Free cash flow remains precarious and inconsistent, with margins swinging between -33.8% and 133.4%, reflecting a business model that struggles to generate reliable cash to cover its corporate administrative footprint.
TherapeuticsMD, Inc. (TXMD) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 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 | 3.12M | 2.42M | 732K | -48.14M | -4.08M | -147.81M | -159.47M | -165.7M | -106.81M | -76.16M | -69.14M | -79.04M | -45.52M | -20.77M | -12.74M | -4.97M | 836.83K | -417.34K | -133K | 344.1K | 329.84K | 412.34K | 207.73K | 140K | 100.08K | 161.95K | 133.97K | 48.53K | 44.6K | 77.53K | 58.78K |
| Operating CF Margin % | - | 80.21% | 41.57% | -3697.47% | -5.83% | -5744.69% | -245.82% | -333.75% | -663.45% | -453.91% | -357.21% | -392.42% | -302.94% | -236.66% | -333.61% | -237.84% | 1735.55% | -3948.7% | - | - | 32.81% | 44.12% | 33.4% | 31.99% | 34.92% | 48.7% | 36.4% | 22.66% | 22.99% | 40.15% | 24.09% |
| Operating CF Growth % | 3806.17% | 231.15% | 101.52% | -1080.51% | 97.24% | 7.31% | 3.76% | -55.13% | -40.25% | -10.14% | 12.53% | -73.64% | -119.19% | -63.05% | -156.46% | -693.5% | 300.52% | -213.78% | -138.65% | 4.32% | -20.01% | 98.5% | 48.37% | 39.9% | -38.2% | 20.88% | 176.05% | 8.82% | -42.47% | 31.88% | -7.35% |
| Net Income | -217K | -653K | -2.31M | -7.7M | 1.07M | -79.31M | -183.52M | -176.15M | -132.62M | -76.93M | -89.88M | -85.08M | -54.22M | -28.42M | -35.12M | -12.91M | -695.38K | -1.65M | -395.55K | 170.54K | 373.01K | 289.89K | 142.12K | 94.11K | 98.91K | 61.53K | 131.67K | 12.43K | -15.58K | -12.74K | 73.79K |
| Depreciation & Amortization | 1.66M | 1.19M | 509K | 922K | 1.2M | 736K | 4.07M | 1.39M | 293.89K | 213.12K | 132.45K | 62.4K | 52.47K | 58.15K | 56.26K | 54.84K | 61.38K | 76.2K | 0 | 0 | 54.37K | 55.19K | 42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 11.57M | 0 | 10.68M | 10.68M | 8.66M | 6.89M | 17.41M | 7.19M | 4.24M | 3.21M | 1.87M | 7.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.44M | 216.02K | 0 | 0 | 0 | -5.44K | -15.49K | 17.06M | 30.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -189K | 221K | 875K | -23.92M | -13.84M | -73.83M | 12.65M | 1.93M | 269.86K | 4.21K | 2.52M | 22.16K | 990.98K | 3.19M | 1.99M | -168.98K | 831.53K | 685.57K | 250K | 182.46K | -112K | 41.92K | 47.72K | 61.57K | 8.97K | 52.29K | 49.23K | 47.67K | 45.23K | 81.73K | -1.93K |
| Working Capital Changes | 1.95M | 1.66M | 1.66M | -17.45M | -4.09M | 4.59M | -3.34M | -14M | 16.36M | -6.34M | 664.75K | -1.24M | 3.42M | 1.21M | 1.41M | 240.18K | 639.29K | 475.43K | 12.55K | -8.9K | 14.46K | 25.35K | -24.1K | -15.68K | -7.81K | 48.12K | -46.93K | -11.57K | 14.95K | 8.53K | -13.08K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -4.33M | -8.22M | -13.64M | -6.95M | 167.69K | -3.98M | -917.66K | -458.03K | -1.07M | -620.47K | -16.41K | 3.52K | -10.57K | 86.73K | 0 | 0 | 0 | 0 | -31.58K | 278 | 42.52K | -45.33K | -11.24K | -5.42K | 6.37K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -711K | -3.34M | -8.59M | -1.78M | -409.04K | -386.17K | 491.96K | -138.5K | 571.59K | -1.03M | 30K | 1.98M | 271.76K | -89.36K | 0 | 0 | 0 | 0 | -326.47K | -425.48K | -386.94K | -271.29K | -95.4K | 3.59K | -204.39K | 0 |
| Change in Payables | 110K | 119K | 231K | -2.13M | -1.21M | -1.06M | 1.89M | -3.56M | 18.65M | -3.26M | 4.23M | -3.2M | 4.21M | 472.85K | 1.33M | 188.88K | 19.05K | 229.04K | -3.51K | 0 | 0 | 0 | 0 | 5.9K | -2.09K | 6.73K | -3.61K | 4.38K | 14.91K | 1.21K | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 223.48M | -2.22M | -1.6M | -23.91M | -21.5M | -827.11K | -1.26M | -584.36K | -606.76K | -583.56K | -272.51K | -37.64K | -285.5K | -841.3K | 0 | 22.76K | 54.25K | -68.37K | -104.55K | -311.99K | -152.47K | -14.51K | 0 | 8.46K | -196.37K | -94.96K | 141.29K |
