Operating cash flow to net income ratios ranged from -2.07 to 3.30 and free cash flow margins swung between -14.3% and 35.3%, indicating cash generation that depends heavily on working-capital timing rather than steady conversion.
OSI Systems, Inc. (OSIS) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 |
|---|
| Cash from Operations | 295.86M | 275.9M | 97.59M | -87.5M | 94.81M | 63.81M | 139.07M | 129.18M | 119.11M | 133.11M | 62.78M | 59.22M | 105.1M | 129.17M | 58.66M | 120.56M | 40.14M | 52.15M | 44.5M | -672K | -2.28M | -12.19M | -12.86M | -10.41M | 21.56M | 6.24M | 94K | -902K | 100K | -400K |
| Operating CF Margin % | - | 15.45% | 5.7% | -5.69% | 7.42% | 5.39% | 12.13% | 11.08% | 10.08% | 12.22% | 6.53% | 7.14% | 10.97% | 14.25% | 7.31% | 15.2% | 6.12% | 8.76% | 7.54% | -0.11% | -0.43% | -2.69% | -3.34% | -4.22% | 11.8% | 5.03% | 0.08% | -0.81% | 0.1% | -0.43% |
| Operating CF Growth % | 32356.41% | 182.71% | 211.53% | -192.29% | 48.59% | -54.12% | 7.65% | 8.45% | -10.52% | 112.03% | 6.01% | -43.66% | -18.63% | 120.18% | -51.34% | 200.36% | -23.03% | 17.19% | 6722.02% | 70.49% | 81.32% | 5.19% | -23.47% | -148.32% | 245.28% | 6541.49% | 110.42% | -1002% | 125% | - |
| Net Income | 158.73M | 154.71M | 149.64M | 128.15M | 91.78M | 115.35M | 74.05M | 75.25M | 64.8M | -29.13M | 21.08M | 26.16M | 65.15M | 47.89M | 44.13M | 45.55M | 33.42M | 23.56M | 11.15M | 13.86M | -18.76M | -2.36M | -2.4M | 9.96M | 15.79M | 6.92M | 3.5M | 627K | 700K | 8.2M |
| Depreciation & Amortization | 41.43M | 42.65M | 43.58M | 42.21M | 38.51M | 38.68M | 43.85M | 49.76M | 56.23M | 69.75M | 68.23M | 57.92M | 58.98M | 54.24M | 27.51M | 20.2M | 18.53M | 18.56M | 17.8M | 19.34M | 17.83M | 14.19M | 10.64M | 5.71M | 4.29M | 3.93M | 4.13M | 4.04M | 3.7M | 2.3M |
| Stock-Based Compensation | 26.2M | 26.43M | 31.96M | 28.71M | 29.12M | 28.07M | 26.77M | 23.82M | 25.25M | 23.85M | 26.13M | 20.76M | 22.5M | 16.98M | 16.45M | 8.53M | 5.79M | 5.01M | 5.05M | 5.27M | 5.27M | 5.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.97M | -2.03M | -9.09M | -14.13M | -3.98M | 3.52M | 432K | -431K | -8.54M | 26.11M | -24.22M | -13.22M | -5.96M | 7.94M | 3.6M | -941K | 9.67M | 3.45M | -2.26M | -4.89M | -22.68M | -3.7M | -3.37M | -1.45M | 607K | -2.69M | 2.23M | -2.19M | -1.4M | -300K |
| Other Non-Cash Items | 8.34M | 8.46M | 1.26M | 5.67M | -3.45M | -32.33M | 20.02M | 19.76M | 12.06M | 21.36M | 28.52M | 11.84M | 4.23M | 4.92M | 7.43M | 3.38M | 1.48M | 178K | 4.33M | -814K | 11.03M | 4.9M | 4.8M | 2.1M | 806K | 3.11M | -3.57M | 209K | 7.4M | 100K |
| Working Capital Changes | 63.14M | 45.69M | -119.76M | -278.11M | -57.17M | -89.48M | -26.06M | -38.98M | -30.69M | 21.16M | -56.96M | -44.24M | -39.8M | -2.81M | -40.45M | 43.85M | -28.75M | 1.4M | 8.41M | -33.44M | 5.04M | -30.58M | -22.53M | -26.73M | 61K | -5.03M | -6.2M | -3.59M | -10.3M | -10.7M |
