Liquidity is under pressure as cash reserves contracted from $342.5 million in 2023Q4 to $146.1 million in 2026Q1, exacerbated by volatile working capital swings like the $30.2 million outflow observed in 2025Q1.
| 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 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 22.42M | 5.23M | 7.02M | -1.95M | -65.99M | -26.72M | 1.46M | 23.37M | 44.79M | 18.04M | 21.48M | 6.39M | 9.45M | 2.23M | -492K | 69K | -2.05M | -1.5M | -138.31K | -2.64M | -693.78K | -902.05K | -658.13K | -532.37K | -384.8K | -77.41K | -177.13K |
| Operating CF Margin % | - | 0.72% | 1.06% | -0.33% | -12.95% | -5.52% | 0.33% | 5.72% | 16.18% | 7.51% | 8.8% | 6.41% | 10.85% | 3.35% | -0.82% | 0.16% | -5.97% | -5.09% | -0.69% | -22.97% | -10.71% | -47.85% | -117.93% | -143.89% | -411.59% | -7740.7% | -70.18% |
| Operating CF Growth % | 24% | -25.53% | 459.6% | 97.04% | -146.95% | -1930.34% | -93.75% | -47.82% | 148.3% | -16.02% | 235.95% | -32.35% | 324.34% | 552.64% | -813.04% | 103.36% | -36.76% | -984.85% | 94.77% | -280.9% | 23.09% | -37.06% | -23.62% | -38.35% | -397.11% | 56.3% | - |
| Net Income | -99.21M | -108.03M | -78.73M | -87.97M | -144.25M | -8.35M | 4.17M | 8.01M | 2.64M | -846K | -5.72M | -2.54M | 1.13M | 2.03M | 65K | -1.18M | -3.3M | -2.24M | -1.38M | -3.38M | -129.66K | -997.16K | -818.99K | -535.76K | -590.52K | -8.08M | -970.28K |
| Depreciation & Amortization | 66.51M | 67.82M | 72.55M | 72.58M | 69.43M | 53.35M | 35.72M | 30.27M | 21.73M | 22.59M | 23.21M | 7.14M | 5.64M | 4.41M | 3.82M | 2.08M | 1.78M | 1.18M | 740.56K | 506.36K | 306.59K | 181.07K | 104.26K | 48.04K | -207.31K | 245.67K | 26.4K |
| Stock-Based Compensation | 32.16M | 41.32M | 33.41M | 24.63M | 24.67M | 22.46M | 10.21M | 10M | 6.96M | 6.44M | 5.44M | 3.48M | 692K | 929K | 798K | 458K | 411K | 372.95K | 246.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -16.1M | 0 | 951K | 1.49M | 404K | 19.96M | 15.32M | -2.07M | 2.44M | 2.8M | 3.05M | 0 | 49K | 68.65K | 254.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 24.82M | 36.21M | 12.42M | 14.29M | 31.95M | -89.59M | 12.15M | 6.03M | 542K | 440K | 4.6M | 2.32M | 66K | 49K | 38K | 2.61M | 2.46M | 2.22M | 1.93M | 1.41M | 628.84K | 298.09K | 35.18K | 46.72K | 236.3K | 7.74M | 195.24K |
| Working Capital Changes | -1.85M | -32.09M | -32.63M | -25.49M | -31.7M | -4.6M | -61.75M | -32.42M | 12.51M | -30.55M | -21.36M | -1.95M | -517K | -7.99M | -8.26M | -3.9M | -3.45M | -3.11M | -1.93M | -1.18M | -1.5M | -384.04K | 21.41K | -91.36K | 176.74K | 13.39K | 571.51K |
| Change in Receivables | -13.69M | -6.18M | -19.31M | -11.52M | -7.58M | -4.69M | -12.6M | -17.3M | 209K | -24.24M | -18.43M | -3.21M | -2.77M | -7.42M | -9.19M | -5.23M | -2.86M | -3.87M | -1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 210K | -1.54M | -2.7M | -454K | -1.1M | 1.63M | -15.2M | -5.75M | 734K | -1.42M | -1.15M | -896K | -229K | -442K | -657K | -315K | -285K | -110.34K | -186.71K | -187.39K | -57.36K | -44.88K | -4.53K | 8.71K | -19.31K | 0 | 0 |
| Change in Payables | -5.12M | -4.69M | -4M | -4.55M | 2.79M | 19.32M | -3.97M | -9M | 12.92M | -4.54M | -2.1M | 5.9M | 2.47M | 868K | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -20.9M | -12.34M | 12.86M | 76.71M | 517K | -632.37M | -159.44M | -19.63M | -139.69M | -13.69M | -6.5M | -75.16M | -9.6M | -2.01M | -3.65M | -897K | -916K | -963.74K | -501.78K | -716.14K | -398.62K | -117.63K | -85.93K | -63.19K | -418K | -2.69K | 0 |
