Liquidity is under pressure as the company continues to burn cash, highlighted by a negative $37.0M free cash flow in 2025Q2 and a cash position that has fallen to $94.6M by 2026Q1.
MagnaChip Semiconductor (MX) cash flow statement — 22-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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 2.65M | -24.21M | -6.13M | -3.01M | 5.17M | 87.74M | 7.47M | 50.5M | 39.24M | -18.44M | 7.63M | -9.98M | -37.47M | 68.75M | 121.1M | 104.53M | 106.39M | 41.46M | -18.39M | -23.71M | 30.47M | 103.65M | 329.46M |
| Operating CF Margin % | - | -13.46% | -2.65% | -1.31% | 1.53% | 18.5% | 1.47% | 9.7% | 5.23% | -2.71% | 1.11% | -1.57% | -5.37% | 9.36% | 14.78% | 13.53% | 13.81% | 7.4% | -3.06% | -2.99% | 4.09% | 11.05% | 30.36% |
| Operating CF Growth % | 262.48% | -294.72% | -103.48% | -158.35% | -94.11% | 1074.61% | -85.21% | 28.7% | 312.73% | -341.7% | 176.49% | 73.37% | -154.5% | -43.23% | 15.85% | -1.75% | 156.61% | 325.48% | 22.45% | -177.82% | -70.6% | -68.54% | - |
| Net Income | -30.63M | -29.72M | -54.31M | -36.62M | -8.04M | 56.71M | 344.96M | -21.83M | -3.9M | 84.94M | -29.61M | -84.87M | -117.23M | -64.2M | 193.3M | 21.79M | 74.12M | 839.14M | -417.29M | -180.55M | -229.31M | -100.9M | 37.41M |
| Depreciation & Amortization | 11.94M | 12.96M | 16.16M | 16.68M | 15M | 14.24M | 16.48M | 32.73M | 32.05M | 28.15M | 25.42M | 26.49M | 29.99M | 32.73M | 32.39M | 51.22M | 58.4M | 49.47M | 71.96M | 163.43M | 188.56M | 202.93M | 312.72M |
| Stock-Based Compensation | 2.35M | 2.18M | 6.21M | 7.22M | 6.04M | 7.7M | 6.7M | 6.95M | 5.21M | 2.34M | 3.84M | 2.77M | 2.07M | 2.21M | 2M | 2.08M | 5.24M | 2.43M | 465K | 604K | 243K | 0 | 3.32M |
| Deferred Taxes | -9.46M | -10.12M | -7.03M | -13.4M | 278K | 42.96M | -2.03M | 41.87M | 48.06M | -53.23M | 65K | 372K | 1.47M | 1.47M | -42.77M | 1.41M | 1.54M | -63.7M | 271.31M | 19.36M | 1.95M | -12.94M | -33.34M |
| Other Non-Cash Items | 28.06M | 18.41M | 42.83M | 13.35M | 22.34M | -24.86M | -308.9M | -4.86M | -12.79M | -36.82M | 16.31M | 53.93M | 56.79M | 38.49M | -10.2M | 38.94M | 8.21M | -792.91M | 13.63M | 15.26M | 56.43M | 17.3M | 22.38M |
| Working Capital Changes | 395K | -17.92M | -10M | 9.76M | -30.46M | -9.01M | -49.75M | -4.37M | -29.41M | -43.82M | -8.38M | -8.67M | -10.56M | 58.05M | -53.61M | -10.92M | -41.12M | 7.02M | 41.55M | -41.81M | 12.6M | -35.99M | -13.04M |
| Change in Receivables | 6.71M | -3.2M | 2.72M | 5.76M | 10.28M | 7.5M | -19.27M | -19.82M | 8.29M | -22.21M | 285K | 3.3M | -1.67M | 26.76M | -7.53M | -6.23M | -41.37M | 3.51M | 31.02M | -46.5M | 44.09M | -25.81M | -50.34M |
| Change in Inventory | -2.04M | -5.8M | -1.58M | 2.37M | -12.63M | -5.94M | -816K | -4.21M | -30.68M | -8.08M | -557K | 12.93M | -3.38M | 9.59M | -19.07M | 4.27M | -3.17M | 5.58M | 11.17M | -18.4M | 37.06M | -806K | 18.44M |
| Change in Payables | 2.27M | 4.25M | -1.97M | 7.15M | -16.32M | -11.44M | 3.96M | 7.38M | -8.39M | 10.32M | -4.16M | -12.61M | -1.53M | -3.11M | -1.84M | 11.19M | 3.43M | -31.79M | -24.95M | 20.42M | -54.32M | -41.14M | 61.06M |
| Cash from Investing | -23.61M | -24.43M | -11.67M | -7.66M | -24.93M | -31.44M | 318.48M | -28.9M | -33.31M | -17.74M | -15.87M | -3.39M | -16.7M | -44.1M | -63.53M | -57.16M | -43.73M | 11.54M | -39.57M | -81.81M | -33.38M | -68.69M | -611.31M |
