Free cash flow remains deeply negative at -98.9% of revenue, highlighting a structural inability to generate returns despite minimal capital expenditure requirements of only 1.0% of revenue.
UTStarcom Holdings Corp. (UTSI) cash flow statement — 27-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 |
|---|
| Cash from Operations | -7.99M | -8.82M | -4.46M | -4.48M | 7.26M | 18.98M | -3.4M | -24.15M | -26.11M | 3.84M | 5.57M | -11.64M | -15.61M | -1.92M | -25.62M | -41.72M | -92.18M | -67.45M | -55.16M | -218.21M | 66.08M | 218.38M | -95M | 50.53M | 157.34M | 40.17M | -46.16M | 11.3M |
| Operating CF Margin % | - | -98.26% | -40.97% | -28.43% | 51.76% | 119.21% | -13.99% | -36.68% | -22.52% | 3.9% | 6.95% | -9.94% | -12.06% | -1.16% | -13.72% | -13.01% | -31.62% | -17.46% | -3.36% | -8.85% | 2.69% | 7.46% | -3.51% | 2.57% | 16.03% | 6.41% | -12.52% | 6.03% |
| Operating CF Growth % | -371.73% | -97.94% | 0.47% | -161.68% | -61.75% | 658.24% | 85.92% | 7.5% | -780.2% | -31.12% | 147.89% | 25.47% | -715.25% | 92.52% | 38.59% | 54.74% | -36.67% | -22.27% | 74.72% | -430.22% | -69.74% | 329.86% | -288% | -67.88% | 291.7% | 187.01% | -508.54% | - |
| Net Income | -7.44M | -7.95M | -4.37M | -3.85M | -5.11M | -6.25M | -23.68M | -3.58M | 5.1M | 6.98M | 992K | -19.66M | -30.26M | -22.73M | -34.34M | 11.78M | -65.29M | -225.7M | -150.32M | -195.57M | -117.34M | -487.36M | 73.42M | 202.25M | 107.86M | 56.95M | 27.99M | 11.4M |
| Depreciation & Amortization | 1.32M | 1.27M | 275K | 1.43M | 1.43M | 371K | 572K | 644K | 702K | 628K | 1.33M | 2.2M | 2.65M | 3.72M | 3.95M | 3.08M | 5.43M | 13.13M | 38.02M | 57.39M | 68.04M | 98.55M | 78.53M | 46.55M | 22.43M | 18.53M | 9.49M | 8.6M |
| Stock-Based Compensation | 86K | 0 | 117K | 293K | 603K | 504K | 703K | 1.4M | 1.1M | 866K | 2.24M | 1.55M | 2.29M | 1.7M | 2.98M | 3.03M | 7.6M | 12.09M | 20.57M | 12.79M | 2.15M | 0 | 519K | 4.3M | 3.1M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 231K | 154K | 275K | 1.29M | 2.14M | -1.5M | -303K | 705K | -963K | -243K | 1.03M | -424K | 73K | -1.87M | 712K | 2.01M | 904K | -6.44M | 11.91M | -1.22M | 172M | -119.22M | 5.57M | -3.1M | 0 | 0 | 0 |
| Other Non-Cash Items | -164K | 755K | 995K | -1.23M | -3.51M | -9.84M | 10.47M | 1.62M | -3.63M | 3.36M | -1.57M | 13.24M | 15.01M | 15.19M | 17.77M | -2.98M | -1.15M | 31.88M | -12.26M | -48.15M | 11.71M | 17.25M | 77.26M | 54.01M | 40.65M | 49.09M | 14.96M | 7M |
| Working Capital Changes | -1.79M | -3.13M | -1.63M | -1.4M | 12.56M | 32.05M | 10.03M | -23.92M | -30.08M | -7.03M | 2.82M | -10M | -4.88M | 137K | -14.11M | -57.34M | -40.78M | 100.24M | 55.27M | -56.58M | 102.75M | 225.46M | -205.51M | -262.14M | -13.61M | -84.41M | -98.61M | -15.7M |
| Change in Receivables | 1.78M | 0 | 3.57M | 4.8M | 19.04M | 31.34M | 18.77M | -21.56M | -44.81M | 1.41M | -1.97M | -1.49M | 6.33M | -14.06M | 664K | 8.08M | 3.79M | 123.31M | 58.87M | 93.88M | 268.17M | 268.17M | -244.98M | -288.16M | -34.21M | 0 | 0 | 0 |
| Change in Inventory | -709K | 0 | -1.42M | 303K | 682K | 578K | -60K | 20.18M | 6.57M | 1.21M | -190K | 35.97M | 36.86M | 45.88M | -4.23M | 94.92M | 103.57M | 72.82M | -2.28M | 82.35M | -5.57M | 165.92M | -197.6M | -81.63M | -207.32M | -121.2M | -60.69M | -34.6M |
| Change in Payables | 0 | 0 | -951K | -5.01M | -6.06M | -6.09M | -5.75M | -19.88M | 23.19M | 5.18M | 7.39M | -12.23M | 6.42M | 7.11M | 9.51M | -4.86M | -28.04M | -127.7M | 128.92M | -165.15M | -87.81M | -87.81M | 27.74M | -56.92M | 170.45M | 0 | 0 | 0 |
| Cash from Investing | -532.5K | -1.04M | -158K | -255K | -250K | 1.75M | 1.98M | -507K | 2.25M | -10.1M | 7.07M | 17.42M | -5.78M | -28.9M | -82.75M | -10.76M | 133.49M | 21.32M | 246.05M | 29.44M | 36.06M | 70.14M | -468.05M | -177.47M | -144.15M | -43.66M | -111.38M | -3.3M |