| Change in Receivables | 91.97M | 98.67M | -164.72M | -293.64M | -66.09M | -13.71M | -28.95M | -37.07M | -27.21M | 11.34M | -44.46M | 36.88M | 7.36M | 26.18M | -53.57M | -17.45M | -3.07M | -23.37M | 30.82M | 1.86M | 1.86M | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -11.47M | -10.36M | -9.7M | -57.29M | -115K | -44.66M | -47.77M | 30.75M | 39.45M | -59.22M | 30.81M | -37.7M | 249K | -21.03M | -12.89M | -24.52M | -39.7M | 19.9M | -17.61M | -25.56M | 6.25M | -13.68M | -8.63M | -15.11M | -4.32M | -5.06M | -3.95M | -7.58M | -400K | -4M |
| Change in Payables | -26.31M | -35.85M | 7.88M | 52.45M | 10.76M | -15.05M | 55.6M | -8.89M | -16.62M | 25.14M | 2.66M | 6.83M | -15.12M | -26.14M | 40.48M | -12.93M | 14.4M | -5.38M | -15.23M | 1.75M | 1.75M | 9.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -136.42M | -68.31M | -117.85M | -37.64M | -40.46M | -12.67M | -34.69M | -42.69M | -48.49M | -149.44M | -200.69M | -43.48M | -35.43M | -72.23M | -167.85M | -81.18M | -24.01M | -24.39M | -12.43M | -29.84M | -30.21M | -16.32M | -29.62M | -75.62M | -14.89M | -2.52M | 3.78M | -1.29M | -23.4M | -8M |
| Capital Expenditures | -28.94M | -48.55M | -23.83M | -22.1M | -32.25M | -30.49M | -29.51M | -21.06M | -30.21M | -45.65M | -22.24M | -23.56M | -21.51M | -60.49M | -161.77M | -73.19M | -17.7M | -21.19M | -14.32M | -14.65M | -18.29M | -16.45M | -16.82M | -5.4M | -3.57M | -2.1M | -3.5M | -2.97M | -20.6M | -8.3M |
| CapEx % of Revenue | 1.6% | 2.72% | 1.39% | 1.44% | 2.52% | 2.58% | 2.57% | 1.81% | 2.56% | 4.19% | 2.31% | 2.84% | 2.25% | 6.67% | 20.17% | 9.23% | 2.7% | 3.56% | 2.43% | 2.35% | 3.44% | 3.63% | 4.37% | 2.19% | 1.95% | 1.69% | 3.15% | 2.67% | 20.24% | 8.84% |
| Acquisitions | -20.16M | -26.27M | -76.74M | -9.05M | -7.1M | -14.13M | -3M | -8.94M | -18.27M | -103.79M | -178.44M | -19.92M | -13.92M | -11.74M | -6.09M | -7.99M | -6.31M | -3.24M | 0 | -23.11M | -23.11M | -311K | -11.45M | -77.51M | -5.37M | 0 | -541K | -1.31M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -21.81M | 6.49M | -17.39M | -16.82M | 347K | 34.13M | 0 | -12.69M | -2.8M | -2.45M | 7.65M | -5.87M | -6.23M | -5.9M | -4.4M | -17.7M | 3K | 37K | 2.3M | 7.92M | 10.55M | 231K | -1.35M | 2.03M | -1.23M | -421K | 7.32M | 148K | -600K | 300K |
| Cash from Financing | -47M | 46.7M | 30.82M | 144.25M | -37.17M | -64.01M | -103.92M | -104.73M | -58.31M | -68.45M | 203.58M | 41.83M | -60.03M | -54.29M | 51.06M | -1.73M | -15.89M | -3.01M | -24.79M | 32.97M | 35.76M | 26.73M | 16.05M | 30.51M | 18.95M | 59.69M | -10.42M | 5.68M | 7.5M | 30.6M |
| Debt Issued (Net) | 301.46M | 348.21M | 126.4M | 161.99M | 5.92M | 64.31M | -59.32M | -29.2M | -26.72M | 8.45M | 254.46M | 122.77M | -1.69M | -170K | 68.83M | -217K | -33.31M | -15.99M | -21M | 26.89M | 28.1M | -3.7M | 17.67M | -1.92M | -2.63M | 54.12M | -6.63M | 7.5M | 7.8M | -11.2M |
