Free cash flow generation remains highly volatile, swinging from a 22.0% margin in 2025Q4 to a -22.1% deficit in 2023Q4, often obscured by consistent stock-based compensation averaging over $2 million per quarter.
| 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 | 14.38M | 18.71M | 4.89M | -7.24M | 10.65M | 726.04K | -6.31M | -1.66M | 792.55K | -1.48M | -465.96K | 515.11K | -56.35K | 1.13M | -624.03K | -521.51K | -1.31M | -1.77M | -919.4K | -303.63K |
| Operating CF Margin % | - | 17.1% | 5.31% | -10.12% | 17.06% | 1.18% | -14.57% | -6.75% | 3.74% | -12.2% | -6.01% | 7.13% | -0.87% | 22.85% | -30.46% | -46.92% | -1845.37% | -6621.87% | -1098.63% | -302.67% |
| Operating CF Growth % | 3929.74% | 282.8% | 167.53% | -167.96% | 1367.43% | 111.51% | -279.96% | -309.55% | 153.56% | -217.58% | -190.46% | 1014.13% | -104.98% | 281.5% | -19.66% | 60.23% | 25.89% | -92.47% | -202.8% | - |
| Net Income | 6.84M | 5.13M | -20.11M | -17.57M | -11.44M | 378.08K | -2.21M | -3.14M | 226.34K | -2.1M | -1.54M | -595.14K | -1.03M | 215.85K | -363.98K | -2.12M | -2.01M | -4.56M | -4.25M | -361.47K |
| Depreciation & Amortization | 4.47M | 4.33M | 4.33M | 2.4M | 2.02M | 1.97M | 2.08M | 1.28M | 316.5K | 324.55K | 235.28K | 333.95K | 264.34K | 193.79K | 187.1K | 145.31K | 59.93K | 32.52K | 32.15K | 2.82K |
| Stock-Based Compensation | 5.4M | 6.96M | 11.47M | 13.72M | 15.75M | 5.49M | 3.17M | 2.26M | 1.86M | 87.38K | 175.18K | 327.75K | 899.44K | 399.09K | 180.64K | 189.49K | 473.77K | 2.95M | 333K | 0 |
| Deferred Taxes | 887K | 1.21M | 1.45M | 0 | 0 | 0 | 200K | -897.96K | 2.4K | 65.74K | 0 | 31.73K | 3.29K | 0 | 6.92K | 916.67K | 142.42K | 0 | 0 | 0 |
| Other Non-Cash Items | 2.33M | 264K | 6.83M | 9.76M | 363.51K | 80K | 140.39K | 635K | 656.93K | 815.01K | 384.13K | 253.36K | 272.8K | 19.55K | 89.63K | 184.15K | 7.99K | 0 | 2.82M | 0 |
| Working Capital Changes | -5.54M | 816K | 921K | -15.55M | 3.96M | -7.19M | -9.69M | -1.8M | -2.27M | -668.48K | 278.65K | 163.46K | -470.83K | 304.35K | -724.35K | 163.64K | 13.51K | -193.89K | 149.02K | 55.01K |
| Change in Receivables | 2.26M | 460K | -2.17M | -8.71M | 2.28M | -6.99M | -10.67M | -548.83K | -2.79M | -370.49K | -212.95K | -747.07K | -588.67K | -950.17K | -151.85K | -245.87K | -211.53K | 1.35K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -2.21M | -882.48K | -93.22K | 491.07K | 271.09K | -61.01K | -2.86K | 62.39K | -9.13K | 6.32K | -4.43K | -697.71K | 0 | 0 |
| Change in Payables | -370K | -520K | -72K | 195K | 555.39K | -603.09K | 3.48M | -336.43K | 647.49K | -909.64K | 60.93K | 864.67K | 226.84K | 1.24M | -282.02K | 298.3K | 3.75K | -138.64K | 128.65K | 43.22K |
| Cash from Investing | 131K | 68K | -450K | -25.34M | -58.18M | -486K | -124.72K | -10.58M | -5.69M | -42.24K | -349.54K | -100.96K | -409.95K | -298.65K | -50.87K | -239.92K | -225.64K | -107.7K | -10.62K | -125.58K |
| Capital Expenditures | -52K | -58K | -112K | -87K | -81K | -100.32K | -68.04K | -1.59M | -91.01K | -42.24K | -349.54K | -100.96K | -409.95K | -298.65K | -50.87K | -234.87K | -225.64K | -107.7K | -10.62K | -125.58K |
| CapEx % of Revenue | 0.05% | 0.05% | 0.12% | 0.12% | 0.13% | 0.16% | 0.16% | 6.45% | 0.43% | 0.35% | 4.51% | 1.4% | 6.3% | 6.02% | 2.48% | 21.13% | 317.51% | 403.02% | 12.69% | 125.18% |
| Acquisitions | 0 | 0 | 0 | -80.41M | -2M | 0 | 0 | -8.99M | -5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 183K | 126K | -338K | -774K | -163.56K | -385.68K | -56.68K | 0 | -56.65K | 0 | -171.1K | -98.92K | -402.97K | -298.65K | -48.64K | -5.05K | 0 | -1.08M | 0 | 0 |
| Cash from Financing | -10.92M | -8.8M | -4.91M | 28.22M | -18.95M | 73.92M | -1.9M | 22.18M | 8.69M | -390K | -357.42K | 4.35M | 2.8M | 233.94K | 0 | 442.5K | 2.16M | 31K | 3.3M | 550K |
| Debt Issued (Net) | -10.19M | -8M | -4M | 36.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 1M | -4K | -323.75K | 70K |
| Equity Issued (Net) | -87K | 352K | -911K | -7.52M | -20.02M | 70.67M | 2.49M | 21.3M | 8.16M | -390K | -357.42K | 4.35M | 2.8M | 0 | 0 | 855.46K | 1.16M | 35K | 3.62M | 300K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -101K | 0 | -911K | -7.52M | -20.02M | 0 | 0 | 0 | 0 | -390K | -806.91K | 0 | -6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -641K | -1.15M | 0 | -278K | 1.07M | 3.25M | -4.39M | 877.7K | 521.26K | 0 | 0 | 0 | 0 | -233.94K | 0 | 1.09M | 0 | 0 | 0 | 180K |
