Liquidity remains highly erratic and opaque, highlighted by a massive $11.6 billion stock-based compensation charge in 2025Q4 that obscures the firm's underlying cash burn.
| 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 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 4.58B | -1.79B | 928.64K | -5.28M | -9.01M | -519.4K | -3.5M | -5.42M | -14.15M | -360.14K | -29.79M | 34.45M | 11.39M | -8.45M | 8.96M | -2.14M | 24.43M | -10.84M | 19.51M | -3.59M | -27.02K | -8.85K |
| Operating CF Margin % | - | -58747.87% | 13.8% | -29.91% | -20.14% | -1.38% | -96.16% | -489.77% | -207.26% | -7.05% | -37.39% | 16% | 5.23% | -3.92% | 3.74% | -1% | 13.26% | -7.39% | 14.74% | -4.37% | - | - |
| Operating CF Growth % | 1168.62% | -192455.41% | 117.58% | 41.39% | -1635.17% | 85.16% | 35.43% | 61.71% | -3829.93% | 98.79% | -186.45% | 202.61% | 234.81% | -194.31% | 518.27% | -108.76% | 325.3% | -155.58% | 644.13% | -13170.34% | -205.17% | - |
| Net Income | -25.87M | -26.98B | -7.46M | -18.22M | -25.81M | -9.99M | -11.05M | 8.54M | 16.83M | -47.35M | -87.17M | -1.19M | 4.41M | 17.69M | 21.74M | 21.08M | 19.25M | 15.31M | 14.7M | 9.74M | -31.59K | -11.16K |
| Depreciation & Amortization | 293.34M | 790.36M | 1.03M | 1.11M | 1.48M | 2.45M | 449.05K | 214.05K | 793.19K | 2.11M | 2.23M | 4.59M | 5.51M | 4.53M | 2.95M | 2.35M | 1.5M | 1.47M | 1.43M | 820.73K | 0 | 0 |
| Stock-Based Compensation | 11.63B | 14.43B | 0 | 0 | 0 | 1.16M | 1.76M | 0 | 0 | 0 | 10.2K | 1.28M | 366K | 0 | 503.49K | 644.24K | 890.21K | 166.4K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 81.77K | 0 | 35.58M | -65.47M | -66.67M | -5.47M | -10.82M | 0 | -383.48K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.64B | 9.97B | 3.96M | 13.66M | 20.33M | 3.23M | 10.29M | -8.78M | -17.52M | 16.57M | 34.79M | 72.26M | 66.67M | 1.05M | 11.5M | -94.06K | 587.12K | 0 | 974.19K | 2.36M | 3K | 0 |
| Working Capital Changes | 3.91M | 231.83K | 3.4M | -1.83M | -5.02M | 2.63M | -4.95M | -5.39M | -14.26M | 28.31M | -15.22M | 22.98M | 1.1M | -30.66M | -16.93M | -26.13M | 2.58M | -27.79M | 2.4M | -16.51M | 1.58K | 2.31K |
| Change in Receivables | -1.43M | -173.97K | -1.01B | -2.67M | -526.02K | -4.85M | -1.53M | 58.13K | -14.07M | 28.8M | -21.06M | -7.65B | 7.84B | -26.11B | -12.5B | -21.02M | -2.55M | -1.8M | 14.64M | 0 | 0 | 0 |
| Change in Inventory | 439.87K | 146.98K | 538.07M | 1.74M | 0 | -1.33M | -295.98K | -434.41K | 21.55K | 2.01M | -5.16M | 15.78M | -2.56M | -3.88M | -3.72M | -4.54M | -2.81M | -1.57M | -6.92M | -8.56M | 0 | 0 |
| Change in Payables | 4.64M | 199.16K | 523.09M | -89.67K | -364.04K | 1.36M | 506.44K | 0 | -287.05K | -1.55M | 9.68M | 14.7M | -6.42M | 1.12M | -444.51M | -810.76K | -49.44M | -74.29M | -29.44M | 0 | 230 | 0 |
| Cash from Investing | -14.13M | -4.33M | -5.42K | 2.47M | -3.85M | -11.81M | -852.84K | -516.32K | -492.23K | 750.77K | 8.91M | -7.02M | -11.16M | -20.97M | -3.35M | -16.22M | -35.65M | -7.28M | -20.32M | -12.44M | 0 | 0 |
