Free cash flow remains chronically negative, with the company recording a -13.9% FCF margin in 2025Q4 while struggling to fund operations through internal cash generation.
| Metric | 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -5.93M | -4.19M | -11.56M | -921K | 13.24M | 23.75M | 5.47M | 6.93M | 12.11M | 13.77M | 12.34M | 15.75M | 11.71M | 20.06M | 20.48M | 23.07M | 14.73M | 10.73M | 15.35M | 7.37M | 9.21M | 42K | 3.6M | 11.65M | 5.06M | 3.02M | 3.82M | -1M | -1.4M | -3.6M |
| Operating CF Margin % | -13.54% | -6.81% | -20.34% | -1.47% | 16.31% | 23.29% | 6.05% | 7.15% | 12.22% | 13.82% | 12.31% | 15.02% | 12.83% | 24.31% | 26.28% | 25.74% | 11.7% | 7.66% | 10.69% | 6.21% | 9.34% | 0.05% | 5.49% | 22.42% | 13.65% | 10.16% | 14.64% | -4.31% | -8.33% | -50% |
| Operating CF Growth % | -41.47% | 63.74% | -1154.83% | -106.96% | -44.27% | 333.96% | -21.07% | -42.74% | -12.05% | 11.64% | -21.69% | 34.56% | -41.63% | -2.09% | -11.22% | 56.62% | 37.31% | -30.1% | 108.32% | -19.99% | 21826.19% | -98.83% | -69.07% | 130.24% | 67.5% | -20.94% | 482.15% | 28.57% | 61.11% | -350% |
| Net Income | -37.38M | -31.79M | -24.02M | -41.01M | 875K | -6.39M | 12.2M | 13.07M | 12.77M | 16.25M | 19.85M | 22.03M | 19.76M | 22.29M | 15.59M | 60.42M | 11.82M | -77.78M | -35.37M | 3.28M | 5.28M | 5.74M | 9.67M | 6.46M | 2.18M | 4.82M | 4.92M | 2.6M | 1.2M | -900K |
| Depreciation & Amortization | 2.68M | 1.86M | 1.78M | 2.33M | 2.74M | 3.08M | 4.89M | 4.12M | 5.2M | 6.13M | 5.64M | 4.5M | 3.59M | 2.83M | 2.59M | 2.82M | 3.75M | 8.04M | 7.76M | 6.42M | 4.24M | 4.39M | 2.22M | 3.51M | 2.67M | 1.96M | 1.5M | 800K | 400K | 200K |
| Stock-Based Compensation | 324K | 1.32M | 2.07M | 1.75M | 1.1M | 792K | 758K | 1.37M | 928K | 1.41M | 1.55M | 1.5M | 2.01M | 1.71M | 1.27M | 1.11M | 521K | 1.17M | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 199K | 486K | -59K | -192K | -167K | -182K | -1.01M | -1.11M | -374K | -8.63M | 1.08M | 853K | 574K | 2.02M | -19.45M | -46.41M | 175K | 81.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 21.21M | 17.74M | 11.37M | 37.85M | 8.86M | 22.31M | -10.57M | -2.92M | -5.87M | 757K | -8.63M | -6.61M | -5.58M | -5.42M | 21.65M | 3.3M | 2.63M | 749K | 41.47M | 5.02M | 1.73M | -2.27M | 342.53K | 5.53M | 2.43M | 873.68K | -540.08K | -400K | -500K | -300K |
| Working Capital Changes | 7.03M | 6.19M | -2.69M | -1.66M | -172K | 4.14M | -796K | -7.6M | -535K | -2.15M | -7.16M | -6.51M | -8.66M | -3.37M | -1.17M | 1.84M | -4.17M | -2.75M | 91K | -7.36M | -2.03M | -7.82M | -8.63M | -3.85M | -2.22M | -4.64M | -2.06M | -4M | -2.5M | -2.6M |
| Change in Receivables | 4.92M | -2.37M | 1.05M | -966K | 6.24M | -2.49M | 445K | -5.96M | -2.37M | 738K | -2.34M | -1.92M | -1.76M | 44K | 0 | 3.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 90K | -1.74M | -971K | -877K | -4.41M | -3.42M | -2.96M | 1.99M | -2.46M | -3.62M | -2.34M | -4.49M | -7.26M | -1.37M | -2.41M | -2.83M | 2.37M | 2.06M | -7.1M | -5.43M | 1.31M | -5.88M | -6.01M | -2.09M | -1.93M | -4.5M | 538.12K | -2.1M | -500K | -200K |
| Change in Payables | 0 | 8.19M | -2.77M | 181K | -7.59M | 4.99M | 151K | -3.42M | 2.02M | 1.27M | -3.33M | 624K | 3.25M | 22K | 0 | 1.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.22M | -22.97M | 24.76M | -5.98M | -8.69M | -10.2M | -15.36M | -17.29M | -16.37M | -22.28M | -22.72M | -23.94M | -59.96M | -7.63M | 841K | 56.88M | -10.34M | -14.69M | -8.41M | -63.27M | -24.4M | -26.04M | -10.84M | -7.39M | -7.42M | -15.64M | -6.23M | -10M | -8.9M | -3M |
