Free cash flow generation remains highly erratic, swinging from a negative $17.4 million in 2023Q4 to a positive $14.4 million in 2026Q1.
| Cash from Operations | 46.66M | 36.97M | 32.13M | 1.06M | 32.38M | 47.74M | 49.14M | 43.6M | 23.93M | 23.64M | 2.1M |
| Operating CF Margin % | - | 10.66% | 9.38% | 0.31% | 9.91% | 17.01% | 18.58% | 15.88% | 8.53% | 8.54% | 0.79% |
| Operating CF Growth % | 152.36% | 15.03% | 2934.47% | -96.73% | -32.19% | -2.84% | 12.71% | 82.21% | 1.21% | 1023.18% | - |
| Net Income | 4.4M | 4.35M | -20.44M | -45.79M | 15.87M | 18.43M | 14.25M | 19.7M | 17.04M | -17.1M | 3.9M |
| Depreciation & Amortization | 39.71M | 13.28M | 28.97M | 26.47M | 23.33M | 16.87M | 13.33M | 12.41M | 12.28M | 12.88M | 13.24M |
| Stock-Based Compensation | 18.72M | 8.66M | 5.52M | 3.27M | 5.17M | 5.46M | 7M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.19M | 716K | 1.86M | -11.3M | -6.69M | 3.5M | 2.75M | 1.01M | -364K | 1.42M | 3.67M |
| Other Non-Cash Items | -19.95M | 22.75M | 7.77M | 42.25M | 3.05M | 4.95M | 4.89M | 8.28M | 53.8M | 90.11M | 42.6M |
| Working Capital Changes | -9.55M | -12.79M | 8.45M | -13.84M | -8.36M | -1.47M | 6.92M | 2.19M | -18.86M | -13.81M | -26.83M |
| Change in Receivables | 701K | -3.06M | 26K | -11.32M | -12.43M | -3.2M | 3.67M | 3.69M | -13.37M | -25.16M | -2.41M |
| Change in Inventory | -363K | 144K | -292K | 309K | 71K | 229K | 342K | 72K | -81K | 280K | 14K |
| Change in Payables | 7.61M | 4.96M | 3.73M | 3.08M | -1.43M | -615K | -1.09M | 2.54M | -1.95M | 779K | -5.59M |
| Cash from Investing | -15.21M | -14.72M | 4.12M | -60.11M | -62.73M | -69.92M | -6.66M | -12.49M | -978K | -726K | -151.79M |
| Capital Expenditures | -8.49M | -1.32M | -1.64M | -346K | -19.37M | -10.29M | -6.66M | -1.76M | -978K | -726K | -39K |
| CapEx % of Revenue | 2.45% | 0.38% | 0.48% | 0.1% | 5.93% | 3.67% | 2.52% | 0.64% | 0.35% | 0.26% | 0.01% |
| Acquisitions | 2.4M | 0 | 0 | -36.7M | -43.36M | -59.63M | 0 | -10.73M | 0 | 0 | -162.61M |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -9.13M | -13.4M | 5.76M | -23.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -6.15M | -9.71M | -27.74M | 55.95M | 25.88M | 20.93M | -37.16M | -29.48M | -17.74M | -24.62M | 126.95M |
| Debt Issued (Net) | -2.29M | -6.17M | -26.81M | 58.52M | 39.71M | 22.25M | -31.57M | -23.55M | -11.71M | -12.36M | 151.2M |
| Equity Issued (Net) | -93K | -1.95M | -404K | -2.58M | -11.9M | -1.31M | -1.26M | 3K | 0 | 1K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -4.34M | -5.73M | -5.62M | -11.64M | -25.09M |
| Share Repurchases | -1.38M | -1.95M | -404K | -2.58M | -11.92M | -1.31M | -1.26M | 0 | 0 | 0 | 0 |
| Other Financing | -3.77M | -1.6M | -529K | 0 | -1.94M | 0 | 0 | -206K | -409K | -625K | 844K |
| Net Change in Cash | 25.3M | 12.53M | 8.48M | -3.1M | -4.48M | -1.24M | 5.31M | 1.63M | 5.21M | -1.7M | -22.73M |
| Free Cash Flow | 44.62M | 35.65M | 13.04M | -22.35M | 13.01M | 37.46M | 42.48M | 41.84M | 22.95M | 22.92M | 2.07M |
| FCF Margin % | 12.9% | 10.28% | 3.8% | -6.58% | 3.98% | 13.35% | 16.06% | 15.24% | 8.18% | 8.28% | 0.77% |
| FCF Growth % | 107.42% | 173.46% | 158.33% | -271.79% | -65.27% | -11.82% | 1.52% | 82.31% | 0.15% | 1009.24% | - |
| FCF per Share | 3.06 | 2.46 | 0.91 | -1.58 | 0.91 | 2.62 | 3.03 | 3.04 | 1.69 | 1.71 | 0.16 |