| Capital Expenditures | -72K | -423K | -158K | -255K | -250K | -348K | -115K | -507K | -225K | -731K | -1.53M | -917K | -1.3M | -3.77M | -5.45M | -9.35M | -3.45M | -2.01M | -14.21M | -27.54M | -26.93M | -65.15M | -135.57M | -122.34M | -75.27M | -30.2M | -19.51M | -3.6M |
| CapEx % of Revenue | 0.81% | 4.71% | 1.45% | 1.62% | 1.78% | 2.19% | 0.47% | 0.77% | 0.19% | 0.74% | 1.9% | 0.78% | 1% | 2.29% | 2.92% | 2.92% | 1.18% | 0.52% | 0.87% | 1.12% | 1.1% | 2.22% | 5.01% | 6.23% | 7.67% | 4.82% | 5.29% | 1.92% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -673K | 0 | 85K | 0 | -804K | -879K | -62.63M | 0 | 123.95M | 7.31M | -260.39M | 4.27M | 35.97M | -24.33M | -217.75M | -111.72M | -17.71M | 214K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -460.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.14M | -6.22M | 1.13M | 5.5M | -3.53M | 2.37M | -1.1M | 6.21M | 13.6M | 635K | 252.53M | 7.5M | 22.53M | -105K | -31.96M | -13.05M | -28.76M | -11.56M | -8.06M | 300K |
| Cash from Financing | 0 | 0 | 0 | 4K | 7K | 0 | -374K | -993K | -2.42M | -27K | -4.09M | -3.66M | -4.97M | -30.68M | -8.84M | -6.18M | 34.53M | -388K | -332.61M | -58.1M | -99.51M | -202.8M | 742.72M | 267.19M | -102.38M | 175.54M | 219.29M | 61.7M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -755K | -331.56M | -56.02M | -100.11M | -216.44M | 350M | 355.8M | -70.48M | 15.05M | 20.84M | 23.73M |
| Equity Issued (Net) | 0 | 0 | 0 | 4K | -13K | 0 | -374K | -1.05M | -2.52M | -140K | -4.1M | -3.69M | -4.97M | -30.68M | -8.84M | -6.18M | 34.53M | 367K | 1.74M | -1.65M | 351K | 6.95M | 392.72M | -80.73M | -32M | 160.55M | 198.21M | 55.48M |
| Dividends 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 |
| Share Repurchases | 0 | 0 | 0 | 0 | -13K | 0 | -374K | -1.05M | -2.52M | -140K | -4.1M | -3.69M | -10.31M | -30.68M | -8.84M | -6.3M | -67K | 0 | 0 | -1.65M | -39K | 0 | -107.57M | -139.61M | -72.93M | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 20K | 0 | 0 | 56K | 101K | 113K | -304K | 39K | 0 | 0 | 0 | 0 | 0 | 0 | -2.79M | -430K | 253K | 6.69M | 0 | -7.87M | 99K | -67K | 245K | -17.5M |
| Net Change in Cash | 0 | -10.35M | -6.35M | -7.21M | 565K | 17.89M | -219K | -25.09M | -26.99M | -4.17M | 6.87M | -774K | -29.95M | -71.81M | -122.04M | -49.88M | 85.66M | -43.76M | -127.85M | -224.17M | 16.05M | 83.04M | 184.78M | 142.03M | -89.19M | 172.02M | 61.75M | 69.8M |
| Free Cash Flow | -8.06M | -9.24M | -4.62M | -4.73M | 7.01M | 18.63M | -3.52M | -24.65M | -26.33M | 3.11M | 4.04M | -12.55M | -16.91M | -5.68M | -31.06M | -51.06M | -95.63M | -69.46M | -69.38M | -245.75M | 39.15M | 153.24M | -230.58M | -71.81M | 82.07M | 9.97M | -65.68M | 7.7M |
| FCF Margin % | -90.62% | -102.97% | -42.43% | -30.05% | 49.98% | 117.03% | -14.46% | -37.45% | -22.71% | 3.16% | 5.04% | -10.72% | -13.07% | -3.45% | -16.64% | -15.93% | -32.8% | -17.98% | -4.23% | -9.96% | 1.59% | 5.23% | -8.53% | -3.66% | 8.36% | 1.59% | -17.82% | 4.11% |
| FCF Growth % | -103.06% | -100.33% | 2.49% | -167.52% | -62.38% | 630.07% | 85.74% | 6.37% | -947.47% | -23.19% | 132.22% | 25.77% | -197.66% | 81.71% | 39.17% | 46.6% | -37.68% | -0.12% | 71.77% | -727.76% | -74.45% | 166.46% | -221.12% | -187.49% | 723.16% | 115.18% | -952.96% | - |
| FCF per Share | -0.88 | -1.01 | -0.50 | -0.52 | 0.77 | 2.07 | -0.39 | -2.77 | -2.90 | 0.34 | 0.44 | -1.36 | -1.81 | -0.58 | -2.56 | -3.96 | -7.89 | -6.55 | -6.74 | -24.36 | 3.89 | 15.71 | -21.77 | -6.41 | 8.51 | 1.10 | -7.74 | 0.99 |
| FCF Conversion (FCF/Net Income) | 1.08x | 1.11x | 1.02x | 1.16x | -1.45x | -3.26x | 0.14x | 6.74x | -5.12x | 0.55x | 5.62x | 0.59x | 0.52x | 0.08x | 0.77x | -3.12x | 1.42x | 0.30x | 0.37x | 1.12x | -0.56x | -0.45x | -1.29x | 0.25x | 1.46x | 0.71x | -1.71x | 0.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 16K | 47K | 48K | 55K | 76K | 88K | 151K | 240K | 252K | 279K | 552K | 20.55M | 21.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 854K | 963K | 1.34M | 800K | 2.1M | 1.4M | 1.22M | 2.01M | 3.31M | 363K | 5.1M | 1.6M | 3M | 530K | 6.39M | 9.24M | 7.55M | 11.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying UTSI stock.
