Free cash flow remains deeply negative, evidenced by a $4.3M outflow in 2026Q1 that highlights the firm's inability to achieve self-sustaining operations.
| 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 |
|---|
| Cash from Operations | -12.34M | -9.37M | -2.52M | -3.6M | -7.04M | -4.37M | -3.39M | -3.87M | -3.55M | -2.18M | -1.53M | -1.48M | -900K | -602K | -787K | -547K |
| Operating CF Margin % | - | -367.1% | -98.36% | -157.77% | -935.51% | -257.64% | -544.3% | -730.94% | -1116.35% | -912.97% | -669.43% | -1006.8% | -443.35% | -285.31% | -474.1% | -581.91% |
| Operating CF Growth % | -1256.79% | -272.5% | 30.15% | 48.8% | -61.09% | -28.78% | 12.47% | -9.13% | -62.69% | -42.34% | -3.58% | -64.44% | -49.5% | 23.51% | -43.88% | - |
| Net Income | -19.51M | -18.18M | -3.71M | -3.71M | -5.45M | -14.28M | -4.33M | -5.79M | -4.15M | -4.96M | -2.83M | -2.88M | -2.65M | -1.99M | -1.27M | -723K |
| Depreciation & Amortization | 1.1M | 897K | 1K | 1K | 1K | 2K | 2K | 4K | 6K | 5K | 7K | 9K | 9K | 10K | 9K | 10K |
| Stock-Based Compensation | 0 | 0 | 356K | 293K | 354K | 382K | 376K | 1.75M | 889K | 800K | 508K | 220K | 24K | 479K | 28K | 63K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 8.53M | -536K | 598K | 0 | 549K | 0 | 962K | 138K | 77K | 0 | 0 |
| Other Non-Cash Items | 4.07M | 7.92M | 101K | 137K | 363K | 1.5M | 647K | 10K | 1.01M | 1.2M | 383K | 449K | 1.26M | 782K | 494K | 37K |
| Working Capital Changes | 1.91M | 0 | 731K | -322K | -2.31M | -494K | 445K | -447K | -291K | 232K | 400K | -236K | 319K | 39K | -43K | 66K |
| Change in Receivables | -666K | -179K | 85K | -309K | 191K | -175K | 86K | -16K | -71K | -18K | -1K | 16K | -8K | -6K | -1K | 22K |
| Change in Inventory | -247K | 249K | 541K | -557K | -2M | -30K | -26K | 23K | -68K | -9K | 4K | -36K | 30K | -5K | -60K | 51K |
| Change in Payables | 43K | 1.02M | -91K | 54K | -21K | -59K | 15K | -64K | 25K | 86K | 24K | -43K | 83K | -2K | 1K | -2K |
| Cash from Investing | -72K | 88K | -3K | -1K | -3K | -3K | -2K | 0 | -8K | 0 | -8K | -1K | -4K | -5K | -5K | -2K |
| Capital Expenditures | -72K | -60K | -3K | -1K | -3K | -3K | -2K | 0 | -8K | 0 | -8K | -1K | -4K | -5K | -5K | -2K |
| CapEx % of Revenue | 3.3% | 2.35% | 0.12% | 0.04% | 0.4% | 0.18% | 0.32% | - | 2.52% | - | 3.49% | 0.68% | 1.97% | 2.37% | 3.01% | 2.13% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 148K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 14.08M | 12.79M | 1K | 4.22M | 2.09M | 4.58M | 9.52M | 4.32M | 94K | 6.44M | 33K | 3M | 900K | 600K | 0 | 1.32M |
| Debt Issued (Net) | 17.36M | 0 | 0 | 0 | 0 | 0 | 42K | 0 | 0 | 1.38M | 0 | 0 | 900K | 600K | 0 | 1M |
| Equity Issued (Net) | -5.59M | 0 | 1K | 4.21M | 2.09M | 4.97M | 9.48M | 4.25M | 0 | 5.06M | 0 | 3M | 0 | 0 | 0 | 325K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 383K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.31M | 12.79M | 0 | 7K | 2K | -388K | 1K | 66K | 94K | 0 | 33K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 1.66M | 3.5M | -2.53M | 570K | -5.02M | 204K | 6.2M | 442K | -3.46M | 4.25M | -1.51M | 1.52M | -4K | -7K | -792K | 776K |
| Free Cash Flow | -12.41M | -9.43M | -2.52M | -3.6M | -7.04M | -4.37M | -3.39M | -3.87M | -3.56M | -2.18M | -1.54M | -1.48M | -904K | -607K | -792K | -549K |
| FCF Margin % | -569.14% | -369.45% | -98.48% | -157.82% | -935.9% | -257.82% | -544.62% | -730.94% | -1118.87% | -912.97% | -672.93% | -1007.48% | -445.32% | -287.68% | -477.11% | -584.04% |
