Liquidity remains a concern as cash and equivalents dropped to $29.6 million by 2025Q4, with cash conversion efficiency hampered by an OCF/NI ratio that reached -4.11 in 2026Q1.
| 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 | 53.61M | 41.8M | 38.92M | 27.01M | -15.83M | 20.65M | 800K | 22.38M | -24.1M | -172.5M | -141.7M | -154.5M | -77.2M | -55.05M | -44M | -1.83M | -18.25K | -16.82K | -11.83K | -15.09M |
| Operating CF Margin % | - | 18.3% | 16.89% | 11.46% | -6.94% | 8.16% | 0.36% | 8.22% | -9.6% | -622.74% | - | - | - | - | - | 649.25% | - | - | - | - |
| Operating CF Growth % | 1578.14% | 7.41% | 44.09% | 270.65% | -176.64% | 2481.25% | -96.42% | 192.85% | 86.03% | -21.74% | 8.28% | -100.13% | -40.24% | -25.11% | -2310.94% | -9902.29% | -8.51% | -42.09% | 99.92% | - |
| Net Income | 24.38M | 31.11M | 30.28M | 21.59M | 2K | -29.13M | -59.99M | -75.59M | -113.58M | -291.95M | -276.01M | -239.28M | -141.97M | -54.66M | -74.35M | -10.23M | -15.98K | -16.84K | -14.08K | -15.09M |
| Depreciation & Amortization | 10.73M | 10.94M | 11.52M | 11.52M | 9.84M | 11.3M | 10.03M | 8.08M | 7.38M | 2.81M | 1.15M | 776K | 627K | 423K | 265K | 10.7K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 6.81M | 6.94M | 8.24M | 10.25M | 11.83M | 32.63M | 36.58M | 57.33M | 86.94M | 108.73M | 117.26M | 94.93M | 39.15M | 7.52M | 1.41M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 3.25M | -7.08M | 0 | 0 | 0 | 0 | 0 | 5K | 0 | -10K | -32K | 3K | 0 | 12K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.68M | -358K | -519K | 1.51M | 7M | 7.15M | 1.03M | 9.28M | 289K | -30K | 3.37M | 179K | 192K | 10.21M | 18.69M | 8.09M | -15.98K | -16.84K | -14.08K | -1.41M |
| Working Capital Changes | 9M | -10.08M | -3.54M | -17.85M | -44.5M | -1.31M | 13.16M | 23.28M | -5.14M | 7.94M | 12.54M | -11.07M | 24.79M | -8.33M | 9.98M | 305.12K | -2.27K | 21 | 2.25K | 1.41M |
| Change in Receivables | -582K | -21.28M | 16.34M | -8.37M | -7.82M | -5.98M | 2.35M | -8.12M | -11.1M | -9.67M | 0 | 1.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 58K | 3.21M | -1.64M | -2.55M | 2.58M | -3.65M | -284K | -545K | -596K | -2.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.14M | -453K | -1.38M | 449K | -4.73M | -902K | -7.11M | -1.53M | -7.01M | 7.66M | 2.23M | 2.81M | 4.3M | 10.21M | 395K | 586.21K | -2.27K | 21 | 2.25K | 0 |
| Cash from Investing | -35.24M | -36.19M | -20.44M | -19.13M | 7.1M | -10.88M | 23.3M | 5.16M | -57.6M | -15.4M | 142.2M | -85.9M | -63.3M | -41.53M | -1.2M | -1.75M | 0 | 0 | 0 | 0 |
| Capital Expenditures | -10K | -71K | -56K | -140K | -7M | 0 | -20.05M | -306K | -609K | -50.43M | -7.28M | -1.18M | -1.29M | -628K | -1.06M | -692.75K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | 0.03% | 0.02% | 0.06% | 3.07% | - | 8.91% | 0.11% | 0.24% | 182.06% | - | - | - | - | - | -246.45% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 0 | 193K | 36K | 15K | -37K | -25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -12.5M | 0 | 0 | -20.1M | 0 | -170K | -15.01M | -4K | -3.1M | -1K | -2K | -138K | -1.05M | 0 | 0 | 0 | 0 |
| Cash from Financing | -45.17M | -45.2M | -33.85M | 0 | 12.22M | -31.93M | 100K | -67.07M | 108.4M | 75.1M | 162.4M | 233.36M | 136M | 2.21M | 129.3M | 56.95M | 16.3K | 19.15K | 10.5K | 16.5M |
| Debt Issued (Net) | -44.44M | -44.44M | -33.33M | 0 | 0 | -1.5M | 0 | -55M | 105M | 50M | 0 | 0 | 0 | 0 | 0 | 150K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 130K | 130K | 150K | 0 | 12.5M | 0 | 68K | 0 | 0 | 0 | 161.85M | 205.13M | 129.44M | 0 | 129.21M | 56.74M | 0 | 19.15K | 10.5K | 0 |
| Dividends Paid | 0 | 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 | 0 | 0 | 0 |
| Other Financing | -856K | -888K | -666K | 0 | -277K | -30.43M | 32K | -12.07M | 3.45M | 25.11M | 576K | 28.23M | 6.53M | 2.21M | 45K | 61.79K | 16.3K | 0 | 0 | 16.5M |
| Net Change in Cash | -26.84M | -39.58M | -15.37M | 7.88M | 3.5M | -22.16M | 24.24M | -39.53M | 26.72M | -112.8M | 162.93M | -6.97M | -4.5M | -94.36M | 84.03M | 56.95M | -1.95K | 2.33K | -1.33K | 1.41M |
