Free cash flow remains deeply negative with a $8.6 million outflow in 2026Q1, exacerbated by capital expenditures that reached 133% of revenue in 2025Q4.
| 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 | -17.86M | -14.53M | -13.62M | -10.46M | -11.88M | -8.92M | -6.89M | 8.29M | -12.15M | -16.45M | -16.45M | -19.6M | -16.49M | -9.74M | -4.73M |
| Operating CF Margin % | - | -85.68% | -67.37% | -56% | -44.86% | -37.52% | -31.68% | 26.08% | -357.37% | -659.25% | -1055.52% | -3261.4% | -6367.95% | - | - |
| Operating CF Growth % | -160.3% | -6.65% | -30.19% | 11.95% | -33.3% | -29.31% | -183.18% | 168.2% | 26.14% | -0.06% | 16.1% | -18.84% | -69.33% | -106.01% | - |
| Net Income | -26.11M | -23.88M | -30.22M | -6.72M | -19.6M | -13.55M | -9.2M | 4.96M | -1.06M | -22.15M | -18.89M | -22.09M | -18.88M | -15.35M | 10.94M |
| Depreciation & Amortization | 1.88M | 1.71M | 1.48M | 1.3M | 1.27M | 1.24M | 1.09M | 1.15M | 577K | 567K | 589K | 503K | 492K | 336K | 267K |
| Stock-Based Compensation | 1.51M | 0 | 3.14M | 1.94M | 1.95M | 1.67M | 1.32M | 1.23M | 645K | 1.36M | 3.17M | 2.66M | 4.83M | 531K | 334K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -124K | -373K | -1.86M | 201K | -1.64M | 125K | 90K | -4.49M | -845K | -15.93M |
| Other Non-Cash Items | -915.33K | 2.87M | 10.71M | -9.33M | 11.74M | 1.69M | 323K | -1.69M | -11.51M | 7.85M | -3.43M | -1.04M | 925K | 5.98M | 1.61M |
| Working Capital Changes | 5.78M | 4.77M | 1.27M | 2.34M | -7.24M | 162K | -61K | 4.49M | -1.01M | -2.45M | 1.98M | 275K | 629K | -389K | -1.95M |
| Change in Receivables | 3.64M | 4.88M | -1.02M | 4.76M | -7.58M | 929K | 1.39M | -3.55M | -211K | 28K | -107K | -181K | -67K | -532K | 0 |
| Change in Inventory | -1.16M | -1.36M | 187K | -906K | -721K | 257K | 141K | 67K | 206K | -1.04M | 873K | -273K | -1.42M | 0 | 0 |
| Change in Payables | 2.31M | 2.35M | 406K | -594K | 414K | 1.72M | -1.1M | 1.35M | -536K | -135K | 331K | -76K | 22K | 405K | 30K |
| Cash from Investing | 1.49M | -19.54M | -8.4M | -34.32M | -481K | 3.55M | 17.39M | -6.9M | -17.04M | 437K | 1.82M | 36.05M | -37.15M | -2.85M | -407K |
| Capital Expenditures | -6.46M | -5.5M | -6.27M | -6.46M | -555K | -489K | -923K | -792K | -534K | -1.07M | -701K | -406K | -396K | -358K | -413K |
| CapEx % of Revenue | 44.62% | 32.46% | 31.02% | 34.59% | 2.09% | 2.06% | 4.24% | 2.49% | 15.7% | 43.07% | 44.99% | 67.55% | 152.9% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 19.78M | 0 | -2.12M | -27.86M | 74K | 35K | 274K | -1.05M | -16.51M | 349K | 2.52M | 36.45M | -36.76M | -2.5M | 6K |
| Cash from Financing | 30.48M | 29.62M | 19.39M | 22.92M | 35.76M | -1.05M | -629K | -1.01M | 46K | 23M | 907K | 778K | 72.47M | 19.24M | 1.77M |
| Debt Issued (Net) | -289K | 0 | -928K | 0 | 0 | 0 | -508K | -630K | 0 | 0 | 0 | 0 | 0 | 3.02M | 1.55M |
| Equity Issued (Net) | 32.02M | 31.05M | 22.16M | 24.91M | 38.38M | 0 | 0 | 0 | 0 | 22.66M | 0 | 0 | 71.82M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 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 | 0 | 0 | 0 |
| Other Financing | -1.25M | -1.43M | -1.84M | -1.99M | -2.62M | -1.05M | -121K | -376K | 46K | 337K | 907K | 778K | 651K | 16.23M | 213K |
| Net Change in Cash | 13.99M | -4.36M | -2.71M | -22.03M | 22.85M | -6.33M | 10.13M | 526K | -29.35M | 7.2M | -13.64M | 17.08M | 18.37M | 6.72M | -3.33M |
| Free Cash Flow | -24.32M | -20.04M | -19.9M | -16.93M | -12.44M | -9.4M | -7.82M | 7.5M | -12.69M | -17.53M | -17.15M | -20.01M | -16.89M | -10.1M | -5.14M |
