Free cash flow remains persistently negative, with quarterly outflows frequently exceeding $1M, while stock-based compensation as high as $2.5M in 2025Q3 obscures the true cash cost of operations.
| Cash from Operations | -4.36M | -5.13M | -4.63M | -3.53M | -2.99M | -2.81M | -297.06K | -894.47K | -1.11M | -92.86K | -147.92K | 0 |
| Operating CF Margin % | - | -252.11% | -216.22% | -169.16% | -143.64% | -197.53% | -31.48% | -241.33% | -450.69% | - | - | - |
| Operating CF Growth % | 40.24% | -10.97% | -31.17% | -18.09% | -6.34% | -845.69% | 66.79% | 19.09% | -1090.49% | 37.23% | - | - |
| Net Income | -8.08M | -8.23M | -10.48M | -5.49M | -4.48M | -6.18M | -2.93M | -2.72M | -3.33M | -2.67M | -151.26K | -400 |
| Depreciation & Amortization | 170.49K | 193.8K | 285.05K | 287.72K | 368.96K | 318.26K | 169.72K | 91.41K | 37.01K | 0 | 0 | 0 |
| Stock-Based Compensation | 3.23M | 104.4K | 1.54M | 742.7K | 732.13K | 897.83K | 2M | 252.7K | 1.76M | 0 | 7.77K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -12.93K | 678.77K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 36K | 2.67M | 3.99M | 704.17K | 614.51K | 2.23M | 363.89K | 91.32K | 24.3K | 2.5M | 15.82K | 4.8K |
| Working Capital Changes | 287.96K | 126.81K | 34.09K | 223.22K | -219.32K | -541.38K | 110.23K | 712.96K | 400.51K | 75.09K | -4.43K | 400 |
| Change in Receivables | 91.5K | -44.56K | 74.8K | -153.97K | -41.66K | 42.97K | -94.75K | 255 | -12.82K | 0 | 0 | 0 |
| Change in Inventory | 93.83K | 94.05K | -43.44K | 60.73K | -97.69K | -78.8K | -10.23K | -720.15K | 4.13K | 3.92K | -8.05K | 0 |
| Change in Payables | 234.63K | 120.94K | 23.61K | 198.89K | -104.86K | -145.26K | 155.22K | 720.15K | 337.98K | 4K | 0 | 0 |
| Cash from Investing | 5.32K | -5.32K | -92.04K | -51.76K | -79.3K | -81.59K | 66.99K | 0 | -404.16K | 92.89K | 0 | 0 |
| Capital Expenditures | 5.32K | -5.32K | -92.04K | -51.76K | -79.3K | -81.59K | 0 | 0 | -4.16K | 0 | 0 | 0 |
| CapEx % of Revenue | 0.3% | 0.26% | 4.3% | 2.48% | 3.81% | 5.74% | - | - | 1.7% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 66.99K | 0 | -400K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -79.3K | -81.59K | 66.99K | 0 | -404.16K | 0 | 0 | 0 |
| Cash from Financing | 5.4M | 5.4M | 8.54M | 2.09M | 160.07K | 7.63M | 371.87K | 430.25K | 1.98M | 65.76K | 174.9K | 100 |
| Debt Issued (Net) | -21.86K | -21.62K | 8.69M | 2.09M | -17.8K | -1.63M | -161.54K | 425K | 22.42K | 7.51K | 0 | 100 |
| Equity Issued (Net) | 5.42M | 5.42M | -149K | 0 | -119.01K | 6.31M | 515.11K | 0 | 1.5M | 50K | 175K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -196.59K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -149K | 0 | -119.01K | -104.47K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 69 | 0 | 296.88K | 3.14M | 18.31K | 5.25K | 461.47K | 8.25K | -100 | 0 |
| Net Change in Cash | 1.04M | 263.14K | 3.82M | -1.49M | -2.91M | 4.74M | 141.81K | -464.47K | 474.65K | 65.76K | 27.02K | 100 |
| Free Cash Flow | -4.36M | -5.13M | -4.72M | -3.58M | -3.07M | -2.89M | -297.06K | -894.47K | -1.11M | -92.86K | -147.92K | 0 |
| FCF Margin % | -241.62% | -252.11% | -220.51% | -171.64% | -147.46% | -203.27% | -31.48% | -241.33% | -452.38% | - | - | - |
| FCF Growth % | 16.5% | -8.81% | -31.84% | -16.72% | -6.08% | -873.16% | 66.79% | 19.39% | -1094.97% | 37.23% | - | - |
| FCF per Share | -0.36 | -0.44 | -0.44 | -0.45 | -0.36 | -0.36 | -0.04 | -0.14 | -0.18 | -0.02 | -0.02 | - |
| FCF Conversion (FCF/Net Income) | 0.54x | 0.62x | 0.44x | 0.64x | 0.62x | 0.33x | 0.09x | 0.32x | 0.33x | 0.03x | 0.98x | - |
| Interest Paid | 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 |
Liquidity and clinical binary
According to the provided cash flow data, Nutriband's operating cash flow consistently trails net losses, with OCF/NI ratios fluctuating significantly, such as the 0.45 observed in 2026Q1, suggesting that reported net income does not capture the full extent of the company's cash-based operational requirements.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital adjustments are insufficient to bridge the company's fundamental cash burn. Investors should monitor this divergence, as it suggests that the company's accounting earnings are not reflective of the actual cash resources required to sustain its clinical development pipeline.
As reported in financial statements, Nutriband has maintained a negative free cash flow trajectory over the last ten quarters, with quarterly outflows frequently exceeding $1M, highlighting a structural inability to generate self-sustaining cash flow from its current business activities while pursuing its AVERSA technology development.
The consistent negative FCF margins, which reached -182.6% in 2025Q4, underscore the company's reliance on external financing to fund its operations. This trend suggests that until the company achieves a commercial milestone or licensing event, the cash burn will likely remain the primary constraint on its operational flexibility.
Based on the quarterly cash flow statements, Nutriband's working capital changes have been highly erratic, swinging from a $579.6K inflow in 2025Q2 to a $467.7K outflow in 2025Q3, which indicates a lack of predictable cash management cycles within its current operational framework.
These fluctuations in working capital suggest that the company's cash position is sensitive to the timing of payables and receivables, which may be exacerbated by its small revenue base. Such volatility warrants further investigation into whether these shifts represent genuine operational efficiency gains or merely the timing of clinical-stage expenditures.
Analysis of the cash flow statements reveals that stock-based compensation (SBC) has been a significant, albeit volatile, component of the company's financial structure, with a peak of $2.5M in 2025Q3, which effectively obscures the true cash cost of talent acquisition and retention.
By relying heavily on equity-based incentives, the company manages to preserve cash, but this practice masks the true economic cost of its operations from a shareholder dilution perspective. Investors should interpret these figures as a signal that the company is prioritizing cash preservation over the potential long-term impact of equity dilution on existing shareholders.
Quick answers to the most common questions about buying NTRB stock.
Nutriband Inc. (NTRB) generated $-5.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nutriband Inc. (NTRB) reported negative free cash flow of $5.1M in 2025, indicating capital requirements exceeded cash from operations.
Nutriband Inc. (NTRB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.