| Free Cash Flow | 53.6M | 41.73M | 38.86M | 14.37M | -22.83M | 20.65M | -19.25M | 22.07M | -24.71M | -222.93M | -148.98M | -155.68M | -78.49M | -55.68M | -45.06M | -2.52M | -18.25K | -16.82K | -11.83K | -15.09M |
| FCF Margin % | 23.59% | 18.27% | 16.86% | 6.1% | -10.01% | 8.16% | -8.55% | 8.11% | -9.84% | -804.81% | - | - | - | - | - | 895.7% | - | - | - | - |
| FCF Growth % | 71.96% | 7.38% | 170.46% | 162.95% | -210.54% | 207.3% | -187.2% | 189.32% | 88.92% | -49.63% | 4.3% | -98.34% | -40.98% | -23.55% | -1689.76% | -13699.04% | -8.51% | -42.09% | 99.92% | - |
| FCF per Share | 1.05 | 0.82 | 0.79 | 0.30 | -0.51 | 0.51 | -0.49 | 0.57 | -0.65 | -6.00 | -4.47 | -4.85 | -2.62 | -1.94 | -2.07 | -0.13 | -0.01 | -0.01 | -0.00 | -0.38 |
| FCF Conversion (FCF/Net Income) | 2.20x | 1.34x | 1.29x | 1.25x | -7913.50x | -0.71x | -0.01x | -0.30x | 0.21x | 0.59x | 0.51x | 0.65x | 0.54x | 1.01x | 0.59x | 0.18x | 1.14x | 1.00x | 0.84x | 1.00x |
| Interest Paid | 2.6M | 0 | 10.77M | 11.63M | 10.32M | 10.34M | 9.7M | 11.74M | 8.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.18M | 0 | 1.22M | 737K | 384K | 324K | 207K | 53K | 17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and single-asset dependence
According to quarterly financial data, PBYI exhibits significant volatility in its cash conversion, evidenced by an OCF/NI ratio that swung from -4.11 in 2026Q1 to 2.41 in 2025Q2, suggesting that reported net income is frequently decoupled from actual cash generation due to non-cash items and accruals.
The extreme variance in the relationship between net income and operating cash flow indicates that earnings are highly sensitive to accounting adjustments rather than core operational performance. Investors should monitor whether these fluctuations represent recurring working capital timing differences or a fundamental inability to translate sales into cash.
As reported in recent financial statements, PBYI's free cash flow trajectory remains inconsistent, with margins fluctuating between 2.1% and 34.4% over the last ten quarters, highlighting a lack of predictable cash generation necessary to support long-term R&D initiatives or balance sheet stability.
The erratic nature of free cash flow suggests that the company's commercial model is struggling to achieve the scale required for consistent self-funding. This instability may force management to prioritize short-term cash preservation over the long-term clinical investments required to diversify the company's single-asset portfolio.
Based on reported figures, working capital changes have been a primary driver of cash flow volatility, with a notable $14.7 million inflow in 2026Q1 contrasting sharply with a $14.2 million outflow in 2024Q3, indicating that timing of receivables and payables significantly impacts the firm's immediate liquidity.
The reliance on working capital shifts to bolster operating cash flow suggests that the underlying business is not generating sufficient organic cash to cover its obligations. This pattern warrants further investigation into the sustainability of collection cycles and whether current payables management is masking underlying operational cash burn.
Analysis of recent filings reveals that stock-based compensation and depreciation expenses consistently impact the cash flow statement, with SBC averaging roughly $1.9 million per quarter, which effectively dilutes shareholders while masking the true cash cost of maintaining the company's specialized oncology sales force.
The persistent use of stock-based compensation as a component of the cost structure suggests that the company is managing its cash burn by shifting compensation to equity. This practice may provide temporary relief to the cash position but obscures the true economic cost of operations and the potential for future shareholder dilution.
Quick answers to the most common questions about buying PBYI stock.
Puma Biotechnology, Inc. (PBYI) generated $41.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Puma Biotechnology, Inc. (PBYI) generated $41.7M 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.
Puma Biotechnology, Inc. (PBYI) 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.