| Capital Expenditures | -14.14K | -4.82K | -7.51K | -26.37K | 0 | -1.39M | -695.54K | -578.6K | -490.69K | -314.19K | -142.13K | -1.94M | -3.01M | -29.45M | -3.09M | -15.18M | -28.95M | -2.47M | -18.52M | -12.99M | 0 | 0 |
| CapEx % of Revenue | 0.17% | 0.16% | 0.11% | 0.15% | - | 3.69% | 19.11% | 52.29% | 7.19% | 6.15% | 0.18% | 0.9% | 1.38% | 13.68% | 1.29% | 7.12% | 15.72% | 1.68% | 13.99% | 15.82% | - | - |
| Acquisitions | 0 | 0 | 0 | 2.77M | 246.32K | 482.76K | 0 | 0 | 0 | 0 | 0 | 0 | -2.1M | 0 | 0 | -703.57K | -1.7M | -123.16K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -14.11M | -4.33M | 2.08K | -270.37K | 0 | -7.8M | -157.29K | 62.27K | -1.53K | 1.06M | 7.1M | -6.44M | -2.79M | 8.21M | -258.83K | -9.31M | -1.52M | 2.52M | -1.69M | 527.48K | 0 | 0 |
| Cash from Financing | 771.75M | 1.74B | -972.11K | 2.89M | 10.84M | 8.93M | 238.4K | 13.2M | 15.49M | -753.85K | 3.04M | -31.61M | -3.65M | 28.99M | 8.32M | 17.01M | 7.84M | 26.5M | -8.13M | 19.66M | 27K | 0 |
| Debt Issued (Net) | 2.24M | 3.52M | 2.08M | 0 | -259.2K | -1.99M | 0 | -1.11M | 0 | -753.85K | 3.04M | -14.68M | -3.65M | 28.99M | 8.36M | 17.01M | -1.12M | 15.58M | -8.13M | 2.32M | -202.36K | 3.56M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 11.1M | 10.92M | 3.02M | 12.32M | 15.45M | 0 | 0 | 0 | 0 | 0 | 109 | 0 | 8.96M | 10.92M | 0 | 17.35M | 2.86M | 11.5M |
| Dividends Paid | 0 | 0 | 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 | 0 | 0 |
| Other Financing | 769.5M | 1.74B | -3.05M | 2.89M | 0 | 0 | -2.78M | 1.99M | 32.98K | 0 | 0 | 0 | 0 | 0 | -31.74K | 0 | 0 | 0 | 1.42M | 0 | 948.63K | 0 |
| Net Change in Cash | 5.35B | -61.38M | -42.06K | 143.73K | -1.04M | -2.28M | -3.86M | 7.26M | 973.43K | -340.56K | -16.72M | -9.62M | -3.58M | 1.51M | 14.99M | 4.62M | 610.76K | 9.27M | -3.93M | 4.48M | 0 | -8.85K |
| Free Cash Flow | 4.58B | -1.79B | 921.14K | -5.31M | -9.01M | -2.04M | -4.35M | -6M | -14.64M | -674.33K | -29.93M | 32.52M | 8.38M | -37.89M | 5.87M | -17.32M | -4.52M | -13.32M | 992.66K | -16.57M | -27.02K | -8.85K |
| FCF Margin % | 53506.16% | -58747.87% | 13.69% | -30.06% | -20.14% | -5.39% | -119.6% | -542.06% | -214.44% | -13.2% | -37.57% | 15.1% | 3.85% | -17.6% | 2.45% | -8.12% | -2.45% | -9.07% | 0.75% | -20.19% | - | - |
| FCF Growth % | 1423.66% | -194022.84% | 117.35% | 41.1% | -342.46% | 53.2% | 27.44% | 59.04% | -2071.64% | 97.75% | -192.04% | 288.21% | 122.1% | -745.83% | 133.87% | -283.55% | 66.08% | -1441.39% | 105.99% | -61239.79% | -205.17% | - |
| FCF per Share | 321.72 | -221.58 | 0.13 | -0.73 | -1.51 | -0.82 | -4.30 | -8.70 | -49.17 | -4.40 | -195.53 | 219.06 | 60.30 | -273.65 | 4.25 | -12.47 | -3.51 | -12.67 | 0.99 | -16.62 | -0.04 | -0.01 |
| FCF Conversion (FCF/Net Income) | -177.02x | 66.22x | -0.13x | 0.25x | 0.35x | 0.05x | 0.32x | -1.84x | -4.11x | 0.01x | 0.34x | 2.82x | 3.03x | -0.51x | 0.44x | -0.11x | 1.37x | -0.71x | 1.33x | -0.37x | 0.86x | 0.79x |
