Chronic operational cash consumption is evident, with a negative free cash flow of -$84.9M in 2026Q2 and a trailing twelve-month operating cash flow that remains deeply negative, indicating core operations are not self-funding.
Pacific Biosciences of California, Inc. (PACB) cash flow statement — 18-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -136.95M | -111.21M | -206.06M | -266.55M | -263.21M | -111.18M | 19.5M | -78.31M | -66.43M | -67.52M | -67.93M | -47.89M | -51.47M | -29.83M | -76.82M | -102.97M | -122M | -74.84M | -38.3M |
| Operating CF Margin % | - | -69.5% | -133.79% | -132.93% | -205.15% | -85.19% | 24.72% | -86.16% | -84.49% | -72.24% | -74.88% | -51.61% | -84.94% | -105.86% | -295.66% | -304.09% | -7287.69% | -55435.56% | -4251.17% |
| Operating CF Growth % | 0.97% | 46.03% | 22.69% | -1.27% | -136.74% | -670.07% | 124.9% | -17.89% | 1.61% | 0.6% | -41.85% | 6.95% | -72.52% | 61.17% | 25.4% | 15.59% | -63.01% | -95.38% | - |
| Net Income | -131.23M | -546.38M | -309.85M | -306.74M | -314.25M | -181.22M | 29.4M | -84.13M | -102.56M | -92.19M | -74.38M | -31.7M | -66.16M | -79.29M | -94.47M | -109.39M | -140.17M | -87.7M | -43.75M |
| Depreciation & Amortization | 14.69M | 386.41M | 53.35M | 32.69M | 17.32M | 11.59M | 9.3M | 9.95M | 7.21M | 8.44M | 3.88M | 3.68M | 4.22M | 5.65M | 6.65M | 5.8M | 5.16M | 4.1M | 2.99M |
| Stock-Based Compensation | 31.85M | 41.67M | 0 | 0 | 78.61M | 80.73M | 17.53M | 16.4M | 23.15M | 20.35M | 19.56M | 13.84M | 9.94M | 9.9M | 9.71M | 12.38M | 9.69M | 3.63M | 2.13M |
| Deferred Taxes | 0 | -546K | -205K | -11.42M | 0 | -93.65M | -107K | -735K | -925K | 653K | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 84K | -9K |
| Other Non-Cash Items | -59.75M | 3.19M | 91.22M | 77.88M | 9.08M | 50.37M | -33.87M | -16.79M | 1.02M | 1.25M | 1.01M | -2.32M | 1.3M | 177K | 287K | 226K | 359K | 110K | 23K |
| Working Capital Changes | 7.49M | 4.44M | -40.58M | -58.96M | -53.97M | 21M | -2.76M | -3M | 5.67M | -6.03M | -18M | -31.39M | -772K | 33.73M | 1M | -12M | 2.86M | 4.94M | 323K |
| Change in Receivables | -7.71M | -7.92M | 9.09M | -17.83M | 5.46M | -7.17M | -1.6M | -6.67M | 4.84M | -2.01M | -6.18M | -1.74M | -660K | 76K | 1.74M | -4.22M | -341K | 0 | 0 |
| Change in Inventory | -12.35M | -1.42M | -8.32M | -13.84M | -33.91M | -12.43M | -1.1M | 3.92M | 3.62M | -8.44M | -6.15M | -2.47M | -1.28M | -60K | 4.76M | -11.41M | -6.86M | 0 | 0 |
| Change in Payables | -5.37M | 2.48M | 1.41M | 206K | 1.02M | 6.36M | -5.07M | 1.71M | -2.24M | 764K | 3.4M | -716K | 3.89M | -1.27M | -1.75M | -4.77M | 3.64M | 3.89M | -223K |
| Cash from Investing | 133.07M | 115.45M | 124M | 4.6M | 116.08M | -678.53M | -219.32M | 62.05M | -38.41M | -1.55M | -14.86M | 8.61M | 19.56M | -33.12M | 61.79M | 6.45M | -138.25M | 18.59M | -10.39M |
| Capital Expenditures | -6.45M | -2.71M | -6.19M | -8.84M | -16.93M | -5.93M | -1.04M | -2.84M | -1.85M | -10.43M | -8.21M | -3.01M | -1.61M | -909K | -1.7M | -9.28M | -5.26M | -5.18M | -5.7M |
| CapEx % of Revenue | 3.99% | 1.7% | 4.02% | 4.41% | 13.19% | 4.54% | 1.32% | 3.12% | 2.36% | 11.16% | 9.05% | 3.24% | 2.66% | 3.23% | 6.55% | 27.42% | 314.16% | 3834.81% | 632.96% |
| Acquisitions | 0 | 0 | 0 | -102K | 179K | -319.79M | 0 | -64.88M | 0 | 41K | 10K | 36K | 0 | 0 | -61.79M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 41.04M | -5M | 0 | 0 | -179K | 0 | 0 | 64.88M | -36.56M | 41K | 10K | -4.5M | 21.17M | -32.21M | 61.79M | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.15M | 3.43M | -42.99M | 116.27M | 9.62M | 1.17B | 251.84M | 26.55M | 107.18M | 68.81M | 65.93M | 36.46M | 41.99M | 42.77M | 2.71M | 7.74M | 318.66M | 67.01M | 119.93M |
| Debt Issued (Net) | 0 | 0 | -50.69M | -1.84M | -1.61M | 895.17M | -16M | 0 | 0 | -4.5M | 0 | 0 | 0 | 19.77M | 0 | 0 | 0 | -1.3M | -400K |
| Equity Issued (Net) | 3.13M | 3.43M | 7.7M | 204.52M | 11.23M | 294.85M | 187.48M | 8.55M | 97.53M | 64.39M | 58.2M | 29.1M | 38.02M | 19.93M | 2.71M | 7.74M | 316.93M | 68M | 119.83M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8K | 0 |
| Other Financing | 19K | 0 | 0 | -86.41M | 0 | -20.44M | 80.36M | 18M | 9.65M | 8.91M | 7.73M | 7.36M | 3.97M | 3.08M | 0 | 0 | 1.74M | 312K | 496K |
| Net Change in Cash | -8.16M | 7.67M | -124.15M | -145.18M | -137.51M | 379.87M | 52.02M | 10.28M | 2.34M | -258K | -16.86M | -2.82M | 10.09M | -20.18M | -12.32M | -88.78M | 58.42M | 10.77M | 71.23M |
| Free Cash Flow | -143.4M | -113.92M | -212.25M | -275.39M | -280.14M | -117.11M | 18.46M | -81.15M | -68.28M | -77.95M | -76.14M | -50.9M | -53.08M | -30.74M | -78.53M | -112.26M | -127.25M | -80.02M | -44.01M |