| Capital Expenditures | 0 | 0 | 0 | 0 | -355K | -2.22M | -207K | -23.89M | -21.32M | -827.11K | -1.24M | -584.36K | -617.44K | -479.82K | -272.51K | -37.64K | 0 | -841.3K | 0 | 0 | -57.75K | -92.23K | -311.05K | -247.71K | -62.66K | -21.7K | 0 | 0 | -211.37K | -95.4K | 0 |
| CapEx % of Revenue | 0% | - | - | 3697.47% | 0.51% | 86.4% | 0.32% | 48.12% | 132.44% | 4.93% | 6.41% | 2.9% | 4.11% | 5.47% | 7.14% | 1.8% | - | 7960.03% | - | - | 5.74% | 9.87% | 50.01% | 56.61% | 21.86% | 6.53% | - | - | 108.97% | 49.41% | - |
| Acquisitions | 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 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 223.83M | 0 | -1.39M | -20.42K | -175.41K | -765.29K | -14.04K | -419.1K | 10.69K | -103.74K | -206.1K | -8.87K | -285.5K | 0 | 0 | 22.76K | 112K | 23.86K | 77.56K | -43.36K | 8.16K | -15K | 0 | 8.46K | 0 | 0 | 133.28K |
| Cash from Financing | 0 | 0 | 0 | 3.15M | -235.21M | 134.67M | 80.72M | 188.83M | 162.79M | 72.58M | 137.23M | 92.97M | 43.3M | 73.99M | 14.44M | 4.71M | -550K | 1.3M | -221.21K | -943.95K | -300.62K | 300.62K | 0 | 10K | 30K | -200 | 0 | -13.57K | -818 | -250 | -53.44K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -219.43M | -50M | 50M | 118.34M | 75M | 0 | 0 | 0 | 0 | -4.69M | 6.35M | 2.98M | 0 | 600.7K | 0 | 0 | 0 | 450K | 0 | 0 | 0 | 0 | 0 | -23.37K | 23.37K | 0 | -50K |
| Equity Issued (Net) | 0 | 0 | 0 | 3.15M | -14.51M | 184.67M | 31.7M | 77.03M | 89.91M | 68.57M | 134.86M | 91.37M | 42.77M | 78.65M | 7.9M | 1.71M | 3.17M | 700K | -46.57K | 0 | 0 | 0 | 0 | 0 | 0 | -200 | 0 | -400 | -24.19K | -250 | -3.44K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -174.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -38.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.57K | 0 | 0 | 0 | 0 | 0 | 0 | -200 | 0 | -200 | -24.19K | -250 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | -1.27M | 0 | -978K | -6.54M | -2.12M | 4.01M | 2.36M | 1.6M | 526.75K | 30.91K | 191.4K | 17.25K | -3.72M | 0 | 0 | -943.95K | -300.62K | -149.38K | 0 | 10K | 30K | 0 | 0 | 10.2K | 0 | 0 | 0 |
| Net Change in Cash | 3.12M | 2.42M | 732K | -44.99M | -15.8M | -15.58M | -80.34M | -783.36K | 34.48M | -4.4M | 66.83M | 13.34M | -2.83M | 52.64M | 1.43M | -296.52K | 1.33K | 42.07K | -354.21K | -577.1K | 83.47K | 644.59K | 103.18K | -161.98K | -22.4K | 147.24K | 133.92K | 43.42K | -152.59K | -17.68K | 146.63K |
| Free Cash Flow | 3.12M | 2.42M | 732K | 0 | -4.43M | -147.84M | -161.07M | -189.59M | -128.13M | -76.98M | -70.38M | -79.63M | -46.14M | -21.25M | -13.01M | -5M | 836.83K | -1.26M | -133K | 344.1K | 272.09K | 320.11K | -103.33K | -107.7K | 37.41K | 140.24K | 133.97K | 48.53K | -166.77K | -17.88K | 58.78K |
| FCF Margin % | 95.41% | 80.21% | 41.57% | - | -6.34% | -5746.02% | -248.29% | -381.88% | -795.89% | -458.84% | -363.62% | -395.32% | -307.05% | -242.12% | -340.75% | -239.65% | 1735.55% | -11908.73% | - | - | 27.07% | 34.25% | -16.61% | -24.61% | 13.05% | 42.17% | 36.4% | 22.66% | -85.98% | -9.26% | 24.09% |
| FCF Growth % | 272.76% | 231.15% | - | 100% | 97% | 8.21% | 15.04% | -47.96% | -66.45% | -9.38% | 11.61% | -72.59% | -117.14% | -63.32% | -159.98% | -698% | 166.49% | -846.32% | -138.65% | 26.46% | -15% | 409.8% | 4.06% | -387.88% | -73.32% | 4.68% | 176.05% | 129.1% | -832.83% | -130.41% | 11.14% |
| FCF per Share | 0.27 | 0.21 | 0.06 | - | -0.49 | -18.57 | -29.22 | -38.48 | -28.47 | -18.73 | -17.95 | -22.99 | -15.41 | -8.33 | -7.10 | -4.00 | 0.11 | -0.87 | -0.22 | 1.11 | 0.82 | 0.97 | -0.31 | -0.32 | 0.11 | 0.45 | 0.43 | 0.15 | -0.54 | -0.06 | 0.19 |
