Free cash flow has shifted to a severe burn, reaching a -530.3% margin in 2026Q1, while the company continues to execute $5.0 million in share repurchases despite negative operating cash flow.
| 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 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | -43.19M | -49.02K | 27.37M | 141.58M | -47.2M | -35.38M | 5.81M | 9.8M | 39.09M | 28.16M | 22.77M | 15.77M | 7.53M | 8.29M | 5.37M | -2.99M | 3.89M | -292.76K | -2.46M | 11.58M | 16.89M | 10.39M | 3.44M | 2.7M | -517.51K | -5.26M | -9.99M | -2.4M | -1.5M | -2.3M | -1.5M |
| Operating CF Margin % | - | -0.04% | 14.73% | 34.92% | -12.18% | -15.14% | 3.38% | 6.34% | 21.51% | 16.85% | 18.54% | 13.18% | 7.07% | 8.37% | 6.12% | -3.66% | 5.18% | -0.38% | -3.46% | 14.01% | 24.78% | 14.98% | 6.37% | 6.68% | -1.62% | -16.14% | -33.2% | -23.76% | -15.31% | -24.47% | -2.18% |
| Operating CF Growth % | -8733.37% | -100.18% | -80.67% | 399.95% | -33.41% | -709.3% | -40.77% | -74.92% | 38.83% | 23.67% | 44.34% | 109.58% | -9.17% | 54.24% | 279.43% | -177.02% | 1427.74% | 88.1% | -121.24% | -31.4% | 62.48% | 202.26% | 27.26% | 622.08% | 90.15% | 47.41% | -316.44% | -60% | 34.78% | -53.33% | 89.73% |
| Net Income | -52.71M | -68.73K | -19.5M | 53.66M | -17.93M | -23M | -14.92M | 16.66M | 20.4M | 30.95M | 19.72M | 8.17M | -4.61M | -11.19M | -15.12M | -8.84M | -3.5M | -7.81M | -31.28M | 2.47M | 5.27M | 27.45M | -559.64K | -1.14M | -3.34M | -3.73M | -12.75M | -3.2M | -1.9M | -22.5M | -300K |
| Depreciation & Amortization | 9.95M | 10.19K | 10.87M | 20.94M | 15.54M | 12.49M | 9.71M | 7.73M | 7.22M | 6.4M | 5.69M | 5.7M | 6.31M | 6.49M | 7.25M | 4.89M | 3.01M | 3.05M | 3.39M | 2.74M | 1.92M | 2.35M | 2.49M | 2.58M | 2.18M | 2M | 2.1M | 700K | 700K | 700K | 1.3M |
| Stock-Based Compensation | 8.69M | 10.15K | 11.92M | 10.73M | 11.62M | 7.81M | 7.14M | 4.06M | 15.24M | 6.97M | 6.06M | 6.05M | 5.74M | 5.57M | 5.2M | 4.1M | 3.23M | 3.94M | 5.46B | 5.83B | 5.59B | 1.62B | 70.05M | 50.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -439.63K | -103 | -657K | 102K | -1.65M | 1.03M | -392K | -1.46M | -919K | -649K | -529K | 48K | 294K | -772K | -1.4M | -868.95K | 0 | 22.31B | 22.31M | 1.31M | 3.11M | -18.17M | -70.05M | -50.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.6M | 6.8M | 5.92M | 10.4M | 15.79M | 4.72M | -424K | -8.28M | -400K | 131K | 47K | 556K | -305K | -39K | 10.76M | 852.37K | 58.26K | -22.3B | -5.45B | -5.83B | -5.58B | -1.62B | 1.72M | 653.2K | 1.43M | 794K | 265.94K | 0 | -100K | 18.4M | 200K |
| Working Capital Changes | 4.85M | -6.8M | 18.82M | 45.76M | -70.56M | -38.44M | 4.69M | -8.9M | -2.45M | -15.65M | -8.22M | -4.74M | 100K | 8.22M | -1.32M | -3.13M | 1.08M | -2.27M | -4.91M | -262.91K | -759.9K | -5.12M | -206.89K | 607.34K | -781.32K | -4.32M | 386.5K | 100K | -200K | 1.1M | -2.7M |
| Change in Receivables | -3.08M | 1.95M | 15.87M | 31.12M | -25.16M | -6.45M | -2.32M | -2.21M | 6.63M | -22.12M | -576K | -3.74M | -3.38M | 4.34M | -296K | -3.38M | 1.22M | -2.12M | -274.28M | -937.62M | 1.25B | -4.55B | -3.04B | 860.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 5.76M | 3.56M | 13.1M | 48.23M | -43.05M | -27.94M | -8.61M | -1.04M | -3.86M | -7.39M | 1.48M | 2.35M | -4.4M | 1.27M | -3.14M | -1.76M | 1.44M | 2.09M | -2.87M | -4.8M | -2.16M | -1.24M | -1.79M | -454.69K | -1.02M | -3.55M | 909.84K | -400K | 200K | -200K | -3.1M |
| Change in Payables | 3.11M | -1.72M | -7.58M | -26.98M | 3.96M | 3.23M | 7.38M | -1.54M | 208K | 5.16M | 46K | -2.65M | 2.19M | 1.51M | -791K | 911.14K | -472.46K | -501.18K | -1.69B | 2.58B | 465.34M | 457.54M | 1.74B | -884.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.09M | -6.81K | -39.03M | 66.15M | 21.09M | -5.5M | -14.03M | -19.8M | -17.43M | -96.35M | -8.06M | -6.71M | -7.98M | -2.46M | -2.02M | -50.34M | -3.76M | 36.9M | 16.35M | -364.39K | -38.9M | 7.99M | -24.78M | -24.04M | -230.9K | -66.5K | -5.64M | -900K | 2.4M | 4.5M | -3.8M |
