Cash generation remains highly inconsistent, highlighted by a 2026Q1 operating cash flow to net income ratio of -4.17, which suggests that non-cash charges like stock-based compensation continue to obscure underlying cash burn.
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Jan'21 | Jan'20 | Dec'18 | Dec'17 | Dec'16 | Jan'16 | Jan'15 | Jan'14 | Dec'12 | Dec'11 | Dec'10 | Jan'10 | Jan'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Jan'04 | Jan'03 | Dec'01 | Dec'00 | Dec'99 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Cash from Operations | -50.19M | -34.23M | 15.72M | 14.59M | 35.72M | 43.96M | 20.95M | 25.8M | 12.77M | 2.85M | 1.05M | -2.16M | -7.95M | 3.35M | 3.22M | 5.35M | -4.42M | 1.43M | -8.23M | -11.18M | -8.65M | -6.98M | -8.8M | -4.15M | 569K | -2.56M | -5.37M | 4.9M | 4.3M | 7.6M | 8.5M |
| Operating CF Margin % | - | -14.3% | 5.01% | 4.53% | 12.56% | 19.07% | 12.82% | 17.18% | 10.3% | 3.15% | 1.27% | -2.8% | -10.6% | 4.64% | 5.04% | 8.52% | -8.04% | 1.89% | -10.99% | -18.84% | -15.36% | -13.6% | -17.03% | -8.22% | 1.18% | -5.09% | -9.95% | 8.31% | 7.93% | 17.88% | 20.14% |
| Operating CF Growth % | -1179.81% | -317.68% | 7.75% | -59.14% | -18.76% | 109.83% | -18.78% | 102.04% | 347.49% | 171.97% | 148.52% | 72.81% | -337.2% | 4.2% | -39.82% | 221.03% | -409.53% | 117.34% | 26.43% | -29.34% | -23.95% | 20.76% | -112.35% | -828.65% | 122.24% | 52.39% | -209.64% | 13.95% | -43.42% | -10.59% | 70% |
| Net Income | -21.03M | -80.45M | -20.21M | 21.35M | 39.01M | 27.51M | 5.91M | 14.05M | 4.97M | -2.14M | -12.13M | -6.53M | -8.39M | 398K | -1.76M | 1.35M | -4.11M | -6.2M | -23.2M | -16M | -15.04M | -11.18M | -11.33M | -8.36M | -17.16M | -14.83M | -18.9M | 2.2M | 4.1M | 7.4M | 6.9M |
| Depreciation & Amortization | 8.6M | 8.32M | 6.89M | 5.12M | 4.51M | 3.64M | 3.1M | 3.7M | 2.46M | 3.35M | 2.89M | 2.4M | 2.46M | 2.15M | 1.96M | 2.27M | 2.41M | 3.74M | 3.64M | 2.51M | 2.37M | 2.47M | 2.69M | 2.9M | 3.1M | 3.62M | 3.73M | 4.2M | 4.4M | 3.5M | 2.3M |
| Stock-Based Compensation | 24.57M | 30.59M | 27.21M | 23.52M | 20.37M | 14.61M | 12.15M | 10.55M | 6.76M | 3.16M | 8.56M | 3.3M | 4.66M | 4.49M | 3.21M | 1.91M | 1.25M | 1.46M | 1.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 923K | -2.92M | 3.59M | 3.26M | -1.34M | -1.51M | -849K | -3.48M | 441K | -547K | -1.36M | 473K | -842K | 104K | 143K | 367K | 253K | 246K | 238K | 493K | 179K | 0 | 0 | 0 | 9.29M | -4.43M | -6.63M | 0 | -300K | 3.3M | 0 |
| Other Non-Cash Items | 25.16M | 26.55M | 3.64M | 2.18M | 2.3M | 2.11M | 3.41M | 2.23M | 2.62M | 3.01M | 918K | 478K | 379K | 608K | 94K | 67K | 421K | 990K | 5.38M | 1.79M | 1.47M | 850K | 1.08M | 1.35M | 1.7M | 13.13M | 22.5M | -1.2M | -100K | 200K | -700K |
| Working Capital Changes | -88.42M | -16.33M | -5.4M | -40.84M | -29.13M | -2.39M | -2.76M | -1.25M | -4.49M | -3.99M | 2.17M | -2.29M | -6.22M | -4.4M | -426K | -616K | -4.63M | 1.19M | 4.19M | -598K | 2.33M | 877K | -1.25M | -42K | 3.64M | -41K | -6.07M | -300K | -4M | -7.1M | 0 |
| Change in Receivables | -42.26M | 27.83M | 16.49K | -32.76M | -19.6M | -8.87M | -3.97M | -4.5M | -6.04M | -1.86M | -771K | -4.89M | -934K | -2.94M | 224K | -435K | -207K | -944K | -891K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -6.59M | -16.98M | -10K | -14.36M | -7.94M | 66K | -1.39M | -950K | -4.19M | 312K | 1.82M | 327K | -3.94M | -1.6M | -1.02M | -85K | 1.52M | 1.59M | 1.13M | 861K | 1.9M | 270K | -2.28M | -1.04M | 3.11M | -1.32M | -4.02M | 0 | -2.1M | -2.3M | 0 |
| Change in Payables | -2.5M | -5.51M | 75 | -701K | 1.8M | 108K | -1.2M | 1.08M | 243K | -2.5M | 1.01M | 14K | 972K | 407K | 1.01M | 480K | -1.2M | 1.12M | -1.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 13.13M | 46.34M | -59.22M | 74.35M | -156.38M | -13.64M | -8.4M | -10.18M | -2.25M | -1.05M | -3.21M | -2.04M | -4.05M | -3.45M | -2.19M | -889K | 18.77M | -7.61M | 1.12M | -4.67M | 145K | 4.08M | -7.29M | 2.15M | -406K | -687K | -3.8M | -10.7M | -10.1M | -7.4M | -10.7M |
