Operational efficiency remains robust, evidenced by a consistent OCF/NI ratio that peaked at 1.47 in 2025Q3 and a minimal CapEx/Revenue ratio of 1.5% in 2026Q1.
| 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 | 13.34M | 14.69M | 14.83M | 22.28M | 21.15M | 21.2M | 20.14M | 17.06M | 16.83M | 16.91M | 14.53M | 13.8M | 15.39M | 12.31M | 13.56M | 11.37M | 7.16M | 7.23M | 7.76M | 7.47M | 10.85M | 6.45M | 27.46M | 8.34M | 8.66M | 7.86M | 7.83M | 9.1M | 9.5M | 5M | 11.2M |
| Operating CF Margin % | - | 38.14% | 36.26% | 44.36% | 40.45% | 43.22% | 47.74% | 36.36% | 40.08% | 40.83% | 36.97% | 34.37% | 37.28% | 30.4% | 32.64% | 30.02% | 28.49% | 27.88% | 27.94% | 26.22% | 37.75% | 23.3% | 103.68% | 30.71% | 31.64% | 29.16% | 28.78% | 30.91% | 34.3% | 20.58% | 28.94% |
| Operating CF Growth % | -7.38% | -0.94% | -33.44% | 5.36% | -0.26% | 5.29% | 18.06% | 1.32% | -0.44% | 16.38% | 5.27% | -10.31% | 25.01% | -9.25% | 19.34% | 58.8% | -0.95% | -6.91% | 3.85% | -31.13% | 68.24% | -76.51% | 229.44% | -3.71% | 10.13% | 0.45% | -14.02% | -4.2% | 90% | -55.36% | 0.9% |
| Net Income | 10.85M | 11.29M | 13.87M | 16.64M | 16.47M | 14.79M | 10.8M | 14.73M | 18.55M | 8.51M | 12.13M | 11.84M | 11.38M | 11.41M | 10.17M | 7.41M | 6.01M | 6.26M | 7.21M | 7.91M | 8.17M | 7.55M | 10.22M | 20.76M | 7.17M | 5.93M | 5.37M | 5.47M | 4.9M | 4.3M | 8.8M |
| Depreciation & Amortization | 2.21M | 3.01M | 2.85M | 6.37M | 7.08M | 7.28M | 7.21M | 6.88M | 2.96M | 2.77M | 2.83M | 3.15M | 3.36M | 3.19M | 3.27M | 2.77M | 607K | 588K | 591K | 597K | 634K | 676K | 809K | 984K | 1.17M | 1.93M | 2.19M | 2.19M | 2.1M | 1.5M | 1.4M |
| Stock-Based Compensation | 411K | 373K | 256K | 225K | 183K | 166K | 160K | 113K | 64K | 129K | 92K | 87K | 74K | 28K | 70K | 95K | 83K | 98K | 120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -589K | -659K | -338K | -681K | -401K | -92K | -26K | -396K | -326K | -658K | -484K | -901K | -500K | -1.4M | -600K | -549K | -38K | 230K | -46K | 93K | 118K | -129K | 75K | -47K | 108K | -26K | -13K | -81K | 100K | 200K | -100K |
| Other Non-Cash Items | 1.11M | 367K | -4K | -33K | 36K | 63K | 3K | 53K | -373K | 21K | 5K | -9K | 8K | 13K | 182K | 70K | 7K | -204K | -135K | -924K | 1.24M | 858K | 402K | 1.01M | 372K | 136K | 35K | -12K | 300K | -300K | 600K |
| Working Capital Changes | -662K | 317K | -1.8M | -233K | -2.23M | -1.01M | 1.99M | -4.32M | -4.04M | 6.14M | -46K | -366K | 1.07M | -934K | 476K | 1.56M | 484K | 256K | 27K | -197K | 690K | -2.5M | 15.95M | -14.37M | -161K | -117K | 239K | 1.53M | 2.1M | -700K | 500K |
| Change in Receivables | 191K | 333K | -781K | 2.27M | -525K | -1.13M | 662K | -738K | -496K | -242K | 295K | 137K | -365K | 214K | 675K | 502K | 110K | 290K | -42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 90K | 1.2M | 587K | -670K | -2.35M | -485K | 924K | -1.69M | -244K | -467K | -360K | 422K | -141K | -249K | 841K | -624K | 286K | -83K | -70K | -80K | 35K | -573K | 437K | 174K | -168K | -239K | 165K | 903K | 2.3M | -200K | -1.5M |
| Change in Payables | 278K | 211K | -73K | -456K | 464K | -23K | -308K | 114K | 52K | 9K | 286K | -265K | 188K | -216K | 50K | -1.21M | 52K | -73K | 25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -317K | -371K | -208K | -639K | -818K | -552K | -860K | -21.54M | 534K | -1.6M | -3.3M | -246K | -1.13M | -344K | -208K | -26.68M | 2.71M | -3.16M | 4.86M | -337K | -2.63M | -1.9M | -15.33M | -1.03M | -517K | -524K | -600K | -685K | -5M | -7.5M | 800K |
| Capital Expenditures | -627K | -371K | -235K | -639K | -809K | -552K | -860K | -540K | -402K | -1.6M | -3.3M | -176K | -1.13M | -344K | -254K | -256K | -1.53M | -474K | -287K | -360K | -334K | -345K | -421K | -394K | -517K | -524K | -361K | -684K | -4.7M | -1.2M | -5.9M |
