Cash generation remains fundamentally broken, highlighted by a $20.3 million free cash flow outflow in 2025Q4 and a historical OCF/NI ratio that reached an extreme -17.90 in 2024Q2.
| Metric | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | -22.57M | -15.03M | -5.46M | 3.29M | -25.08M | -5.62M | -60.13M | -10.04M | -120.17M | 47.91M | 52.19M | -85.64M | -146.11M | 82.71M | 37.46M | 298.6M | 208.88M | 57.2M | -169.24M | 24.38M | -5.19M | 0 |
| Operating CF Margin % | -24.72% | -13.26% | -5.85% | 6.26% | -54.02% | -10.69% | -65.05% | -77.71% | - | 14.29% | 13.87% | -20.64% | -30.33% | 14.98% | 6.6% | 51.06% | 35.25% | 11.14% | -34.58% | 11.76% | - | - |
| Operating CF Growth % | -50.14% | -175.49% | -265.79% | 113.12% | -346.61% | 90.66% | -498.61% | 91.64% | -350.84% | -8.21% | 160.94% | 41.39% | -276.65% | 120.82% | -87.46% | 42.95% | 265.19% | 133.8% | -794.13% | 569.57% | - | - |
| Net Income | -52.64M | 18.68M | 62.67M | 2.33M | -127.08M | -102.84M | -65.65M | -152.79M | -106.26M | -65.58M | -13.81M | -9.53M | 7.49M | -1.43M | -23.08M | 49.05M | -40.82M | -43.29M | -163.2M | 16.42M | -5.53M | -4.43K |
| Depreciation & Amortization | 3.16M | 2.83M | 4.03M | 3.9M | 8.28M | 10.61M | 13.8M | 16.45M | 27.69M | 31.22M | 30.55M | 28.52M | 28.16M | 19.54M | 23.31M | 21.71M | 21.27M | 22.3M | 22.03M | 6.76M | 0 | 0 |
| Stock-Based Compensation | 0 | 5.22M | 1.16M | 1.04M | 10.95M | 13.16M | 12.19M | 4.31M | 5.4M | 8.8M | 1.61M | 1.32M | 1.89M | 3.33M | 4.64M | 4.87M | 2.76M | 10.1M | 5.28M | 774K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 76.19M | 47.6M | 21M | 11.12M | 27.84M | 1.75M | 1.27M | 6.74M | 5.27M | 11.15M | -13.36M | 92K | 88.81K | 0 | 0 |
| Other Non-Cash Items | 21.76M | -55.22M | -85.98M | 987K | 116.64M | 70.96M | 11.1M | 16.76M | 4.27M | -11.26M | -4.01M | -613K | 36.07M | 28.5M | 43.37M | 13.99M | 73.7M | 8.51M | 87.32M | -442.99K | 0 | 0 |
| Working Capital Changes | 5.16M | 13.46M | 12.66M | -4.96M | -33.87M | 2.5M | -31.56M | 29.03M | -98.87M | 63.72M | 26.73M | -133.19M | -221.49M | 31.51M | -17.51M | 203.71M | 140.82M | 72.94M | -120.77M | 783.13K | 334.91K | 4.33K |
| Change in Receivables | -1.66M | 8.11M | 1.65M | -359K | 3.04M | -1.83M | -1.48M | 24K | 36K | 1.32M | -1.03M | 914K | -242K | -4.49M | 1.56M | -4.36M | -1.01M | -902K | 8.32M | 116.39M | 0 | 0 |
| Change in Inventory | -6.55M | 6.43M | -10.93M | 2.07M | 1.41M | 6.86M | 47.45M | 13.06M | -21.53M | 50.97M | 65.84M | -67.54M | -226.83M | -102.23M | 15.18M | 45.78M | 38.57M | 43.47M | -57.48M | -121.61M | 0 | 0 |
| Change in Payables | 3.95M | 3.53M | 2.19M | 991K | -427K | -87K | 1.77M | -950K | 4.11M | -15K | -136K | -65K | -441K | -709K | -3.22M | -5.14M | 6.01M | -6.44M | -31.24M | 6.08M | 0 | 0 |
| Cash from Investing | -14.28M | -4.97M | -11.22M | -1.1M | -1.21M | -42.24M | 9.38M | 47.59M | 29.54M | -6.48M | -20.36M | -561K | -68.28M | -143.38M | -154.39M | -9.1M | -15.89M | 107.63M | -90.95M | -62.75M | -170.04M | 0 |
| Capital Expenditures | -13.35M | -4.97M | -12.21M | -622K | -1.72M | 0 | 0 | -2.98M | -3.89M | -16.96M | -20.53M | -22.61M | -78.85M | -152.12M | -75.53M | -25.8M | -21.89M | -28.78M | -48.14M | -51.84M | 0 | 0 |
