Free cash flow generation remains inconsistent, with margins ranging from a low of 3.3% in 2024Q3 to a high of 16.3% in 2024Q2 due to volatile working capital requirements.
| 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 | 155.88M | 127.3M | 187.72M | 181.09M | 77.78M | 231.81M | 185.87M | 145.01M | 103.97M | 24.83M | 47.94M | 33.76M | 65.16M | 55.26M | 39.48M | 31.24M | 20.6M | 43.13M | 19.54M | 37.23M | 19.51M | -2.26M | -4.3M | 7.68M | 1.18M | -10.71M | -19.11M |
| Operating CF Margin % | - | 10.74% | 16.88% | 15.79% | 6% | 20.48% | 20.83% | 16.17% | 13.21% | 3.47% | 6.92% | 6.97% | 14.78% | 14.52% | 12.57% | 12.72% | 9.26% | 20.21% | 7.76% | 17.47% | 12.61% | -1.86% | -3.47% | 7.52% | 1.35% | -12.32% | -28.36% |
| Operating CF Growth % | 61.2% | -32.19% | 3.66% | 132.83% | -66.45% | 24.72% | 28.18% | 39.48% | 318.64% | -48.19% | 41.99% | -48.19% | 17.91% | 39.96% | 26.38% | 51.67% | -52.24% | 120.78% | -47.52% | 90.84% | 963.91% | 47.51% | -156.01% | 549.28% | 111.05% | 43.95% | - |
| Net Income | 20.43M | 2.05M | 12.53M | -20.37M | 5.65M | 77.85M | 32.19M | 61.34M | 37.73M | 20.61M | 603K | 30.76M | 30.52M | 23.98M | 16.18M | 10.39M | 4.89M | 444K | 12.72M | 43.3M | 10.37M | -2.07M | 10.6M | 7.31M | -5.04M | -1.17M | -20.79M |
| Depreciation & Amortization | 83.32M | 86.63M | 89.75M | 95.56M | 99.17M | 106.98M | 71.59M | 64.12M | 51.35M | 51.51M | 58.36M | 25.64M | 20.27M | 18.36M | 13.32M | 7.98M | 8.62M | 9.43M | 8.95M | 4.6M | 3.72M | 4.2M | 4.08M | 3.5M | 3.02M | 3.72M | 3.65M |
| Stock-Based Compensation | 31.24M | 44.5M | 39.32M | 55.3M | 68.25M | 53.16M | 44.7M | 34.05M | 28.89M | 21.86M | 19.5M | 14.92M | 12.79M | 11.15M | 9.21M | 9.5M | 9.02M | 9.72M | 11.16M | 11.16M | 8.13M | 0 | 70K | 242K | 505K | 816K | 0 |
| Deferred Taxes | 6.77M | -1.29M | -14.86M | -11.05M | -37.32M | 0 | -6.55M | -1.34M | -5.71M | -26.84M | -10.88M | -1.09M | 1.4M | 787K | 2.72M | 4.19M | 2.4M | 12.25M | -6.05M | -24.71M | 503K | 3K | 324K | -242K | -505K | 0 | 0 |
| Other Non-Cash Items | 17.46M | 3.74M | 2.64M | 17.98M | 15.5M | 50.42M | 6.63M | 2.65M | 2.42M | 2.11M | 764K | -2.67M | 1.54M | 1.97M | 387K | -3.25M | -2.73M | -13.42M | 14.08M | 7.26M | 3.88M | 2.59M | -1.08M | 777K | 3.31M | -816K | 910K |
| Working Capital Changes | -3.35M | -8.33M | 58.33M | 43.67M | -73.47M | -56.6M | 37.3M | -15.81M | -10.72M | -44.41M | -20.41M | -33.8M | -1.35M | -992K | -2.34M | 2.44M | -1.6M | 24.71M | -21.34M | -4.38M | -7.08M | -6.98M | -18.3M | -3.91M | -112K | -13.27M | -2.88M |
| Change in Receivables | 4.99M | 41.42M | -5M | 38.74M | -60.36M | -40.97M | 12.03M | -23.52M | -6.19M | -39.07M | 8.05M | -18.3M | -22.8M | -3.61M | -9.31M | 5.86M | -1.32M | 17.19M | -21.87M | -2.1M | -7.64M | -7.49M | -7.44M | -3.88M | 7.71M | -1.35M | 0 |
| Change in Inventory | -7.04M | -11.22M | 5.39M | 38.02M | -30.11M | -25.7M | 12.36M | -8.12M | -6.76M | -26.84M | -3.36M | -10.4M | 1.42M | -5.41M | 2.54M | -9.43M | 77K | -693K | 174K | 2M | -4.34M | -1.76M | -6.17M | 3.42M | -2.63M | -2.29M | -1.09M |
| Change in Payables | 5.96M | -9.28M | 7.21M | -17.52M | -7.75M | 0 | -6.3M | 7.89M | -9.15M | 19.71M | -4.96M | -2.84M | 1.61M | -1.78M | 1.75M | -2.24M | 2.86M | 936K | -853K | 892K | 1.77M | -430K | 1.57M | -3.05M | 1.09M | 2.18M | 0 |
| Cash from Investing | -60.49M | -60.36M | -52.79M | -55.02M | -58.67M | -412.5M | -279.87M | -61.66M | -54.37M | -34.99M | -341.32M | -45.6M | -43.33M | -20.45M | -168.71M | -13.07M | -23.06M | -3.76M | -11.79M | -34.22M | -3.8M | 8.75M | -8.38M | -14.3M | 2.06M | -7.59M | 1.36M |