| Capital Expenditures | -4.19M | -4.2K | -3.8M | -10.3M | -63.91M | -48.12M | -28.92M | -9.31M | -6.34M | -4.34M | -4.35M | -3.74M | -3M | -2.46M | -2.02M | -2.5M | -6.61M | -1.2M | -3.84M | -9.7M | -12.84M | -2.05M | -1.51M | -993.72K | -1.65M | -2.76M | -3.07M | -700K | -100K | -500K | -1.1M |
| CapEx % of Revenue | 4.92% | 0% | 2.04% | 2.54% | 16.49% | 20.59% | 16.84% | 6.02% | 3.49% | 2.6% | 3.54% | 3.13% | 2.82% | 2.49% | 2.3% | 3.06% | 8.81% | 1.56% | 5.41% | 11.74% | 18.84% | 2.95% | 2.8% | 2.46% | 5.15% | 8.48% | 10.2% | 6.93% | 1.02% | 5.32% | 1.6% |
| Acquisitions | -3.61K | -3.61K | -5.04M | 0 | 121K | 0 | -3.04M | -11.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49.73M | 0 | 1.2B | 1.2B | 2.77B | 200M | 0 | 66.43K | 0 | 2.39K | 33.23K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.9M | 1K | -30M | 48.67M | 60.33M | 513K | 351K | 0 | -11.08M | -92.02M | -3.71M | -2.96M | -4.97M | 0 | 0 | -49.73B | 0 | -1.2B | -1.2B | -2.77B | -200M | -1.82M | 80.16K | -255.89K | -752.66K | -96.72K | -639.99K | -100K | -200K | -6.7M | -1M |
| Cash from Financing | -22.27M | -16.94K | -4.18M | -3.02M | -3.83M | -2.82M | 92.48M | -4.68M | -1.89M | 30.43M | -1.16M | -5.69M | 476K | -420K | 71.43M | 3.37M | -1.21M | -1.23M | -6.54M | 1.05M | 9.12M | 4.35M | 777.98K | 47.65M | 2.66M | 2.73M | 18.74M | 3.2M | -1.7M | -5.5M | 6.8M |
| Debt Issued (Net) | -49K | -61K | -842K | -1.34M | -1.38M | -686K | -687K | -1.17M | 0 | 0 | 0 | 0 | 0 | 0 | -7.29M | -500K | -509.76K | -557.9K | -515.08K | -1.26M | 9.3M | -1.12M | -1.13M | -892.45K | -168.7K | -1.13M | -1.05M | 0 | 0 | 0 | 2.3M |
| Equity Issued (Net) | -19.1M | -15.04M | -3.55M | -1.9M | -2.25M | -2.11M | 92.95M | -3.71M | -3.59M | -1.24M | -3.44M | -6.09M | -639K | -829K | 68.69M | 3.87M | -709K | -675.39K | -6.02M | 2.31M | -174.18K | 5.47M | 1.9M | 48.54M | 2.83M | 3.85M | 19.8M | 3.2M | 400K | 1.7M | 5.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.3M |
| Share Repurchases | -19.1M | -15.04M | -3.55M | -1.9M | -2.25M | -2.11M | -2.09M | -3.71M | -3.59M | -1.24M | -3.44M | -6.09M | -639K | -829K | -1.56M | -909K | -709K | -700.2K | -6.12M | -785.91K | -631.51K | -601.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.13M | 15.08M | 214K | 223K | -193K | -18K | 218K | 196K | 1.7M | 31.68M | 2.29M | 404K | 1.11M | 409K | 10.04M | 3.37B | -1.23B | 0 | 5.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.1M | -7.2M | -100K |
| Net Change in Cash | -70.61M | -68.48K | -22.64M | 206.43M | -32.78M | -44.04M | 85.09M | -12.72M | 15.57M | -36.92M | 13.87M | 1.23M | -324K | 5.3M | 64.01M | -49.97M | -1.09M | 35.37M | 7.34M | 12.28M | -12.88M | 22.71M | -20.57M | 26.33M | 1.94M | -2.67M | 3.05M | -100K | -800K | -3.3M | 1.5M |
| Free Cash Flow | -47.88M | -53.22K | 23.58M | 131.28M | -111.11M | -83.5M | -23.12M | 490K | 32.75M | 23.82M | 18.41M | 12.03M | 4.52M | 5.82M | 3.35M | -5.5M | -2.72M | -1.49M | -6.3M | 1.88M | 4.04M | 8.34M | 1.93M | 1.71M | -2.17M | -8.02M | -13.07M | -3.1M | -1.6M | -2.8M | -2.6M |
| FCF Margin % | -56.25% | -0.05% | 12.69% | 32.38% | -28.68% | -35.73% | -13.46% | 0.32% | 18.02% | 14.26% | 15% | 10.05% | 4.25% | 5.89% | 3.82% | -6.72% | -3.62% | -1.94% | -8.87% | 2.27% | 5.93% | 12.03% | 3.57% | 4.22% | -6.77% | -24.62% | -43.4% | -30.69% | -16.33% | -29.79% | -3.78% |
| FCF Growth % | -2657.78% | -100.23% | -82.04% | 218.15% | -33.07% | -261.2% | -4817.76% | -98.5% | 37.48% | 29.35% | 53.08% | 166.07% | -22.37% | 73.7% | 160.98% | -102.27% | -82.17% | 76.33% | -435.28% | -53.49% | -51.55% | 333.22% | 12.76% | 178.84% | 72.98% | 38.62% | -321.48% | -93.75% | 42.86% | -7.69% | 83.75% |