| Capital Expenditures | -23.15M | -29.99M | -11.6M | -7.22M | -23.78M | -32.83M | -36.84M | -24.06M | -34.19M | -33.87M | -19.78M | -7.09M | -18.38M | -43.09M | -62.4M | -48.87M | -44.17M | -8.77M | -28.61M | -86.55M | -41.4M | -64.51M | -110.18M |
| CapEx % of Revenue | 13.02% | 16.67% | 5.01% | 3.14% | 7.04% | 6.92% | 7.27% | 4.62% | 4.55% | 4.98% | 2.87% | 1.12% | 2.63% | 5.87% | 7.61% | 6.32% | 5.73% | 1.57% | 4.75% | 10.92% | 5.56% | 6.88% | 10.15% |
| Acquisitions | 0 | 0 | 0 | 0 | 550K | 832K | 350.55M | -901K | 961K | 17.63M | -361K | 9.14M | 0 | 0 | -8.64M | 0 | 0 | 0 | 0 | 0 | 0 | -16.37M | -488.15M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.55M | 5.56M | -72K | -6.11M | -1.64M | -1.31M | -153K | 312K | -1.51M | 2.72M | 1.5M | 898K | -324K | -1.01M | 7.29M | -8.29M | 441K | 20.64M | -10.96M | 4.74M | 8.01M | 12.19M | -12.98M |
| Cash from Financing | 9M | 12.02M | 16.56M | -52.34M | -12.74M | -35.54M | -222.28M | -1.8M | 1.29M | 72.69M | 1.73M | 3.44M | 68K | -50.12M | -30.13M | -59.08M | 42.46M | 2.03M | 14.69M | 80.14M | -332K | -12.85M | -216.84M |
| Debt Issued (Net) | 9.6M | 16.86M | 29.45M | -493K | -500K | -563K | -224.8M | -1.73M | 1.77M | 86.25M | 0 | 0 | 0 | -10.5M | -2.97M | -56.62M | 181.46M | -33.25M | 15M | 80M | 0 | -12.88M | 222.03M |
| Equity Issued (Net) | -496K | -4.38M | -12.89M | -51.78M | -13.96M | -39.15M | -1.13M | -2.7M | -1.61M | -11.4M | 0 | 0 | 68K | -39.63M | -27.16M | -2.46M | 0 | 35.28M | -313K | 145K | -332K | 628K | -411.22M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -562K | -4.38M | -12.89M | -51.78M | -13.96M | -39.15M | -1.13M | -2.7M | -1.61M | -11.4M | 0 | 0 | 0 | -51M | -28.13M | -11.79M | 0 | 0 | -496K | -6K | -420K | 0 | -417.68M |
| Other Financing | -110K | -452K | 0 | -64K | 1.72M | 4.17M | 3.64M | 2.63M | 1.13M | -2.16M | 1.73M | 3.44M | 0 | 0 | 0 | 0 | -8.31M | 0 | 0 | 0 | 0 | -594K | -27.65M |
| Net Change in Cash | -25.39M | -34.85M | -19.48M | -67.39M | -54.07M | -393K | 128.28M | 19.22M | 3.86M | 45.22M | -7.53M | -11.55M | -51.17M | -28.63M | 20.13M | -10.06M | 107.25M | 60.89M | -60.31M | -24.83M | 2.6M | 28.18M | -488.48M |
| Free Cash Flow | -20.63M | -54.2M | -17.73M | -10.23M | -18.62M | 54.92M | -29.37M | 26.44M | 5.04M | -52.31M | -12.14M | -17.07M | -55.85M | 25.67M | 58.7M | 55.66M | 62.22M | 32.69M | -47M | -110.26M | -10.93M | 39.14M | 219.28M |
| FCF Margin % | -11.6% | -30.13% | -7.65% | -4.45% | -5.51% | 11.58% | -5.79% | 5.08% | 0.67% | -7.7% | -1.77% | -2.69% | -8% | 3.5% | 7.16% | 7.2% | 8.08% | 5.84% | -7.81% | -13.92% | -1.47% | 4.17% | 20.21% |
| FCF Growth % | 61.18% | -205.64% | -73.31% | 45.05% | -133.9% | 286.98% | -211.09% | 424.17% | 109.64% | -330.73% | 28.85% | 69.44% | -317.58% | -56.27% | 5.46% | -10.54% | 90.34% | 169.56% | 57.38% | -908.88% | -127.92% | -82.15% | - |
| FCF per Share | -0.57 | -1.50 | -0.47 | -0.25 | -0.42 | 1.15 | -0.63 | 0.77 | 0.15 | -1.17 | -0.35 | -0.50 | -1.64 | 0.73 | 1.57 | 1.44 | 1.58 | 0.65 | -1.20 | -2.82 | -0.28 | 1.00 | 5.60 |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.81x | 0.11x | 0.08x | -0.64x | 1.55x | 0.02x | -2.31x | -10.06x | -0.22x | -0.26x | 0.12x | 0.32x | -1.07x | 0.63x | 4.80x | 1.44x | 0.05x | 0.04x | 0.13x | -0.13x | -1.03x | 8.81x |
| Interest Paid | 1.02M | 1.25M | 966K | 0 | 0 | 2.09M | 22.22M | 19.07M | 19.25M | 17.59M | 14.91M | 0 | 14.82M | 16.22M | 0 | 24.72M | 17.07M | 8.92M | 39.28M | 57.47M | 56.02M | 53.37M | 29.65M |
