Free cash flow remains deeply negative at -145.6% of revenue in 2026Q1, reflecting a persistent cash burn that is only partially obscured by $30.0M in quarterly stock-based compensation.
| 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 |
|---|
| Cash from Operations | -496.52M | -466M | -414.19M | -474.81M | -380.46M | -338.69M | -132.22M | -345.38M | -290.57M | -253.84M | -160.97M | -105.98M | -44.63M | -31.2M | -12.5M | -5.83M |
| Operating CF Margin % | - | -69.24% | -73.93% | -109.34% | -104.72% | -96.38% | -48.78% | -333.01% | -564.26% | -9718.34% | -121033.83% | - | - | - | - | - |
| Operating CF Growth % | -121.05% | -12.51% | 12.77% | -24.8% | -12.33% | -156.16% | 61.72% | -18.87% | -14.47% | -57.69% | -51.9% | -137.44% | -43.06% | -149.52% | -114.66% | - |
| Net Income | -609.36M | -575M | -569.18M | -606.64M | -707.42M | -454.02M | -186.57M | -402.73M | -197.61M | -302.14M | -245.87M | -145.62M | -59.8M | -35.07M | -16.33M | -6.85M |
| Depreciation & Amortization | -4.16M | 0 | 35.54M | 26.01M | 18.22M | 13.24M | 12.26M | 8.54M | 19.54M | 5.83M | 3.42M | 1.38M | 684K | 444K | 313K | 34K |
| Stock-Based Compensation | 143.54M | 153M | 158.03M | 135.21M | 130.38M | 104.95M | 85.73M | 82M | 80.11M | 68.01M | 48.31M | 24.88M | 5.39M | 657K | 891K | 254K |
| Deferred Taxes | 0 | 0 | 0 | -1.62M | 0 | 48.67M | -169.78M | -18.94M | -167.65M | -16.25M | 6.16M | 0 | 0 | 0 | 0 | 13K |
| Other Non-Cash Items | -60.17M | -21M | -52.5M | -12.67M | 118.12M | 11.71M | 21.46M | 1.69M | -156K | 10.93M | 700K | 5.64M | 6.92M | 4.31M | 302K | 270K |
| Working Capital Changes | 33.63M | -23M | 13.92M | -15.1M | 60.23M | -63.24M | 104.66M | -15.94M | -24.79M | -20.23M | 26.3M | 7.74M | 2.17M | -1.54M | 2.32M | 453K |
| Change in Receivables | -22.06M | -31M | -33.6M | -22.78M | -12.07M | -5.43M | 9.84M | -20.1M | -7.58M | -5.17M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -9.24M | -6M | -11.21M | -6.93M | -9.7M | -3.12M | -1.35M | -4.45M | -5.28M | -757K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 15.45M | 24M | 46.99M | 2.38M | 79.84M | 2.81M | 29.6M | 20.65M | 3.37M | 3.46M | 2.5M | -1.98M | 3.18M | 237K | 858K | 252K |
| Cash from Investing | 67.11M | 236M | -17.77M | 168M | -291.65M | -195.37M | -179.12M | -13.04M | -33.33M | 56.42M | 89.92M | -292.35M | -123.44M | -47.73M | -1.19M | -924K |
| Capital Expenditures | -4.74M | 0 | -7.49M | -44.27M | -116.12M | -73.09M | -43.91M | -24.83M | -4.08M | -2.79M | -10.19M | -4.96M | -2.15M | -407K | -1.09M | -548K |
| CapEx % of Revenue | 0.71% | 0.89% | 1.34% | 10.19% | 31.96% | 20.8% | 16.2% | 23.94% | 7.92% | 106.93% | 7660.15% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -75.03M | 0 | 0 | -11.79M | 0 | -142.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 40.91M | 236M | -14.94M | -7.55M | -30.84M | -942K | -5.55M | 11.79M | 170.32M | 934K | -1.2M | -1.54M | -293K | 25K | -100K | -376K |
| Cash from Financing | 477.84M | 478M | 399.24M | 388.14M | 501.21M | 118.55M | 600.27M | 679.31M | 336.85M | 136.27M | 138.68M | 467.57M | 184.97M | 171K | 89.24M | 17.33M |
| Debt Issued (Net) | 392M | 392M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.94M | 0 | 0 | 0 | 0 | 100K | 2.45M |
| Equity Issued (Net) | 85.84M | 86M | 380.98M | 379.75M | 0 | 78.94M | 511.21M | 355.24M | 309.02M | 131.96M | 79.49M | 461.14M | 188.58M | 171K | 89.14M | 14.88M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.35M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 18.26M | 8.39M | 501.21M | 39.61M | 89.06M | 324.06M | 27.83M | 9.25M | 59.19M | 6.44M | 736K | 0 | 0 | 0 |
| Net Change in Cash | 50.18M | 253.47M | -35.24M | 81.8M | -171.98M | -416.71M | 290.05M | 320.72M | 12.48M | -60.63M | 67.55M | 69.25M | 16.9M | -78.76M | 75.55M | 10.58M |
| Free Cash Flow | -487.2M | -472M | -421.68M | -521.57M | -526.59M | -411.79M | -176.13M | -370.21M | -294.64M | -256.64M | -171.16M | -110.93M | -46.78M | -31.61M | -13.6M | -6.37M |