| Net Change in Cash | 3.6M | 9.98M | -472K | -4.36M | -66.47M | 74.16M | -8.34M | 9.94M | 3.79M | -1.91M | -1.17M | 4.76M | 2.33M | 833.98K | -674.9K | -318.93K | 621.7K | -1.85M | 2.37M | 120.79K |
| Free Cash Flow | 14.33M | 18.66M | 4.78M | -8.11M | 10.41M | 240.04K | -6.44M | -3.25M | 701.54K | -1.52M | -815.5K | 414.15K | -466.3K | 833.98K | -674.9K | -756.38K | -1.54M | -1.88M | -930.02K | -429.21K |
| FCF Margin % | 13.35% | 17.05% | 5.19% | -11.34% | 16.67% | 0.39% | -14.86% | -13.21% | 3.31% | -12.55% | -10.52% | 5.74% | -7.17% | 16.82% | -32.94% | -68.05% | -2162.88% | -7024.89% | -1111.32% | -427.85% |
| FCF Growth % | 127.1% | 290.56% | 158.9% | -177.92% | 4236.57% | 103.73% | -98.09% | -563.05% | 146.09% | -86.64% | -296.91% | 188.81% | -155.91% | 223.57% | 10.77% | 50.79% | 18.12% | -101.85% | -116.68% | - |
| FCF per Share | 0.76 | 0.98 | 0.26 | -0.47 | 0.59 | 0.01 | -0.43 | -0.24 | 0.06 | -0.16 | -0.08 | 0.05 | -0.06 | 0.12 | -0.14 | -0.16 | -0.35 | -0.45 | -0.23 | -0.12 |
| FCF Conversion (FCF/Net Income) | 2.10x | 3.65x | -0.24x | 0.41x | -0.93x | 1.92x | 2.86x | 0.53x | 3.50x | 0.70x | 0.30x | -0.87x | 0.05x | 5.25x | 1.71x | 0.25x | 0.65x | 0.39x | 0.22x | 0.84x |
| Interest Paid | 2.15M | 0 | 6.2M | 1.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.09M | 0 | 161K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
EHR partner dependency risk
As reported in recent financial filings, OptimizeRx exhibits a persistent disconnect between GAAP net income and operating cash flow, with OCF/NI ratios frequently exceeding 2.0x, suggesting that non-cash charges and working capital fluctuations are the primary drivers of reported cash generation rather than core operational profitability.
The frequent divergence between net income and operating cash flow indicates that GAAP earnings are heavily influenced by non-cash items, likely including significant stock-based compensation and amortization. Investors should monitor whether this cash flow premium is sustainable or if it merely reflects timing differences in revenue recognition that may reverse in subsequent periods.
Based on the provided quarterly data, free cash flow margins have demonstrated extreme volatility, swinging from a 22.0% peak in 2025Q4 to a -22.1% deficit in 2023Q4, highlighting the inherent instability of the company's cash-generating model amidst shifting pharmaceutical marketing campaign cycles and acquisition-related integration costs.
The inability to maintain consistent positive free cash flow suggests that the business model remains highly sensitive to the timing of client spend. This lack of predictability complicates valuation efforts, as the company appears to oscillate between periods of cash accumulation and significant cash burn.
According to historical cash flow statements, working capital changes have acted as a primary source of cash volatility, with a notable $15.0 million outflow in 2023Q4 followed by a $4.6 million inflow in 2024Q1, reflecting the lumpy nature of collections and payments within the EHR ecosystem.
The significant swings in working capital suggest that OptimizeRx is highly dependent on the timing of payments from pharmaceutical clients and the subsequent settlement of distribution fees with EHR partners. This dependency implies that cash flow is more a function of administrative timing than underlying operational efficiency.
As indicated by the quarterly cash flow data, stock-based compensation consistently averages over $2 million per quarter, effectively masking the true cash cost of talent acquisition and potentially inflating the perceived cash-generating capacity of the firm during periods of GAAP losses.
By adding back stock-based compensation to operating cash flow, the company presents a more favorable liquidity picture than the underlying income statement suggests. Analysts should treat these cash flow figures with caution, as the dilution associated with this compensation represents a real economic cost to shareholders.
Quick answers to the most common questions about buying OPRX stock.
OptimizeRx Corporation (OPRX) generated $18.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OptimizeRx Corporation (OPRX) generated $18.7M 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.
OptimizeRx Corporation (OPRX) 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.