Madrigal Pharmaceuticals, Inc. (MDGL) annual cash flow statement — 23-year operating, investing & financing history
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | -268.1M | -189.55M | -455.57M | -324.23M | -224.86M | -183.92M | -157.56M | -41.62M | -25.51M | -22.32M | -17.61M | -71.44M | -78.92M | -77.41M | -54.13M | -47.3M | -38.2M | -26.81M | -37.94M | 27.22M | -52.98M | -61.88M | -33.8M | -23.61M |
| Operating CF Margin % | - | -19.78% | -252.91% | - | - | - | - | - | - | - | - | - | - | - | - | -623.68% | -258.05% | -18.59% | -1450.82% | 3663.8% | - | - | -19534.68% | -1810.74% |
| Operating CF Growth % | 168.25% | 58.39% | -40.51% | -44.19% | -22.26% | -16.73% | -278.53% | -63.19% | -14.29% | -26.75% | 75.35% | 9.48% | -1.96% | -43% | -14.45% | -23.83% | -42.48% | 29.33% | -239.37% | 151.38% | 14.38% | -83.11% | -43.13% | - |
| Net Income | -309.44M | -288.28M | -465.89M | -373.63M | -295.35M | -241.85M | -202.24M | -83.95M | -32.81M | -31.15M | -26.39M | -68.67M | -86.16M | -90.19M | -62.79M | -47.38M | -37.47M | 79.09M | -92.62M | -63.49M | -57.27M | -68.86M | -45.93M | -27.88M |
| Depreciation & Amortization | 3.39M | 4.72M | 696K | 527K | 467K | 405K | 471K | 112K | 96K | 77K | 156 | 662K | 673K | 516K | 738K | 1.46M | 1.93M | 2.46M | 2.72M | 3.35M | 3.65M | 2.46M | 1.55M | 1.01M |
| Stock-Based Compensation | 85.43M | 98.13M | 79.88M | 49.73M | 31.63M | 26.87M | 20.73M | 22.76M | 13.49M | 3.25M | 8.68M | 4.3M | 7.43M | 6.03M | 3.32M | 3.35M | 4.05M | 4.58M | 7.57M | 5.42M | 4.79M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -7.32M | -21.83M | 0 | 0 | 0 | 0 | 0 | 0 | -6.03M | 0 | 0 | 0 | 0 | -7.57M | -5.42M | -4.79M | 0 | 0 | 0 |
| Other Non-Cash Items | 29.43M | 4.38M | 2.09M | 2.41M | 797K | 7.32M | 21.83M | 0 | 13.12M | 2.49M | 1.21M | 3.48M | 3.12K | 6.03M | 0 | 0 | 0 | 0 | 7.57M | 5.42M | 4.79M | 4.26M | 3.21M | 2.39M |
| Working Capital Changes | -76.91M | -8.5M | -72.34M | -3.28M | 37.6M | 30.65M | 23.48M | 19.45M | -6.28M | 5.51M | -1.11M | -7.74M | -868K | 6.24M | 4.59M | -4.74M | -6.71M | -112.94M | 44.39M | 81.95M | -4.16M | 266K | 7.38M | 866K |
| Change in Receivables | -125.93M | -80.65M | -53.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.33M | 38.82K | -40 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -37.99M | -36.98M | -34.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -44.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 10.41M | 5.28M | 15.56M | 4.21M | 2.45M | 20.36M | -161K | -1.31M | 558K | 917K | -128.06K | -1.84M | -3.45M | 928K | 2.19M | 1.54M | -2.03M | 626K | 840K | -144K | -729K | 0 | 0 | 0 |
| Cash from Investing | 60.63M | 32.32M | -274.39M | -502.52M | 206.69M | -5.05M | 159.78M | 30.71M | -380.08M | -22.01M | 21.99M | 20M | -8.84M | -24.65M | -9.94M | 9.33M | -19.8M | 21.05M | -23.69M | 10.79M | 23.57M | 39.18M | -43.81M | -40.4M |
| Capital Expenditures | -7.32M | -467K | -1.46M | -1.48M | -217K | -209K | -334K | -172K | -22K | -125K | -3.08K | -58K | -144K | -769K | -505K | -690K | -136K | -454K | -2.18M | -2.35M | -1.58M | -4.88M | -1.59M | -769K |
| CapEx % of Revenue | 0.65% | 0.05% | 0.81% | - | - | - | - | - | - | - | - | - | - | - | - | 9.1% | 0.92% | 0.31% | 83.52% | 316.29% | - | - | 921.39% | 58.97% |