| FCF Conversion (FCF/Net Income) | 10.14x | 8.49x | -1.57x | -0.02x | 2.04x | 2.59x | 3.45x | 2.13x | 1.40x | -1.38x | 0.54x |
| Interest Paid | 10.62M | 14.12M | 16.22M | 9.3M | 5.86M | 2.82M | 3.25M | 6.34M | 7.14M | 6.95M | 5.88M |
| Taxes Paid | 3.36M | 6.04M | 5.26M | 3.66M | 4.76M | 3.5M | 2.23M | 3.19M | 3.77M | 1.13M | 110K |
Thin operating margin buffer
As reported in recent financial statements, TruBridge exhibits a significant disconnect between net income and operating cash flow, with OCF/NI ratios frequently reaching extreme levels, such as the 30.54x observed in 2026Q1, suggesting that reported earnings are heavily influenced by non-cash accounting adjustments.
The persistent gap between net income and operating cash flow indicates that the company's bottom-line profitability is not currently reflective of its underlying cash-generating capacity. Investors should monitor this divergence, as it suggests that accruals and non-cash charges are obscuring the true operational performance of the RCM and EHR segments.
Based on historical cash flow data, TruBridge's free cash flow trajectory remains highly erratic, swinging from a negative $17.4 million in 2023Q4 to a positive $14.4 million in 2026Q1, reflecting the inherent instability in the company's ability to convert revenue into sustainable cash reserves.
The lack of a consistent FCF growth trend implies that the business model is still struggling to achieve the scale necessary for reliable cash generation. The volatility in FCF margins warrants further investigation into whether this is driven by seasonal billing cycles or fundamental inefficiencies in the service-led transition.
According to quarterly filings, TruBridge's capital expenditure as a percentage of revenue has fluctuated significantly, peaking at 6.0% in 2024Q1, which indicates that the company must continuously reinvest in its infrastructure to maintain its legacy EHR software and support its evolving RCM service platform.
The variability in CapEx suggests that management is balancing necessary maintenance of legacy systems with the capital requirements of the TruBridge cloud platform. If capital intensity remains elevated without a corresponding increase in revenue growth, it may indicate that the company is over-investing in assets that are not yet yielding competitive returns.
As indicated by the provided cash flow statements, TruBridge has experienced significant swings in working capital, including a $14.9 million outflow in 2023Q4 followed by periods of positive adjustments, highlighting the difficulty in managing collections within its rural hospital client base.
The erratic nature of working capital changes suggests that the company's cash conversion cycle is sensitive to the financial health and payment timing of its hospital clients. This volatility may indicate that the company is absorbing the liquidity risks of its customers, which could pressure cash flow during periods of sector-wide stress.
Quick answers to the most common questions about buying TBRG stock.
TruBridge, Inc. (TBRG) generated $37.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TruBridge, Inc. (TBRG) generated $35.6M 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.
TruBridge, Inc. (TBRG) 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.
In 2025, TruBridge, Inc. (TBRG) spent $1.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.