TALK is no longer listed. Its last trade on record was Aug 18, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Free cash flow generation is erratic, swinging from a $4.6M inflow in Q3 2024 to a $7.6M outflow in Q1 2026, and the recent Q2 2026 CapEx surge to 10.3% of revenue may further pressure liquidity despite modest positive free cash flow of $635K.
Talkspace, Inc. (TALK) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 12.67M | 8.53M | 11.7M | -16.39M | -61.08M | -65.71M | -15.18M | -21.19M |
| Operating CF Margin % | - | 3.73% | 6.24% | -10.93% | -51.08% | -57.81% | -19.92% | -55.51% |
| Operating CF Growth % | 1836.57% | -27.08% | 171.4% | 73.16% | 7.05% | -333.02% | 28.39% | - |
| Net Income | 194K | -5.21M | 1.15M | -19.18M | -79.67M | -62.74M | -22.37M | -29.09M |
| Depreciation & Amortization | 6.16M | 2.88M | 859K | 1.2M | 1.36M | 1.97M | 379K | 59K |
| Stock-Based Compensation | 11.75M | 8.45M | 9.17M | 8.39M | 12.12M | 27.41M | 2.98M | 3.4M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -31.78M | 0 | 0 |
| Other Non-Cash Items | -1.72M | 10.66M | -371K | 748K | 3M | 175K | 0 | 0 |
| Working Capital Changes | 2.6M | -8.23M | 895K | -7.55M | 2.12M | -738K | 3.84M | 4.43M |
| Change in Receivables | -7.55M | -6.42M | 531K | -534K | -4.13M | 402K | -5.02M | -840K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -3.66M | 0 | 0 |
| Change in Payables | 5.47M | 791K | 1.6M | -350K | -968K | 503K | 2.56M | 3.28M |
| Cash from Investing | -21.11M | -28.88M | -46.73M | -141K | -317K | -663K | -11.3M | -138K |
| Capital Expenditures | -15.68M | -10.64M | -5.44M | -151K | -350K | -663K | -1.06M | -138K |
| CapEx % of Revenue | 6.38% | 4.65% | 2.9% | 0.1% | 0.29% | 0.58% | 1.4% | 0.36% |
| Acquisitions | 0 | -4.9M | 0 | 10K | 33K | 0 | -10.69M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -4.96M | -72K | -171K | 0 | 0 | 0 | 447K | 0 |
| Cash from Financing | -12.68M | -19M | -12.19M | 1.9M | 1.68M | 251.38M | 94K | 51.5M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -8.47M | -16.29M | -11M | 2.71M | 3.18M | 251.43M | 94K | 51.2M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -8.8M | -17.2M | -11M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.21M | -2.71M | -1.19M | -810K | -1.5M | -50K | 0 | 297K |
| Net Change in Cash | -21.12M | -39.34M | -47.22M | -14.64M | -59.71M | 185.01M | -26.38M | 30.17M |
| Free Cash Flow | -3.01M | -2.11M | 6.26M | -16.54M | -61.43M | -66.37M | -15.3M | -21.33M |
| FCF Margin % | -1.23% | -0.92% | 3.34% | -11.03% | -51.37% | -58.39% | -20.08% | -55.87% |
| FCF Growth % | -430.52% | -133.65% | 137.84% | 73.07% | 7.45% | -333.79% | 28.27% | - |
| FCF per Share | -0.02 | -0.01 | 0.04 | -0.10 | -0.39 | -0.43 | -0.09 | -0.16 |
| FCF Conversion (FCF/Net Income) | -15.52x | 1.10x | 10.20x | 0.85x | 0.77x | 1.05x | 0.68x | 0.73x |
| Interest Paid | 0 | 0 | 0 | 0 | 68K | 0 | 0 | 45K |
| Taxes Paid | 268K | 417K | 96K | 219K | 122K | 0 | 0 | 0 |
Quick answers to the most common questions about buying TALK stock.
Talkspace, Inc. (TALK) generated $8.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Talkspace, Inc. (TALK) reported negative free cash flow of $2.1M in 2025, indicating capital requirements exceeded cash from operations.
Talkspace, Inc. (TALK) spent $10.6M 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, Talkspace, Inc. (TALK) spent $17.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Unpredictable operating cash flow and profitability
Metrics are mathematically derived from official filings.
Earnings Quality Highly Volatile
The relationship between net income and operating cash flow is extremely erratic, with the OCF/NI ratio swinging wildly from -4.60 to -10.15 over the last ten quarters, suggesting earnings quality is highly unstable and non-cash items like stock-based compensation are distorting results.
Talkspace's operating cash flow consistently fails to align with its reported net income, often generating positive OCF during quarters of net loss, which may indicate significant non-cash add-backs or favorable working capital timing. However, this positive conversion has not been consistent, as seen in the first quarter of 2026 and 2024 where both metrics were negative. This volatility implies the company's cash generation is not reliably supported by its bottom-line profitability, making forward cash flow projections difficult.
FCF Trajectory Remains Erratic
Talkspace's free cash flow has swung from a positive $4.6 million in Q3 2024 to a negative $7.6 million in Q1 2026, with the most recent quarter showing only a marginal $635,000 positive figure, indicating an unpredictable trajectory that complicates any sustainable growth thesis.
The FCF margin trajectory shows no sustained improvement, ranging from a high of 9.7% in Q3 2024 to a low of -12.4% in Q1 2026. This erratic pattern, combined with the fact that FCF has frequently turned negative, suggests the company has not yet established a reliable engine for cash generation. The inability to maintain a positive FCF trend despite periodic profitability points to underlying operational or investment challenges.
Capital Intensity Spikes Erratically
Talkspace's capital expenditure as a percentage of revenue spiked dramatically to 10.3% in Q2 2026 from a range of approximately 1-5% in prior quarters, which, when viewed alongside modest D&A of $3.1 million, may indicate a significant, non-recurring investment rather than a sustained increase in capital intensity.
The sharp, one-quarter jump in CapEx intensity to 10.3% of revenue is anomalous compared to the company's historical profile and warrants investigation into whether this represents a growth investment, a necessary system upgrade, or an acquisition-related cost. Without this outlier, the company's capital intensity appears moderate, but this single quarter significantly impacts the FCF profile and suggests lumpy, unpredictable capital requirements.
Minimal Cash Returned to Shareholders
According to recent SEC filings, Talkspace has not paid any dividends and has spent only sporadically on share repurchases, with $8.8 million bought back in Q3 2025, suggesting capital is being retained for operations or balance sheet support rather than being returned to investors.
The absence of a regular dividend or buyback program indicates management's primary focus is on preserving liquidity and funding operations, which is consistent with a company that has inconsistent positive free cash flow. The sporadic buybacks do not constitute a systematic capital return strategy, implying that any future returns to shareholders will be contingent on the company achieving reliable cash flow generation.
Cash Flow Driven by Volatile Adjustments
A core risk is that operating cash flow is heavily influenced by the non-cash add-back for stock-based compensation, which has ranged from -$12.0 million to $5.0 million per quarter, potentially masking underlying cash burn and making the reported OCF a less reliable indicator of operational health.
The significant and volatile SBC add-back is a critical adjustment that inflates operating cash flow relative to net income, as seen in quarters like Q2 2024 where OCF was $4.8 million versus a net loss of $474 thousand. This means cash flow figures are not purely operational and include substantial non-cash compensation costs that dilute shareholders. Investors should scrutinize whether the cash generated is sufficient to cover both necessary capital expenditures and the true cost of operations without relying on this accounting adjustment.