| Taxes Paid | 0 | 1.93M | 1.34M | 1.44M | 18.99M | 12.67M | 23.06M | 2.08M | 920K | 1.03M | 693K | 0 | 875K | 6.27M | 0 | 1.95M | 773K | 8.74M | 13.21M | 5.68M | 12.69M | 15.37M | 2.9M |
Quick answers to the most common questions about buying MX stock.
MagnaChip Semiconductor (MX) generated $-24.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MagnaChip Semiconductor (MX) reported negative free cash flow of $54.2M in 2025, indicating capital requirements exceeded cash from operations.
MagnaChip Semiconductor (MX) spent $30.0M 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, MagnaChip Semiconductor (MX) spent $4.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Quality
According to quarterly financial data, Magnachip’s operating cash flow frequently diverges from net income, highlighted by a 2025Q2 period where the company reported a positive net income of $0.3M while simultaneously suffering a massive $25.1M outflow from operations, indicating significant underlying accrual volatility.
The extreme variance between net income and operating cash flow suggests that reported earnings are not currently reflective of the company's actual cash-generating capacity. Investors should monitor whether this divergence is driven by temporary working capital swings or more structural issues related to revenue recognition and inventory management.
Negative Free Cash Flow Trajectory
As reported in recent SEC filings, Magnachip has struggled to maintain positive free cash flow, with the company recording a negative $37.0M in 2025Q2 alone, underscoring the difficulty of sustaining operations while revenue continues to contract across its core display and power segments.
The consistent inability to generate positive free cash flow suggests that the current business model is not self-sustaining at existing revenue levels. This trajectory warrants further investigation into whether management can achieve a break-even point without further eroding the company's cash reserves.
Capital Intensity Amid Revenue Decline
Based on reported figures, Magnachip’s capital expenditure reached a peak of 25.3% of revenue in 2025Q4, a concerning trend given the company's ongoing revenue contraction and the inherent risks of its fab-lite manufacturing strategy in a highly competitive semiconductor environment.
High capital intensity during a period of declining sales suggests that the company is either struggling to optimize its asset base or is forced to invest heavily just to maintain its current technical relevance. This level of spending appears difficult to justify given the lack of corresponding growth in operating cash flow.
Working Capital Volatility Obscures Performance
As evidenced by the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $26.8M inflow in 2023Q4 to a $9.4M outflow in 2025Q2, which complicates the assessment of the company's underlying operational efficiency and cash conversion cycle.
Such significant fluctuations in working capital suggest that the company may be experiencing challenges in managing its inventory levels or collecting receivables in a timely manner. This volatility makes it difficult for analysts to determine if the cash burn is a temporary timing issue or a permanent feature of the current operating model.