| Capital Expenditures | -27.51M | -27.01M | -41.06M | -28.75M | -30.89M | -64.14M | -29.1M | -20.03M | -14.31M | -13.69M | -7.54M | -2.21M | -3.77M | -2.01M | -3.65M | -897K | -916K | -963.74K | -501.78K | -516.14K | -398.62K | -117.63K | -85.93K | -63.19K | -418K | -2.9K | 0 |
| CapEx % of Revenue | 3.69% | 3.71% | 6.22% | 4.86% | 6.06% | 13.24% | 6.55% | 4.9% | 5.17% | 5.7% | 3.09% | 2.22% | 4.33% | 3.03% | 6.1% | 2.06% | 2.67% | 3.27% | 2.51% | 4.49% | 6.16% | 6.24% | 15.4% | 17.08% | 447.1% | 290% | - |
| Acquisitions | -6.45M | -6.45M | 0 | 0 | 0 | -419.4M | -37M | 399K | -125.38M | 0 | 1.03M | -72.94M | -5.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.57M | 1.57M | 0 | 0 | 12.1M | -15M | 0 | 0 | 0 | 0 | 1.03M | -72.94M | -9.6B | -2.01M | -1.04M | -897M | -916M | -963.74K | 0 | -200K | 0 | 0 | 0 | 0 | 0 | 209 | 0 |
| Cash from Financing | -201.57M | -200.29M | 4.65M | 4.55M | 11.83M | 725.28M | 235.6M | 159.47M | 91.96M | -4.09M | -25.87M | 58.49M | 29.01M | 2.75M | 3.38M | 2.36M | 2.43M | 3.63M | 897.68K | 3.44M | 1.21M | 918.08K | 831.56K | 620.61K | 725.58K | 157.31K | 133.7K |
| Debt Issued (Net) | -201.25M | -201.25M | 0 | -70K | -758K | 334.41M | 91.31M | -12.51M | 5.1M | -6.68M | 27.56M | 60.91M | -7.86M | -2.61M | 2.37M | -1.12M | 1.75M | -1.13M | 837.21K | -168.48K | 118.02K | 0 | 0 | 0 | 0 | 0 | -5.87K |
| Equity Issued (Net) | 13K | 962K | 4.65M | 4.62M | 12.59M | 423.21M | 147.6M | 171.98M | 94M | 2.59M | -51.23M | 0 | 34.25M | 0 | 0 | 3.48M | 180K | 5.76M | 60.48K | 5.29M | 1.09M | 211.66K | 740.23K | 0 | 0 | 0 | 25K |
| 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 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50.1M | 0 | -55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -338K | 0 | 0 | 0 | 0 | -32.34M | -3.32M | 0 | -7.14M | 0 | -2.2M | -2.42M | 2.62M | 5.36M | 1.01M | 0 | 500K | -1M | 0 | -1.68M | 0 | 706.41K | 91.33K | 620.61K | 725.58K | 157.31K | 114.57K |
| Net Change in Cash | -200.05M | -207.39M | 24.52M | 79.31M | -53.65M | 66.19M | 77.62M | 163.21M | -3.01M | 296K | -10.89M | -10.27M | 28.86M | 2.97M | -760K | 1.53M | -534K | 1.16M | 257.6K | 84.31K | 115.32K | -101.6K | 87.5K | 25.05K | -77.22K | 77.22K | -43.43K |
| Free Cash Flow | -5.09M | -21.78M | -34.04M | -30.7M | -96.88M | -90.86M | -27.64M | 3.34M | 30.48M | 4.35M | 13.94M | 4.18M | 5.68M | 216K | -4.14M | -828K | -2.97M | -2.46M | -640.09K | -3.16M | -1.09M | -1.02M | -744.07K | -595.55K | -802.79K | -80.31K | -177.13K |
| FCF Margin % | -0.68% | -2.99% | -5.15% | -5.19% | -19.01% | -18.76% | -6.22% | 0.82% | 11.01% | 1.81% | 5.71% | 4.19% | 6.52% | 0.33% | -6.92% | -1.9% | -8.64% | -8.36% | -3.2% | -27.46% | -16.87% | -54.09% | -133.33% | -160.97% | -858.69% | -8030.7% | -70.18% |
| FCF Growth % | 84.28% | 36.02% | -10.85% | 68.31% | -6.62% | -228.79% | -927.43% | -89.04% | 601.08% | -68.82% | 233.68% | -26.42% | 2528.7% | 105.21% | -400.48% | 72.1% | -20.45% | -284.97% | 79.74% | -189.16% | -7.13% | -37.04% | -24.94% | 25.81% | -899.66% | 54.66% | - |
| FCF per Share | -0.20 | -0.85 | -1.34 | -1.22 | -3.90 | -3.79 | -1.24 | 0.16 | 1.66 | 0.27 | 0.90 | 0.35 | 0.51 | 0.02 | -0.43 | -0.10 | -0.40 | -0.36 | -0.10 | -0.50 | -0.21 | -0.23 | -0.18 | -0.21 | -0.94 | -0.11 | -1.13 |
| FCF Conversion (FCF/Net Income) | 0.05x | -0.05x | -0.09x | 0.02x | 0.46x | 3.20x | 0.35x | 2.92x | 16.96x | -45.55x | -3.50x | -2.52x | 8.35x | 1.10x | -7.57x | -0.06x | 0.62x | 0.67x | 0.10x | 0.78x | 5.34x | 0.90x | 0.80x | 0.99x | 0.65x | 0.01x | 0.18x |