| CapEx % of Revenue | 1.67% | 0.96% | 0.57% | 1.27% | 1.55% | 1.13% | 2.04% | 1.15% | 0.96% | 3.86% | 8.4% | 0.44% | 2.74% | 0.85% | 0.61% | 0.68% | 6.11% | 1.83% | 1.03% | 1.26% | 1.16% | 1.25% | 1.59% | 1.45% | 1.89% | 1.94% | 1.33% | 2.32% | 16.97% | 4.94% | 15.25% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -41.08M | 2K | 8K | 0 | 0 | 0 | 0 | -1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 310K | 0 | 27K | 0 | -9K | 0 | 0 | -21M | 862K | 0 | -9K | -70K | -22K | -47K | -1K | -256K | -2K | -8K | 1K | 2.02M | 0 | 5K | 0 | 0 | 0 | 0 | -239K | -1K | -300K | -7.8M | 0 |
| Cash from Financing | -9.22M | -12.34M | -23.84M | -4.17M | -5.48M | -10.9M | -10.73M | -4.23M | -4.78M | -2.65M | -6.34M | -8.89M | -8.26M | -6.6M | -11.17M | 18.08M | -6.42M | -3.77M | -13.77M | -6.45M | -8.13M | -5.69M | -10.92M | -6.87M | -8.25M | -7.38M | -7.45M | -9.12M | -4.1M | 400K | -14M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.78M | -4.04M | -3.91M | -9.09M | 20.99M | -413K | -463K | -1.92M | -1.24M | -1.06M | 5.34M | 0 | -4.96M | 2.46M | -7.5M | 4.07M | 2.84M | -2.5M | 5.6M | 0 |
| Equity Issued (Net) | -5.26M | -8.36M | -19.97M | 0 | -2.5M | 0 | -6.98M | -398K | -1.21M | 0 | -2.85M | -340K | -1.05M | 787K | 1.3M | 0 | -14K | 16K | -7.57M | -1.84M | -4.17M | -8.58M | -9.59M | -1.91M | -10.71M | 123K | -11.51M | -11.96M | -1.6M | -5.2M | -14M |
| Dividends Paid | -3.96M | -3.98M | -4.26M | -4.28M | -3.16M | -11.46M | -4.12M | -4.11M | -4.03M | -2.96M | -3.92M | -3.85M | -3.77M | -3.67M | -3.56M | -3.43M | -6.03M | -3.34M | -4.33M | -3.42M | -2.9M | -2.44M | -1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.26M | -8.36M | -19.97M | 0 | -2.5M | 0 | -6.98M | -398K | -1.21M | -2.85M | -2.85M | -683K | -1.05M | -85K | -504K | 26.93M | -439K | -116K | -7.79M | -2.02M | -4.79M | -9.44M | -10.7M | -2.79M | -11.82M | -193K | -11.6M | -12.06M | -1.7M | -5.4M | -14.6M |
| Other Financing | 0 | 0 | 390K | 117K | 174K | 560K | 358K | 283K | 454K | 302K | 426K | 72K | 594K | 196K | 178K | 519K | 38K | 14K | 42K | 60K | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 4.08M | 2.78M | -9.89M | 17.82M | 14.08M | 9.38M | 8.8M | -8.32M | 11.24M | 13.58M | 3.02M | 4M | 4.88M | 5.52M | 2.34M | 2.72M | 3.41M | 313K | -1.15M | 641K | -93K | -1.11M | 1.06M | 477K | -85K | -44K | -233K | -720K | -4.1M | 400K | -14M |
| Free Cash Flow | 13.02M | 14.32M | 14.6M | 21.64M | 20.33M | 20.65M | 19.28M | -4.48M | 16.43M | 15.31M | 11.23M | 13.55M | 14.26M | 11.96M | 13.31M | 11.11M | 5.62M | 6.75M | 7.47M | 7.11M | 10.52M | 6.11M | 27.04M | 7.94M | 8.14M | 7.34M | 7.46M | 8.42M | 4.8M | 3.8M | 5.3M |
| FCF Margin % | 34.69% | 37.18% | 35.68% | 43.09% | 38.88% | 42.1% | 45.7% | -9.56% | 39.13% | 36.97% | 28.57% | 33.76% | 34.53% | 29.55% | 32.03% | 29.34% | 22.38% | 26.05% | 26.91% | 24.96% | 36.58% | 22.05% | 102.09% | 29.26% | 29.75% | 27.22% | 27.45% | 28.59% | 17.33% | 15.64% | 13.7% |
| FCF Growth % | -5.98% | -1.88% | -32.56% | 6.46% | -1.56% | 7.13% | 529.91% | -127.29% | 7.32% | 36.39% | -17.18% | -4.91% | 19.14% | -10.09% | 19.79% | 97.56% | -16.72% | -9.67% | 5.07% | -32.37% | 72.27% | -77.42% | 240.49% | -2.43% | 10.95% | -1.71% | -11.32% | 75.35% | 26.32% | -28.3% | -40.45% |
| FCF per Share | 4.09 | 4.42 | 4.17 | 5.95 | 5.58 | 5.64 | 5.25 | -1.20 | 4.38 | 4.10 | 2.98 | 3.59 | 3.78 | 3.17 | 3.59 | 3.05 | 1.54 | 1.86 | 1.93 | 1.78 | 2.60 | 1.46 | 5.79 | 1.63 | 1.54 | 1.41 | 1.25 | 1.17 | 0.58 | 0.45 | 0.56 |