| CapEx % of Revenue | 14.63% | 4.39% | 13.08% | 1.18% | 3.69% | - | - | 23.07% | - | 5.06% | 5.46% | 5.45% | 16.37% | 27.55% | 13.31% | 4.41% | 3.69% | 5.6% | 9.84% | 25% | - | - |
| Acquisitions | -922.01K | 0 | -15K | 480K | -1.2M | 0 | 0 | 33.7M | 33.16M | 10M | 0 | 12.88M | 0 | 0 | 0 | -10.54M | 0 | -6.6M | -31.87M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -480K | 1.71M | -42.24M | 9.38M | 16.87M | 265K | 483K | 172K | 9.17M | 10.57M | 8.73M | -78.26M | -16.08M | 6M | 12.87M | 8.64M | -5.23M | 0 | 0 |
| Cash from Financing | 44.47M | 4.5M | 22.93M | -332K | 19.84M | 65.92M | 53.6M | -35.38M | 47.01M | -48.82M | -9.47M | 394K | 191.69M | 83.4M | -55.74M | -112.16M | -175.93M | -212.03M | 283.77M | 207.81M | 175.56M | 496.69K |
| Debt Issued (Net) | 2.96M | 4.95M | 0 | 0 | 0 | 59.05M | 0 | -35.38M | 19.17M | -47.91M | -4.86M | 3.5M | 212.32M | 54M | -65.9M | -111.79M | -157.44M | -213.46M | 311.53M | 0 | 23.9M | 6M |
| Equity Issued (Net) | 37.93M | 10K | 24.49M | 11.01M | 17.17M | 18.32M | 53.6M | 0 | 6.12M | 0 | 0 | -1.79M | -6.28M | 0 | 0 | 0 | 0 | 0 | -29.38M | 0 | 112.92M | 82.78K |
| Dividends Paid | 0 | 0 | -200K | -2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9M | -9M | 0 | 0 | -6.91M | -17.99M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.79M | -6.28M | 0 | 0 | 0 | 0 | 0 | -29.38M | 0 | 0 | 0 |
| Other Financing | 3.59M | -462K | -1.36M | -8.91M | 2.67M | -11.45M | 0 | 0 | 21.72M | -901K | -4.61M | -1.32M | -14.35M | 29.4M | 10.16M | 6.54M | -500K | 1.43M | 1.62M | 207.81M | 78.83M | 0 |
| Net Change in Cash | 7.41M | -15.33M | 6.04M | 2.32M | -7.13M | 19.28M | 1.21M | -1.25M | -51.26M | -11.52M | 19.76M | -85.71M | -20.81M | 22.85M | -169.73M | 178.42M | 18.99M | -60.05M | 21.36M | 169.06M | 324.86K | 496.59K |
| Free Cash Flow | -35.92M | -20M | -17.66M | 2.67M | -26.79M | -5.62M | -60.13M | -13.03M | -124.06M | 30.94M | 31.66M | -108.25M | -224.96M | -69.41M | -38.07M | 272.8M | 187M | 28.42M | -217.38M | -27.46M | -5.19M | 0 |
| FCF Margin % | -39.35% | -17.64% | -18.93% | 5.08% | -57.71% | -10.69% | -65.05% | -100.77% | - | 9.23% | 8.41% | -26.09% | -46.7% | -12.57% | -6.71% | 46.64% | 31.56% | 5.53% | -44.42% | -13.24% | - | - |
| FCF Growth % | -79.58% | -13.24% | -761.86% | 109.96% | -377.15% | 90.66% | -361.58% | 89.5% | -500.95% | -2.26% | 129.24% | 51.88% | -224.13% | -82.3% | -113.96% | 45.89% | 558% | 113.07% | -691.69% | -428.81% | - | - |
| FCF per Share | -4.80 | -3.09 | -2.69 | 0.48 | -4.77 | -1.12 | -14.37 | -4.25 | -44.18 | 13.54 | 13.89 | -47.60 | -96.64 | -29.68 | -16.50 | 116.90 | 81.25 | 12.36 | -93.43 | -24.47 | -5.19 | - |
| FCF Conversion (FCF/Net Income) | 0.42x | -0.73x | -0.10x | -0.53x | 0.27x | 0.05x | 0.92x | 0.07x | 1.59x | -0.73x | -3.78x | 8.99x | -19.50x | -57.68x | -1.62x | 6.09x | -5.12x | -1.32x | 1.04x | 1.48x | 0.94x | - |
| Interest Paid | 0 | 1.02M | 843K | 424K | 0 | 0 | 0 | 0 | 14.49M | 14.25M | 18.65M | 19.74M | 11.33M | 4.03M | 1.47M | 8.54M | 11.57M | 18.57M | 18.28M | 0 | 0 | 0 |