| Interest Paid | 1.69M | 0 | 3.83M | 3.38M | 3.4M | 3.06M | 2.93M | 4.78M | 0 | 5.16M | 5.42M | 911K | 981K | 945K | 0 | 0 | 661K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 458K | 0 | 207K | 175K | 180K | 148K | 246K | 319K | 0 | 284K | 290K | 25K | 177K | 17K | 0 | 0 | 15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Deficit
Based on reported financial data, NeoGenomics exhibits a recurring divergence between net losses and operating cash flow, with OCF/NI ratios frequently oscillating between positive and negative values, suggesting that accounting accruals and non-cash charges significantly mask the underlying volatility of the company's core cash-generating capabilities.
The frequent swings in the OCF/NI ratio indicate that cash flow is highly sensitive to timing differences in working capital rather than consistent operational profitability. Investors should monitor whether this instability reflects fundamental challenges in converting diagnostic service volume into realized cash collections.
As reported in quarterly filings, NeoGenomics' free cash flow trajectory remains inconsistent, with FCF margins fluctuating between -20.2% and 7.7% over the last ten quarters, highlighting the difficulty in achieving self-sustaining cash generation despite the company's ongoing efforts to scale its specialized oncology diagnostic testing services.
The inability to maintain positive FCF suggests that the company's current business model requires continuous capital reinvestment that outpaces operational inflows. This pattern warrants further investigation into whether the recent focus on MRD testing will eventually provide the margin expansion necessary to stabilize cash outflows.
According to recent financial statements, NeoGenomics experiences significant quarterly volatility in working capital, including a notable $30.2 million outflow in 2025Q1, which suggests that the company's billing and collection cycles in the fragmented oncology payer environment remain a primary source of cash flow unpredictability.
These erratic working capital movements imply that the company may be struggling with the complexity of its reimbursement processes, potentially leading to delayed cash realization. Such fluctuations appear to be a structural risk that complicates the company's ability to forecast liquidity needs accurately.
Based on the provided figures, NeoGenomics maintains a consistent capital expenditure profile, with CapEx/Revenue ratios peaking at 8.0% in 2024Q2, indicating that the company is forced to continuously reinvest in laboratory infrastructure to support its specialized testing modalities and maintain its competitive position in the market.
The persistent level of capital spending suggests that the company's diagnostic operations are inherently capital-intensive, requiring ongoing investment in high-throughput molecular platforms. This level of intensity may limit the company's ability to achieve meaningful free cash flow until revenue scale significantly outpaces the current maintenance and growth capital requirements.
Quick answers to the most common questions about buying NEO stock.
NeoGenomics, Inc. (NEO) generated $5.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NeoGenomics, Inc. (NEO) reported negative free cash flow of $21.8M in 2025, indicating capital requirements exceeded cash from operations.
NeoGenomics, Inc. (NEO) spent $27.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.