| Capital Expenditures | -52.53M | -40.41M | -36.46M | -55.02M | -60.74M | -28.97M | -54.87M | -61.66M | -54.37M | -30.54M | -29.16M | -20.09M | -22.6M | -20.45M | -20.6M | -13.11M | -7.09M | -3.76M | -12.33M | -6.97M | -3.79M | -2.1M | -3.78M | -2.66M | -2.07M | -2.95M | -511K |
| CapEx % of Revenue | 4.29% | 3.41% | 3.28% | 4.8% | 4.69% | 2.56% | 6.15% | 6.87% | 6.91% | 4.26% | 4.21% | 4.15% | 5.13% | 5.37% | 6.56% | 5.34% | 3.19% | 1.76% | 4.9% | 3.27% | 2.45% | 1.73% | 3.05% | 2.6% | 2.36% | 3.39% | 0.76% |
| Acquisitions | 0 | 0 | 0 | 0 | 2.07M | -354.16M | -225M | 0 | 0 | -4.45M | -312.16M | -25.51M | -20.72M | 0 | -156.31M | 235K | -5.7M | 0 | 0 | -27.25M | 677K | -323K | -2.38M | -2.69M | -964K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.6M | -9.78M | -5.93M | 0 | 15.35M | -29.37M | -29.14M | 3.7M | 1.68M | -15.2M | -15.72M | -12.55M | -10.68M | -1.72M | -5.32M | -235K | -3.62M | -1.25M | -713K | -925K | 5.61M | 4K | -103K | 0 | -1.75M | 0 | 0 |
| Cash from Financing | -219.96M | -218.32M | -235.58M | 23.42M | -20.95M | 47.36M | 456.27M | -23.48M | -13.6M | -9.88M | 265.71M | -31.83M | -206K | 7.37M | -232K | -1.84M | 8.86M | 9.42M | -57.11M | 105.95M | 15.61M | 3.56M | 7.66M | 9.71M | 1.25M | 25.53M | 24.89M |
| Debt Issued (Net) | -175M | -175M | -225.46M | -2.97M | 0 | 0 | 509.67M | -90M | -77M | -43.5M | 252.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -305K | 3.31M | 0 | -7.91M | -50K |
| Equity Issued (Net) | -61.24M | -60.73M | 38.58M | 23.22M | -52.21M | -16.29M | -61.77M | 37.81M | 39.57M | -5.89M | 0 | -50.02M | -27.84M | -23.18M | -3.41M | -5.79M | 0 | 4.04M | -57.11M | 105.95M | 15.61M | 3.56M | 7.97M | 6.4M | 1.25M | 33.42M | 24.94M |
| 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 | -77.6M | -77.6M | 0 | 0 | -52.21M | -16.29M | -53.03M | 0 | 0 | 0 | -3.49M | -50.02M | -24.09M | -20.96M | -12.36M | -12.57M | 0 | 0 | -65.06M | 0 | 0 | 0 | 0 | 0 | 0 | -10.11M | -5.05M |
| Other Financing | 16.27M | 17.41M | -48.7M | 3.17M | 31.26M | 63.65M | 8.38M | 28.71M | 23.84M | 39.52M | 11.2M | 18.19M | 27.63M | 30.56M | 3.18M | 3.95M | 8.86M | 5.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24K | 0 |
| Net Change in Cash | -123.44M | -147.58M | -102.36M | 148.14M | -2.79M | -134.3M | 362.71M | 60.02M | 34.77M | -22.06M | -27.73M | -43.67M | 21.36M | 42.22M | -129.45M | 16.13M | 6.41M | 48.79M | -49.37M | 108.96M | 31.32M | 10.05M | -5.02M | 3.1M | 4.49M | 7.23M | 7.13M |
| Free Cash Flow | 111.77M | 86.89M | 151.26M | 139.62M | 17.04M | 202.84M | 131M | 83.34M | 49.59M | -5.71M | 18.77M | 13.67M | 42.56M | 34.81M | 18.88M | 18.13M | 13.51M | 39.37M | 7.21M | 30.26M | 15.72M | -4.36M | -8.08M | 5.02M | -890K | -13.66M | -19.62M |
| FCF Margin % | 9.12% | 7.33% | 13.6% | 12.17% | 1.31% | 17.92% | 14.68% | 9.29% | 6.3% | -0.8% | 2.71% | 2.82% | 9.65% | 9.15% | 6.01% | 7.38% | 6.07% | 18.45% | 2.86% | 14.2% | 10.16% | -3.58% | -6.52% | 4.92% | -1.01% | -15.72% | -29.12% |
| FCF Growth % | -4.1% | -42.56% | 8.34% | 719.32% | -91.6% | 54.84% | 57.18% | 68.06% | 968.97% | -130.4% | 37.29% | -67.87% | 22.26% | 84.36% | 4.14% | 34.19% | -65.69% | 446.48% | -76.19% | 92.47% | 460.9% | 46.11% | -260.95% | 664.27% | 93.48% | 30.39% | - |
| FCF per Share | 2.43 | 1.87 | 3.27 | 3.09 | 0.37 | 4.23 | 2.99 | 1.94 | 1.22 | -0.15 | 0.51 | 0.37 | 1.16 | 0.97 | 0.55 | 0.53 | 0.40 | 1.23 | 0.22 | 0.89 | 0.54 | -0.17 | -0.29 | 0.20 | -0.04 | -1.32 | -11.51 |
