Cash conversion efficiency remains unreliable, evidenced by an OCF/NI ratio that swung from -31.91 in 2025Q2 to 1.20 in 2026Q1, reflecting a business model heavily dependent on non-recurring cash inflows.
| 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 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 15.09M | -11.99M | 8.67M | -1.32M | -25M | -10.29M | -26.11M | -19.36M | -7.74M | -9.99M | -32.1M | -24.28M | -29.28M | -30.65M | 635K | -23.57M | -38.46M | 44.45M | -16.02M | -10.45M | -5.09M | -72.47K | -168.13K | -136.68K | -146.59K | -789.43K | -53.11K | -1.41M | -909.52K | -247.92K | -40.57K |
| Operating CF Margin % | - | -22.74% | 16.24% | -2.01% | -52.48% | -26.82% | -41.51% | -35.39% | -22.61% | -47.41% | -348.93% | -556.46% | -193.15% | -266.25% | 1.84% | -281.06% | -342.08% | 11456.7% | - | - | -3394% | -48.32% | -39.1% | - | - | - | - | -39.61% | -11.32% | - | - |
| Operating CF Growth % | 250.44% | -238.26% | 758.12% | 94.73% | -143.07% | 60.6% | -34.86% | -150.04% | 22.53% | 68.86% | -32.18% | 17.07% | 4.48% | -4927.24% | 102.69% | 38.72% | -186.53% | 377.56% | -53.27% | -105.24% | -6924.49% | 56.89% | -23% | 6.76% | 81.43% | -1386.46% | 96.23% | -54.82% | -266.86% | -511.08% | - |
| Net Income | 15.33M | -6.6M | 2.93M | 8.31M | -14.93M | -27.58M | -6.52M | -18.28M | -26.46M | -85.28M | -29.18M | -27.28M | -29.94M | -27.79M | -11.62M | -36.53M | -29M | -31.44M | -22.41M | -22.48M | -9.39M | -74.93K | -160.07K | -140.71K | -149.76K | -329.17K | -105.61K | -997.87K | -1.15M | 118.44K | 131.68K |
| Depreciation & Amortization | 58K | 0 | 1.3M | 1.19M | 1.09M | 1.12M | 1.3M | 1.62M | 1.67M | 1.92M | 1.98M | 2.37M | 3.14M | 3.54M | 3.69M | 3.63M | 3.13M | 1.99M | 1.3M | 759K | 502K | 0 | 0 | 0 | 0 | 0 | 0 | 163.2K | 202.21K | 0 | 0 |
| Stock-Based Compensation | -8K | 0 | 3.25M | 3.45M | 2.08M | 2.38M | 3.13M | 835K | 514K | 337K | 988K | 1.8M | 1.24M | 4.09M | 7.75M | 886K | 1.28M | 2.68M | 3.07M | 10.85M | 3.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 184K | 0 | 236K | -3.09M | 0 | 0 | 0 | -68K | -64K | 39.35M | -7.59M | 1.56M | 115K | 142K | 240K | 36.87M | -617K | -218K | -3.03M | -11.71M | -3.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32.75K | -8.47K |
| Other Non-Cash Items | -1.36M | 4.71M | 138K | -638K | -1.23M | 3.9M | 3.12M | 3.37M | 3.07M | 4.57M | 581K | 569K | 1.89M | -137K | -171K | -36.37M | 377K | 265K | 3.05M | 11.1M | 3.57M | 0 | 0 | 4.25K | -150 | -66.29K | -141.3K | 508.36K | -526.47K | -343.84K | -243.74K |
| Working Capital Changes | -5.72M | -10.1M | 811K | -10.54M | -12.02M | 9.9M | -27.13M | -6.83M | 13.53M | 29.1M | 1.12M | -3.3M | -5.72M | -10.5M | 741K | 7.94M | -13.64M | 71.17M | 2.01M | 1.04M | 269K | 2.46K | -8.05K | -218 | 3.33K | -393.96K | 193.8K | -1.08M | 561.54K | 10.23K | 79.96K |
| Change in Receivables | -9.49M | -5.89M | 2.32M | -428K | -1.19M | -1.03M | 2.09M | 188K | -3.1M | 25K | -1.13M | 523K | -799K | 1.9M | 243K | 3.89M | -6.86M | -1.22M | 636K | 140K | -1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -10.97M | -4.49M | -2.2M | -2.24M | 1.15M | -4.87M | -4.93M | 414K | -736K | -2.59M | 522K | -2.32M | 1.29M | -3.92M | -3.76M | 910K | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 5.14M | 0 | 0 | 0 | 0 | 0 | 0 | 2.14M | -520K | 4.9M | 2.14M | -1.87M | 954K | -1.32M | 2.98M | 6.15M | -1.03M | 7.78M | 1.38M | 903K | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.17M | -2.37M | 4.22M | -16.71M | -5.04M | 18.92M | -19.95M | -883K | -591K | -1.12M | -967K | 39.39M | -1M | -2.1M | -2.29M | -5.87M | -7.99M | -6.17M | -3.7M | -2.44M | -980K | 0 | 552.36K | -491.48K | 38.59K | 1.31M | 71.37K | 532.43K | -3.85M | 31.89K | -6.32M |
