Free cash flow remains volatile and largely negative, evidenced by a $5.9 million working capital outflow in 2026Q1 that highlights ongoing liquidity pressure.
| 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 |
|---|
| Cash from Operations | 1.87M | -675K | -12.43M | -18.71M | -41.66M | -39.53M | -30.66M | -31.63M | -14.52M | -17.53M | -16.75M | -26.72M | -26.33M | -566K |
| Operating CF Margin % | - | -0.34% | -7.43% | -13.47% | -39.15% | -43.85% | -41.78% | -46.99% | -26.22% | -36.53% | -39.79% | -64.89% | -65.73% | -1.16% |
| Operating CF Growth % | 874.5% | 94.57% | 33.6% | 55.08% | -5.37% | -28.93% | 3.05% | -117.83% | 17.18% | -4.64% | 37.3% | -1.49% | -4551.41% | - |
| Net Income | -16.7M | -18.9M | -30.91M | -43.34M | -61.26M | -56.57M | -43.7M | -38.4M | -17.45M | -23.04M | -20.59M | -28.15M | -27.81M | -6.15M |
| Depreciation & Amortization | 8.15M | 2.72M | 4.38M | 5.43M | 3.45M | 2.09M | 1.13M | 774K | 722K | 1.01M | 1.04M | 786K | 287K | 50K |
| Stock-Based Compensation | 18.86M | 25.52M | 25.87M | 24.06M | 23.06M | 16.87M | 11.93M | 7.46M | 2.31M | 1.44M | 1.4M | 1.23M | 804K | 515K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.56M | 0 | 0 | 664K | 1.95M | 1.3M | -201K | -199K | -1.27M |
| Other Non-Cash Items | 5.63M | 4.31M | -1.64M | -29K | 730K | 288K | 2.5M | -983K | 259K | 722K | 299K | 5.13M | 444K | 2.22M |
| Working Capital Changes | -14.07M | -14.32M | -10.12M | -4.83M | -7.64M | -5.76M | -2.53M | -479K | -1.02M | 382K | -198K | -1.38M | -56K | 2.81M |
| Change in Receivables | -4.72M | -3.03M | -5.84M | -2.12M | -6.48M | -569K | -2.19M | -3.24M | -1.02M | -1.31M | -98K | -15K | -179K | 836K |
| Change in Inventory | -6.95M | -8.68M | -8.05M | -4.72M | -5.71M | -5.78M | -274K | -2.1M | -759K | -980K | 1.19M | -1.01M | -426K | -76K |
| Change in Payables | -617K | -1.76M | 1.86M | -1.12M | 2.53M | -532K | 835K | 383K | 251K | 811K | -1.47M | -499K | 0 | 0 |
| Cash from Investing | -12.7M | 4.16M | 12.62M | -59.8M | -2.81M | 51.58M | -62.92M | 13.49M | -97.83M | -478K | -441K | -2.24M | -2.87M | -735K |
| Capital Expenditures | -7.42M | -8.41M | -10.5M | -7.8M | -9.51M | -6.39M | -2.56M | -2.44M | -942K | -478K | -441K | -2.24M | -2.87M | -735K |
| CapEx % of Revenue | 3.6% | 4.19% | 6.28% | 5.62% | 8.93% | 7.09% | 3.49% | 3.63% | 1.7% | 1% | 1.05% | 5.44% | 7.16% | 1.5% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -57.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 57.97M | 0 | 0 | -96.88M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.31M | 3.38M | 1.96M | 90.93M | 2.2M | -1.71M | 136.4M | 3.49M | 115.15M | 12.86M | 24.75M | 31.38M | 38.09M | 8.06M |
| Debt Issued (Net) | 0 | 0 | 0 | 725K | 0 | -6.62M | -750K | 0 | 0 | 13.69M | 4M | 10M | 4.98M | 8M |
| Equity Issued (Net) | 3.3M | 3.38M | 0 | 83.67M | 2.2M | 4.91M | 137.99M | 3.53M | 115.51M | 5.43M | 20.32M | 21.36M | 33.1M | 53K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -73K | 0 | -3K | 0 | 0 | -45K |
| Other Financing | 11K | 0 | 1.96M | 6.54M | 0 | 0 | -843K | -38K | -356K | -6.25M | 433K | 20K | 5K | 7K |
| Net Change in Cash | -7.65M | 7.29M | 1.68M | 12.55M | -42.7M | 9.84M | 43.15M | -14.69M | 2.71M | -5.49M | 7.63M | 2.67M | 9.08M | 6.76M |
| Free Cash Flow | -5.54M | -9.09M | -22.92M | -26.51M | -51.16M | -45.92M | -33.22M | -34.07M | -15.46M | -18.01M | -17.19M | -28.96M | -29.2M | -1.3M |
| FCF Margin % | -2.69% | -4.52% | -13.71% | -19.09% | -48.08% | -50.94% | -45.27% | -50.63% | -27.92% | -37.53% | -40.84% | -70.33% | -72.89% | -2.66% |