| Capital Expenditures | -4.79M | -5.82M | -23.39M | -18.19M | -18.11M | -13.64M | -8.4M | -10.1M | -2.25M | -1.05M | -3.21M | -2.04M | -4.05M | -3.45M | -2.31M | -962K | -320K | -586K | -1.09M | -691K | -779K | -1.19M | -1.71M | -1.31M | -874K | -1.18M | -3.34M | -5M | -2M | -2.8M | -4.3M |
| CapEx % of Revenue | 1.65% | 2.43% | 7.45% | 5.64% | 6.37% | 5.92% | 5.14% | 6.72% | 1.81% | 1.15% | 3.89% | 2.65% | 5.41% | 4.77% | 3.62% | 1.53% | 0.58% | 0.78% | 1.46% | 1.16% | 1.38% | 2.33% | 3.3% | 2.59% | 1.81% | 2.35% | 6.19% | 8.47% | 3.69% | 6.59% | 10.19% |
| Acquisitions | 0 | 0 | 0 | 0 | 138.27M | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 11.82M | 205K | 2.21M | 0 | 0 | 0 | -16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 198K | 0 | 0 | -138.27M | 0 | 0 | -83K | 0 | 0 | 0 | 2K | 0 | 0 | 125K | 73K | 7.4M | -7.41M | 43K | -3.98M | 1.07M | 146K | -448K | 3.46M | 468K | 493K | -460.51K | -5.7M | -8.1M | -4.6M | -6.4M |
| Cash from Financing | -5.3M | -4.55M | 5.72M | 7.42M | 8.3M | 17.79M | 19.57M | 149K | 74.64M | 2.44M | 2.95M | 4.58M | 2.53M | 2.45M | 4.32M | 2.77M | -11.52M | 7.36M | 997K | 18.73M | 2.81M | 12.3M | 12.55M | 7.59M | -592K | -1.66M | 12.22M | 5.2M | 4.1M | 100K | 5M |
| Debt Issued (Net) | 0 | -42K | -165K | -161K | -126K | -1.65M | -1.08M | -3.31M | -1.91M | -1.3M | 1.12M | -391K | -490K | -841K | 2.77M | -575K | -5.8M | -1.15M | 957K | 1.54M | -81K | 0 | 72K | -2.91M | -2.6M | 276K | -8.98M | 4.1M | 3.9M | -800K | 4.3M |
| Equity Issued (Net) | -8.19M | -2.99M | -1.5M | -2.1M | 1K | 1K | 1K | 2K | -54K | -234K | -611K | 2K | 2K | 0 | 0 | 0 | -6.8M | 8.5M | 0 | 17.2M | 2.89M | 130K | 829K | 10.5M | 6K | 63K | 21.2M | 1.1M | 200K | 900K | 800K |
| 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 | -8.49M | -6.46M | -1.5M | -2.1M | 0 | 0 | 0 | 0 | -54K | -234K | -611K | 0 | 0 | 0 | 0 | 0 | -6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K | -200K | -100K | -300K |
| Other Financing | 2.89M | -1.52M | 7.39M | 9.67M | 8.42M | 19.44M | 20.65M | 3.46M | 76.6M | 3.97M | 2.44M | 4.97M | 3.02M | 3.29M | 1.51M | 3.34M | 1.07M | 1K | 40K | 0 | -14K | 12.17M | 11.65M | 0 | 2M | -2M | 0 | 0 | 0 | 0 | -100K |
| Net Change in Cash | -41.25M | 8.99M | -38.88M | 96.56M | -113.23M | 47.25M | 32.48M | 15.97M | 85.36M | 4.52M | 597K | 389K | -9.94M | 1.28M | 5.09M | 7.21M | 3.05M | 1.34M | -5.9M | 3.14M | -4.95M | 8.52M | -3.1M | 6.28M | 156K | -5.23M | 2.74M | -1.4M | -1.5M | -200K | 2.6M |
| Free Cash Flow | -54.99M | -40.05M | -7.67M | -3.59M | 17.61M | 30.32M | 12.55M | 15.62M | 10.52M | 1.81M | -2.16M | -4.21M | -12.01M | -96K | 906K | 4.38M | -4.74M | 841K | -9.32M | -11.88M | -9.43M | -8.17M | -10.51M | -5.46M | -305K | -3.74M | -8.71M | -100K | 2.3M | 4.8M | 4.2M |
| FCF Margin % | -18.94% | -16.73% | -2.44% | -1.11% | 6.19% | 13.15% | 7.68% | 10.4% | 8.49% | 1.99% | -2.62% | -5.45% | -16.01% | -0.13% | 1.42% | 6.98% | -8.62% | 1.12% | -12.44% | -20% | -16.75% | -15.93% | -20.33% | -10.81% | -0.63% | -7.44% | -16.14% | -0.17% | 4.24% | 11.29% | 9.95% |
| FCF Growth % | -301.94% | -422.23% | -113.38% | -120.41% | -41.92% | 141.63% | -19.66% | 48.42% | 482.29% | 183.81% | 48.73% | 64.97% | -12405.21% | -110.6% | -79.33% | 192.55% | -663.26% | 109.02% | 21.52% | -25.98% | -15.37% | 22.26% | -92.65% | -1688.52% | 91.84% | 57.09% | -8611.68% | -104.35% | -52.08% | 14.29% | 180% |
| FCF per Share | -1.08 | -0.81 | -0.16 | -0.07 | 0.36 | 0.61 | 0.26 | 0.33 | 0.23 | 0.04 | -0.05 | -0.11 | -0.32 | -0.00 | 0.02 | 0.12 | -0.14 | 0.03 | -0.32 | -0.42 | -0.37 | -0.34 | -0.54 | -0.31 | -0.02 | -0.22 | -0.57 | -0.01 | 0.16 | 0.34 | 0.30 |