| Capital Expenditures | -88K | -405K | -803K | -5.98M | -8.69M | -10.2M | -15.36M | -17.29M | -16.37M | -22.28M | -22.72M | -23.94M | -21.95M | -12.92M | -9.23M | -9.02M | -10.58M | -12.69M | -16.11M | -10.84M | -4.04M | -3.69M | -3.86M | -2.52M | -1.34M | -1.17M | -1.45M | -2.8M | -8.1M | -2.5M |
| CapEx % of Revenue | 0.2% | 0.66% | 1.41% | 9.56% | 10.71% | 10% | 16.98% | 17.81% | 16.51% | 22.36% | 22.67% | 22.83% | 24.06% | 15.66% | 11.85% | 10.06% | 8.41% | 9.06% | 11.22% | 9.13% | 4.1% | 4.61% | 5.87% | 4.84% | 3.62% | 3.95% | 5.54% | 12.07% | 48.21% | 34.72% |
| Acquisitions | 0 | -12.9M | 28.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -38.02M | 5.29M | -2.17M | 0 | 0 | -2.8M | -7.89M | -46.14M | -14.98M | -19.09M | -762.52K | -4.41M | -4.78M | -13.1M | -10.51M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.13M | -9.66M | -1.9M | 0 | 0 | 0 | 0 | -9.86M | -1.11M | -1.11M | -1.11M | -19.49M | -357K | 11.39M | 9.81M | 65.9M | 249K | 808K | 15.58M | -6.29M | -5.38M | -3.26M | -6.22M | -468.94K | -1.3M | -1.36M | 5.72M | -7.2M | -800K | -500K |
| Cash from Financing | 12.05M | 28.81M | -16.04M | -12.32M | -6.02M | -2.72M | -4M | -16.98M | -15.25M | -16.34M | 103.23M | -5.03M | -4.37M | -8.57M | -8.24M | -27.98M | -3.51M | 481K | -1.11M | 48.62M | 9.68M | 29.65M | 6.69M | 5.06M | 988.86K | 13.91M | 3.84M | 8.9M | 8.9M | 4M |
| Debt Issued (Net) | 11.81M | 27.67M | -7.37M | -27.04M | -2.94M | -3.24M | -3.53M | -11.94M | -244K | -282K | 116.35M | 0 | 0 | -109K | -159K | -28.98M | -4.33M | -6.01M | -1.48M | 24.88M | 5.57M | 693.05K | 22.26M | 537.28K | 3.47M | -6.28M | 865.79K | 6.9M | 5.1M | -100K |
| Equity Issued (Net) | 547K | 7.39M | 0 | 25.34M | 0 | 0 | 0 | -434K | -7.8M | -9.32M | 2.94M | 3.56M | 3.66M | -2.84M | -4.94M | 1.02M | 897K | 7.12M | 454K | 25.27M | 4.75M | 31.71M | 2.25M | 558.7K | 74.14K | 21.58M | 3.31M | 2.7M | 4.3M | 3.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.1M | -5.03M | -4.37M | -3.22M | -2.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -434K | -7.8M | -9.32M | 0 | 0 | 0 | -5.28M | -6.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K |
| Other Financing | -308K | -6.25M | -8.67M | -10.61M | -3.08M | 524K | -463K | -4.5M | -4.6M | -3.75M | -6.67M | 41.11K | -87K | -22K | 0 | -72.62K | -80.56K | -624K | -73K | -1.53M | -648K | -4.91M | -17.82M | 3.96M | -2.56M | -1.4M | -336.86K | -700K | -500K | 400K |
| Net Change in Cash | -29K | 1.48M | -2.89M | -19.33M | -1.42M | 10.93M | -13.88M | -27.33M | -19.5M | -24.84M | 92.85M | -13.21M | -52.63M | 3.86M | 13.08M | 51.92M | 894K | -3.52M | 5.88M | -7.06M | -5.26M | 3.65M | -541.52K | 9.32M | -1.37M | 1.29M | 1.43M | -2.2M | -1.4M | -2.9M |
| Free Cash Flow | -12.15M | -14.26M | -12.36M | -6.9M | 4.55M | 13.56M | -9.88M | -10.35M | -4.25M | -8.51M | -10.38M | -8.19M | -10.24M | 7.14M | 11.25M | 14.06M | 4.15M | -1.97M | -764K | -3.47M | 5.17M | -3.65M | -251.55K | 9.14M | 3.72M | 1.85M | 2.38M | -3.8M | -9.5M | -6.1M |
| FCF Margin % | -27.75% | -23.16% | -21.75% | -11.03% | 5.6% | 13.29% | -10.93% | -10.67% | -4.29% | -8.54% | -10.36% | -7.8% | -11.22% | 8.65% | 14.43% | 15.68% | 3.29% | -1.4% | -0.53% | -2.92% | 5.25% | -4.56% | -0.38% | 17.57% | 10.03% | 6.21% | 9.1% | -16.38% | -56.55% | -84.72% |
| FCF Growth % | 14.75% | -15.33% | -79.18% | -251.7% | -66.46% | 237.2% | 4.54% | -143.27% | 49.98% | 18.06% | -26.83% | 20.06% | -243.48% | -36.56% | -19.97% | 238.86% | 311.09% | -157.2% | 77.97% | -167.08% | 241.76% | -1349.83% | -102.75% | 145.73% | 101.22% | -22.24% | 162.52% | 60% | -55.74% | -577.78% |
| FCF per Share | -0.65 | -0.79 | -1.61 | -0.89 | 0.85 | 3.24 | -1.94 | -2.00 | -0.79 | -1.50 | -1.89 | -1.73 | -2.19 | 1.59 | 2.64 | 3.32 | 0.99 | -0.48 | -0.20 | -1.06 | 1.76 | -0.92 | -0.08 | 3.58 | 1.47 | 0.75 | 1.07 | -1.70 | -4.26 | -2.74 |
