The company continues to burn cash, with free cash flow remaining consistently negative and reaching a trough of -$75.1M in 2023Q4, highlighting a disconnect between accounting earnings and operational cash generation.
| 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 |
|---|
| Cash from Operations | -67.49M | -52.89M | -67.22M | -202.74M | -245.34M | 76.9M | 137.74M | 5.53M | 16.31M | 12.83M | 6.5M | -24.33M | -14.94M | -20.9M | -13.22M | -8.66M | -3.15M | 939K | -1.84M | -3.56M | -2.73M | 681K |
| Operating CF Margin % | - | -30.28% | -39.64% | -131.9% | -67.91% | 22.09% | 124.85% | 4.38% | 14.43% | 12.18% | 6.92% | -31.05% | -40.47% | -68.66% | -385.31% | -84.34% | -37.57% | 30.33% | -53.89% | -411.66% | -117.43% | 22.62% |
| Operating CF Growth % | -470.41% | 21.31% | 66.85% | 17.36% | -419.04% | -44.17% | 2391.19% | -66.09% | 27.1% | 97.22% | 126.73% | -62.83% | 28.51% | -58.12% | -52.73% | -174.45% | -435.89% | 150.98% | 48.33% | -30.35% | -501.62% | - |
| Net Income | -138.03M | -115.19M | -12.25M | -101.43M | -143.28M | -73.42M | -64.39M | -1.74M | 3.26M | -11.48M | -49.18M | -20.62M | -26.27M | -24.11M | -14.84M | -4.42M | -7.96M | -6.14M | -2.39M | -3.36M | -246K | -1.4M |
| Depreciation & Amortization | 6.46M | 21.75M | 19.59M | 17.58M | 21.04M | 14.28M | 9.8M | 8.61M | 6.83M | 11.14M | 11.27M | 11.44M | 12.36M | 9.06M | 4.78M | 3.32M | 2.62M | 1.59M | 1.31M | 1.22M | 328K | 1.52M |
| Stock-Based Compensation | 0 | 9.53M | 7.97M | 5.11M | -8.66M | 14.51M | 6.33M | 2.55M | 1.89M | 811K | 1.43M | 1.02M | 530K | 179K | 234K | 539K | 588K | 936K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 752.25K | 1.07M | 761K | 2.8M | -1.54M | 3.45M | -909K | 874K | 88K | -1.08M | 357K | 238K | 334K | 348K | 177K | -3.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 46.24M | 30.09M | -71.72M | 18.25M | 33.07M | 81.96M | 20.7M | -1.76M | 1.25M | 10.38M | 40.97M | -601K | 4.63M | -203K | -622K | 2.72M | -404K | 993K | -451K | -630K | -3.92M | -1.85M |
| Working Capital Changes | 25.29M | -148K | -11.57M | -145.06M | -145.98M | 36.13M | 166.21M | -3M | 2.99M | 3.06M | 1.67M | -15.81M | -6.53M | -6.17M | -2.95M | -7.6M | 2M | 4.5M | -310K | -790K | 1.1M | 2.41M |
| Change in Receivables | 0 | 13.33M | 15.71M | -2.85M | 12.4M | -21.35M | -24.02M | -17.28M | 4.34M | 597K | 2.36M | -3.23M | -279K | -3.38M | -166K | -422K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 1.03M | -6.8M | -9.16M | 84.22M | -92.37M | -4.2M | -2.42M | -2.79M | 1.06M | 2.95M | 7.54M | -1.87M | 5.65M | 30K | -356K | -91K | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | -17.4M | -14.05M | 35.24M | 6.54M | 13.01M | 0 | 2.54M | 0 | 0 | 0 | 0 | 512K | 517K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.77M | -1.71M | 76.92M | -20.59M | -29.05M | -93.12M | -19.34M | -10.69M | -2.92M | -4.06M | 14.89M | -26.57M | 1.99M | 21.86M | -5.31M | -5.46M | -8.72M | -3.81M | -1.32M | -1.3M | 92K | -6.73M |
| Capital Expenditures | -3.43M | -4.42M | -13.87M | -14.23M | -29.32M | -93.17M | -19.47M | -10.88M | -3.17M | -4.04M | -3.68M | -2.65M | -3.74M | -3.27M | -822K | -8.12M | -5.64M | -4.14M | -1.31M | -1.13M | -1.15M | -3.75M |
| CapEx % of Revenue | 2.19% | 2.53% | 8.18% | 9.26% | 8.12% | 26.77% | 17.65% | 8.62% | 2.81% | 3.84% | 3.91% | 3.38% | 10.12% | 10.75% | 23.96% | 79.1% | 67.19% | 133.66% | 38.39% | 130.83% | 49.21% | 124.41% |
| Acquisitions | 57.12K | 0 | 0 | -10.95M | 8K | 0 | 0 | 0 | 76K | 0 | 15.28M | -24.18M | 2.79M | 11.62M | -2.76M | -2.52M | -2.9M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.78M | 1.87M | 90.78M | 4.6M | 260K | 55K | 131K | 199K | 254K | 72K | 3.29M | 261K | -575K | 1.9M | -1.66M | 11.41M | -175K | 323K | -4K | -1.3M | -453K | 388K |
| Cash from Financing | 33.89M | -621K | 30.68M | 63.08M | 215.12M | 154.5M | 21.74M | -7.7M | 30.95M | -10.44M | -26.79M | 64.19M | 5.27M | 34.69M | 9.6M | -10.8M | 23.05M | 7.72M | 8.48M | 28.02M | 1.12M | 5.24M |
| Debt Issued (Net) | 760.99K | 61K | -6.49M | 75.89M | 34.49M | -3.9M | 26.16M | -2.61M | -14.15M | -5.31M | -23.33M | 22.12M | -3.43M | -2.25M | 39K | -115K | 409K | 1.77M | 942K | 353K | 276K | 3.05M |
| Equity Issued (Net) | 11.45M | 30M | 57.14M | -240K | 189.84M | 166.82M | 290K | -2.46M | 49.26M | -147K | 7.47M | 42.07M | 8.7M | 36.94M | 133K | 25K | 29.34M | 27K | 99K | 27.68M | 22K | 1.25M |
