Free cash flow remains severely negative at -$2.9 billion in 2026Q1, highlighting a persistent reliance on external capital rather than internal cash generation.
| 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'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -2.93B | -13.38B | -14.27M | -2.23M | -1.56M | -2.57M | -2.21M | 141.78K | 273.39K | 171.67K | -1.31M | -1.97M | -1.06M | -844.58K | -28.16M | -16.07K | -6.22K |
| Operating CF Margin % | - | -3100603.09% | -10439.79% | -163.16% | -15.26% | -25.95% | -12.93% | 1.91% | 7.13% | 5.86% | -52.92% | -67.77% | -71.15% | -88.36% | - | - | - |
| Operating CF Growth % | -98827.38% | -93711.83% | -541.08% | -42.22% | 39.03% | -15.87% | -1662.18% | -48.14% | 59.25% | 113.07% | 33.46% | -85.4% | -26.05% | 97% | -175180.06% | -158.12% | - |
| Net Income | -41.85M | -41.51B | -18.24M | -8.48M | -2.4M | -5.32M | -2.54M | -284.43K | 9.04K | 288.98K | -1.17M | -256.58K | -2.01M | -2.09M | -28.5M | -28.19K | -8.72K |
| Depreciation & Amortization | 454.82M | 455.85M | 53.36K | 1.05M | 194.7K | 138.91K | 102.52K | 94.73K | 0 | 0 | 0 | 3.8K | 4.8K | 3.99K | 0 | 0 | 0 |
| Stock-Based Compensation | 102.57M | 2.07B | 0 | 257.77K | 254.11K | 181.16K | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -41.66M | 25.61B | 6.53M | -563.18K | 132.38K | 1.34M | 2.46M | 999.33K | 179.69K | 385.54K | -513.54K | -1.58M | 962.94K | 1.19M | 0 | 0 | 0 |
| Working Capital Changes | -2.7M | -3.07M | -2.6M | 5.51M | 257.58K | 1.08M | -3.6M | -667.86K | 84.65K | -502.85K | 373.23K | -136.87K | -20.27K | 54.41K | 332K | 12.12K | 2.5K |
| Change in Receivables | -894.28K | -800.69K | -2.93M | -548.71K | -505.32K | 298.09K | -23.53K | -369.92K | -1.53K | -20.35K | 55.78K | -39.12K | -255.07K | 6.63K | 0 | 0 | 0 |
| Change in Inventory | -210.93K | -213.41K | 968 | 4.23M | -51.74K | 825.13K | -2.42M | 23.2K | -3.81K | 0 | 0 | -255.16K | -3.06K | -43.37K | 0 | 0 | 0 |
| Change in Payables | -1.49M | -1.57M | 448.57K | 1.61M | 199.83K | 220.2K | -33.19K | -148.66K | 95.15K | -98.21K | 16.5K | -67.8K | 128.75K | 54.89K | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 27.55M | -275.72K | -427.85K | -22.6K | -37.51K | -332.25K | -265.28K | 0 | -78K | 0 | 0 | -10.99K | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | -12K | 0 | -450.85K | -22.6K | -37.51K | -82.25K | -15.01K | 0 | 0 | 0 | 0 | -10.99K | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | 8.78% | 0% | 4.4% | 0.23% | 0.22% | 1.11% | 0.39% | - | - | - | - | 1.15% | - | - | - |
| Acquisitions | 0 | 0 | 132.98K | -344.45K | 0 | 0 | 0 | -250K | -250.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 27.43M | 68.74K | 23K | 0 | 0 | 0 | 0 | 0 | -78K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -184.96M | 19.73B | -12.98M | 1.41M | -35.17K | -208.18K | 5.3M | 2.19M | 677.54K | -2.44K | 1.17M | 1.36M | 1.69M | 936.51K | 27.08M | 4.67K | 16.6K |
| Debt Issued (Net) | -6.26M | -6.16M | 3.1M | 250K | 0 | -225K | 0 | -262.55K | -122.46K | -252.69K | 156.99K | 405K | -53.39K | 53.39K | 0 | 0 | 0 |
| Equity Issued (Net) | 21.7M | 26.29M | 26.41K | 518.02K | 130.92K | 0 | 5.99M | 2.46M | 800K | 250K | 300K | 0 | 1.58M | 510K | 0 | 0 | 16.1K |
| Dividends Paid | 0 | 0 | -14.86M | 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 |
| Other Financing | -200.4M | 19.71B | -1.25M | 638.31K | -166.09K | 16.82K | -694.25K | 166 | 0 | 250 | 714.4K | 951.67K | 160K | 373.12K | 27.08M | 4.67K | 500 |
| Net Change in Cash | -3.11B | 6.35B | 307.78K | -1.09M | -2.03M | -2.8M | 3.05M | 2M | 685.64K | 169.24K | -64.03K | -617.11K | 621.28K | 80.94K | -1.08M | -11.4K | 10.38K |
| Free Cash Flow | -2.93B | -13.38B | -14.28M | -2.23M | -1.56M | -2.59M | -2.25M | 59.52K | 258.38K | 171.67K | -1.31M | -1.97M | -1.06M | -855.57K | -28.16M | -16.07K | -6.22K |
