charges that do not consume cash in the period, so the earnings base itself warrants caution. Investors should monitor whether cash conversion stabilizes once these items normalize.
Free Cash Flow Margins Remain Thin and Volatile
LivaNova's free cash flow margin ranged from 0.3% in 2026Q1 to 21.2% in 2024Q4, and based on reported figures the trailing pattern appears more episodic than structurally expanding.
Free cash flow margins have oscillated sharply, with 2025Q3 at 17.4% contrasting with the 0.3% trough in 2026Q1 driven largely by a $60.3M working capital outflow. The recent 2026Q3 margin of 10.9% sits well below the 2024Q4 peak, which may indicate that the cash generation profile is not yet on a durable upward path. Further investigation of working capital timing would clarify how much of the volatility is structural.
Capital Intensity Rising Modestly Against Revenue
Reported capital expenditure equaled 7.8% of revenue in 2026Q3 and 8.1% in 2026Q2, up from 3.2% in 2024Q4, suggesting a meaningful step-up in reinvestment relative to the sales base.
CapEx has moved from roughly $10M per quarter in 2024 and 2025 to $30M or more in 2026, which appears to reflect either growth investment or sustaining spend on manufacturing capacity. Because the data does not separate maintenance from growth capital, the economic character of this increase cannot be confirmed. Depreciation of roughly $15M per quarter implies CapEx currently exceeds D&A, which may support future capacity but also pressures near-term free cash flow.
Working Capital Swings Drive Quarterly Cash Noise
Working capital changed by a $60.3M outflow in 2026Q1 and a $335.9M inflow in 2025Q1, and based on reported figures these large movements appear to account for much of the quarterly cash volatility.
The magnitude of working capital movements relative to operating cash flow indicates that timing of collections and payables likely dominates reported quarterly cash generation. The 2025Q1 inflow coinciding with a large net loss suggests balance sheet reclassification may be involved, which warrants further investigation rather than assumption. Investors should monitor whether working capital reverses consistently over the full year.
Cumulative Cash Generation Lags Headline Earnings Swings
Across the ten reported quarters, cumulative free cash flow appears to total roughly $0.4B while net income swings between a $327.3M loss and a $108.6M gain, pointing to a gap driven largely by non-cash and non-operating items.
Summing reported quarterly free cash flow indicates a positive but modest cash base relative to the volatility in net income, which suggests headline earnings are not a reliable proxy for cash generation. The persistent negative trailing net margin alongside positive operating cash flow implies that below-the-line charges are absorbing operating profit. This divergence warrants continued scrutiny of GAAP to operating reconciliation in upcoming filings.
Cash Flow Strength May Obscure Recurring Charges
According to the reported figures, LivaNova's operating cash flow may overstate underlying cash generation if restructuring and litigation-related outflows recur, which the supplied quarterly data does not fully isolate.
Headline free cash flow in several quarters, such as 2025Q3 at 17.4% margin, could reflect timing benefits from working capital rather than durable cash earnings, which suggests caution in extrapolating peak quarters. Stock-based compensation of $7.8M to $16.9M per quarter is added back in operating cash flow, which may flatter cash conversion relative to a cash-settled cost base. Investors should monitor whether the adjusted cash profile holds once non-recurring items and legal settlements are reflected in the cash flow statement.