| FCF Conversion (FCF/Net Income) | 0.16x | 0.13x | 0.48x | 0.02x | 15.13x | -3.72x | -1.35x | 2.90x | -0.30x | -0.14x | 0.57x | 0.92x | 1.13x | 1.16x | 1.31x | 0.38x | 1.25x | -0.14x | -0.43x | 2.25x | 1.74x | 0.01x | 0.62x | 2.33x | 3.49x | 0.63x | 0.78x | -0.38x | -1.17x | 4.00x |
| Interest 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 |
| Taxes 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 |
Acute liquidity and solvency
As evidenced by the quarterly cash flow data, Trinity Biotech consistently reports negative net income alongside operating cash flow that frequently fails to reach breakeven, with the OCF/NI ratio fluctuating wildly and failing to provide a reliable signal of underlying cash-generative quality for the diagnostic business.
The persistent gap between net losses and operating cash flow suggests that the company's accounting earnings are heavily impacted by non-cash charges, yet the inability to generate positive cash from operations indicates a fundamental operational deficit. Investors should monitor whether this divergence reflects ongoing restructuring costs or a deeper inability to monetize the installed instrument base effectively.
Based on reported financial statements, Trinity Biotech’s free cash flow trajectory remains firmly in negative territory, with FCF margins reaching as low as -39.8% in 2025Q1, underscoring the company's inability to fund its operations and capital requirements through internal cash generation alone.
The consistent failure to achieve positive free cash flow suggests that the company is currently consuming capital rather than creating it, which is particularly concerning given the declining revenue base. This trajectory implies that the firm may be forced to rely on external financing to sustain its current R&D and operational footprint.
According to recent SEC filings, Trinity Biotech’s capital expenditure as a percentage of revenue has spiked to 26.2% in 2025Q1, indicating that the company is forced to commit significant resources to maintain its manufacturing and diagnostic infrastructure despite a shrinking top-line revenue environment.
High capital intensity relative to declining revenue suggests that the company is struggling to optimize its asset base, potentially due to underutilized manufacturing capacity. This level of spending warrants further investigation into whether these investments are truly growth-oriented or merely necessary maintenance to keep legacy diagnostic platforms operational.
As reported in financial statements, Trinity Biotech has experienced erratic working capital swings, including a $3.1M inflow in 2025Q1 followed by a $1.7M inflow in 2025Q4, which suggests that the company is managing its cash position through aggressive timing of payables and receivables rather than organic growth.
These fluctuations in working capital appear to be a defensive mechanism to preserve liquidity rather than a sign of efficient operational cycle management. Investors should be wary that such reliance on working capital adjustments to bolster cash flow is likely unsustainable and may mask underlying issues with customer collections or inventory obsolescence.
Quick answers to the most common questions about buying TRIB stock.
Trinity Biotech plc (TRIB) generated $-5.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Trinity Biotech plc (TRIB) reported negative free cash flow of $12.2M in 2025, indicating capital requirements exceeded cash from operations.
Trinity Biotech plc (TRIB) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.