Free cash flow remains highly volatile, swinging to a $92.6M outflow in 2025Q4 as capital expenditure intensity reached 6.7% of revenue.
| Cash from Operations | -25.93M | 43.03M | 23.88M | -63.97M | -59.33M | 1.96M | -23.33M | -20.75M | -6.03M |
| Operating CF Margin % | -2.15% | 5.49% | 4.75% | -39.96% | -781.04% | 37.6% | -669.53% | -10632.77% | - |
| Operating CF Growth % | -160.27% | 80.16% | 137.34% | -7.82% | -3126.94% | 108.4% | -12.45% | -244.01% | - |
| Net Income | -10.69M | 49.92M | 5.21M | -104.08M | -80.51M | -44.89M | -27.87M | -13.83M | -6.38M |
| Depreciation & Amortization | 32.67M | 8.02M | 6.74M | 5.38M | 5.17M | 4.88M | 4.24M | 7K | 3.79K |
| Stock-Based Compensation | 0 | 19.66M | 8.79M | 8.11M | 1.32M | 2.35M | 1.27M | 712K | 109.02K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 19.89M | 64.26M | 60.68M | 55.26M | 22.1M | 40.23M | 2.37M | 1.06M | 1.12M |
| Working Capital Changes | -67.81M | -98.82M | -57.53M | -28.64M | -7.42M | -612K | -3.34M | -8.7M | -890.22K |
| Change in Receivables | -30.69M | -57.08M | -27.38M | -19.93M | -7.19M | -328K | -3.63M | -7.22M | -338.8K |
| Change in Inventory | -11.46M | -3.24M | -9.64M | -5.02M | -2.82M | -91K | 101K | 0 | 0 |
| Change in Payables | 43.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -428.79M | -135.17M | -25.49M | -17M | -2.73M | -1.09M | -468K | -2.69M | -1.26K |
| Capital Expenditures | -83.98M | -14.32M | -9.68M | -7.04M | -1.34M | -248K | -403K | 0 | -5.64K |
| CapEx % of Revenue | 6.97% | 1.83% | 1.93% | 4.4% | 17.63% | 4.76% | 11.56% | - | - |
| Acquisitions | -330.92M | -34.69M | -1.48M | -973K | 0 | -322K | 0 | -2.69M | 4.38K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -12.55M | -86.16M | -14.33M | -8.99M | -1.39M | -521K | -65K | 0 | 0 |
| Cash from Financing | -5.58M | 638.92M | 10.19M | 174.96M | 2.85M | 34.12M | 42.72M | -869K | 54.79M |
| Debt Issued (Net) | -434.9K | 652.81M | 3.53M | 1.74M | -936K | -904K | -1.17M | -869K | -769.18K |
| Equity Issued (Net) | 2.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.85M | -13.88M | 6.65M | 173.22M | 3.78M | 35.02M | 43.89M | 0 | 55.56M |
| Net Change in Cash | -446.35M | 587.11M | 6.91M | 94.29M | -55.91M | 33.35M | 18.83M | -22.99M | 54.79M |
| Free Cash Flow | -82.8M | 28.71M | 14.21M | -71.01M | -60.67M | 1.71M | -23.74M | -20.75M | -6.04M |
| FCF Margin % | -6.87% | 3.67% | 2.83% | -44.35% | -798.67% | 32.84% | -681.09% | -10632.77% | - |
| FCF Growth % | -388.42% | 102.09% | 120% | -17.05% | -3643.63% | 107.21% | -14.4% | -243.69% | - |
| FCF per Share | -0.25 | 0.08 | 0.04 | -0.23 | -0.21 | 0.01 | -0.10 | -0.10 | -0.05 |
| FCF Conversion (FCF/Net Income) | 2.43x | 0.86x | 4.58x | 0.61x | 0.74x | -0.04x | 0.84x | 1.50x | 0.95x |
| Interest Paid | 0 | 4.73M | 785K | 408K | 189K | 191K | 117K | 17K | 5.3K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Isotope supply chain volatility
According to recent financial disclosures, Telix's operating cash flow frequently decouples from net income, evidenced by a volatile OCF/NI ratio that reached 7.25 in 2025Q4, indicating that reported earnings are currently poor proxies for the actual cash-generating capacity of the underlying diagnostic business.
The significant divergence between net income and operating cash flow suggests that non-cash items and accounting adjustments are heavily influencing the bottom line. Investors should monitor whether this gap narrows as the company moves past its initial commercialization phase, as persistent reliance on non-cash earnings may indicate lower-quality growth.
As reported in quarterly filings, Telix's free cash flow trajectory remains highly erratic, swinging from a positive $30.4M in 2024Q2 to a substantial $92.6M outflow by 2025Q4, highlighting the company's struggle to maintain consistent cash generation while funding an expansive clinical trial pipeline.
The negative FCF margins observed in recent periods suggest that the company is prioritizing long-term therapeutic development over immediate cash preservation. This pattern warrants investigation into whether the current cash burn rate is sustainable without further external financing or a significant shift in diagnostic profitability.
Based on reported figures, Telix's capital expenditure has trended upward, reaching $41.5M in 2025Q4, which represents a 6.7% revenue intensity as the company invests heavily in vertical integration and specialized manufacturing assets to secure its isotope supply chain.
This shift toward higher capital intensity suggests management is attempting to build a structural moat through asset ownership rather than relying on third-party logistics. While this may mitigate supply risks, it simultaneously increases the fixed cost burden and lowers the company's overall free cash flow flexibility.
Data from recent financial statements reveals significant working capital volatility, including a $98.8M outflow in 2024Q4, which suggests that the company's cash conversion cycle is highly sensitive to inventory build-ups and the timing of payments within its complex radiopharmaceutical distribution network.
These periodic working capital drains appear to be a primary driver of the company's inconsistent cash flow performance. Analysts should scrutinize whether these fluctuations are temporary timing issues or indicative of structural inefficiencies in managing the inventory of short-lived radioactive materials.
As indicated by historical cash flow statements, Telix has utilized significant capital for acquisitions, including a $344M outflow in 2025Q2, demonstrating a clear preference for inorganic growth to bolster its therapeutic pipeline and manufacturing capabilities over returning capital to shareholders.
The aggressive deployment of cash into acquisitions suggests management is focused on rapid scale, yet this strategy introduces integration risks and potential dilution. Investors should evaluate whether the returns on these acquired assets will eventually justify the substantial upfront cash outlays and the associated impact on the balance sheet.
Quick answers to the most common questions about buying TLX stock.
Telix Pharmaceuticals Limited (TLX) generated $-25.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Telix Pharmaceuticals Limited (TLX) reported negative free cash flow of $82.8M in 2025, indicating capital requirements exceeded cash from operations.
Telix Pharmaceuticals Limited (TLX) spent $84.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.