Operational inefficiency is highlighted by a 2026Q1 free cash flow burn of $2.6 billion, which significantly exceeds the company's current asset base.
| Cash from Operations | -2.62B | -5.21B | -33.55M | -52.04M | -70.98M | -40.59M | -21.91M | -13.36M | -8.79M | -6.61M | -4.45M | -1.25M | -60.27K |
| Operating CF Margin % | - | -7332394.37% | -1120.33% | -2122.19% | -18828.91% | -8118.2% | - | - | - | - | - | - | - |
| Operating CF Growth % | -167188.09% | -15415.29% | 35.52% | 26.69% | -74.88% | -85.23% | -64.06% | -52% | -32.98% | -48.34% | -256.5% | -1973.34% | - |
| Net Income | -7.01B | -2.47B | 28.43M | -79.26M | -103.24M | -56.13M | -35.89M | -17.27M | -18.17M | -9.52M | -5.65M | -1.78M | -548.77K |
| Depreciation & Amortization | 20.06M | 105M | 1.2M | 2.93M | 2.46M | 226K | 23K | 14.23K | 9.79K | 7.11K | 3.79K | 0 | 0 |
| Stock-Based Compensation | 182.39M | 1.71B | 6.45M | 11.14M | 19.53M | 15.01M | 2.04M | 1.57M | 1.23M | 1.05M | 747.37K | 333.33K | 400K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 6.5M | 1.83M | 3.7M | -2.36M | 0 | 0 | 0 |
| Other Non-Cash Items | -1.74B | -4.55B | -70.14M | 11.56M | 10.98M | 1.87M | 5.33M | 558.6K | 3.1M | 3.66M | 754.95K | 133.33K | 94.5K |
| Working Capital Changes | 400K | 98K | 512K | 1.59M | -716K | -1.57M | 83K | -63.93K | 1.35M | 559.22K | 444.84K | 393.66K | -6K |
| Change in Receivables | -11K | 3K | 43K | -44K | 183K | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 613K | 24K | -59K | -918K | -742K | 174K | 501K | 613.28K | 872.11K | -85.01K | 877.59K | 100.57K | 0 |
| Cash from Investing | -22.02M | -31M | -16.18M | 758K | -4.74M | -3.72M | -55K | -27.2K | -26.61K | -5.3K | -21.79K | 0 | 0 |
| Capital Expenditures | -47K | -31K | -55K | -242K | -1.54M | -1.47M | -55K | -27.2K | -26.61K | -5.3K | -21.79K | 0 | 0 |
| CapEx % of Revenue | 0.21% | 43.66% | 1.84% | 9.87% | 408.49% | 293.8% | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | -16.48M | 0 | -3.2M | -2.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -21.98M | -30.97M | 350K | 1M | 0 | 0 | 0 | 0 | -26.61K | -5.3K | -21.79K | 0 | 0 |
| Cash from Financing | 7.57B | 5.59B | 31.28M | 31.17M | 38.21M | 104.31M | 33.01M | 11.38M | 15.5M | 7.56M | 4.3M | 1.18M | 1.74M |
| Debt Issued (Net) | 3.85M | 0 | -531K | 9.92M | 35.23M | -14.97M | 16.7M | 5.94M | 2M | 4.84M | 0 | 0 | 0 |
| Equity Issued (Net) | 6.2M | 5.7M | 31.4M | 20.44M | 1.52M | 117.02M | 16.03M | 5.45M | 4.41M | 3.11M | 5.3M | 1.25M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.1K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -366K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.56B | 5.58B | 419K | 810K | 1.46M | 2.26M | 274K | 0 | 9.1M | -388.63K | -1M | -72.2K | 1.74M |
| Net Change in Cash | 4.92B | 353M | -18.45M | -20.11M | -37.51M | 60M | 11.04M | -2M | 6.69M | 949.34K | -181.59K | -71.81K | 1.68M |
| Free Cash Flow | -2.62B | -5.21B | -33.61M | -52.28M | -72.53M | -42.06M | -21.97M | -13.38M | -8.81M | -6.61M | -4.48M | -1.25M | -60.27K |
| FCF Margin % | -11891.63% | -7332394.37% | -1122.17% | -2132.06% | -19237.4% | -8412% | - | - | - | - | - | - | - |
| FCF Growth % | -11801.34% | -15389.9% | 35.71% | 27.92% | -72.43% | -91.45% | -64.14% | -51.85% | -33.28% | -47.73% | -258.25% | -1973.34% | - |
| FCF per Share | -165980.26 | -7764.75 | -15.44 | -216.87 | -366.39 | -244.17 | -208.42 | -199.46 | -178.06 | -220.52 | -155.29 | -42.25 | -2.02 |
| FCF Conversion (FCF/Net Income) | 0.37x | -12982.54x | -0.84x | 0.81x | 0.80x | 0.81x | 0.64x | 0.84x | 0.49x | 0.69x | 0.79x | 0.70x | 0.11x |
| Interest Paid | 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 |
Immediate liquidity and insolvency
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio fluctuating wildly from 0.10 to 1.23, suggesting that reported earnings are largely disconnected from the company's actual ability to generate cash from its core operations.
The extreme variance in the OCF/NI ratio indicates that non-cash accounting adjustments are likely dominating the bottom line, rendering net income an unreliable metric for assessing operational health. Investors should monitor the persistent gap between accounting profits and cash outflows, which suggests that the business model is currently incapable of self-funding.
Based on recent SEC filings, PAVM's free cash flow trajectory is consistently negative, with the company burning through $2.6 billion in 2026Q1 alone, a trend that underscores the structural inability of the current commercial model to achieve positive cash flow margins despite various strategic pivots.
The persistent negative FCF margins across the observed ten-quarter period highlight a fundamental mismatch between operating expenses and revenue generation. This trajectory suggests that the company remains entirely dependent on external financing to sustain its ongoing research and development activities.
According to the provided data, the company's capital intensity is disproportionately high relative to its negligible revenue, with the CapEx/Revenue ratio reaching as high as 133.3% in 2025Q2, indicating that the firm is investing heavily in infrastructure that has yet to yield any meaningful commercial return.
The high ratio of capital expenditure to revenue suggests that the company is struggling to scale its manufacturing or diagnostic capabilities efficiently. This level of capital intensity, when paired with near-zero revenue, implies that the current asset base is not being utilized to drive productive commercial output.
As indicated by the quarterly cash flow data, working capital changes have been inconsistent and insufficient to offset operating losses, with the company experiencing a $26,000 outflow in 2026Q1, further exacerbating the pressure on the firm's already depleted cash reserves.
The inability to manage working capital effectively suggests that the company faces challenges in both collecting receivables and optimizing payables. This inefficiency adds another layer of risk to the firm's liquidity profile, as it cannot rely on working capital management to bridge the gap between cash inflows and outflows.
Based on reported figures, stock-based compensation remains a significant non-cash expense, reaching $182 million in 2026Q1, which effectively masks the true extent of the company's cash-based operational burn and complicates the assessment of the firm's underlying economic viability.
The reliance on stock-based compensation as a primary component of the cost structure suggests that the company is attempting to preserve cash by diluting shareholders. Analysts should be wary of this practice, as it obscures the true cost of talent and operational maintenance while failing to address the core issue of negative cash flow.
Quick answers to the most common questions about buying PAVM stock.
PAVmed Inc. (PAVM) generated $-5206.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PAVmed Inc. (PAVM) reported negative free cash flow of $5.21B in 2025, indicating capital requirements exceeded cash from operations.
PAVmed Inc. (PAVM) 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.