Lantheus maintains high-quality cash generation, evidenced by an OCF/NI ratio of 1.06 in 2026Q1 and a low capital intensity profile with CapEx/Revenue consistently below 5%.
| 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 |
|---|
| Cash from Operations | 407.7M | 390.14M | 544.75M | 305.26M | 281.78M | 53.92M | 16.4M | 80.38M | 61.19M | 54.78M | 49.64M | 21.76M | 11.59M | -15.57M | -372K |
| Operating CF Margin % | - | 25.31% | 35.51% | 23.55% | 30.14% | 12.68% | 4.83% | 23.14% | 17.82% | 16.53% | 16.45% | 7.42% | 3.84% | -5.49% | -0.13% |
| Operating CF Growth % | -62.68% | -28.38% | 78.45% | 8.33% | 422.63% | 228.84% | -79.6% | 31.36% | 11.71% | 10.34% | 128.11% | 87.77% | 174.43% | -4086.02% | - |
| Net Income | 279.03M | 233.56M | 312.44M | 326.66M | 28.07M | -71.28M | -13.47M | 31.67M | 40.52M | 123.39M | 26.76M | -14.75M | -3.56M | -61.55M | -42M |
| Depreciation & Amortization | 79.14M | 70.1M | 64.62M | 60.04M | 47.93M | 42.29M | 24.69M | 13.38M | 13.93M | 19.23M | 18.26M | 19.65M | 18.25M | 25.16M | 27.4M |
| Stock-Based Compensation | 22.32M | 0 | 76.39M | 50.51M | 29.26M | 15.93M | 14.07M | 12.49M | 8.72M | 5.93M | 2.52M | 2M | 1.03M | 578K | 1.24M |
| Deferred Taxes | 38.93M | 21.59M | -24.79M | -55.63M | -50.94M | 3.65M | -724K | 7.2M | 6.13M | -92.57M | 365K | 868K | 159K | -651K | 438K |
| Other Non-Cash Items | -8.62M | 109.12M | 114.04M | 94.88M | 302.53M | 78.48M | 14.19M | 6.59M | 5.87M | 7.12M | -362K | 22.22M | 7.55M | 32.36M | 17.36M |
| Working Capital Changes | -3.1M | -44.23M | 2.05M | -171.2M | -75.06M | -15.15M | -22.36M | 9.05M | -13.97M | -8.32M | 2.09M | -8.23M | -11.84M | -11.46M | -4.82M |
| Change in Receivables | 6.24M | -17.89M | -37.69M | -68.64M | -128.46M | -33.1M | -7.46M | 156K | -3.98M | -3.41M | -1.06M | -14K | -3.56M | 2.63M | -1.44M |
| Change in Inventory | -7.53M | -9.37M | -2.67M | -36.22M | -7.51M | -3.55M | -8.46M | 1.99M | -8.69M | -9.62M | -3.63M | -2.61M | 1.5M | -4.74M | -6.9M |
| Change in Payables | -7.28M | -2.49M | -8.8M | 17.19M | 301K | 5.42M | -4.22M | 3.23M | -2.89M | 604K | 5.7M | -1.68M | -4.05M | -1.15M | -2.23M |
| Cash from Investing | -537.46M | -627.17M | -226.01M | 5.94M | -276.55M | 3.68M | -4.91M | -22.06M | -19.13M | -16.31M | 3.28M | -13.15M | -7.68M | -3.48M | -8.14M |
| Capital Expenditures | -41.42M | -41.5M | -79.63M | -46.55M | -18.35M | -12.14M | -12.47M | -22.06M | -20.13M | -17.54M | -7.4M | -13.15M | -8.14M | -5.01M | -7.92M |
| CapEx % of Revenue | 2.68% | 2.69% | 5.19% | 3.59% | 1.96% | 2.86% | 3.68% | 6.35% | 5.86% | 5.29% | 2.45% | 4.48% | 2.7% | 1.77% | 2.75% |
| Acquisitions | -496.45M | -575.67M | -80.91M | 0 | 0 | 0 | 17.56M | 0 | 1M | 1.23M | 10.61M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.41M | 0 | 17.77M | 52.49M | -258.2M | 15.82M | -10M | 0 | 1M | 1.23M | 10.68M | 0 | 455K | 1.53M | -225K |
| Cash from Financing | -309.99M | -316.58M | -118.54M | -13.06M | 311.69M | -39.33M | -21.86M | -78.88M | -4.67M | -13.45M | -30.22M | 999K | -2.3M | 5.61M | -5.11M |
| Debt Issued (Net) | -924K | -1.11M | -318K | -717K | 382.37M | -43.35M | -15.49M | -78.17M | -2.86M | -13.96M | -78.73M | -65.52M | -2.31M | 5.44M | -1.53M |
| Equity Issued (Net) | -295.14M | -289.14M | -96.55M | 1.93M | -73.63M | 767K | 683K | 573K | 428K | 187K | 50.9M | 73.54M | 0 | 294K | 377K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123K | -3.52M |
| Share Repurchases | -300.02M | -300.02M | -100M | 0 | -75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -106K | -174K |
| Other Financing | -13.92M | -26.34M | -21.67M | -14.28M | 2.95M | 3.25M | -7.05M | -1.28M | -2.23M | 320K | -2.39M | -7.02M | 13K | 0 | -442K |
| Net Change in Cash | -439.94M | -553.66M | 199.2M | 298.04M | 316.59M | 17.96M | -10.22M | -20.48M | 37.11M | 25.11M | 22.58M | 8.86M | 1.16M | -14.74M | -12.98M |
| Free Cash Flow | 371.69M | 354.05M | 493.13M | 258.7M | 263.43M | 41.78M | 3.92M | 58.32M | 41.06M | 37.23M | 42.24M | 8.61M | 3.45M | -20.58M | -8.29M |