| Equity Issued (Net) | -327.26M | -264.63M | -80.44M | 6.18M | -46.7M | -131.06M | -31.95M | -51.77M | -21.03M | -62.93M | -40.8M | -67.23M | -27.15M | -10.55M | -12.01M | -3.93M | -2.22M | 12.99M | -7.39M | 7.22M | 7.66M | 30.43M | -1.63M | 1.45M | 1.05M | 5.56M | -3.79M | -1.44M | -300K | 41.8M |
| 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 | 0 | 0 | 0 |
| Share Repurchases | -334.75M | -271.9M | -80.44M | 0 | -34.75M | -111.63M | -37.47M | -51.77M | -21.03M | -62.93M | -48.45M | -73.37M | -30.74M | -12.06M | -12.01M | -3.93M | -2.22M | -7.39M | -7.39M | 0 | 0 | 0 | -3.82M | 0 | 0 | 0 | -3.89M | -1.82M | -400K | 0 |
| Other Financing | -21.2M | -36.88M | -15.14M | -23.91M | 3.6M | 2.73M | -12.66M | -23.75M | -10.57M | -13.97M | -10.08M | -13.71M | -31.19M | -43.57M | -5.76M | 2.41M | 19.64M | 0 | 3.6M | -1.14M | 0 | 0 | 0 | 30.98M | 20.53M | 0 | 0 | -389K | 0 | 0 |
| Net Change in Cash | 111.88M | 253.43M | 11.05M | 18.6M | 12.55M | -16.41M | 4.51M | -20.21M | 11.5M | -84.84M | 65.28M | 56.78M | 8.76M | 4.13M | -56.76M | 35.83M | 3.63M | 26.82M | 6.94M | 2.25M | 2.18M | -824K | -25.26M | -54.37M | 26.64M | 63.14M | -6.42M | 3.65M | -15.2M | 21.8M |
| Free Cash Flow | 266.93M | 245.33M | 56.09M | -126.93M | 62.56M | 33.32M | 109.56M | 94.76M | 88.9M | 87.46M | 40.54M | 35.66M | 83.59M | 68.68M | -103.1M | 47.37M | 22.44M | 30.96M | 30.18M | -15.33M | -20.56M | -28.64M | -29.68M | -15.82M | 17.99M | 4.14M | -3.4M | -3.87M | -20.5M | -8.7M |
| FCF Margin % | 14.79% | 13.74% | 3.27% | -8.25% | 4.89% | 2.82% | 9.55% | 8.13% | 7.52% | 8.03% | 4.22% | 4.3% | 8.72% | 7.57% | -12.85% | 5.97% | 3.42% | 5.2% | 5.11% | -2.46% | -3.86% | -6.33% | -7.71% | -6.4% | 9.85% | 3.33% | -3.06% | -3.49% | -20.14% | -9.27% |
| FCF Growth % | 100.22% | 337.35% | 144.19% | -302.9% | 87.74% | -69.59% | 15.61% | 6.6% | 1.65% | 115.75% | 13.67% | -57.34% | 21.71% | 166.61% | -317.65% | 111.12% | -27.53% | 2.58% | 296.91% | 25.47% | 28.2% | 3.5% | -87.62% | -187.95% | 334.26% | 221.75% | 12.07% | 81.13% | -135.63% | - |
| FCF per Share | 16.42 | 14.20 | 3.27 | -7.31 | 3.64 | 1.86 | 5.96 | 5.09 | 4.75 | 4.70 | 2.06 | 1.78 | 4.07 | 3.34 | -5.01 | 2.33 | 1.15 | 1.68 | 1.72 | -0.86 | -1.22 | -1.73 | -1.83 | -1.03 | 1.24 | 0.36 | -0.37 | -0.43 | -2.34 | -0.98 |
| FCF Conversion (FCF/Net Income) | 1.68x | 1.78x | 0.65x | -0.68x | 1.03x | 0.55x | 1.88x | 1.72x | 1.84x | -4.57x | 2.98x | 2.26x | 1.61x | 2.70x | 1.33x | 2.65x | 1.20x | 2.21x | 3.99x | -0.05x | 0.12x | 5.17x | 5.37x | -1.05x | 1.36x | 0.90x | 0.03x | -1.44x | 0.14x | -0.05x |
| Interest Paid | 18.14M | 0 | 26.84M | 26.76M | 20.28M | 6.98M | 5.98M | 7.71M | 11.86M | 9.25M | 5.18M | 2.38M | 2.8M | 4.66M | 3.48M | 3.17M | 1.63M | 2.76M | 3M | 4.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 47.97M | 0 | 39.9M | 42.1M | 19.44M | 16.66M | 12.78M | 19.08M | 34.79M | 29.45M | 25.07M | 26.67M | 31.27M | 18.55M | 12.29M | 7.15M | 6.24M | 7.59M | 6.8M | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying OSIS stock.