| FCF Growth % | 72.62% | 60.35% | 13.54% | 48.18% | -11.41% | -38.22% | 2.49% | -120.37% | 14.14% | -4.73% | 40.62% | 0.82% | -2144.12% | - |
| FCF per Share | -0.13 | -0.21 | -0.55 | -0.69 | -1.50 | -1.39 | -1.14 | -1.38 | -0.97 | -1.30 | -1.11 | -1.20 | -10.94 | -0.57 |
| FCF Conversion (FCF/Net Income) | 0.33x | 0.04x | 0.40x | 0.43x | 0.68x | 0.70x | 0.70x | 0.82x | 0.83x | 0.76x | 0.81x | 0.95x | 0.95x | 0.09x |
| Interest Paid | 0 | 0 | 3.35M | 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 |
Persistent Operating Cash Burn
Based on reported financial statements, the persistent gap between net losses and operating cash flow suggests that SIBN's accrual-based accounting significantly masks the underlying cash burn, with OCF/NI ratios frequently fluctuating in ways that indicate heavy reliance on non-cash adjustments like stock-based compensation to manage reported figures.
The divergence between net income and operating cash flow highlights a structural reliance on non-cash expenses to bridge the gap toward cash neutrality. Investors should monitor whether this disconnect persists as the company attempts to scale, as the current reliance on stock-based compensation may be obscuring the true cost of talent acquisition and retention.
As reported in recent quarterly filings, SIBN's free cash flow remains largely negative, with margins oscillating between -25.5% and 0.8% over the last ten quarters, indicating that the company has yet to achieve a sustainable self-funding model despite its high-margin product portfolio and consistent revenue growth.
The inability to maintain positive free cash flow suggests that the capital intensity required to support the sales force and clinical education programs continues to outpace the cash generated from operations. This trajectory warrants further investigation into whether the company can reach a sustainable inflection point without further dilutive financing.
According to the provided cash flow data, working capital changes have been a consistent drain on liquidity, with a notable $5.9 million outflow in 2026Q1, suggesting that the company's expansion into new markets is creating significant pressure on cash through inventory build-up and extended collection cycles.
The recurring negative impact of working capital changes appears to be a byproduct of the company's consignment-heavy inventory model, which ties up cash in hospital-based stock. This dynamic implies that as the company grows, it may face increasing pressure on its cash position unless it can improve the efficiency of its inventory turnover.
Based on financial disclosures, SIBN maintains a relatively low capital intensity with CapEx/Revenue ratios generally between 2% and 7.5%, suggesting that the company's primary investment focus remains on human capital and sales infrastructure rather than heavy investment in manufacturing facilities or proprietary production equipment.
The moderate level of capital expenditure indicates that the business model is not inherently asset-heavy, which provides some flexibility in managing cash outflows. However, the consistent spending on instrumentation suggests that the company must continue to invest in the physical tools required to support its growing base of active surgeons.
Quick answers to the most common questions about buying SIBN stock.
SI-BONE, Inc. (SIBN) generated $-0.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SI-BONE, Inc. (SIBN) reported negative free cash flow of $9.1M in 2025, indicating capital requirements exceeded cash from operations.
SI-BONE, Inc. (SIBN) spent $8.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.