| Dividends Paid | 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 | -240K | 0 | 0 | 0 | -2.48M | -23K | -147K | 0 | 0 | 0 | -684K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 21.69M | -30.68M | -19.97M | -12.57M | -9.21M | -8.42M | -4.71M | -2.62M | -4.17M | -4.98M | -10.93M | -4.51M | 0 | -1K | 9.42M | -10.71M | -6.7M | 5.92M | 7.44M | -14K | 820K | 941K |
| Net Change in Cash | -53.7M | -58.62M | 42.19M | -160.45M | -57.21M | 142.29M | 140M | -12.64M | 43.54M | -1.72M | -6.64M | 13.05M | -7.65M | 35.68M | -8.96M | -24.96M | 11.19M | 4.85M | 5.32M | 23.16M | -1.52M | -806K |
| Free Cash Flow | -70.92M | -57.38M | -83.66M | -217.06M | -274.67M | -16.27M | 118.27M | -5.36M | 13.13M | 8.79M | 2.82M | -26.98M | -18.68M | -24.18M | -14.04M | -16.77M | -8.79M | -3.2M | -3.15M | -4.7M | -3.88M | -3.06M |
| FCF Margin % | -45.36% | -32.85% | -49.34% | -141.21% | -76.02% | -4.67% | 107.2% | -4.24% | 11.62% | 8.35% | 3% | -34.43% | -50.6% | -79.41% | -409.27% | -163.44% | -104.76% | -103.33% | -92.28% | -542.49% | -166.64% | -101.79% |
| FCF Growth % | -4.57% | 31.42% | 61.46% | 20.97% | -1588.17% | -113.76% | 2308.53% | -140.77% | 49.41% | 211.41% | 110.46% | -44.42% | 22.73% | -72.18% | 16.29% | -90.72% | -174.93% | -1.43% | 32.87% | -21.05% | -26.62% | - |
| FCF per Share | -0.82 | -0.68 | -1.19 | -3.13 | -4.76 | -0.33 | 2.61 | -0.12 | 0.32 | 0.23 | 0.08 | -0.74 | -0.67 | -1.23 | -1.32 | -1.59 | -1.01 | -0.44 | -0.37 | -0.72 | -0.76 | -0.60 |
| FCF Conversion (FCF/Net Income) | 0.51x | 0.46x | 5.49x | 2.00x | 1.71x | -1.05x | -2.14x | -3.17x | 5.00x | -1.12x | -0.13x | 1.18x | 0.57x | 0.87x | 0.89x | 1.96x | 0.40x | -0.15x | 0.77x | 1.06x | 11.26x | -0.56x |
| Interest Paid | 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 |
Liquidity and commercial execution
As reported in recent financial statements, the persistent gap between net income and operating cash flow, highlighted by an OCF/NI ratio of 2.15 in 2023Q4, suggests that Valneva's accounting earnings are frequently decoupled from the actual cash generation capabilities of its core vaccine manufacturing operations.
The volatility in the OCF/NI ratio indicates that non-cash items and working capital swings are masking the underlying cash burn. Investors should monitor this divergence, as it implies that reported net income is an unreliable proxy for the company's ability to self-fund its R&D-heavy pipeline.
Based on the provided cash flow data, Valneva's free cash flow has remained consistently negative, with a trough of -$75.1M in 2023Q4, indicating that the company is currently unable to generate sufficient internal cash to cover its operational requirements and necessary capital expenditures.
The inability to achieve positive FCF margins suggests that the commercial launch of new products has yet to reach the scale required to offset high fixed costs. This trajectory warrants caution, as it necessitates ongoing reliance on external financing to sustain clinical development timelines.
According to quarterly filings, working capital changes have been highly erratic, swinging from a $52.2M outflow in 2023Q4 to a $17.2M inflow in 2026Q1, which suggests that the company's cash position is heavily influenced by the timing of milestone payments and inventory management cycles.
This instability in working capital management makes it difficult to discern the underlying health of the business. The reliance on these lumpy inflows to stabilize cash flow may indicate a lack of predictable, recurring cash generation from the existing travel vaccine portfolio.
As evidenced by the historical data, Valneva's capital expenditure as a percentage of revenue peaked at 14.1% in 2023Q4, reflecting the significant ongoing investment required to maintain specialized, high-barrier manufacturing facilities for its inactivated whole-virus vaccine platform.
While these investments are necessary to maintain regulatory compliance and production capacity, they represent a significant drag on liquidity. The high capital intensity relative to revenue suggests that any delay in product adoption will continue to pressure the company's already strained cash reserves.
Quick answers to the most common questions about buying VALN stock.
Valneva SE (VALN) generated $-52.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Valneva SE (VALN) reported negative free cash flow of $57.4M in 2025, indicating capital requirements exceeded cash from operations.
Valneva SE (VALN) spent $4.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.