| FCF per Share | -0.69 | -0.00 | 0.32 | 1.76 | -1.53 | -1.16 | -0.34 | 0.01 | 0.52 | 0.39 | 0.33 | 0.21 | 0.08 | 0.10 | 0.07 | -0.12 | -0.06 | -0.03 | -0.14 | 0.04 | 0.09 | 0.18 | 0.04 | 0.04 | -0.06 | -0.22 | -0.37 | -0.22 | -0.12 | -0.14 | -0.14 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.00x | -1.40x | 2.64x | 2.76x | 1.54x | -0.39x | 0.59x | 1.92x | 0.91x | 1.15x | 1.93x | -1.63x | -0.74x | -0.36x | 0.34x | -1.11x | 0.04x | 0.08x | 4.69x | 3.21x | 0.38x | -6.14x | -2.38x | 0.15x | 1.41x | 0.78x | 0.75x | 0.79x | 0.10x | 5.00x |
| Interest 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 | 0 |
| Taxes Paid | 786K | 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 |
Imminent liquidity and solvency crisis
As reported in recent financial statements, the relationship between net income and operating cash flow has become increasingly erratic, with the OCF/NI ratio reaching an extreme 620.95 in 2026Q1, suggesting that non-cash charges and working capital volatility are masking the underlying severity of the company's operational losses.
The massive divergence between net income and operating cash flow indicates that reported earnings are failing to capture the true cash-burn reality of the business. Investors should monitor this disconnect as it suggests that the company's accounting results are heavily influenced by non-cash adjustments rather than sustainable operational performance.
Based on the company's reported figures, free cash flow has shifted from a positive $40.1 million in 2023Q4 to a persistent burn, with the 2026Q1 FCF margin plummeting to -530.3%, highlighting a rapid depletion of resources that appears unsustainable without immediate external capital or drastic restructuring.
The consistent negative FCF trajectory confirms that the company is currently unable to fund its operations through internal cash generation. This trend suggests that the business model is currently misaligned with its cost structure, necessitating a critical evaluation of whether the core segments can ever reach self-sustaining scale.
According to the provided quarterly data, working capital changes have swung from a $10.9 million inflow in 2024Q3 to a $2.7 million inflow in 2026Q1, indicating that the company is relying on lumpy, unpredictable shifts in receivables and payables to manage its immediate liquidity needs.
The reliance on working capital fluctuations to offset operating losses appears to be a stop-gap measure rather than a sign of operational efficiency. Analysts should be wary of these shifts, as they may be masking a deeper deterioration in the company's ability to collect cash from its core customers.
As indicated by the financial data, the company continued to execute share repurchases totaling $5.0 million in 2026Q1 despite generating negative operating cash flow, a decision that warrants further investigation given the company's precarious liquidity position and the urgent need to preserve cash for core operations.
The decision to prioritize share buybacks while the company is burning cash at an accelerating rate appears counterintuitive and potentially detrimental to long-term solvency. This deployment strategy suggests a disconnect between management's capital allocation priorities and the immediate financial realities facing the organization.
Quick answers to the most common questions about buying OSUR stock.
OraSure Technologies, Inc. (OSUR) generated $-0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
OraSure Technologies, Inc. (OSUR) reported negative free cash flow of $0.1M in 2025, indicating capital requirements exceeded cash from operations.
OraSure Technologies, Inc. (OSUR) 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.
In 2025, OraSure Technologies, Inc. (OSUR) spent $15.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.