| Capital Expenditures | -455K | 0 | -1.28M | -1.15M | -628K | -1.46M | -655K | -627K | -686K | -971K | -849K | -464K | -785K | -1.89M | -2.07M | -5.71M | -7.86M | -6.2M | -3.37M | -2.33M | -842K | 0 | 0 | 0 | 0 | 0 | 0 | -29.3K | -139.99K | 0 | 0 |
| CapEx % of Revenue | 0.6% | 3.11% | 2.4% | 1.75% | 1.32% | 3.8% | 1.04% | 1.15% | 2% | 4.61% | 9.23% | 10.63% | 5.18% | 16.42% | 6.01% | 68.03% | 69.86% | 1596.65% | - | - | 561.33% | - | - | - | - | - | - | 0.82% | 1.74% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 20K | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.62M | -2.37M | 83K | -142K | 593K | 380K | 703K | -256K | 95K | -148K | -118K | 39.85M | -126K | -212K | -218K | 2K | -137K | 21K | -330K | -103K | -91K | 0 | 552.36K | 60.88K | 38.59K | 97.11K | 226.88K | 1.62M | -3.65M | 31.89K | 0 |
| Cash from Financing | 4.4M | 9.33M | -16.79M | 24.67M | 8.24M | 12.08M | 46.47M | 0 | -4.75M | -1.42M | 19.7M | 6.63M | 46K | 66.89M | 26.56M | 20.93M | 501K | 293K | -51K | 58.57M | 16.71M | 494K | 0 | 0 | 0 | 0 | -35K | -6.3K | 5.97M | 0 | 7.05M |
| Debt Issued (Net) | 0 | 0 | -20.42M | 0 | 0 | -34.12M | -215K | 0 | -4.75M | -1.42M | 19.68M | 0 | 0 | 66.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 755K | 0 | 0 | 0 | -35K | -6.3K | -517.03K | 0 | 0 |
| Equity Issued (Net) | 4.25M | 9.33M | 3.63M | 23.95M | 8.24M | 46.2M | 46.21M | 0 | 0 | 0 | 0 | 6.1M | 0 | 0 | 25.33M | 20.65M | 0 | 0 | 5K | 58.67M | 16.37M | 8.37M | 2.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.05M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | -56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 153K | 0 | 0 | 712K | 2K | 0 | 472K | 0 | 0 | 0 | 14K | 534K | 46K | 112K | 1.23M | 277K | 501K | 293K | -56K | -104K | 341K | -6.88M | 0 | 0 | 0 | 0 | 0 | 0 | 6.48M | 0 | 0 |
| Net Change in Cash | 22.25M | -4.38M | -3.87M | 6.52M | -21.87M | 20.72M | 473K | -20.02M | -13.36M | -12.12M | -13.09M | 21.61M | -31.63M | 34.36M | 25.03M | -8.9M | -45.37M | 38.67M | -19.22M | 46.44M | 10.64M | 421.52K | 384.23K | -628.16K | -108K | 524.9K | -16.73K | -882.01K | 1.2M | -216.03K | 687.89K |
| Free Cash Flow | 14.63M | -13.63M | 7.39M | -2.47M | -25.63M | -11.74M | -26.76M | -19.98M | -8.43M | -10.96M | -32.95M | -24.75M | -30.07M | -32.54M | -1.43M | -29.27M | -46.32M | 38.26M | -19.39M | -12.78M | -5.93M | -72.47K | -168.13K | -136.68K | -146.59K | -789.43K | -53.11K | -1.44M | -1.05M | -247.92K | -40.57K |
| FCF Margin % | 19.16% | -25.84% | 13.84% | -3.77% | -53.8% | -30.62% | -42.55% | -36.54% | -24.61% | -52.02% | -358.16% | -567.09% | -198.32% | -282.66% | -4.16% | -349.09% | -411.94% | 9860.05% | - | - | -3955.33% | -48.32% | -39.1% | - | - | - | - | -40.43% | -13.06% | - | - |
| FCF Growth % | 1036.94% | -284.4% | 399.64% | 90.37% | -118.22% | 56.12% | -33.91% | -137.13% | 23.14% | 66.72% | -33.13% | 17.69% | 7.61% | -2170.97% | 95.1% | 36.8% | -221.07% | 297.34% | -51.64% | -115.47% | -8086.27% | 56.89% | -23% | 6.76% | 81.43% | -1386.46% | 96.31% | -36.96% | -323.33% | -511.08% | - |
| FCF per Share | 0.18 | -0.17 | 0.09 | -0.03 | -0.53 | -0.27 | -0.92 | -1.35 | -0.57 | -0.84 | -0.32 | -0.26 | -0.32 | -0.35 | -0.16 | -0.35 | -0.57 | 0.50 | -0.26 | -1.90 | -0.20 | -0.00 | -5.46 | -0.47 | -0.50 | -2.45 | -0.13 | -2.76 | -2.30 | -0.97 | -0.19 |
