Cash generation is currently unreliable, highlighted by a massive $586.3M working capital outflow in 2026Q1 that resulted in a negative OCF/NI ratio of -0.61.
| 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 | 175.28M | -205.48M | -205.79M | -500.99M | -325.35M | -443.17M | 107.47M | -456.46M | -388.66M | -232M | -245.82M | -149.47M | -128.54M | -64.69M | -29.69M | -23.68M | -15.21M | -8.8M | -12.34M | -24.68M | -20.61M | -14.67M | -23.78M | -17.48M | -20.26M | -12.82M | -9.13M | -7.6M | -6.7M | -3M | -1.6M |
| Operating CF Margin % | - | -9.35% | -10.82% | -40.29% | -34.87% | -63.14% | 19.9% | -119.86% | -129.11% | -150.08% | -4534.59% | -11928.57% | -1317.4% | -454.99% | -79.55% | -50.39% | -51.7% | -50.04% | -58.05% | -224.64% | -17879.43% | -306.64% | -5524.76% | -1802.39% | -2421.52% | -1815.9% | -703.65% | -7600% | -3350% | -3000% | -1600% |
| Operating CF Growth % | 1836.18% | 0.15% | 58.92% | -53.99% | 26.59% | -512.38% | 123.54% | -17.45% | -67.53% | 5.62% | -64.47% | -16.28% | -98.68% | -117.87% | -25.4% | -55.69% | -72.83% | 28.68% | 50% | -19.71% | -40.52% | 38.32% | -36.05% | 13.73% | -58.03% | -40.46% | -20.12% | -13.43% | -123.33% | -87.5% | 10.11% |
| Net Income | 65.06M | -713.41M | 235.24M | -535.98M | -703.49M | -418.78M | -554.13M | -715.08M | -361.92M | -50.69M | -267.26M | -220.03M | -135.79M | -111.98M | -121.29M | -2.32M | -32.18M | -25.16M | -23.95M | -27.17M | -31.07M | -16.68M | -24.78M | -14.62M | -29.36M | -26.93M | -9.24M | -8.3M | -26.7M | -3.6M | -2.1M |
| Depreciation & Amortization | 48.25M | 44.52M | 37.72M | 44.4M | 41.86M | 38.02M | 26.91M | 24.5M | 12.24M | 8.09M | 5.61M | 5.25M | 3.69M | 1.28M | 1.52M | 1.3M | 1.46M | 1.38M | 1.47M | 2.01M | 2.09M | 2M | 1.89M | 1.48M | 1.33M | 556.47K | 416.5K | 300K | 200K | 500K | 500K |
| Stock-Based Compensation | 81.97M | 123.4M | 184.3M | 182.51M | 233.02M | 113.94M | 108.07M | 78.6M | 50.13M | 30.46M | 29.96M | 32.12M | 20.34M | 11.13M | 3.08M | 3.13M | 3.17M | 2.37M | 165.88K | 312.64K | 525.13K | 394.23K | 421.63K | 489.66K | 489.66K | 120K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 15.81M | 10.64M | 0 | -1.41M | -83K | 373K | 849K | 5.34M | 11.49M | 0 | 299K | 1.18M | 475K | 417.74K | -253.26K | -332.76K | -394.23K | -421.63K | -489.66K | -489.66K | -120K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 206.44M | 261.98M | 53.56M | 289.16M | 142.73M | -94M | -38.09M | 222.39M | 20.19M | -122.32M | 1.27M | 367K | 12K | 11.13M | 92.3M | -33.02M | 11.5M | 9.2M | 12.39M | 775.7K | 6.78M | 430.09K | 508.58K | -3.29M | 5.12M | 12.76M | 0 | -100K | 19.6M | 0 | -100K |
| Working Capital Changes | -226.44M | 78.04M | -716.61M | -481.09M | -39.47M | -98.17M | 554.06M | -66.88M | -107.89M | -97.46M | -15.77M | 31.98M | -22.14M | 12.27M | -5.3M | 6.93M | -350K | 2.93M | -2.82M | -358.37K | 1.4M | -420.86K | -1.4M | -1.05M | 2.65M | 783.49K | -305.29K | 400K | 200K | 100K | 100K |
| Change in Receivables | 264.55M | 203.75M | -201.66M | -185.7M | -61.64M | -51.65M | -10.46M | -41.84M | -19.58M | -24.24M | -1.25M | -1.56M | 1.11M | 2.8M | -3.59M | -1.06M | 0 | 2.62M | -1.85M | -2.85M | 814.53K | -919.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -193.49M | -301.09M | -395.17M | -147.71M | -50.78M | -83.77M | -60.58M | -45.93M | -41.84M | -70.79M | -12.81M | -147M | -244.94M | -234.84M | -115.02M | -24.58M | 0 | -17.8M | -9.76M | -18.96M | 0 | -45.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 39.15M | 104.27M | 110.65M | -50.13M | 147.57M | 23.3M | 42M | 122.98M | 90.16M | 12.93M | 7.31M | 18.3M | 10.76M | 9.47M | -1.72M | 8M | 0 | 312K | -974.67K | 2.49M | 577.87K | 498.38K | -1.5M | 1.84M | 1.84M | 1.68M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 226.43M | 69.64M | 755.56M | -165.8M | -1.05B | 495.41M | -121.72M | 286.73M | -370.49M | -178.81M | -90.19M | 8.41M | -159.03M | -11.67M | -1.15M | -2.31M | -1.96M | -1.88M | -1.24M | 10.58M | -1.99M | -10.92M | 20.84M | -15.46M | -2.4M | -12.77M | -1.1M | -500K | -2.6M | -500K | 100K |
