Cash conversion efficiency remains inconsistent, as evidenced by an operating cash flow to net income ratio of -0.19 in 2026Q1 and a $5.1 million negative change in working capital.
| 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 |
|---|
| Cash from Operations | 4.37M | 13.44M | 12.11M | 7.12M | -15.1M | -24.16M | -10.6M | -20.44M | -20.91M | -9.8M | -2.94M | -2.11M | -2.58M | -3.91M | -10.12M | -4.1M | -2.66M | -396.17K | -1.92M | -38.48K |
| Operating CF Margin % | - | 10.38% | 12.16% | 8.52% | -20.95% | -35.82% | -17.89% | -44.15% | -66.25% | -46.24% | -13.55% | -11.8% | -16.85% | -38.44% | -87.16% | -50.52% | -35.18% | -6.86% | -42.64% | - |
| Operating CF Growth % | 371.25% | 10.97% | 70.14% | 147.14% | 37.52% | -127.95% | 48.14% | 2.24% | -113.26% | -233.86% | -39.1% | 18.19% | 33.94% | 61.4% | -146.89% | -54% | -571.82% | 79.38% | -4892.78% | - |
| Net Income | 18.64M | 17.38M | 8.55M | -4.94M | -16.54M | -27.13M | -19.93M | -32.15M | -33.32M | -11.38M | -2.93M | -2.77M | -5.39M | -4.42M | -11.66M | -7.89M | -2.05M | -907.57K | -2.1M | -38.38K |
| Depreciation & Amortization | 1.71M | 1.45M | 1.48M | 1.71M | 1.88M | 1.63M | 1.51M | 1.52M | 842K | 716K | 419.56K | 330.55K | 258.31K | 269.71K | 344.03K | 398.88K | 387.41K | 394.5K | 376.28K | 0 |
| Stock-Based Compensation | 1.49M | 0 | 3.66M | 4.75M | 5.74M | 6.2M | 6.94M | 7.17M | 6.37M | 4.61M | 1.19M | 1.98M | 2.92M | 1.29M | 2.7M | 2.97M | 1.26M | 205.86K | 121.19K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.36M | 2.9M | -4.71M | 977K | -167K | -124K | -204K | 2.59M | 4K | -5.75M | 1.14M | 557.42K | 144.53K | -330K | 1.94K | 133.5K | 20.64K | -554 | 33.05K | 0 |
| Working Capital Changes | -16.1M | -8.3M | 3.13M | 4.62M | -6.01M | -4.73M | 1.08M | 427K | 5.19M | 2M | -2.77M | -2.21M | -511.99K | -714.11K | -1.51M | 294.62K | -2.28M | -88.41K | -347.41K | -101 |
| Change in Receivables | -6.21M | -756K | -1.28M | 2.25M | -3.32M | -2.58M | -555K | -44K | 1.11M | 937K | -4.11M | -873.73K | -881.7K | 1.35M | -1.22M | 277.9K | -503.63K | -148.88K | 26.18K | 0 |
| Change in Inventory | -13.21M | -11.63M | 5.33M | 152K | -1.08M | -1.92M | -148K | -3.29M | -2.45M | 2.18M | 240.85K | -4.44M | -1.53M | -466.35K | -2.3M | -1.48M | -500.27K | -211.18K | -213.95K | 0 |
| Change in Payables | 2.65M | 2.27M | -1.07M | 553K | -744K | 978K | -181K | 78K | 5.83M | -2.36M | -245.67K | 2.77M | 2.16M | -1.62M | 1.18M | 1.74M | -33.71K | 103.97K | -56.2K | 0 |
| Cash from Investing | 4.99M | -292K | -143K | -143K | -334K | -409K | -165K | -249K | -1.77M | 4.6M | -1.72M | -647.73K | 1.59M | 998.65K | -76.56K | -176.66K | -199.14K | -179.49K | -495.81K | 0 |
| Capital Expenditures | -321K | -292K | -163K | -148K | -334K | -409K | -124K | -743K | -1.32M | -1.17M | -1.5M | -525.23K | -121.74K | -137.35K | -24.55K | -150.66K | -169.14K | -184.49K | -417.53K | 0 |
| CapEx % of Revenue | 0.25% | 0.23% | 0.16% | 0.18% | 0.46% | 0.61% | 0.21% | 1.61% | 4.19% | 5.5% | 6.95% | 2.94% | 0.8% | 1.35% | 0.21% | 1.86% | 2.24% | 3.19% | 9.27% | - |
| Acquisitions | 5.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.84M | 225K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 20K | 5K | 0 | 0 | -41K | 494K | -454K | 5.77M | -220K | -122.5K | -130K | 911K | -52.01K | -26K | -30K | 5K | -78.28K | 0 |
| Cash from Financing | 1.58M | 6.98M | 5.37M | -90K | 7.65M | 36.09M | 8.65M | 16.88M | -90K | 48.95M | 754.27K | 4.34M | 2.69M | 4.65M | 10.3M | 2.47M | 4.62M | -78.47K | 3.24M | 875 |
| Debt Issued (Net) | -9K | -12K | -11K | -15K | -16K | -31K | -272K | 9.72M | -196K | -608K | -5.22M | 2.29M | 2.33M | -108.42K | -86.07K | -81.71K | -62.61K | -78.47K | -74.57K | 0 |
| Equity Issued (Net) | 1.64M | 7M | 5.43M | 0 | 7.75M | 26.74M | 4.86M | 6.77M | -404K | 46.59M | 5.72M | 1.97M | 0 | 2.98M | 10.22M | 0 | 3.49M | 0 | 3.31M | 875 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.6M | -251K | 0 | 0 | 0 | 0 | 0 | 0 | -404K | 0 | 0 | 0 | 0 | 0 | -8.2K | 0 | 0 | 0 | -959.62K | 0 |
| Other Financing | -53K | 0 | -52K | -75K | -77K | 9.38M | 4.07M | 388K | 510K | 2.96M | 258.68K | 79.85K | 364.28K | 1.78M | 160.56K | 2.55M | 1.19M | 0 | 8K | 0 |
| Net Change in Cash | 10.93M | 20.13M | 17.34M | 6.88M | -7.78M | 11.52M | -2.12M | -3.8M | -22.77M | 43.75M | -3.91M | 1.58M | 1.7M | 1.74M | 99.85K | -1.81M | 1.76M | -654.13K | 821.72K | -37.61K |
