Cash flow generation remains volatile, with free cash flow margins swinging from 5.1% in 2025Q2 to 31.7% in 2025Q3, while aggressive share repurchases of $50 million per quarter persist despite stagnant net income.
| 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 | 142.22M | 151.99M | 189.39M | 154.65M | 145.27M | 125.72M | 77.03M | 70.52M | 48.87M | 17.79M | 33.45M | 29M | 25.47M | -43.22M | -70.13M | -31M | -24.88M | -20.84M | -29.19M |
| Operating CF Margin % | - | 20.92% | 27.02% | 22.91% | 21.79% | 23.21% | 17.93% | 16.75% | 14.49% | 6.2% | 12.1% | 11.65% | 12.88% | -50.51% | -179.43% | -197.59% | -170.86% | -138.86% | -209.62% |
| Operating CF Growth % | -60.33% | -19.75% | 22.46% | 6.45% | 15.56% | 63.2% | 9.23% | 44.3% | 174.78% | -46.84% | 15.37% | 13.85% | 158.93% | 38.38% | -126.23% | -24.6% | -19.4% | 28.61% | - |
| Net Income | 9.3M | 7.03M | -99.56M | 41.95M | 15.91M | 41.98M | 145.52M | -11.02M | -471K | -42.61M | -37.95M | 1.86M | -13.72M | -63.91M | -52.28M | -43.33M | -27.15M | -31.71M | -41.86M |
| Depreciation & Amortization | 91.19M | 91.02M | 78.78M | 75.57M | 91.5M | 28.55M | 19.91M | 19.58M | 13.16M | 13.83M | 12.92M | 11.47M | 10.04M | 5.75M | 5.65M | 4.31M | 4.25M | 4.43M | 3.83M |
| Stock-Based Compensation | 56.49M | 57.5M | 51.17M | 47.9M | 48.09M | 42.25M | 39.92M | 33.65M | 31.73M | 31.6M | 31.25M | 33.37M | 24.82M | 11.51M | 4.78M | 2.49M | 23K | 524K | 242K |
| Deferred Taxes | 6.81M | 6.48M | 20.62M | 15.62M | -7.95M | 10.87M | -126.61M | -1.83M | 919K | 5.87M | 389K | 58K | 158K | 3.43M | 1.06M | 48.18M | 11K | 1.71M | 426K |
| Other Non-Cash Items | 23.97M | 28.22M | 156.89M | 19.39M | 14.15M | 20.75M | 22.68M | 37.08M | 14.39M | 11.67M | 4.57M | 4.58M | 4.63M | 4.42M | 592K | -45.14M | -675K | 185K | -5.18M |
| Working Capital Changes | -41.38M | -38.27M | -18.52M | -45.78M | -16.43M | -18.67M | -24.39M | -6.94M | -10.86M | -2.57M | 22.28M | -22.34M | -456K | -4.42M | -29.93M | 2.48M | -1.34M | 4.02M | 13.36M |
| Change in Receivables | -20.87M | -10.74M | -7.75M | -7.16M | -2.08M | -10.43M | -5.52M | -8.52M | -6M | -1.72M | -4.08M | -3.49M | -7.78M | -10.24M | -2.24M | -922K | 264K | 1.13M | -1.56M |
| Change in Inventory | -16.6M | -27.57M | -20.93M | -8.29M | 2.49M | -4.47M | -6.35M | -8.03M | -7.16M | -10.13M | 30.37M | -32.38M | -13.71M | -3.48M | -10.83M | 360K | 124K | 299K | 277K |
| Change in Payables | -9M | -5.6M | 3.08M | 916K | 6.27M | -10.26M | -3.31M | -1.82M | -573K | 12.84M | -2.58M | 9.94M | 14.25M | 10.24M | 1.39M | 2.55M | -612K | -4.44M | 4.81M |
| Cash from Investing | 144.55M | 99.48M | -83.28M | 77.54M | -225.19M | -20.79M | -277.61M | -128.49M | 20.58M | -223.76M | -61.75M | -20.23M | -119.34M | -43.56M | -29.52M | -36.12M | -6.77M | -5.51M | -5.84M |
| Capital Expenditures | -9.51M | -15.33M | -10.64M | -15.16M | -30.08M | -45.87M | -37.8M | -10.16M | -14.51M | -19.27M | -24.71M | -41.27M | -21.89M | -12.79M | -18.26M | -6.17M | -6.77M | -5.51M | -5.84M |
| CapEx % of Revenue | 1.29% | 2.11% | 1.52% | 2.25% | 4.51% | 8.47% | 8.8% | 2.41% | 4.3% | 6.72% | 8.94% | 16.57% | 11.07% | 14.95% | 46.71% | 39.31% | 46.49% | 36.71% | 41.94% |
| Acquisitions | -335K | -16.7M | 0 | 0 | 0 | -420.04M | 0 | -119.31M | -7M | -15M | -16M | -7M | -13M | -2M | -10M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.93M | 4.93M | 0 | 0 | -32M | -4M | 0 | 0 | 157K | -8.46M | 143K | -119K | -433K | -31K | -338K | 14K | 1K | 0 | 2K |
| Cash from Financing | -426.03M | -369.63M | 17.36M | -183.03M | -401.53M | 380.69M | 222.3M | 3.67M | 8.95M | 224.16M | 7.26M | 10.7M | 118.88M | 89.17M | 63.61M | 87.16M | 50.7M | 21.04M | 40.17M |
| Debt Issued (Net) | -218.97M | -218.99M | 76.61M | -180.76M | -427.69M | 363.75M | 192.62M | -338K | 0 | 226.81M | -4K | -1.47M | 0 | 92.5M | 1.25M | 0 | 50.7M | 21.04M | 0 |
| Equity Issued (Net) | -199.43M | -145.03M | -25M | -106K | 27.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110.45M | 0 | 62.85M | 87.02M | -2K | 0 | 40M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -198.37M | -148.33M | -25M | -106K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K | 0 | 0 |
| Other Financing | -7.63M | -5.62M | -34.25M | -2.16M | -1.18M | 16.94M | 29.69M | 4.01M | 8.95M | -2.65M | 7.26M | 12.17M | 8.42M | -3.33M | -495K | 136K | 2K | 3K | 173K |
| Net Change in Cash | -139.3M | -118.23M | 123.48M | 49.16M | -481.44M | 485.62M | 21.73M | -54.3M | 78.4M | 18.18M | -21.04M | 19.46M | 25M | 2.39M | -36.04M | 20.04M | 19.06M | -5.31M | 5.15M |