| Capital Expenditures | -61.4M | -101.97M | -136.96M | -76.11M | -30.82M | -38.49M | -82.2M | -59.63M | -64.34M | -21.21M | -6.87M | -4.83M | -26.82M | -3.77M | -1.15M | -2.31M | -1.95M | -1.99M | -1.22M | -2.13M | -1.45M | -1.47M | -1.07M | -1.64M | -2.78M | -4.18M | -813.19K | -200K | -2.3M | -300K | -100K |
| CapEx % of Revenue | 2.81% | 4.64% | 7.2% | 6.12% | 3.3% | 5.48% | 15.22% | 15.66% | 21.37% | 13.72% | 126.66% | 385.71% | 274.93% | 26.55% | 3.07% | 4.91% | 6.64% | 11.34% | 5.73% | 19.36% | 1261.06% | 30.68% | 248.65% | 169.09% | 331.94% | 591.62% | 62.68% | 200% | 1150% | 300% | 100% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -172.56M | 3.19M | -9.21M | 1.52M | 1.43M | 1.38M | 0 | 0 | 0 | 0 | 0 | -11.38K | 857.21K | 686.61K | 397.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 164.03M | -253.69M | -10M | 90.76M | -1.43M | 97.89M | 104.57M | -3.08M | -3.19M | 134.22M | -1.52M | -1.43M | -1.38M | -7.9M | -1.04M | -1.13M | 0 | -1.06M | -859.42K | -857.21K | -686.61K | -397.08K | -462.59K | -397.13K | -453.4K | -475.98K | -282.56K | -300K | -300K | -200K | 0 |
| Cash from Financing | -180.57M | -168.34M | 124.81M | 125M | 232.51M | 561.57M | 682.32M | 642.55M | 530.15M | 888.08M | 378.13M | 147.81M | 104.16M | 145.67M | 178.6M | 32.3M | 2.48M | 47.77M | -31.89K | 18.74M | 8.16M | 43.53M | 7.07M | 35.08M | 21.98M | 10.76M | 27.44M | 8.2M | 200K | 18.2M | 3.9M |
| Debt Issued (Net) | -159.07M | -162.59M | -68K | 0 | 304.17M | 0 | 291.15M | 245.63M | -33.48M | 584.95M | -7.6M | 17.4M | -94K | -89K | -85K | -81K | -77K | -74K | -113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 20.44M | 11.3M | 0 | 0 | 0 | 548.53M | 312.05M | 365.35M | 0 | 353.96M | 364.8M | 119.92M | 94.5M | 145.99M | 178.68M | 32.38M | 2.56M | 47.84M | 81K | 18.74M | 8.16M | 43.53M | 7.07M | 35.08M | 21.98M | 10.76M | 27.44M | 8.2M | 200K | 18.1M | 4M |
| 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 | -25.01M | 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 | -300K | 0 |
| Other Financing | -41.94M | -17.06M | 124.87M | 125M | -71.66M | 13.04M | 79.12M | 31.57M | 563.63M | -50.83M | 20.93M | 10.49M | 9.75M | -226K | 0 | 0 | 0 | 0 | 106 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -100K |
| Net Change in Cash | 221.13M | -304.18M | 674.58M | -541.79M | -1.14B | 613.81M | 668.07M | 472.82M | -229M | 477.27M | 42.12M | 6.75M | -183.41M | 69.3M | 147.76M | 6.32M | -14.69M | 37.08M | -13.61M | 4.64M | -14.44M | 17.94M | 4.13M | 2.14M | -684.49K | -14.83M | 17.22M | 200K | 200K | 18.2M | 3.9M |
| Free Cash Flow | 107.14M | -307.45M | -352.74M | -588.34M | -357.6M | -481.66M | 25.26M | -516.09M | -453M | -253.21M | -252.69M | -154.3M | -155.36M | -68.47M | -30.84M | -25.98M | -17.16M | -10.79M | -13.56M | -26.8M | -22.07M | -16.14M | -24.85M | -19.12M | -23.04M | -17M | -9.94M | -7.8M | -9M | -3.3M | -1.7M |
| FCF Margin % | 4.91% | -13.99% | -18.55% | -47.32% | -38.33% | -68.62% | 4.68% | -135.52% | -150.48% | -163.8% | -4661.24% | -12314.29% | -1592.33% | -481.54% | -82.61% | -55.3% | -58.34% | -61.38% | -63.77% | -244% | -19140.49% | -337.33% | -5773.41% | -1971.48% | -2753.46% | -2407.52% | -766.33% | -7800% | -4500% | -3300% | -1700% |
| FCF Growth % | 115.36% | 12.84% | 40.04% | -64.53% | 25.76% | -2006.52% | 104.9% | -13.93% | -78.9% | -0.21% | -63.76% | 0.69% | -126.91% | -122.02% | -18.68% | -51.4% | -59% | 20.38% | 49.42% | -21.47% | -36.75% | 35.07% | -29.98% | 17.01% | -35.54% | -70.99% | -27.46% | 13.33% | -172.73% | -94.12% | 17.07% |
