Free cash flow remains inconsistent, with a -1.2% margin in 2026Q1, as the company relies on working capital inflows to offset persistent operational cash burn.
| 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 | 12.99M | 15.14M | 7.83M | -61.65M | -75.41M | 35.82M | 27.8M | -11.19M | 63.71M | 61.91M | 61.97M | -21.91M | 13.82M | 32.03M | 1.49M | 22.51M | 21.97M | 25.49M | 14.49M | 21.17M | 12.4M | 8.12M | 15.93M | 4.49M | 7M | 6.24M | 663.29K | 2.69M | 5.7M | -600K | -3.4M |
| Operating CF Margin % | - | 2.75% | 1.37% | -9.82% | -11.57% | 5.9% | 5.34% | -1.76% | 9.61% | 9.26% | 9.22% | -3.15% | 1.84% | 6.61% | 0.69% | 14.44% | 18.76% | 25.92% | 11.64% | 18.86% | 11.94% | 9.81% | 22.65% | 8.82% | 17.58% | 16.62% | 1.86% | 7.17% | 17.59% | -2.03% | -14.85% |
| Operating CF Growth % | 226.75% | 93.51% | 112.7% | 18.25% | -310.49% | 28.85% | 348.39% | -117.57% | 2.92% | -0.11% | 382.85% | -258.58% | -56.86% | 2043.84% | -93.36% | 2.46% | -13.81% | 75.9% | -31.55% | 70.78% | 52.57% | -49% | 254.77% | -35.82% | 12.05% | 841.43% | -75.38% | -52.73% | 1050% | 82.35% | -750% |
| Net Income | -115.06M | -104.28M | -120.28M | -123.07M | -28.97M | -61.98M | -444.12M | -11.08M | -11.22M | -40.46M | -77.62M | -1.37B | -119.47M | -26.91M | 8.82M | 20.63M | 9.37M | 4.12M | 13.62M | 14.32M | 11.16M | 10.6M | 9.13M | 6.16M | 3.11M | 2.51M | 988.3K | 2.14M | -3.3M | 500K | 3.5M |
| Depreciation & Amortization | 43.82M | 43.17M | 45.34M | 48.97M | 59.77M | 56.1M | 49.56M | 50.94M | 61.25M | 66.64M | 92.88M | 108.39M | 109.43M | 92.44M | 19.5M | 10.35M | 9.34M | 8.26M | 7M | 4.97M | 3.83M | 3.06M | 2.69M | 2.53M | 2.4M | 2.28M | 1.77M | 1.9M | 2.3M | 1.9M | 1.1M |
| Stock-Based Compensation | 11.77M | 0 | 25.62M | 31.61M | 33.46M | 30.98M | 20.2M | 20.56M | 15.69M | 17.72M | 20.77M | 30.01M | 30.21M | 24.26M | 8.87M | 1.59M | 1.24M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 126K | 1.24M | 1.29M | -1.76M | 926K | 2.64M | -17.48M | -2.39M | -3.96M | 2.4M | -10.38M | -19.13M | -53.89M | -19.45M | -2.27M | -112.91K | -328K | -1.43M | -51K | -56K | 204.61K | 258.4K | 2.54M | 2.46M | 309K | 307K | -195K | 594K | -2.4M | -100K | -900K |
| Other Non-Cash Items | 51.3M | 64.46M | 45.95M | 23.13M | -35.26M | -23.87M | 385.81M | -4.39M | 3.35M | 1.23M | 27.42M | 1.22B | 101.56M | -3.59M | -15.65M | -4.61M | 4.99M | 758.41K | 2.59M | 954.78K | 1.27M | 88.93K | 255.1K | 71.77K | -2 | 41.72K | 117.27K | 107.39K | 6.5M | 100K | 300K |
| Working Capital Changes | 21.03M | 10.56M | 9.92M | -40.52M | -105.33M | 31.96M | 33.83M | -64.83M | -1.39M | 14.38M | 8.9M | 15.98M | -54.02M | -34.73M | -17.78M | -5.33M | -2.64M | 12.65M | -8.61M | 964.82K | -4.13M | -5.89M | 1.31M | -6.73M | 1.18M | 1.1M | -2.02M | -2.05M | 2.6M | -3.3M | -7.4M |
| Change in Receivables | -17.44M | -17.97M | 4.46M | -25.65M | -28.88M | -25M | 29.46M | 4.97M | -8.88M | -7.58M | 2.01M | 25.07M | -46.72M | -30.35M | -28.5M | -5.74M | -801.64K | 7.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 25.58M | 35.35M | 9.36M | 4.57M | -87.34M | -53K | 37.12M | -48.65M | -16.12M | 2.17M | 642K | -12.41M | -39.37M | -27.1M | -7.72M | -5.85M | -5.37M | 4.81M | -6.88M | -2.42M | 1.01M | -3.43M | -972.91K | 222.76K | -485.62K | 1.46M | -2.46M | -1.61M | 500K | -2.8M | -1.7M |
| Change in Payables | 10.94M | -5.33M | -3.68M | -27.45M | 19.61M | 28.49M | -24.53M | -13.11M | 6.88M | -1.21M | 1.97M | -1.94M | -4.3M | 5.48M | 21.34M | 6.54M | 4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -133.34M | -112.23M | -14.82M | -3.83M | -7.21M | -291.17M | -52.63M | -69.53M | 7.14M | -28.25M | -63.99M | -93.1M | -27.44M | -226.75M | 81.52M | -38.81M | -49.29M | -6.83M | 13.29M | -23.84M | -8.42M | -6.27M | -5.33M | -4.43M | -1.17M | -4.43M | 4.45M | -9.77M | -1.7M | -200K | -2.5M |