| Interest Paid | 37.16K | 0 | 0 | 497.31K | 633.79K | 646.57K | 23.41K | 9.91K | 0 | 1.16M | 1.14M | 2.89M | 7.32M | 4.39M | 3.89M | 0 | 0 | 0 | 2.77M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198 | 563.45K | 3.41M | 2.32M | 4.67M | 6.36M | 7.23M | 0 | 0 | 0 | 3M | 0 | 0 | 0 |
Imminent Liquidity Exhaustion
According to quarterly financial disclosures, the relationship between net income and operating cash flow is highly erratic, exemplified by the 2026Q1 period where operating cash flow reached $4.6 billion against a net income of only $311.9K, indicating extreme volatility in non-cash accounting adjustments.
The massive divergence between reported net income and operating cash flow suggests that earnings are heavily influenced by non-operating items rather than core operational performance. Investors should monitor these fluctuations closely, as they appear to mask the underlying inability of the business to generate consistent cash from its primary activities.
As reported in recent financial statements, the company's free cash flow trajectory remains highly unstable, swinging from a $346.7 million outflow in 2025Q1 to a $4.6 billion inflow in 2026Q1, which highlights a lack of predictable cash generation across its diverse business segments.
This extreme variance in free cash flow suggests that the company's operational model is not yet optimized for sustainable cash generation. The lack of a stable trend makes it difficult to assess the firm's ability to fund its own operations without relying on external capital injections.
Based on the provided cash flow data, working capital changes have been inconsistent, with a notable $3.8 million contribution to operating cash flow in 2026Q1, suggesting that the company may be relying on aggressive timing of payables or receivables to manage its immediate liquidity needs.
The reliance on working capital shifts to bolster cash flow indicates potential stress in the company's operational cycle. Such maneuvers may provide temporary relief but do not address the fundamental issue of insufficient cash generation from core business operations.
Financial records reveal significant non-cash charges, including a $11.6 billion stock-based compensation expense in 2025Q4, which, as noted in regulatory filings, fundamentally distorts the company's cash flow statement and complicates the assessment of true operational health for external stakeholders.
These large, non-cash adjustments appear to obscure the actual cash-burning nature of the business. Analysts should be wary of these figures, as they may be used to reconcile accounting losses without reflecting the actual cash position of the firm.
Quick answers to the most common questions about buying PLAG stock.
Planet Green Holdings Corp. (PLAG) generated $-1786.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Planet Green Holdings Corp. (PLAG) reported negative free cash flow of $1.79B in 2025, indicating capital requirements exceeded cash from operations.
Planet Green Holdings Corp. (PLAG) 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.