| FCF Conversion (FCF/Net Income) | 1.20x | 1.30x | 1.07x | 1.34x | 1.28x | 1.43x | 1.86x | 1.16x | 0.91x | 1.99x | 1.20x | 1.17x | 1.35x | 1.08x | 1.33x | 1.53x | 1.19x | 1.15x | 1.08x | 0.95x | 1.33x | 0.85x | 2.69x | 0.40x | 1.21x | 1.32x | 1.46x | 1.66x | 1.94x | 1.16x | 1.27x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65K | 296K | 439K | 658K | 860K | 25K | 51K | 198K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3.99M | 4M | 4.64M | 4.83M | 4.97M | 4.62M | 3.19M | 5.3M | 4.85M | 5.15M | 4.85M | 5.34M | 3.09M | 3.97M | 4.42M | 2.69M | 2.81M | 3.08M | 3.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Terminal revenue contraction risk
According to quarterly financial data, UTMD consistently maintains an OCF/NI ratio above 1.0, with a 2025Q3 peak of 1.47, indicating that reported net income is not only fully supported by cash generation but is frequently exceeded by actual operational inflows from its specialized medical device business.
The consistent ability to convert net income into operating cash flow at a ratio greater than unity suggests that the company's accounting practices are conservative and free from aggressive accrual-based revenue recognition. This high-quality cash profile implies that the bottom line is driven by tangible transactional volume rather than non-cash accounting adjustments.
As reported in recent financial statements, UTMD maintains robust free cash flow margins, which reached 34.2% in 2026Q1, demonstrating that the company's lean operational structure allows it to extract significant cash value even as top-line revenue growth trends remain in a state of persistent contraction.
The divergence between declining revenue and resilient FCF margins suggests that management is successfully prioritizing cash preservation over market share expansion. Investors should monitor whether this margin efficiency is sustainable or if it reflects a strategic decision to harvest the installed base at the expense of future growth.
Based on the provided cash flow tables, UTMD operates with extremely low capital intensity, as evidenced by a CapEx/Revenue ratio that rarely exceeds 1.5%, suggesting that the company's proprietary manufacturing niche requires minimal ongoing investment to maintain its current competitive position and regulatory certifications.
The low level of capital expenditure relative to revenue indicates that the company's infrastructure is largely mature and requires little more than maintenance-level spending. This capital-light model is a primary driver of the company's ability to generate excess cash, though it also raises questions regarding the lack of investment in new product innovation.
As indicated by historical cash flow data, UTMD utilizes its excess cash primarily for dividends and share repurchases, with buybacks totaling $6.7 million in 2024Q4, reflecting a management strategy that favors returning capital to shareholders over pursuing transformative acquisitions or significant internal reinvestment initiatives.
The consistent deployment of cash toward dividends and buybacks suggests a management team that views the company as a mature cash-generating entity rather than a growth vehicle. While this provides immediate value to shareholders, the absence of acquisition activity may indicate a lack of strategic options to reverse the current revenue contraction.
Quick answers to the most common questions about buying UTMD stock.
Utah Medical Products, Inc. (UTMD) generated $14.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Utah Medical Products, Inc. (UTMD) generated $14.3M 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.
Utah Medical Products, Inc. (UTMD) spent $0.4M 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, Utah Medical Products, Inc. (UTMD) returned $4.0M to shareholders via cash dividends and spent $8.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.