| FCF Margin % | 24.04% | 22.97% | 32.15% | 19.96% | 28.17% | 9.82% | 1.16% | 16.79% | 11.96% | 11.24% | 13.99% | 2.93% | 1.14% | -7.26% | -2.88% |
| FCF Growth % | -21.03% | -28.2% | 90.61% | -1.8% | 530.59% | 965.17% | -93.28% | 42.04% | 10.28% | -11.86% | 390.58% | 149.38% | 116.78% | -148.22% | - |
| FCF per Share | 5.65 | 5.17 | 6.88 | 3.68 | 3.73 | 0.62 | 0.07 | 1.45 | 1.04 | 0.96 | 1.29 | 0.35 | 0.19 | -1.12 | -0.46 |
| FCF Conversion (FCF/Net Income) | 1.33x | 1.67x | 1.74x | 0.93x | 10.04x | -0.76x | -1.22x | 2.54x | 1.51x | 0.44x | 1.85x | -1.48x | -3.25x | 0.25x | 0.01x |
| Interest Paid | 0 | 0 | 15.09M | 15.39M | 5.06M | 6.28M | 9.37M | 12.25M | 15.87M | 16.65M | 24.44M | 40.79M | 39.21M | 39.15M | 39.02M |
| Taxes Paid | 0 | 0 | 153.81M | 151.58M | 54.05M | 215K | 340K | 12.25M | 90K | 106K | 265K | 174K | 508K | 118K | 1.15M |
Isotope supply chain dependency
As reported in recent financial statements, Lantheus consistently generates operating cash flow in excess of net income, with the OCF/NI ratio frequently exceeding 1.0, which suggests that the company's reported earnings are supported by high-quality cash inflows rather than aggressive accounting accruals or non-cash revenue recognition.
The consistent ability to convert net income into cash at a ratio above parity indicates that the company's underlying business model is fundamentally cash-generative. Investors should monitor whether this trend persists as the company shifts toward more complex therapeutic pipelines, which may introduce higher levels of non-cash expenses and accounting volatility.
Based on the provided cash flow data, Lantheus maintains a robust free cash flow trajectory, with margins peaking at 42.0% in 2024Q3, demonstrating that the firm successfully translates its diagnostic imaging revenue into significant discretionary cash despite the inherent logistical costs of its specialized radiopharmaceutical distribution network.
While FCF margins have shown some quarterly variance, the overall ability to sustain double-digit margins suggests that the core diagnostic business remains highly efficient. This cash-generating capacity provides the company with a significant buffer against potential margin compression in its oncology segment.
According to quarterly filings, Lantheus maintains a low capital intensity profile, with CapEx/Revenue ratios consistently remaining below 5%, which implies that the company's primary infrastructure is already established and requires relatively modest ongoing investment to maintain its specialized manufacturing and distribution capabilities for short-lived medical isotopes.
The low capital expenditure requirements relative to revenue suggest that the company is not currently burdened by heavy asset replacement cycles. This capital-light structure is a key differentiator, allowing the firm to prioritize cash for strategic acquisitions rather than sustaining its existing physical footprint.
As evidenced by recent cash flow statements, Lantheus has aggressively deployed capital toward acquisitions and share repurchases, with over $300 million utilized for acquisitions in 2025Q3 alone, signaling a management strategy focused on inorganic growth to supplement its core diagnostic imaging portfolio and expand its therapeutic reach.
The heavy reliance on M&A to drive growth warrants further investigation into the integration risks associated with these transactions. While the company's debt-free status provides flexibility, the pace of capital deployment suggests a high-conviction approach that may increase the firm's risk profile if future acquisitions fail to deliver expected returns.
Quick answers to the most common questions about buying LNTH stock.
Lantheus Holdings, Inc. (LNTH) generated $390.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lantheus Holdings, Inc. (LNTH) generated $354.1M 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.
Lantheus Holdings, Inc. (LNTH) spent $41.5M 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, Lantheus Holdings, Inc. (LNTH) spent $300.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.