Cash flow generation remains erratic, as demonstrated by the divergence between a $2.3 million net loss and $66.5 million in operating cash flow during 2026Q1.
| 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 |
|---|
| Cash from Operations | 83.26M | 47.33M | 171.95M | 111.08M | 116.83M | 127.13M | 138.4M | 143.13M | 128.99M | 114.64M | 66.81M | 32.12M | 7.73M | -57.95M | -47.2M | -36.19M | -32.54M | 2.63M | -29.65M |
| Operating CF Margin % | - | 6.58% | 25.98% | 18.29% | 17.51% | 21.93% | 26.59% | 36.44% | 31.54% | 37.93% | 31.07% | 22.24% | 6.34% | -482.14% | -3189.12% | -4506.23% | -30701.89% | 6.95% | -333.58% |
| Operating CF Growth % | -88.77% | -72.47% | 54.79% | -4.91% | -8.1% | -8.14% | -3.3% | 10.96% | 12.51% | 71.59% | 107.99% | 315.4% | 113.34% | -22.78% | -30.44% | -11.19% | -1335.54% | 108.88% | - |
| Net Income | -29.02M | -38.55M | 73.86M | 1.32M | 60.71M | 53.42M | 126.95M | 113.06M | 110.99M | 57.28M | 91.22M | 14.02M | 19.87M | -92.27M | -46.28M | -23.23M | -39.08M | 4.14M | -33.48M |
| Depreciation & Amortization | 164.28M | 90.03M | 80.41M | 84.86M | 85.54M | 32.59M | 18.14M | 6.66M | 7.06M | 8.13M | 2.4M | 921K | 928K | 742K | 871K | 879K | 1.19M | 1.07M | 1.11M |
| Stock-Based Compensation | 56.86M | 33.05M | 27.75M | 26.76M | 17.57M | 17.91M | 16.56M | 14.85M | 11.29M | 8.43M | 5.93M | 4.23M | 2.72M | 1.91M | 443K | -82K | 297K | 111K | 99K |
| Deferred Taxes | 1.31M | 5.21M | -20.14M | -25.71M | -26.32M | -4.99M | 568K | -5.83M | -4.17M | 21.22M | -41.79M | 2.15M | -371K | 22.96M | 653K | -16.25M | -399K | -4.59M | 0 |
| Other Non-Cash Items | 13.32M | 32.75M | 12.11M | 33M | 3.57M | 24.62M | 12.69M | 13.79M | 8.54M | -4.14M | 605K | 748K | 2.09M | 3.03M | 330K | 2.3M | -408K | 382.45K | 179K |
| Working Capital Changes | -89.06M | -75.16M | -2.05M | -9.14M | -24.24M | 3.57M | -36.52M | 613K | -4.73M | 23.71M | 8.45M | 10.06M | -17.5M | 5.67M | -3.21M | 188K | 5.85M | 1.52M | 2.44M |
| Change in Receivables | -13.12M | -22.3M | 2.08M | 18.77M | -16.37M | 3.87M | -34.61M | 15.75M | -35.86M | -24.06M | -15.62M | -8.64M | -12.22M | -5.04M | -11K | -85K | 284K | -329K | -1.16M |
| Change in Inventory | -10.42M | -7.5M | 15.81M | 6.11M | -17.86M | -14.58M | -10.12M | -969K | -9.36M | 497K | -4.21M | 854K | -6.29M | -6M | -1.15M | 134K | 294K | -322K | 2.49M |
| Change in Payables | -28.45M | -24.57M | -15.02M | -36.29M | -19.16M | 18.18M | 8.27M | 6.96M | -3.58M | -620K | 3.47M | 2.06M | -1.28M | 8.49M | -1.1M | -1.1M | 5.21M | 1.81M | 1.09M |
| Cash from Investing | -52.43M | 4.11M | -189.87M | 268.73M | -216.66M | -81.91M | -34.7M | -157.92M | -413.48M | -86.42M | -35.96M | -36.23M | -4.89M | -12.11M | -48.96M | 33.9M | 25.82M | -28.39M | 15.48M |
| Capital Expenditures | -1.92M | -1.34M | -725K | -551K | -412K | -2.04M | -3.45M | -2.74M | -844K | -2.03M | -1.6M | -2.1M | -593K | -2.35M | -753K | -685K | -294K | -714K | -135K |
| CapEx % of Revenue | 0.25% | 0.19% | 0.11% | 0.09% | 0.06% | 0.35% | 0.66% | 0.7% | 0.21% | 0.67% | 0.75% | 1.46% | 0.49% | 19.56% | 50.88% | 85.31% | 277.36% | 1.88% | 1.52% |
| Acquisitions | -293.09M | -293.09M | 0 | 0 | -14K | -311.69M | -313.54M | 0 | 0 | 0 | 0 | 0 | 0 | 705K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -348.93M | -439K | 9K | 0 | 14K | 12.89M | -241K | 1.35M | -809K | -11.15M | -18.82M | -8.51M | -4.5M | -705K | -48.21M | 25.61M | 0 | 0 | 0 |
| Cash from Financing | 39.64M | 9.13M | 12.19M | -397.88M | -10.48M | -130.42M | 3.56M | 3.93M | 376.44M | 5.68M | 2.05M | 1.87M | 570K | 62.74M | 87.92M | 27.09M | -944K | 4.28M | 64.46M |
| Debt Issued (Net) | 0 | 0 | 0 | -402.5M | 0 | -137.51M | -802K | 0 | 309.6M | 0 | 0 | 0 | 0 | 65.66M | -6.78M | 30M | 0 | 0 | 75M |
| Equity Issued (Net) | 35.57M | 37.62M | 14.91M | 6.61M | 12.42M | 7.09M | 4.36M | 3.93M | 11.58M | 5.68M | 2.05M | 1.87M | 571K | 0 | 100.73M | 29K | 4K | 20K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.07M | -28.49M | -2.71M | -1.99M | -22.9M | 0 | 0 | 0 | 55.25M | 0 | 0 | 0 | -1K | -2.92M | -6.04M | -2.94M | -948K | 4.26M | -10.54M |
| Net Change in Cash | 70.47M | 60.57M | -5.72M | -18.07M | -110.31M | -85.21M | 107.26M | -10.87M | 91.94M | 33.91M | 32.9M | -2.24M | 3.42M | -7.32M | -8.24M | 24.8M | -7.67M | -21.47M | 50.29M |