| FCF Margin % | -167.94% | -118.14% | -98.39% | -90.6% | -46.95% | -39.58% | -35.92% | 23.58% | -373.07% | -702.32% | -1100.51% | -3328.95% | -6520.85% | - | - |
| FCF Growth % | -27.32% | -0.69% | -17.53% | -36.09% | -32.27% | -20.3% | -204.28% | 159.09% | 27.62% | -2.24% | 14.3% | -18.46% | -67.25% | -96.42% | - |
| FCF per Share | -1.89 | -1.76 | -2.00 | -1.88 | -2.49 | -2.42 | -2.01 | 1.93 | -3.28 | -5.26 | -5.49 | -6.46 | -5.95 | -3.47 | -1.77 |
| FCF Conversion (FCF/Net Income) | 0.93x | 0.61x | 0.45x | 1.56x | 0.61x | 0.66x | 0.75x | 1.67x | 11.50x | 0.74x | 0.87x | 0.89x | 0.87x | 0.63x | -0.43x |
| Interest Paid | 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 |
Liquidity and dilution risk
According to reported financial statements, MediWound exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from 0.37 to 5.66, suggesting that accruals and non-cash adjustments frequently obscure the underlying cash-generative capacity of the core biotechnology business model.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash position, likely due to the timing of milestone-based government funding. Investors should interpret these swings as a sign of operational instability rather than a reflection of consistent earnings quality.
As reported in recent quarterly filings, MediWound's free cash flow remains consistently negative, with a 2026Q1 outflow of $8.6 million, highlighting a structural inability to fund operations through commercial product sales while simultaneously managing the high costs associated with clinical development and biological manufacturing.
The persistent negative FCF margins, which reached -119.2% in 2025Q2, suggest that the company is currently in a capital-intensive phase with no clear path to self-funding. This trajectory warrants caution, as it implies that the business remains entirely dependent on external financing to sustain its current burn rate.
Based on the provided data, MediWound's capital expenditure relative to revenue has been alarmingly high, peaking at 133% in 2025Q4, which suggests that the company is investing heavily in infrastructure that has yet to yield a commensurate increase in commercial throughput or operational efficiency.
The high CapEx/Revenue ratio indicates that the company is forced to prioritize infrastructure and manufacturing capacity despite a contracting revenue base. This capital intensity appears to be a significant drag on liquidity, further complicating the company's ability to reach a break-even point.
Data from recent quarterly reports indicates that working capital changes have been highly erratic, swinging from a $3.7 million inflow in 2025Q4 to a $1.1 million outflow in 2025Q2, which suggests that the company's cash position is heavily influenced by the timing of receivables and inventory management.
These fluctuations in working capital appear to be a primary driver of the company's short-term liquidity profile, often masking the underlying cash burn from operations. Analysts should monitor these shifts closely, as they may indicate difficulties in managing the supply chain for biological materials or collecting on government contracts.
Quick answers to the most common questions about buying MDWD stock.
MediWound Ltd. (MDWD) generated $-14.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MediWound Ltd. (MDWD) reported negative free cash flow of $20.0M in 2025, indicating capital requirements exceeded cash from operations.
MediWound Ltd. (MDWD) spent $5.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.