| FCF Margin % | -72.78% | -70.13% | -75.27% | -120.11% | -144.93% | -117.18% | -64.98% | -356.96% | -572.18% | -9825.27% | -128693.99% | - | - | - | - | - |
| FCF Growth % | -17.95% | -11.93% | 19.15% | 0.95% | -27.88% | -133.8% | 52.43% | -25.65% | -14.81% | -49.94% | -54.3% | -137.12% | -48.01% | -132.49% | -113.32% | - |
| FCF per Share | -4.84 | -4.79 | -4.66 | -7.09 | -7.53 | -6.07 | -2.89 | -6.54 | -5.92 | -6.05 | -4.32 | -3.02 | -1.63 | -1.09 | -0.59 | -0.28 |
| FCF Conversion (FCF/Net Income) | 0.80x | 0.81x | 0.73x | 0.78x | 0.54x | 0.75x | 0.71x | 0.86x | 1.47x | 0.84x | 0.65x | 0.73x | 0.75x | 0.89x | 0.77x | 0.85x |
| Interest Paid | 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 |
Sustained High Cash Burn
According to quarterly financial data, the persistent gap between net income and operating cash flow, evidenced by an OCF/NI ratio of 1.06 in 2026Q1, suggests that non-cash expenses and working capital fluctuations are failing to bridge the fundamental divide between accounting losses and actual cash consumption.
The consistent OCF/NI ratio exceeding parity indicates that the company's reported net losses are not merely accounting artifacts but are closely mirrored by actual cash outflows. Investors should monitor this alignment, as it confirms that the business model remains heavily reliant on external financing to fund its ongoing R&D-heavy operations.
As reported in recent financial statements, the company's FCF margin reached -145.6% in 2026Q1, highlighting a trajectory of sustained cash depletion that shows little evidence of narrowing despite the commercialization of its rare disease portfolio and the associated high-margin royalty streams from partnered assets.
The volatility in FCF margins, ranging from -48.6% to -187.4% over the last ten quarters, underscores the lumpy nature of milestone-driven revenue and the relentless pressure of clinical development costs. This trend suggests that the company is far from achieving self-sustaining cash flow, necessitating continued reliance on capital markets.
Based on Ultragenyx's reported figures, capital expenditures remain remarkably low, with CapEx/Revenue ratios consistently below 3.0% across the observed period, indicating that the company's primary capital intensity is directed toward R&D rather than the physical infrastructure or manufacturing assets typically seen in industrial manufacturing firms.
The low level of maintenance and growth CapEx suggests that the company is effectively outsourcing or deferring heavy infrastructure investment, focusing instead on the high-cost clinical trial process. While this preserves cash in the near term, it may imply a future need for significant capital investment should the pipeline transition to large-scale commercial manufacturing.
Analysis of the cash flow statement reveals that stock-based compensation, which averaged approximately $37M per quarter, serves as a significant non-cash add-back that masks the true magnitude of the company's operational cash burn and dilutes the value of existing equity holders over the long term.
By consistently adding back substantial SBC to operating cash flow, the company presents a more favorable cash position than the underlying business performance warrants. Investors should adjust for this recurring expense to better understand the true economic cost of maintaining the current talent and R&D infrastructure.
Quick answers to the most common questions about buying RARE stock.
Ultragenyx Pharmaceutical Inc. (RARE) generated $-466.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ultragenyx Pharmaceutical Inc. (RARE) reported negative free cash flow of $472.0M in 2025, indicating capital requirements exceeded cash from operations.
Ultragenyx Pharmaceutical Inc. (RARE) 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.