| Capital Expenditures | -23.6M | -27.06M | -10.87M | -15.03M | -19.75M | -26.75M | -29.01M | -25.3M | -24.81M | -23.85M | -47.13M | -87.05M | -63.58M | -37.94M | -15.07M | -17.17M | -9.11M | -3.97M | -10.9M | -13.92M | -7.6M | -9.76M | 0 | -2.34M | -602.71K | -3.93M | -978.36K | -628.29K | -1.2M | -2M | -1.4M |
| CapEx % of Revenue | 4.31% | 4.91% | 1.9% | 2.39% | 3.03% | 4.41% | 5.57% | 3.98% | 3.74% | 3.57% | 7.01% | 12.51% | 8.48% | 7.83% | 7% | 11.01% | 7.78% | 4.04% | 8.76% | 12.4% | 7.32% | 11.78% | - | 4.6% | 1.51% | 10.46% | 2.75% | 1.67% | 3.7% | 6.76% | 6.11% |
| Acquisitions | -7.24M | -6.07M | -1.66M | -72.12M | -69.15M | -20.55M | -24.94M | -15.31M | 28.15M | -3.57M | -23.06M | -9.9M | -151.06M | -8.76M | 41.52M | -38.56M | 1.29M | 1.69M | 0 | 0 | 0 | 0 | -5.29M | 0 | 0 | 0 | 0 | 82.5K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -108.09M | -1.06M | -1.79M | -1.61M | 54K | -82K | 28K | 2.01M | 3.8M | 1.18M | -457K | -378K | -458K | 4.92M | 110K | 100 | -1.29M | -1.65M | 315.73K | 63.63K | 0 | -4.06M | -893.09K | -516.36K | -564.01K | -501.04K | -577.04K | -7.8M | -400K | -400K | -900K |
| Cash from Financing | 117.88M | 117.97M | -3.31M | -1.52M | -2.77M | 227.31M | 228K | -22.01M | -2.95M | 10.7M | 25.8M | -67M | 44.94M | 474.92M | 30.49M | 8.77M | 6.78M | 1.58M | -15.86M | 9.32M | -1.7M | -9.33M | 730.9K | 30.31M | -1.84M | 1.67M | -878.91K | -1.65M | -1.9M | 5.9M | 5.2M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.29M | -5.14M | 6.29M | 26M | -50M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.22M | -182.94K | 2.08M | -230.23K | -183.75K | -200K | -200K | -200K |
| Equity Issued (Net) | 0 | 119.29M | -2M | 11K | 266K | 218.85M | 228K | 5.28M | 0 | 0 | 0 | 0 | 0 | 462.87M | 0 | 6.15M | 4.27M | 0 | -15.88M | 8.51M | -1.7M | -9.33M | 730.9K | 32.52M | -1.66M | -412.94K | -648.69K | -1.46M | -1.7M | 6.2M | 5.4M |
| 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 | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.14M | 0 | -19.1M | 0 | -3.11M | -9.59M | -25.35K | 0 | -3.74M | -449.44K | -731.13K | -1.47M | -1.8M | 0 | 0 |
| Other Financing | 117.88M | -1.32M | -1.32M | -1.53M | -3.04M | 8.46M | 0 | 0 | 2.19M | 4.41M | -201K | -17M | -5.06M | 12.04M | 30.49M | 2.62M | 2.51M | 1.58M | 18.75K | 812.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 |
| Net Change in Cash | 1.75M | 24.28M | -11.79M | -67.82M | -92.61M | -28.92M | -21.38M | -100.14M | 64.38M | 48.43M | 22.74M | -184.55M | 28.05M | 280.26M | 113.73M | -7.46M | -20.76M | 20.37M | 11.73M | 6.91M | 2.4M | -7.62M | 11.31M | 30.35M | 3.98M | 3.47M | 4.2M | -8.71M | -1.9M | 5.9M | 5.2M |
| Free Cash Flow | -9.75M | -6.97M | -4.89M | -76.67M | -95.16M | 9.07M | -1.21M | -36.49M | 38.9M | 38.06M | 14.85M | -108.96M | -49.77M | -5.91M | -13.58M | 5.34M | 12.86M | 21.52M | 3.59M | 7.25M | 4.79M | -1.63M | 15.93M | 2.15M | 6.39M | 2.32M | -315.07K | 2.07M | 4.5M | -2.6M | -4.8M |
| FCF Margin % | -1.78% | -1.26% | -0.85% | -12.22% | -14.61% | 1.49% | -0.23% | -5.74% | 5.87% | 5.69% | 2.21% | -15.65% | -6.63% | -1.22% | -6.31% | 3.43% | 10.98% | 21.88% | 2.88% | 6.46% | 4.62% | -1.97% | 22.65% | 4.23% | 16.06% | 6.16% | -0.88% | 5.5% | 13.89% | -8.78% | -20.96% |
| FCF Growth % | -9.07% | -42.57% | 93.62% | 19.43% | -1148.79% | 849.22% | 96.68% | -193.81% | 2.21% | 156.36% | 113.63% | -118.93% | -742.1% | 56.48% | -354.14% | -58.45% | -40.24% | 499.44% | -50.48% | 51.21% | 393.87% | -110.24% | 640.65% | -66.36% | 176.07% | 835.13% | -115.25% | -54.09% | 273.08% | 45.83% | -336.36% |
| FCF per Share | -0.11 | -0.09 | -0.07 | -1.12 | -1.43 | 0.14 | -0.02 | -0.67 | 0.72 | 0.72 | 0.28 | -2.11 | -0.99 | -0.14 | -0.57 | 0.25 | 0.61 | 1.06 | 0.17 | 0.34 | 0.12 | -0.08 | 0.74 | 0.11 | 0.38 | 0.14 | -0.02 | 0.12 | 0.25 | -0.14 | -0.29 |