| FCF Conversion (FCF/Net Income) | 2.61x | 0.43x | -0.78x | 0.68x | 0.90x | 1.60x | 3.54x | 1.84x | 2.57x | -1.33x | -0.09x | 0.33x | 0.95x | 8.42x | -1.82x | 3.97x | -83.34x | -0.23x | 0.35x | 0.70x | 0.57x | 0.62x | 0.78x | 0.50x | -0.03x | 0.17x | 0.28x | 2.23x | 1.79x | 1.03x | 1.23x |
| Interest Paid | 0 | 0 | 87K | 75K | 52K | 75K | 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 |
| Taxes Paid | 0 | 0 | 10.98M | 2.84M | 6.63M | 7.47M | 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 |
Geographic revenue concentration risk
As reported in recent financial statements, STAA's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of -4.17 highlighting a significant disconnect between accounting profitability and actual cash generation, suggesting that accruals and working capital swings are masking underlying operational cash volatility.
The persistent gap between net income and operating cash flow suggests that reported earnings are not translating into liquidity, likely due to aggressive revenue recognition or inventory build-ups. Investors should monitor whether this divergence is a temporary byproduct of expansion or a structural issue where earnings quality remains perpetually compromised by non-cash adjustments.
Based on the company's quarterly filings, the free cash flow trajectory has been highly erratic, swinging from a positive $28.9 million in 2023Q4 to a negative $22.1 million in 2026Q1, indicating that the business lacks the consistent cash-generating maturity required to fund its own operational growth.
The inability to maintain positive FCF margins suggests that the company's current business model is highly sensitive to volume fluctuations and external demand shocks. This volatility implies that the company remains in a capital-intensive growth phase that may require further liquidity if revenue trends do not stabilize.
According to recent SEC filings, STAA's working capital dynamics have become increasingly erratic, evidenced by a $42.7 million outflow in 2026Q1, which suggests that the company is struggling to manage its inventory and receivables cycle effectively amidst shifting global demand for its refractive lens products.
The significant quarterly fluctuations in working capital suggest that the company's consignment model and distributor relationships in China may be creating lumpy cash flows. This instability warrants further investigation into whether inventory is accumulating in the channel, potentially creating future air pockets in revenue recognition.
As evidenced by the provided financial data, stock-based compensation remains a consistent feature of the company's cost structure, with quarterly charges often exceeding $7 million, which obscures the true extent of the company's cash burn by artificially inflating the reported net income figures in recent periods.
While SBC is a non-cash expense, its consistent scale suggests that the company's reported profitability is significantly flattered. Analysts should adjust for these charges to understand the true cash-based cost of operations, which appears to be significantly higher than the headline figures suggest.
Quick answers to the most common questions about buying STAA stock.
STAAR Surgical Company (STAA) generated $-34.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
STAAR Surgical Company (STAA) reported negative free cash flow of $40.0M in 2025, indicating capital requirements exceeded cash from operations.
STAAR Surgical Company (STAA) spent $5.8M 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, STAAR Surgical Company (STAA) spent $6.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.