| Free Cash Flow | 82.25M | 45.99M | 171.23M | 110.53M | 116.41M | 125.08M | 134.95M | 140.39M | 128.14M | 112.61M | 65.21M | 30.02M | 7.14M | -60.3M | -47.95M | -36.87M | -32.84M | 1.92M | -29.79M |
| FCF Margin % | 10.59% | 6.4% | 25.87% | 18.19% | 17.45% | 21.57% | 25.93% | 35.75% | 31.34% | 37.26% | 30.33% | 20.78% | 5.85% | -501.71% | -3240% | -4591.53% | -30979.25% | 5.06% | -335.1% |
| FCF Growth % | -49.65% | -73.14% | 54.91% | -5.05% | -6.93% | -7.31% | -3.88% | 9.56% | 13.79% | 72.69% | 117.23% | 320.43% | 111.84% | -25.75% | -30.06% | -12.28% | -1810.31% | 106.45% | - |
| FCF per Share | 1.43 | 0.81 | 3.06 | 1.99 | 1.89 | 2.30 | 2.51 | 2.61 | 2.37 | 2.11 | 1.26 | 0.59 | 0.14 | -1.89 | -2.75 | -2.66 | -2.37 | 0.14 | -2.15 |
| FCF Conversion (FCF/Net Income) | -2.83x | -1.23x | 2.33x | 84.41x | 1.92x | 2.38x | 1.09x | 1.27x | 1.16x | 2.00x | 0.73x | 2.29x | 0.39x | 0.63x | 1.02x | -0.65x | 0.85x | 5.73x | 0.89x |
| Interest Paid | 0 | 0 | 0 | 1.95M | 2.52M | 2.52M | 2.52M | 2.52M | 1.34M | 134K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 15.51M | 0 | 53.25M | 36.6M | 16.2M | 25.19M | 45.43M | 51.54M | 34.77M | 1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and generic erosion
Based on reported financial data, Supernus exhibits a significant disconnect between GAAP net income and operating cash flow, highlighted by a 2026Q1 operating cash flow of $66.5 million despite a net loss of $2.3 million, suggesting heavy reliance on non-cash adjustments to maintain liquidity.
The persistent gap between net income and operating cash flow appears largely driven by substantial non-cash charges, including depreciation and amortization. Investors should monitor whether this cash-generative capacity is sustainable or if it remains artificially inflated by accounting treatments that mask the underlying operational strain.
As reported in recent quarterly filings, Supernus's free cash flow trajectory remains highly erratic, swinging from a negative $61.8 million in 2025Q3 to a positive $66.5 million in 2026Q1, reflecting the company's ongoing struggle to stabilize cash generation amidst a complex product portfolio transition.
The volatility in free cash flow suggests that the company's ability to self-fund its R&D and commercialization efforts is currently inconsistent. This instability warrants further investigation into whether the recent cash inflow represents a structural improvement or merely a temporary timing benefit in working capital management.
According to historical cash flow statements, working capital fluctuations have been a primary driver of cash volatility, with a notable $51.4 million outflow in 2025Q4, indicating that inventory and receivable management remains a critical, yet unpredictable, component of the company's overall liquidity profile.
The significant swings in working capital suggest that the company's cash conversion cycle is sensitive to the timing of product shipments and payer reimbursements. Analysts should scrutinize these movements for signs of channel stuffing or potential delays in collections that could impact future cash availability.
Based on the provided financial statements, stock-based compensation remains a consistent cash-flow-depressing factor, with $33.1 million recorded in 2025Q4 alone, which effectively obscures the true economic cost of talent retention during this high-stakes period of commercial expansion for the company's CNS product pipeline.
While stock-based compensation is a non-cash expense, its magnitude relative to net income suggests that the company's reported profitability is significantly diluted. Investors should consider the impact of this ongoing dilution on long-term shareholder value, as it represents a real cost that is often overlooked in headline cash flow metrics.
Quick answers to the most common questions about buying SUPN stock.
Supernus Pharmaceuticals, Inc. (SUPN) generated $47.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Supernus Pharmaceuticals, Inc. (SUPN) generated $46.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Supernus Pharmaceuticals, Inc. (SUPN) spent $1.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.