| Free Cash Flow | 132.71M | 136.66M | 178.75M | 139.49M | 115.2M | 79.85M | 39.23M | 60.36M | 34.36M | -1.48M | 8.74M | -12.27M | 3.58M | -56.01M | -88.39M | -37.17M | -31.65M | -26.35M | -35.03M |
| FCF Margin % | 18.06% | 18.81% | 25.5% | 20.67% | 17.28% | 14.75% | 9.13% | 14.34% | 10.19% | -0.52% | 3.16% | -4.93% | 1.81% | -65.47% | -226.15% | -236.9% | -217.35% | -175.58% | -251.55% |
| FCF Growth % | -16.75% | -23.55% | 28.15% | 21.09% | 44.27% | 103.54% | -35.01% | 75.69% | 2419.78% | -116.94% | 171.24% | -442.85% | 106.39% | 36.63% | -137.81% | -17.43% | -20.13% | 24.79% | - |
| FCF per Share | 3.24 | 3.03 | 3.87 | 2.68 | 2.48 | 1.75 | 0.90 | 1.45 | 0.84 | -0.04 | 0.23 | -0.30 | 0.10 | -1.69 | -2.91 | -2.26 | -1.84 | -45.97 | -66.30 |
| FCF Conversion (FCF/Net Income) | 14.27x | 21.61x | -1.90x | 3.69x | 9.13x | 2.99x | 0.53x | -6.40x | -103.76x | -0.42x | -0.88x | 15.62x | -1.86x | 0.68x | 1.34x | 0.72x | 0.92x | 0.66x | 0.70x |
| Interest Paid | 7.67M | 0 | 15.42M | 27.64M | 0 | 7M | 7.21M | 8.2M | 8.21M | 6.9M | 3.85M | 4.22M | 5.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 8.66M | 0 | 11.02M | 4.37M | 0 | 3.22M | 2.42M | 863K | 128K | 129K | 247K | 195K | 34K | 0 | 0 | 0 | 0 | 0 | 0 |
Generic competition and reimbursement
Based on reported financial statements, Pacira's operating cash flow consistently exceeds net income, with the OCF/NI ratio reaching as high as 26.69 in 2025Q4, suggesting that non-cash charges and accounting adjustments significantly distort the company's true underlying cash-generating capability relative to its reported bottom-line profitability.
The persistent gap between net income and operating cash flow indicates that reported earnings are heavily impacted by non-cash items, such as depreciation and stock-based compensation. Investors should monitor this divergence, as it suggests that the company's ability to generate cash is not currently reflected in its GAAP net income figures.
As indicated by recent quarterly filings, free cash flow margins have fluctuated significantly, ranging from a low of 5.1% in 2025Q2 to a peak of 31.7% in 2025Q3, highlighting the inherent instability in the company's cash generation profile as it navigates shifting surgical volumes and operational costs.
The inconsistency in free cash flow trajectory appears to mirror the volatility in the company's operating performance and site-of-care shifts. This variability warrants further investigation into whether the company can maintain stable cash conversion as it faces increasing competitive pressure in the ambulatory surgery center market.
According to recent SEC filings, Pacira has prioritized share repurchases, allocating $50 million in multiple recent quarters, despite a strained net margin environment that suggests capital might be better utilized for debt reduction or internal R&D to defend its core EXPAREL franchise against emerging generic threats.
The decision to aggressively repurchase shares while operating margins remain thin suggests a management focus on supporting the stock price rather than long-term asset reinvestment. This capital allocation strategy appears risky given the looming patent litigation and the potential for increased pricing pressure in the near term.
Based on reported figures, working capital changes have been highly erratic, swinging from a $38.2 million outflow in 2025Q2 to a $14.7 million inflow in 2025Q4, which suggests that the company's cash flow is sensitive to timing differences in collections and inventory management within its hospital distribution network.
These fluctuations in working capital may indicate challenges in managing receivables or inventory levels as the company transitions to more price-sensitive ambulatory surgery centers. Investors should monitor these trends closely, as they directly impact the company's short-term liquidity and ability to fund ongoing operations without external financing.
Quick answers to the most common questions about buying PCRX stock.
Pacira BioSciences, Inc. (PCRX) generated $152.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pacira BioSciences, Inc. (PCRX) generated $136.7M 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.
Pacira BioSciences, Inc. (PCRX) spent $15.3M 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, Pacira BioSciences, Inc. (PCRX) spent $148.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.