| Free Cash Flow | 4.05M | 13.14M | 11.95M | 6.97M | -15.43M | -24.57M | -10.74M | -21.19M | -22.36M | -11.15M | -4.66M | -2.76M | -2.83M | -4.13M | -10.2M | -4.28M | -2.86M | -580.66K | -2.42M | -38.48K |
| FCF Margin % | 3.11% | 10.16% | 11.99% | 8.34% | -21.42% | -36.43% | -18.13% | -45.78% | -70.86% | -52.62% | -21.52% | -15.43% | -18.49% | -40.67% | -87.82% | -52.7% | -37.81% | -10.05% | -53.64% | - |
| FCF Growth % | -79.27% | 10.04% | 71.42% | 145.16% | 37.2% | -128.75% | 49.31% | 5.22% | -100.45% | -139.3% | -68.96% | 2.59% | 31.46% | 59.47% | -138.48% | -49.46% | -392.66% | 75.98% | -6181.16% | - |
| FCF per Share | 0.05 | 0.15 | 0.15 | 0.09 | -0.22 | -0.37 | -0.18 | -0.37 | -0.41 | -0.25 | -0.12 | -0.08 | -0.08 | -0.12 | -0.32 | -0.19 | -0.18 | -0.06 | -0.26 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.22x | 0.77x | 1.42x | -1.44x | 0.91x | 0.89x | 0.53x | 0.64x | 0.63x | 0.86x | 1.00x | 0.76x | 0.48x | 0.88x | 0.87x | 0.52x | 1.30x | 0.44x | 0.91x | 1.00x |
| Interest Paid | 0 | 0 | 1K | 2K | 1K | 1K | 13K | 33K | 41K | 57K | 261.74K | 427.59K | 75K | 34.33K | 29.01K | 32.14K | 36.07K | 0 | 70.08K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Patent Litigation
According to the provided financial data, NAGE's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -0.19 in 2026Q1, which suggests that reported accounting profits are frequently decoupled from the actual cash generated by the company's core business operations.
The significant divergence between net income and operating cash flow indicates that earnings quality is heavily influenced by non-cash items or timing differences in accruals. Investors should monitor whether this volatility stems from aggressive revenue recognition or the lumpy nature of legal settlements that often distort the company's true cash-generating capacity.
As reported in financial statements, NAGE's free cash flow margin has experienced extreme swings, peaking at 29.2% in 2024Q4 before contracting to -4.0% in 2026Q1, highlighting a lack of predictable cash generation despite the company's recent shift toward positive operating margins in certain periods.
The inability to maintain positive free cash flow suggests that the business model remains sensitive to operational scaling challenges and high fixed costs. This inconsistency warrants further investigation into whether the company can achieve sustainable cash self-sufficiency without relying on external financing or equity-based compensation to bridge gaps.
Based on reported figures, NAGE has faced persistent working capital headwinds, with negative changes in working capital reaching $5.1 million in 2026Q1, which indicates that cash is being trapped in inventory or delayed receivables rather than flowing efficiently through the company's balance sheet.
The recurring negative working capital adjustments suggest that the company may be struggling to manage its inventory cycles or collection processes effectively. This trend appears to be a primary driver of the company's cash flow volatility and may indicate that growth is becoming increasingly capital-intensive to sustain.
Data from recent filings reveals that NAGE consistently utilizes stock-based compensation, with $1.5 million issued in 2025Q2 alone, which effectively masks the true cash-burn rate by substituting equity for cash expenses that would otherwise weigh on the company's reported operating cash flow metrics.
The reliance on stock-based compensation suggests that management is attempting to preserve cash, yet this practice dilutes shareholders and hides the true cost of operations. Analysts should adjust cash flow figures to account for these non-cash expenses to determine if the company is truly self-funding its growth initiatives.
Quick answers to the most common questions about buying NAGE stock.
Niagen Bioscience Inc (NAGE) generated $13.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Niagen Bioscience Inc (NAGE) generated $13.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Niagen Bioscience Inc (NAGE) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Niagen Bioscience Inc (NAGE) spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.