Liquidity remains under extreme pressure, as demonstrated by historical free cash flow outflows of $30.7M in recent periods, signaling a failure to generate internal cash to fund operations.
Lixiang Education Holding Co., Ltd. (LXEH) cash flow statement — 11-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 | Dec'15 |
|---|
| Cash from Operations | -314.3B | -305.74M | -18.32M | -59.2M | 40.97M | 30.61M | 49.46M | 58.78M | 52.32M | 52.84M | 43.27M | 40.74M |
| Operating CF Margin % | - | -7128.06% | -55.86% | -116.5% | 99.07% | 88.88% | 192.4% | 437.59% | 12.24% | 40.54% | 37.35% | 40.94% |
| Operating CF Growth % | 100% | -1568.72% | 69.05% | -244.5% | 33.85% | -38.11% | -15.86% | 12.33% | -0.97% | 22.12% | 6.21% | - |
| Net Income | -121.31B | -118.58M | -24.7M | -103.6M | -9.92M | -243.82M | 33.59M | 47.24M | 27.41M | 54.13M | 40.3M | 29.9M |
| Depreciation & Amortization | 4.81M | 14.6M | 11.74M | 11.29M | 11.61M | 5.24M | 4.87M | 7.83M | 7.47M | 5.8M | 3.57M | 2.94M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 2.9M | -10.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 101.89B | 81.58M | -1.57M | 94.47M | -4.38M | 203.78M | -20.42M | 970.9K | 633.97K | -4.8M | -930.95K | 743.24K |
| Working Capital Changes | -294.9B | -283.34M | -3.78M | -64.27M | 43.67M | 65.41M | 31.43M | 2.73M | 16.81M | -2.29M | 334.72K | 7.15M |
| Change in Receivables | -7.44M | 586.14K | 1.97M | -6.6K | 54.59M | 0 | 0 | -313.11K | 2.06M | -4.1M | -1.05M | -52.65K |
| Change in Inventory | 0 | 0 | 886.89K | 276.88K | -936.18K | 1.35M | -1.58M | -626.77K | -119K | -117.96K | -92.04K | -44.39K |
| Change in Payables | 3.63B | 3.53M | -1.12M | -295.63K | -3.63M | 0 | 0 | 648.78K | 2.5M | 373.36K | -3.47M | 7.08M |
| Cash from Investing | -142.21B | -138.34M | -554.08K | -7.58M | -456.38K | -155.05M | 19.76M | -34.74M | -2.64M | -65.22M | -51.65M | -58.44M |
| Capital Expenditures | -7.62B | -7.41M | -298.08K | -2.18M | -1.3M | -2.25M | -3.91M | -13.16M | -15.55M | -55.08M | -52.13M | -58.44M |
| CapEx % of Revenue | - | 172.76% | 0.91% | 4.29% | 3.14% | 6.53% | 15.21% | 98.01% | 3.64% | 42.26% | 45.01% | 58.73% |
| Acquisitions | 0 | 0 | -256K | -5.4M | 156.46K | -112.49M | 143.08K | 5.14M | 4.64M | 3.5M | 8.37K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.3B | -5.84M | 0 | 0 | 683.62K | -40.32M | 13.52M | -11.77M | 1.02M | -1.95M | 0 | 0 |
| Cash from Financing | 254.32B | 247.39M | 8.75M | 44.08M | -11.22M | 115.67M | 126.79M | -1.96M | -82.05M | 37.72M | 13.58M | 5.72M |
| Debt Issued (Net) | 0 | 3.79M | 8.75M | 10.5M | -12.25M | 0 | -19.9M | -24.2M | -82.05M | 37.72M | 13.58M | 5.72M |
| Equity Issued (Net) | 250.42B | 243.6M | 0 | 41.86M | 0 | 0 | 208.72M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 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 |
| Other Financing | 3.9B | 0 | 0 | -8.27M | 1.03M | 115.67M | -62.02M | 22.24M | 0 | 0 | 0 | 0 |
| Net Change in Cash | -207.94B | -198.66M | -6.32M | -19.72M | 47.35M | -13.36M | 188.05M | 22.07M | -32.36M | 26.86M | 4.69M | 4.05M |
| Free Cash Flow | -321.92B | -305.85M | -18.62M | -61.38M | 39.67M | 28.36M | 45.55M | 45.61M | 36.77M | -2.24M | -8.87M | 3.9M |
| FCF Margin % | - | -7130.73% | -56.77% | -120.78% | 95.93% | 82.35% | 177.19% | 339.58% | 8.6% | -1.72% | -7.65% | 3.92% |
| FCF Growth % | - | -1542.62% | 69.66% | -254.71% | 39.89% | -37.74% | -0.14% | 24.03% | 1742.28% | 74.75% | -327.43% | - |
| FCF per Share | -167958.41 | -159.99 | -15.96 | -78.10 | 59.51 | 42.54 | 84.09 | 91.22 | 73.55 | -33.59 | -133.01 | 58.48 |
| FCF Conversion (FCF/Net Income) | 5529.05x | 18.03x | 0.74x | 0.47x | -5.26x | -0.13x | 1.47x | 1.24x | 0.64x | 0.98x | 1.07x | 1.36x |
| Interest Paid | 3.48B | 0 | 2.74M | 3.84M | 2.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 40.33M | 0 | 9.15K | 66.55K | 935.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying LXEH stock.
Lixiang Education Holding Co., Ltd. (LXEH) generated $-305.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lixiang Education Holding Co., Ltd. (LXEH) reported negative free cash flow of $305.9M in 2025, indicating capital requirements exceeded cash from operations.
Lixiang Education Holding Co., Ltd. (LXEH) spent $7.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity exhaustion from operations
Earnings Disconnect Signals Operational Distress
According to historical financial data, LXEH exhibits a profound disconnect between net income and operating cash flow, with the most recent periods showing negative cash generation despite significant accounting losses, suggesting that the company's earnings quality is severely compromised by its ongoing, volatile business model transition.
The persistent gap between net income and operating cash flow indicates that the company is struggling to convert its remaining business activities into actual liquidity. Investors should monitor this divergence, as it suggests that the reported losses may be understating the true cash-burning nature of the current operational pivot.
Free Cash Flow Negative Trajectory
As reported in recent financial statements, LXEH's free cash flow has shifted into a sustained negative trajectory, with recent periods recording outflows of $30.7M, which highlights the company's inability to fund its operations through internal cash generation following the collapse of its core education business.
The transition to negative free cash flow margins, reaching -119.9% in recent periods, underscores the structural difficulty in achieving self-sustainability. This trend suggests that the company is currently reliant on its existing cash reserves to cover operating deficits rather than generating value from its new service lines.
Working Capital Volatility Impairs Liquidity
Based on the company's reported figures, working capital swings have become a primary driver of cash flow volatility, with a $32.1M outflow in recent periods indicating that the company is struggling to manage its receivables and payables effectively during this period of extreme operational restructuring.
The erratic nature of working capital changes suggests that the company's new business lines, such as food procurement, may be introducing significant collection or inventory management challenges. This instability warrants further investigation into whether these working capital outflows are temporary timing issues or structural inefficiencies in the new business model.
Capital Deployment Limited by Burn
Data from recent filings indicates that LXEH has ceased all meaningful capital deployment activities, such as dividends or share repurchases, as the company prioritizes the preservation of its remaining $12.7M cash cushion to offset the ongoing operational cash burn observed in recent quarters.
The absence of capital allocation toward growth or shareholder returns reflects a defensive posture necessitated by the company's current financial distress. Management appears to be focused entirely on survival, leaving little room for strategic investment in the new IT and procurement segments.