| FCF Conversion (FCF/Net Income) | 0.08x | -0.15x | -0.07x | 0.50x | 2.60x | -0.58x | -0.06x | 1.03x | -5.81x | -1.55x | -0.80x | 0.02x | -0.12x | -1.19x | 0.18x | 1.09x | 2.34x | 6.19x | 1.06x | 1.48x | 1.11x | 0.77x | 1.75x | 0.73x | 2.25x | 2.48x | 0.67x | 1.26x | -1.73x | -1.20x | -0.97x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 449K | 1.68M | 1.14M | 0 | 1.51M | 235K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2.32M | 2.15M | 12.55M | 2.42M | 1.14M | 10.73M | 5.68M | 1.25M | 5.28M | 13.49M | 6.24M | 3.3M | 8.17M | 6.04M | 5.03M | 626.41K | 8.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Margin Deficit
According to the provided financial data, Stratasys consistently reports net losses while maintaining marginally positive operating cash flow, as evidenced by the OCF/NI ratio fluctuating between -0.35 and 0.52 over the last ten quarters, suggesting a structural disconnect between accounting earnings and actual cash generation.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital adjustments are masking the underlying cash burn. Investors should monitor whether this divergence is driven by sustainable operational efficiencies or merely temporary accounting timing differences.
As reported in recent financial statements, Stratasys has struggled to maintain positive free cash flow, with margins oscillating between -8.0% and 3.0% over the past ten quarters, reflecting the difficulty of achieving self-sustaining cash generation in a capital-intensive hardware business model.
The erratic nature of FCF suggests that the company remains highly sensitive to the timing of large-scale hardware installations and the associated working capital requirements. This lack of consistent positive FCF generation warrants further investigation into the company's ability to fund its R&D pipeline without external financing.
Based on reported figures, Stratasys maintains a capital expenditure to revenue ratio averaging approximately 3.3% over the last ten quarters, which appears to be primarily directed toward sustaining its existing manufacturing infrastructure rather than aggressive capacity expansion for new product lines.
The consistent level of CapEx relative to revenue suggests that the company is locked into a maintenance-heavy cycle to support its proprietary hardware ecosystem. This capital intensity may limit the flexibility of the balance sheet to pivot toward higher-growth manufacturing applications without further straining cash reserves.
Analysis of quarterly filings reveals that working capital changes have frequently provided a positive cash contribution, such as the $10.5 million inflow in 2026Q1, which appears to be a primary mechanism for offsetting the company's persistent operating losses and maintaining liquidity.
Reliance on working capital management to bolster cash flow may indicate an aggressive approach to inventory liquidation or delayed payables. Investors should monitor whether these inflows are sustainable or if they represent a temporary deferral of cash outflows that could impact future liquidity.
As indicated by the provided data, stock-based compensation has remained a significant non-cash expense, peaking at $8.6 million in 2024Q1, which effectively obscures the true economic cost of talent acquisition and retention within the company's current operating structure.
While SBC is a non-cash item, its consistent magnitude suggests that the company's reported operating cash flow may be artificially inflated relative to its true cash-based profitability. This practice warrants further investigation into the dilution impact on shareholders and the long-term sustainability of this compensation strategy.
Quick answers to the most common questions about buying SSYS stock.
Stratasys Ltd. (SSYS) generated $15.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stratasys Ltd. (SSYS) reported negative free cash flow of $7.0M in 2025, indicating capital requirements exceeded cash from operations.
Stratasys Ltd. (SSYS) spent $27.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.