OSI Systems, Inc. (OSIS) generated $275.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
OSI Systems, Inc. (OSIS) generated $245.3M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
OSI Systems, Inc. (OSIS) spent $48.5M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, OSI Systems, Inc. (OSIS) spent $271.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile operating cash conversion
Metrics are mathematically derived from official filings.
Cash Conversion Swinging With Working Capital
Based on OSIS reported quarterly figures, operating cash flow to net income ratios ranged from -2.07 to 3.30 across the ten quarters, indicating earnings quality that depends heavily on working capital timing rather than steady cash generation.
Reported net income stayed positive in most quarters while operating cash flow was negative in 2024Q4 and 2025Q1, and the 2025Q4 ratio fell to roughly 0.01. The swings track working capital changes of more than $60M in several quarters, which suggests reported earnings may run ahead of collected cash and warrants close monitoring of receivables and inventory. The 2026Q4 spike to 3.30x appears to reflect a large working capital release rather than a durable improvement in earnings quality.
Free Cash Flow Lumpy and Unpredictable
As reported in the quarterly cash flow statements, OSIS free cash flow margin moved from -14.3% in 2025Q1 to 35.3% in 2026Q4, a range too wide to support a reliable trend read.
Free cash flow was negative in three of the ten quarters, yet the two strongest quarters produced margins above 15%, pointing to dependence on a small number of large cash events. Stripping out working capital, underlying cash generation appears considerably more modest than the headline peaks imply. Investors should treat single-quarter FCF as unreliable and focus on multi-quarter averages.
Light Capital Intensity Limits Reinvestment Drag
Based on reported figures, OSIS capital expenditures remained between 1.2% and 2.6% of revenue, a low intensity that suggests the business is not heavily dependent on ongoing physical investment.
Capex consistently tracked close to depreciation and amortization of roughly $6M to $13M per quarter, implying the company is broadly maintaining its asset base rather than expanding it aggressively. The modest capital needs mean free cash flow variability is driven far more by working capital than by investment decisions. Whether this low intensity reflects sustainable efficiency or underinvestment cannot be determined from the supplied data alone.
Buybacks Absorb Cash in Select Quarters
According to reported cash flow data, OSIS repurchased shares totaling roughly $147M and $125M in two quarters while paying no dividends, with acquisition outflows appearing intermittently.
Repurchases were concentrated in quarters with elevated cash generation, which may indicate capital return timed to periods of strength rather than a fixed policy. Acquisition spending of $75M in 2025Q1 and $26M in 2026Q4 further consumed cash in periods of weak operating flow. Based on these figures, the deployment pattern warrants further investigation into whether buybacks are being funded from sustainable free cash flow.
Stock Compensation Masks Cash Cost
Based on reported figures, OSIS stock-based compensation of $6.0M to $9.5M per quarter is added back in operating cash flow, so reported cash generation may overstate economic cash available to shareholders.
Because stock compensation is a non-cash expense, it lifts operating cash flow relative to a view that treats equity pay as a real cost, and the effect is material against quarterly free cash flow of only single-digit millions in several periods. Share repurchases partly offset dilution but consume the same cash the company reports as free. The cash flow statement therefore appears to present a more favorable picture than a fully burdened view would support.