| Taxes Paid | 0 | 75K | 41K | 162K | 0 | 0 | 0 | 0 | 1.28M | 1.44M | 1.26M | 148K | 1.71M | 589K | 6.99M | 652K | 6K | 9.31M | 8.31M | 0 | 0 | 0 |
Liquidity and regulatory dependency
According to the provided financial data, the company exhibits a persistent inability to convert reported net income into operating cash flow, with the OCF/NI ratio reaching an extreme -17.90 in 2024Q2, highlighting a fundamental disconnect between accounting profitability and the actual cash generation of the business.
The wide variance between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items or accounting adjustments that do not reflect the underlying cash reality. Investors should monitor this divergence closely, as it indicates that the company's core operations are failing to generate the liquidity required to sustain its current cost structure.
As reported in recent financial statements, the company's free cash flow remains consistently negative, culminating in a $20.3 million outflow in 2025Q4, which underscores a deteriorating cash position that is increasingly reliant on external financing to cover ongoing operational and capital expenditure requirements.
The persistent negative FCF margins, which reached -7.7% in the most recent quarter, suggest that the business model is currently incapable of self-funding its growth initiatives. This trajectory implies that without a significant shift in commercial execution or a reduction in cash burn, the company may face continued pressure on its capital reserves.
Based on the company's reported figures, capital expenditure as a percentage of revenue spiked to 3.5% in 2025Q4, reflecting a high level of capital intensity that appears disconnected from the firm's declining revenue base and inability to achieve meaningful operating scale.
The allocation of capital toward assets while revenue is contracting warrants further investigation into the efficiency of these investments. It appears that the company is prioritizing infrastructure or R&D spending that has yet to yield a commensurate return, potentially exacerbating the existing cash burn.
Data from the last ten quarters reveals a significant cumulative gap between reported net income and operating cash flow, suggesting that the company's historical earnings profile may not be indicative of its actual ability to generate sustainable cash from its core agricultural input operations.
This long-term divergence suggests that the company's reported net income figures may be misleading when assessing its true financial health. The consistent failure to align earnings with cash flow indicates that the business may be relying on accounting treatments that obscure the underlying operational challenges.
Quick answers to the most common questions about buying SEED stock.
Origin Agritech Limited (SEED) generated $-22.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Origin Agritech Limited (SEED) reported negative free cash flow of $35.9M in 2025, indicating capital requirements exceeded cash from operations.
Origin Agritech Limited (SEED) spent $13.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.