| FCF Margin % | -613319.12% | -3100603.09% | -10448.57% | -163.16% | -15.26% | -26.18% | -13.15% | 0.8% | 6.74% | 5.86% | -52.92% | -67.77% | -71.15% | -89.51% | - | - | - |
| FCF Growth % | -41490.97% | -93632.98% | -541.62% | -42.21% | 39.56% | -14.94% | -3883.9% | -76.96% | 50.51% | 113.07% | 33.46% | -85.4% | -24.43% | 96.96% | -175180.06% | -158.12% | - |
| FCF per Share | -7.21 | -87.20 | -3.91 | -0.93 | -2.77 | -4.77 | -4.38 | 0.15 | 0.67 | 0.45 | -3.75 | -5.67 | -3.21 | -5.46 | -23969.36 | -13.67 | -5.30 |
| FCF Conversion (FCF/Net Income) | 70.00x | 322.37x | -1.57x | 0.12x | 0.45x | 0.48x | 0.87x | -0.50x | 30.25x | 0.59x | 0.48x | 1.77x | 0.53x | 0.40x | 0.99x | 0.57x | 0.71x |
| Interest Paid | 0 | 0 | 0 | 0 | 336.21K | 28.34K | 29.44K | 98.46K | 36.97K | 71.21K | 23.56K | 4.93K | 4.15K | 7.28K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Cash Burn
According to recent SEC filings, Scienture Holdings exhibits a profound disconnect between net income and operating cash flow, highlighted by a 2026Q1 OCF/NI ratio of 858.03, which suggests that non-cash adjustments and accruals are significantly distorting the company's reported economic performance and overall cash generation quality.
The extreme variance between net losses and operating cash outflows indicates that reported earnings provide little insight into the company's actual liquidity position. Investors should monitor whether these massive discrepancies are driven by recurring non-cash charges or fundamental operational inefficiencies that prevent the conversion of revenue into tangible cash.
As reported in financial statements, Scienture Holdings has failed to generate positive free cash flow in nine of the last ten quarters, with a 2026Q1 FCF of -$2.9B, underscoring a persistent inability to fund operations through internal cash generation rather than external capital reliance.
The consistent negative FCF trajectory suggests that the company's business model is currently incapable of self-sustainment. This trend warrants further investigation into whether the firm can achieve a pivot toward positive cash flow or if the current burn rate will necessitate further dilutive financing.
Based on the company's reported figures, working capital movements have been highly erratic, swinging from a $6.1M inflow in 2024Q2 to a $2.3M outflow in 2025Q4, which implies significant challenges in managing the timing of cash collections and vendor payment obligations across the business cycle.
Such volatility in working capital suggests that the company lacks a stable operational rhythm, potentially complicating cash forecasting. The inability to maintain consistent working capital efficiency may indicate underlying issues in the firm's accounts receivable collection processes or inventory management strategies.
As indicated by historical cash flow statements, the company's reliance on stock-based compensation, which reached $102.3M in 2026Q1, serves to mask the true economic cost of operations, effectively shifting the burden of compensation from cash outflows to shareholder dilution over the observed ten-quarter period.
This heavy reliance on equity-based incentives may suggest that the company is attempting to preserve cash at the expense of long-term shareholder value. Analysts should carefully evaluate whether this compensation structure is sustainable or if it merely delays the inevitable impact of operational costs on the balance sheet.
Quick answers to the most common questions about buying SCNX stock.
Scienture Holdings, Inc. (SCNX) generated $-13382.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Scienture Holdings, Inc. (SCNX) reported negative free cash flow of $13.38B in 2025, indicating capital requirements exceeded cash from operations.
Scienture Holdings, Inc. (SCNX) 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.