Cash flow generation is highly inconsistent, with operating cash flow ranging from 20% to over 400% of net income across quarters, indicating that reported profitability does not reliably predict cash generation due to significant working capital swings.
Puma Biotechnology, Inc. (PBYI) cash flow statement — 19-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 | Dec'07 |
|---|
| Cash from Operations | 41.15M | 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 % | 218.5% | 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 | 26.72M | 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 | 10.48M | 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 | 7.14M | 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 | -24.21M | -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 | 21.03M | -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 | -7.94M | -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 | -4.73M | 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 | -2.32M | -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 | -16.02M | -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 | 0 | -4K | -3.1M | -1K | -2K | -138K | -1.05M | 0 | 0 | 0 | 0 |
| Cash from Financing | -45.31M | -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) | -44.45M | -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) | 0 | 130K | 150K | 0 | 12.5M | 0 | 68K | 0 | 7.65M | 26.68M | 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 | -857K | -888K | -666K | 0 | -277K | -30.43M | 32K | -12.07M | -4.25M | -1.58M | 576K | 28.23M | 6.53M | 2.21M | 45K | 61.79K | 16.3K | 0 | 0 | 16.5M |
| Net Change in Cash | -20.22M | -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 | 41.16M | 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 % | 17.8% | 18.27% | 16.86% | 6.1% | -10.01% | 8.16% | -8.55% | 8.11% | -9.84% | -804.81% | - | - | - | - | - | 895.7% | - | - | - | - |
| FCF Growth % | -6.93% | 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 | 0.78 | 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) | 1.54x | 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 | 3.05M | 5.82M | 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 | 1.12M | 1.52M | 1.22M | 737K | 384K | 324K | 207K | 53K | 17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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.
Key Metrics
Top Statement Risk
Erratic cash conversion and earnings quality
Metrics are mathematically derived from official filings.
Erratic Cash Conversion and Earnings Quality
PBYI's cash conversion is highly inconsistent, with operating cash flow ranging from 20% to over 400% of net income across quarters, suggesting significant non-cash items and working capital swings are distorting the relationship between reported earnings and actual cash generation.
The OCF/NI ratio is extremely volatile, swinging from 0.20 in Q2 2026 to -4.11 in Q1 2026, indicating that net income is a poor proxy for cash generation in any given period. This volatility appears driven by large, unpredictable working capital movements, such as the $16.2M and $14.7M positive swings in Q2 and Q1 2026, which can mask underlying operational cash flow trends. Investors should monitor whether these swings are timing-related or indicative of deeper collection or inventory management issues.
FCF Trajectory Decouples from Net Income
PBYI's free cash flow trajectory is erratic and often diverges sharply from net income, with FCF margins ranging from 2.1% to 34.4% over the last ten quarters, indicating that reported profitability does not reliably predict cash generation.
The company's FCF margin has been highly variable, with a high of 34.4% in Q1 2026 (a net loss quarter) and a low of 2.1% in Q2 2024. This decoupling suggests that non-operating factors, particularly working capital, are the primary drivers of near-term cash flow, not the underlying business profitability. The trajectory is not one of stable growth but of lumpy, unpredictable cash generation, which complicates valuation and forecasting.
Working Capital Swings Dominate Cash Flow
Working capital changes are the dominant driver of PBYI's operating cash flow, with swings from a $14.2M use in Q3 2024 to a $16.2M source in Q2 2026, indicating a highly volatile and unpredictable cash conversion cycle.
The magnitude of working capital movements often exceeds the company's net income, making it the most critical factor in quarterly cash flow. For example, the $16.2M positive swing in Q2 2026 was the primary reason operating cash flow was positive despite a modest net income. This pattern suggests potential issues with the timing of receivables collection or inventory management, and the lack of a consistent trend warrants further investigation into the company's cash conversion cycle efficiency.
Cash Flow Obscured by Non-Cash Adjustments
PBYI's operating cash flow is significantly influenced by non-cash items like stock-based compensation, which averaged $1.9M per quarter, and depreciation, which may not fully reflect the true cash cost of maintaining its asset base.
Stock-based compensation, a non-cash expense, consistently adds back to operating cash flow, potentially inflating the quality of earnings metric. Furthermore, the minimal capital expenditure (often near zero) raises questions about whether the company is deferring necessary maintenance investments, which could lead to higher future cash outlays. The cash flow statement does not provide clarity on the true economic cost of operations, as these non-cash adjustments can mask underlying cash generation challenges.