| FCF Growth % | -277.64% | -274.43% | 30.09% | 48.81% | -61.05% | -28.79% | 12.42% | -8.88% | -63.06% | -41.6% | -4.05% | -63.83% | -48.93% | 23.36% | -44.26% | - |
| FCF per Share | -3.77 | -15.01 | -9.33 | -20.59 | -49.57 | -34.73 | -65.90 | -111.66 | -110.35 | -87.91 | -67.32 | -83.76 | -69.24 | -46.49 | -60.66 | -42.05 |
| FCF Conversion (FCF/Net Income) | 0.64x | 0.52x | 0.68x | 0.97x | 1.29x | 0.31x | 0.78x | 0.67x | 0.85x | 0.44x | 0.54x | 0.51x | 0.34x | 0.30x | 0.62x | 0.76x |
| Interest Paid | 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 |
Unsustainable cash burn rate
According to quarterly financial disclosures, the persistent disconnect between net income and operating cash flow, highlighted by an OCF/NI ratio of 1.13 in 2026Q1, suggests that reported earnings fail to capture the underlying cash-consumptive nature of the company's current operational model.
The consistent negative operating cash flow, despite occasional fluctuations in net income, indicates that the company is struggling to convert its business activities into actual liquidity. Investors should monitor this divergence, as it implies that accounting profits—when present—are not supported by tangible cash inflows from core operations.
Based on the reported cash flow statements, the company's free cash flow trajectory remains deeply negative, with a 2026Q1 outflow of $4.3M, underscoring a structural inability to generate self-sustaining cash flow despite the company's ongoing efforts to commercialize its ultrasound technology.
The consistent FCF burn suggests that the business model is currently incapable of covering its own operating and capital requirements. This trend warrants further investigation into whether the company can achieve a positive FCF inflection point without further dilutive financing or a radical shift in its cost structure.
As reported in recent filings, working capital changes have been highly erratic, including a $1.5M inflow in 2025Q4, which appears to provide temporary relief to the cash balance but fails to address the fundamental, long-term cash-burning nature of the company's core operations.
The reliance on working capital fluctuations to manage liquidity suggests that the company's cash position is highly sensitive to the timing of payables and receivables. This volatility may obscure the true rate of cash consumption, making it difficult for investors to gauge the company's actual operational runway.
Based on the provided data, the company's capital deployment, including a $5.0M share repurchase in 2025Q3, appears disconnected from its operational reality, as the firm continues to burn cash at an unsustainable rate while maintaining a precarious liquidity position.
Allocating capital toward share repurchases while the company is in a pre-scale, cash-consumptive phase may indicate a misalignment between management's capital allocation strategy and the firm's immediate need for liquidity. This approach warrants further investigation into the rationale behind prioritizing buybacks over preserving cash for essential R&D or commercialization efforts.
Quick answers to the most common questions about buying NAOV stock.
NanoVibronix, Inc. (NAOV) generated $-9.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NanoVibronix, Inc. (NAOV) reported negative free cash flow of $9.4M in 2025, indicating capital requirements exceeded cash from operations.
NanoVibronix, Inc. (NAOV) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.