| Acquisitions | 0 | 0 | 0 | 0 | -3K | 787K | 1.92M | 0 | -3.67M | 0 | 5.85M | 0 | 8.8K | 0 | 9.9K | 0 | 19.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -8.97M | 19.09M | 0 | 3K | -787K | -1.92M | 0 | 3.67M | -21.88K | 780.01K | 0 | -8.8K | 0 | -9.9K | 0 | -19.8K | 0 | 0 | 0 | 0 | 0 | 0 | 500K |
| Cash from Financing | 249.67M | 255.98M | 735.06M | 595.12M | 313.45M | 171.24M | 5.09M | 235K | 314.33M | 173.81M | 14.45M | 40.39M | 85.3M | 69.04M | 115.52M | 36.74M | 45.16M | -2.13M | -1.91M | 43.88M | 39.29M | 3.78M | 84.28M | 71.12M |
| Debt Issued (Net) | 217.93M | 217.93M | 0 | 65M | 50M | 0 | 0 | 0 | 0 | 0 | 8.5M | 3.3M | -9.49M | 10.87M | -4.25M | 1.42M | 13.17M | -2.18M | -1.91M | -2.62M | -2.09M | -1.1M | -153K | -70K |
| Equity Issued (Net) | 21.36M | 38.05M | 397.49M | 260.19M | 255.38M | 170.21M | 4.42M | 0 | 311.82M | 173.81M | 5.95M | 6 | 94.79M | 58.17M | 119.76M | 35.31M | 31.99M | 50K | 1K | 44.51M | 39.96M | 134K | 83.3M | 71.19M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.86M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32K | 0 | 0 | 0 | 0 | -290K | 0 | 0 | 0 | 0 |
| Other Financing | 10.38M | 0 | 337.57M | 269.93M | 8.07M | 1.03M | 667K | 235K | 2.51M | 0 | -82 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.99M | 3.27M | 4.75M | 1.13M | 0 |
| Net Change in Cash | 43.54M | 98.76M | 5.1M | -231.63M | 295.28M | -17.73M | 7.31M | -10.68M | -91.25M | 129.48M | 18.84M | -11.06M | -2.47M | -33.02M | 51.44M | -1.24M | -12.85M | -7.89M | -63.53M | 81.89M | 9.88M | -18.93M | 6.67M | 7.11M |
| Free Cash Flow | -272.41M | -190.02M | -457.03M | -325.71M | -225.07M | -184.13M | -157.9M | -41.8M | -25.53M | -22.44M | -17.61M | -71.5M | -79.07M | -78.18M | -54.64M | -47.99M | -38.34M | -27.26M | -40.12M | 24.87M | -54.56M | -66.77M | -35.39M | -24.38M |
| FCF Margin % | -24.05% | -19.83% | -253.72% | - | - | - | - | - | - | - | - | - | - | - | - | -632.78% | -258.97% | -18.9% | -1534.34% | 3347.51% | - | - | -20456.07% | -1869.71% |
| FCF Growth % | 32.14% | 58.42% | -40.32% | -44.71% | -22.24% | -16.61% | -277.78% | -63.72% | -13.76% | -27.43% | 75.37% | 9.57% | -1.14% | -43.08% | -13.86% | -25.19% | -40.61% | 32.05% | -261.32% | 145.58% | 18.27% | -88.66% | -45.15% | - |
| FCF per Share | -9.38 | -8.47 | -21.48 | -17.43 | -13.13 | -11.14 | -10.22 | -2.71 | -1.73 | -1.83 | -3.38 | -418.11 | -28.10 | -38.55 | -32.20 | -35.60 | -33.25 | -27.97 | -41.63 | 26.81 | -85.78 | -105.01 | -66.22 | -39.05 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.66x | 0.98x | 0.87x | 0.76x | 0.76x | 0.78x | 0.50x | 0.78x | 0.72x | 0.67x | 10.44x | 0.92x | 0.86x | 0.86x | 1.00x | 1.02x | -0.34x | 0.41x | -0.43x | 0.93x | 0.90x | 0.74x | 0.85x |
| Interest 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 |
| Taxes 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 |
Quick answers to the most common questions about buying MDGL stock.
Madrigal Pharmaceuticals, Inc. (MDGL) generated $-189.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Madrigal Pharmaceuticals, Inc. (MDGL) reported negative free cash flow of $190.0M in 2025, indicating capital requirements exceeded cash from operations.
Madrigal Pharmaceuticals, Inc. (MDGL) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.