| FCF Conversion (FCF/Net Income) | 0.95x | 1.82x | 2.96x | -0.16x | 1.67x | 0.37x | 4.00x | 1.06x | 0.29x | 0.12x | 1.09x | -0.42x | 0.98x | 1.10x | -0.05x | 0.65x | 1.33x | -1.41x | 0.71x | 0.46x | 0.54x | 0.01x | 0.07x | 0.97x | 0.98x | 2.40x | 0.50x | 1.41x | 0.79x | -2.09x | -0.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 3.41M | 4.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and milestone dependency
As reported in recent financial statements, the relationship between net income and operating cash flow is erratic, with the OCF/NI ratio swinging from -31.91 in 2025Q2 to 1.20 in 2026Q1, suggesting that reported earnings are frequently decoupled from actual cash generation capabilities.
The extreme variance in the OCF/NI ratio indicates that accounting profits are heavily influenced by non-cash items or timing differences rather than core operational efficiency. Investors should interpret this divergence as a signal that the company's earnings quality is currently low and highly sensitive to the timing of milestone recognition.
Based on the company's quarterly filings, free cash flow margins have fluctuated wildly between -53.0% and 63.0% over the last ten quarters, reflecting a business model that struggles to maintain a predictable cash-generative trajectory amidst its ongoing commercial transition and reliance on lumpy partnership payments.
The inability to sustain positive free cash flow suggests that the firm remains in a capital-intensive phase where operational success is not yet translating into reliable liquidity. This volatility warrants caution, as it implies that the company may remain dependent on external financing to bridge gaps between major revenue events.
According to the provided cash flow data, working capital changes have been a primary driver of cash flow volatility, with quarterly fluctuations ranging from a $7.1M outflow in 2025Q3 to an $8.1M inflow in 2024Q1, highlighting the significant impact of inventory and receivable timing.
These sharp swings in working capital suggest that the company's cash position is highly vulnerable to the procurement cycles of its primary partners. Such reliance on the timing of bulk shipments implies that liquidity management is likely reactive rather than proactive, which may pose risks during periods of operational disruption.
Analysis of the cash flow statement reveals that stock-based compensation and depreciation adjustments frequently mask the underlying cash burn, as evidenced by the persistent negative operating cash flow observed in several quarters despite the company's efforts to reach commercial scale through its ProCellEx platform.
The reliance on non-cash adjustments to bolster the appearance of cash flow suggests that the core business is not yet self-funding. Investors should monitor whether the company can reduce its reliance on these accounting adjustments as Elfabrio commercialization matures, as current trends indicate a continued need for external capital.
Quick answers to the most common questions about buying PLX stock.
Protalix BioTherapeutics, Inc. (PLX) generated $-12.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Protalix BioTherapeutics, Inc. (PLX) reported negative free cash flow of $13.6M in 2025, indicating capital requirements exceeded cash from operations.
Protalix BioTherapeutics, Inc. (PLX) 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.