| FCF per Share | 0.88 | -2.93 | -3.27 | -6.37 | -4.08 | -5.93 | 0.32 | -7.01 | -6.84 | -4.30 | -5.19 | -3.65 | -3.88 | -2.02 | -1.31 | -1.20 | -0.93 | -0.70 | -1.17 | -2.98 | -2.51 | -2.17 | -4.14 | -3.85 | -5.38 | -4.55 | -3.19 | -3.48 | -4.58 | -1.96 | -1.21 |
| FCF Conversion (FCF/Net Income) | 1.65x | 0.29x | -0.87x | 0.93x | 0.46x | 1.06x | -0.19x | 0.64x | 1.07x | 4.58x | 0.92x | 0.68x | 0.95x | 0.58x | 0.24x | 10.22x | 0.47x | 0.35x | 0.52x | 0.91x | 0.66x | 0.88x | 0.96x | 1.20x | 0.69x | 0.48x | 0.99x | 0.92x | 0.25x | 0.83x | 0.76x |
| Interest Paid | 6.77M | 0 | 15.86M | 15.92M | 44.42M | 55.95M | 34.42M | 8.55M | 11.31M | 1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 20.41M | 0 | 22.59M | 15.08M | 1.7M | 583K | 2.51M | 933K | 1.55M | 5.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lumpy revenue and working capital
As reported in financial statements, SRPT's operating cash flow frequently diverges from net income, evidenced by a 2026Q1 OCF/NI ratio of -0.61, which suggests that accounting profits are not currently translating into reliable cash generation due to significant non-cash adjustments and timing differences.
The wide variance between net income and operating cash flow indicates that reported earnings are heavily influenced by non-operating items or revenue recognition timing. Investors should monitor whether this disconnect persists as the company shifts toward a gene therapy-dominant revenue model, as it may signal underlying quality issues in earnings.
Based on the provided quarterly data, SRPT's free cash flow trajectory is characterized by extreme swings, ranging from a $629.3M outflow in 2025Q1 to a $229.4M inflow in 2025Q2, reflecting the inherent instability of a business model reliant on lumpy, high-value gene therapy milestone payments.
The lack of a consistent FCF trend suggests that the company has yet to achieve a stable operational cadence. This volatility complicates valuation efforts, as the cash flow profile appears more reflective of individual contract milestones than a predictable, recurring commercial engine.
According to recent SEC filings, SRPT's cash flow is heavily dictated by working capital fluctuations, with a massive $586.3M outflow in 2026Q1 highlighting the sensitivity of the company's liquidity to the timing of collections and inventory management associated with its complex biologics manufacturing process.
The significant negative working capital changes suggest that the company is currently absorbing substantial cash to support its supply chain and accounts receivable cycles. This pattern warrants further investigation into whether these outflows are temporary launch-related costs or a structural feature of the gene therapy business model.
Data from the cash flow statement indicates that SRPT's capital expenditure, which peaked at $43.7M in 2025Q1, remains a material component of its cash usage, underscoring the high capital intensity required to maintain and scale specialized viral vector manufacturing capacity for its gene therapy portfolio.
The company's ongoing investment in infrastructure suggests that management is prioritizing long-term manufacturing control over immediate cash preservation. While necessary for scaling, this capital intensity may continue to weigh on free cash flow until the company achieves higher throughput and improved manufacturing efficiencies.
Quick answers to the most common questions about buying SRPT stock.
Sarepta Therapeutics, Inc. (SRPT) generated $-205.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sarepta Therapeutics, Inc. (SRPT) reported negative free cash flow of $307.5M in 2025, indicating capital requirements exceeded cash from operations.
Sarepta Therapeutics, Inc. (SRPT) spent $102.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sarepta Therapeutics, Inc. (SRPT) spent $25.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.