| FCF Margin % | -88.85% | -71.2% | -137.81% | -137.34% | -218.34% | -89.73% | 23.4% | -89.28% | -86.85% | -83.4% | -83.93% | -54.86% | -87.59% | -109.09% | -302.22% | -331.51% | -7601.85% | -59270.37% | -4884.13% |
| FCF Growth % | -9.25% | 46.33% | 22.93% | 1.7% | -139.21% | -734.27% | 122.75% | -18.84% | 12.4% | -2.38% | -49.59% | 4.11% | -72.65% | 60.85% | 30.05% | 11.79% | -59.04% | -81.83% | - |
| FCF per Share | -0.46 | -0.38 | -0.74 | -1.09 | -1.25 | -0.57 | 0.11 | -0.53 | -0.51 | -0.74 | -0.85 | -0.67 | -0.75 | -0.49 | -1.41 | -2.08 | -4.73 | -103.40 | -56.87 |
| FCF Conversion (FCF/Net Income) | 1.09x | 0.20x | 0.67x | 0.87x | 0.84x | 0.61x | 0.66x | 0.93x | 0.65x | 0.73x | 0.91x | 1.51x | 0.78x | 0.38x | 0.81x | 0.94x | 0.87x | 0.85x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PACB stock.
Pacific Biosciences of California, Inc. (PACB) generated $-111.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pacific Biosciences of California, Inc. (PACB) reported negative free cash flow of $113.9M in 2025, indicating capital requirements exceeded cash from operations.
Pacific Biosciences of California, Inc. (PACB) spent $2.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Chronic cash burn and negative FCF
Metrics are mathematically derived from official filings.
Persistent Negative FCF Trajectory
PACB's free cash flow has been consistently negative over the last ten quarters, with FCF margins ranging from -2.1% to -154.8%, as indicated by the provided financial data. This persistent cash drain suggests the company lacks a clear path to self-funding and remains reliant on external capital.
The negative FCF trajectory shows no sustained improvement, with the most recent quarter (2026Q2) still negative at -2.2% despite a smaller net loss. The extreme volatility in FCF margins complicates forecasting and highlights operational instability, as the company has not generated positive free cash flow in any quarter of the dataset.
Low Capital Intensity Amid Cash Stress
Capital expenditures as a percentage of revenue have been minimal, mostly under 5% over the last ten quarters, with only two quarters exceeding 10% according to the reported figures. This suggests a possible deferral of growth or maintenance investments due to liquidity constraints.
The company's low capital intensity is atypical for an industrial manufacturing firm and may indicate strategic preservation of cash. However, this underinvestment could erode long-term competitiveness, as the minimal capex may not adequately replace depreciating assets or fund product development needed to reverse negative revenue trends.
Acquisition Deployed During Cash Burn
In 2026Q1, PACB used $50.0 million for an acquisition while generating negative free cash flow of -$47.7 million, as per the cash flow statement. This aggressive deployment during operational cash burn warrants investigation into the financing source and potential return on investment.
The acquisition occurred despite the company's ongoing cash losses, which appears incongruent with its liquidity position. This move may have been aimed at securing strategic assets, but it increases financial risk if the acquired business does not quickly generate positive cash flow to offset the cash outlay.
Weak Cash Conversion from Structural Losses
PACB's operating cash flow has been consistently negative, ranging from -$18.7 million to -$80.3 million over the last ten quarters, as shown in the provided data. This persistent negative conversion indicates core operations are consuming cash, not generating it.
The company's net income is also negative, and the gap between net income and operating cash flow is often narrow due to non-cash adjustments. However, the fundamental issue is the lack of cash generation from operations, which forces the company to rely on external financing or balance sheet assets to fund losses.
Non-Cash Items Obscure True Cash Consumption
Stock-based compensation, which reached $19.5 million in 2024Q1, adds back to operating cash flow and potentially masks the severity of cash burn. Additionally, the $372.8 million D&A in 2025Q1 suggests a large non-cash impairment that inflated net loss without cash impact.
The cash flow statement's add-backs for SBC and D&A can give a misleading impression of liquidity, as these do not improve the company's cash position. The large D&A in 2025Q1 likely relates to an asset write-down, highlighting the risk of balance sheet impairments that can occur in a distressed operational environment.