UTStarcom Holdings Corp. (UTSI) generated $-8.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UTStarcom Holdings Corp. (UTSI) reported negative free cash flow of $9.2M in 2025, indicating capital requirements exceeded cash from operations.
UTStarcom Holdings Corp. (UTSI) 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.
Key Metrics
Top Statement Risk
Terminal cash burn rate
Earnings Quality Remains Fundamentally Disconnected
According to recent financial disclosures, UTSI's operating cash flow consistently trails net income, with the latest quarterly data showing an OCF/NI ratio of 1.22, which highlights that the company's reported losses are being compounded by actual cash outflows rather than being mitigated by non-cash accounting adjustments.
The persistent gap between net income and operating cash flow suggests that the company is struggling to manage its core operational efficiency. Investors should monitor this divergence, as it indicates that the business is not merely accounting for losses but is actively consuming its cash reserves to sustain its current operational footprint.
Free Cash Flow Margin Deterioration
As reported in quarterly filings, UTSI's free cash flow margins have remained deeply negative, reaching -98.9% in the most recent period, which underscores a structural inability to generate positive cash returns from its current revenue base despite minimal capital expenditure requirements for maintenance.
The trajectory of free cash flow suggests that the company is in a state of terminal decline where even minimal investment cannot be recouped. This trend warrants further investigation into whether the company can reach a cash-flow-neutral state before its existing liquidity is exhausted.
Working Capital Volatility Impairs Liquidity
Based on the provided cash flow statements, working capital fluctuations have become a primary source of cash volatility, with a significant $797.5K outflow in the most recent quarter, suggesting that the company is facing increasing difficulty in managing its receivables and payables cycle effectively.
These erratic swings in working capital appear to reflect the lumpy, project-based nature of the company's telecom contracts. The inability to stabilize these flows suggests that the company lacks the operational scale to smooth out its cash requirements, leaving it vulnerable to sudden liquidity shocks.
Minimal Capital Intensity Masks Obsolescence
Data from recent filings indicates that UTSI maintains a very low capital intensity, with CapEx/Revenue ratios hovering around 1.0%, which may suggest that the company is under-investing in the technological upgrades necessary to remain competitive in the evolving 5G infrastructure market.
While low capital intensity preserves cash in the short term, it may also indicate a lack of commitment to future product development. This strategy appears to prioritize short-term survival over the long-term viability of its product portfolio, potentially accelerating the obsolescence of its legacy hardware.
Cash Flow Statement Obscures Operational Reality
Analysis of the cash flow statement reveals that stock-based compensation and depreciation are insufficient to offset the underlying cash burn, as evidenced by the consistent $28.5K in SBC and $316.5K in D&A failing to bridge the gap between net losses and negative operating cash flow.
The reliance on these non-cash adjustments to present a more favorable picture of the company's health appears increasingly tenuous. Investors should be wary of the fact that the cash flow statement confirms a steady erosion of the balance sheet that is not being masked by accounting maneuvers.