Liquidia demonstrated a successful cash flow inflection, with free cash flow margins reaching 37.8% in 2026Q1 while maintaining a low capital expenditure to revenue ratio of 2.1%.
| Cash from Operations | 47.98M | -35.69M | -93.42M | -41.56M | -28.59M | -34.03M | -54.14M | -48.28M | -31.83M | -24.29M | -13.95M |
| Operating CF Margin % | - | -22.54% | -667.49% | -237.67% | -179.4% | -264.8% | -7320.51% | -598.14% | -1175.87% | -334.66% | -105.52% |
| Operating CF Growth % | 572.13% | 61.8% | -124.77% | -45.39% | 16% | 37.14% | -12.14% | -51.69% | -31.04% | -74.17% | - |
| Net Income | 22.3M | -68.92M | -130.39M | -78.5M | -41.02M | -34.58M | -59.76M | -47.58M | -53.14M | -29.15M | -15.93M |
| Depreciation & Amortization | 1.57M | 1.53M | 2.2M | 2.18M | 3.65M | 5.61M | 3.13M | 2.57M | 1.54M | 931.93K | 651.56K |
| Stock-Based Compensation | 31.25M | 29.47M | 18.81M | 10.09M | 9.3M | 6.75M | 3.95M | 3.38M | 2.2M | 514.09K | 347.44K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 10.8K | 6.59K | -415.41K | -11.88M | 0 |
| Other Non-Cash Items | 27.78M | 26.42M | 20.76M | 18.8M | 1.64M | 566K | 235.53K | 300.9K | 17.69M | 14.91M | 391.65K |
| Working Capital Changes | -34.93M | -24.18M | -4.79M | 5.87M | -2.16M | -12.38M | -1.71M | -6.95M | 294.85K | 389.67K | 596.41K |
| Change in Receivables | -72.91M | -51.37M | 1.34M | 956K | -2.03M | -2.99M | 0 | 272.56K | 1.35B | -328.46K | 2.53M |
| Change in Inventory | -26.45M | -22.99M | -241K | 0 | 0 | 0 | 0 | -272.56K | -1.35B | 0 | 0 |
| Change in Payables | -5.45M | -2.59M | 2.33M | -1.15M | 814K | -7.56M | -297.16K | 294.51K | -1.28M | 1.87M | 1.31M |
| Cash from Investing | -8.84M | -6.34M | -8.44M | -11.29M | -587K | -107K | 247.91K | -1.85M | -870.94K | -2.54M | -2.89M |
| Capital Expenditures | -6.84M | -4.34M | -4.95M | -1.29M | -592K | -107K | -752.09K | -1.85M | -870.94K | -2.54M | -2.89M |
| CapEx % of Revenue | 2.37% | 2.74% | 35.36% | 7.38% | 3.72% | 0.83% | 101.68% | 22.92% | 32.17% | 35.05% | 21.83% |
| Acquisitions | 0 | 0 | 0 | 0 | 5K | 0 | 1M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2M | -2M | -3.49M | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 17.39M | 59.73M | 194.66M | 43.25M | 64.96M | 26.32M | 63.42M | 66.39M | 68.82M | 28.81M | 6.11M |
| Debt Issued (Net) | 11.06M | 53.82M | 52.5M | 19.37M | 8.96M | -420K | -6.77M | 3.97M | -1.43M | 30.12M | 5.66M |
| Equity Issued (Net) | 5.31M | 4.82M | 138.55M | 24.24M | 54.46M | 21.71M | 71.23M | 62.43M | 72.43M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.01M | 1.08M | 3.61M | -363K | 1.55M | 5.03M | -1.04M | 0 | -2.18M | -1.3M | 445.47K |
| Net Change in Cash | 56.53M | 14.2M | 92.8M | -9.6M | 35.79M | -7.82M | 9.52M | 16.26M | 36.12M | 1.98M | -10.72M |
| Free Cash Flow | 41.15M | -40.02M | -98.37M | -42.85M | -29.18M | -34.14M | -54.9M | -50.13M | -32.7M | -26.83M | -16.83M |
| FCF Margin % | 14.28% | -25.28% | -702.85% | -245.05% | -183.12% | -265.63% | -7422.19% | -621.06% | -1208.04% | -369.72% | -127.35% |
| FCF Growth % | 138.32% | 59.32% | -129.55% | -46.86% | 14.53% | 37.81% | -9.5% | -53.3% | -21.86% | -59.43% | - |
| FCF per Share | 0.41 | -0.47 | -1.25 | -0.66 | -0.48 | -0.69 | -1.62 | -2.71 | -4.57 | -3.13 | -1.96 |
| FCF Conversion (FCF/Net Income) | 1.84x | 0.52x | 0.72x | 0.53x | 0.70x | 0.98x | 0.91x | 1.01x | 0.60x | 0.83x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 423K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Patent Litigation
As reported in recent financial statements, Liquidia's operating cash flow reached $53.0 million in 2026Q1, aligning closely with net income of $52.9 million, which suggests a high-quality conversion of accounting profits into actual cash inflows following a long period of significant cash burn.
The convergence of net income and operating cash flow indicates that the company's recent profitability is driven by core operational performance rather than non-cash accounting adjustments. Investors should monitor whether this 1:1 conversion ratio persists as the company transitions from generic distribution to the commercialization of its proprietary YUTREPIA platform.
Based on quarterly data, Liquidia's free cash flow margin shifted from a negative 19.7% in 2025Q3 to a robust 37.8% in 2026Q1, signaling a fundamental change in the company's ability to self-fund operations without relying on external capital markets for survival.
This rapid trajectory shift highlights the operating leverage inherent in the company's business model as revenue scales. The transition to positive free cash flow suggests that the heavy investment phase in legal and R&D infrastructure is beginning to yield tangible liquidity, though sustainability remains contingent on maintaining market share.
According to SEC filings, Liquidia maintained a capital expenditure to revenue ratio of just 2.1% in 2026Q1, demonstrating that the company's PRINT manufacturing technology is not overly capital-intensive relative to the significant revenue growth currently being realized through its distribution agreements.
The low capital intensity suggests that the company can scale its operations without requiring massive investments in property, plant, and equipment. This capital-light profile is a critical advantage, as it allows the firm to allocate more resources toward the legal and commercial efforts required to defend its intellectual property.
As evidenced by the $15.7 million outflow in 2026Q1, Liquidia's working capital dynamics remain volatile, reflecting the complex timing of inventory procurement and the settlement of profit-sharing agreements associated with its generic treprostinil distribution business, which can obscure underlying cash generation trends.
The significant swings in working capital suggest that cash flow is sensitive to the timing of payments and receipts within the supply chain. Analysts should interpret these fluctuations as a byproduct of the company's current business model rather than a sign of operational inefficiency, though consistent monitoring is warranted.
Based on reported figures, stock-based compensation has climbed to $9.2 million in 2026Q1, which represents a meaningful non-cash expense that effectively dilutes shareholders despite the company's newfound ability to generate positive operating cash flow from its core business activities.
While the cash flow statement shows a positive trend, the increasing reliance on equity-based compensation suggests that management is utilizing stock to preserve cash for legal and commercial initiatives. Investors should consider the impact of this ongoing dilution on per-share value, even as the company's cash position improves.
Quick answers to the most common questions about buying LQDA stock.
Liquidia Corporation (LQDA) generated $-35.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Liquidia Corporation (LQDA) reported negative free cash flow of $40.0M in 2025, indicating capital requirements exceeded cash from operations.
Liquidia Corporation (LQDA) spent $4.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.