| FCF Conversion (FCF/Net Income) | 5.47x | 62.04x | 14.98x | -8.89x | 13.77x | 2.98x | 5.77x | 2.36x | 2.76x | 1.21x | 79.50x | 1.10x | 2.14x | 2.30x | 2.44x | 3.01x | 4.21x | 97.14x | 1.54x | 0.86x | 1.88x | 1.09x | -0.41x | 1.05x | -0.23x | 9.18x | 0.92x |
| Interest Paid | 0 | 0 | 1.62M | 0 | 1.44M | 1.92M | 522K | 3.58M | 7.49M | 6.55M | 5.34M | 76K | 61K | 122K | -28K | -62K | 4K | 11K | 15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 11.28M | 0 | 19M | 0 | 10.34M | 7.76M | 3.49M | 7.78M | 11.09M | 11.87M | -9.16M | -7.06M | -6.68M | -253K | 1.51M | 320K | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hospital CAPEX budget sensitivity
As reported in financial statements, Omnicell frequently generates positive operating cash flow despite reporting net losses, with the OCF/NI ratio reaching extreme levels such as -14.98 in 2025Q4, indicating that non-cash charges and working capital shifts are the primary drivers of reported cash generation.
The consistent divergence between net income and operating cash flow suggests that the company's accounting earnings are heavily influenced by non-cash items like depreciation and stock-based compensation. Investors should monitor this gap, as it implies that the company's ability to fund operations is currently decoupled from its reported profitability metrics.
Based on the provided quarterly data, free cash flow margins have fluctuated significantly from a low of 3.3% in 2024Q3 to a high of 16.3% in 2024Q2, highlighting the sensitivity of cash generation to the timing of large-scale hospital automation project completions and revenue recognition.
The erratic nature of free cash flow suggests that Omnicell's business model remains susceptible to the lumpy capital expenditure cycles of its healthcare customers. This volatility may indicate that the transition to a subscription-based model has not yet fully smoothed out the cash flow profile of the organization.
According to recent SEC filings, working capital changes have been highly inconsistent, ranging from a $37.4M inflow in 2024Q1 to a $56.3M outflow in 2024Q3, which suggests that the company's cash position is frequently buffeted by shifts in inventory management and customer payment timing.
These sharp swings in working capital appear to be a significant source of quarterly cash flow instability. The reliance on large, project-based installations likely forces the company to carry significant inventory, which may tie up cash and create periodic liquidity pressure during slower implementation quarters.
Analysis of the reported figures reveals that stock-based compensation, which reached $11.2M in 2025Q3, often represents a substantial portion of the company's cash flow from operations, suggesting that the reported cash generation may be overstated when accounting for the economic cost of equity-based dilution.
While stock-based compensation is a non-cash expense, it represents a real cost to shareholders that is effectively excluded from the operating cash flow calculation. The persistent reliance on this form of compensation warrants further investigation into whether the company's cash flow would remain positive without such significant equity-based adjustments.
Quick answers to the most common questions about buying OMCL stock.
Omnicell, Inc. (OMCL) generated $127.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Omnicell, Inc. (OMCL) generated $86.9M 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.
Omnicell, Inc. (OMCL) spent $40.4M 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, Omnicell, Inc. (OMCL) spent $77.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.