| FCF Conversion (FCF/Net Income) | -14.38x | -4.26x | -0.34x | 4.68x | -0.04x | 0.86x | 0.87x | 0.94x | 0.81x | 0.99x | 0.77x | 0.93x | 0.84x | 0.73x | 0.36x | 0.38x | -1.20x | 0.25x | 0.34x | 2.02x | 0.88x | 1.42x | 1.46x | 1.49x | 1.01x | 2.63x | 1.02x | 3.90x | -2.86x | -6.09x | 0.80x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 25.85M | 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 | 0 |
Quick answers to the most common questions about buying TXMD stock.
TherapeuticsMD, Inc. (TXMD) generated $2.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TherapeuticsMD, Inc. (TXMD) generated $2.4M 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.
TherapeuticsMD, Inc. (TXMD) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Administrative overhead exceeding revenue
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Accruals
According to recent financial disclosures, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging wildly from -1.05 to 9.85, suggesting that reported earnings are currently poor proxies for the actual cash-generating capacity of the underlying royalty-based business model.
The frequent divergence between net income and operating cash flow indicates that non-cash items and working capital fluctuations are the primary drivers of reported figures rather than core operational performance. Investors should monitor this volatility, as it suggests that the company's cash position is highly sensitive to timing differences in royalty receipts rather than consistent, predictable earnings growth.
Free Cash Flow Remains Precarious
As reported in quarterly filings, the free cash flow trajectory is inconsistent, with margins fluctuating between -33.8% and 133.4% over the last ten periods, reflecting a business that lacks the scale to generate reliable, self-sustaining cash flows to cover its ongoing corporate administrative requirements.
The inability to maintain a positive and stable FCF margin highlights the structural challenge of transitioning to a royalty-only entity while maintaining a legacy cost base. This inconsistency suggests that the company remains in a defensive posture where cash flow is more a function of sporadic milestone payments than a steady, compounding revenue stream.
Working Capital Volatility Drives Liquidity
Based on the company's reported cash flow statements, working capital changes have been a significant, albeit volatile, source of cash, with quarterly adjustments reaching as high as $975K, which appears to be masking the underlying weakness in core operational cash generation for the firm.
The reliance on working capital shifts to bolster operating cash flow suggests that the company is managing its payables and receivables aggressively to preserve its limited cash runway. This pattern warrants further investigation, as it may indicate that the company is pulling forward cash inflows or delaying outflows to avoid liquidity shortfalls.
Hidden Costs of Corporate Shell
As indicated by the provided data, the cash flow statement obscures the true cost of maintaining the corporate entity, as the absence of significant capital expenditures is offset by persistent administrative burn that prevents the accumulation of meaningful cash reserves for future growth or strategic investment.
The lack of investment in new assets suggests that the company is effectively in a liquidation-like state, where the primary focus is on preserving existing cash rather than deploying it for expansion. This structure implies that the company may be vulnerable to any disruption in royalty payments, as there is little operational flexibility to absorb unexpected costs.