Valneva SE (VALN) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q2'21 | Q1'21 |
|---|
| Cash from Operations | -313K | -46.94M | -17.44M | -2.79M | -8.15M | 9.53M | -10.48M | -37.83M | -34M | -69.23M | -71.4M | -41.11M | -24.33M | -55.83M | -89.28M | -73.38M | -26.85M | 40.45M | 36.69M | 47.56M |
| Operating CF Margin % | -1.01% | -98.44% | -59.31% | -5.78% | -16.55% | 17.99% | -22.88% | -99.39% | -103.81% | -165.23% | -187.55% | -102.16% | -72.6% | -50.12% | -56.99% | -102.8% | -122.9% | 14.54% | 151.07% | 204.85% |
| Operating CF Growth % | 96.16% | -592.79% | -66.39% | 92.61% | 76.04% | 113.76% | 85.32% | 7.97% | -39.78% | -24% | 20.03% | 43.98% | 9.4% | -238.03% | - | -300% | -156.46% | -32.7% | -66.72% | 1495.4% |
| Net Income | -32.07M | -58.22M | -44.35M | -11.59M | -9.23M | -36.99M | -9.24M | -24.93M | 58.91M | -32.16M | -34.23M | -16.92M | -18.13M | -44.2M | 72.42M | -145.45M | -26.04M | 172.51M | -58.7M | -27.7M |
| Depreciation & Amortization | 0 | 6.46M | 0 | 0 | 0 | 0 | 4.91M | 9.49M | 0 | 14.32M | -8.56M | 4.36M | 4.2M | 5.14M | 4.7M | 6M | 5.2M | 4.28M | 3.3M | 2.8M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | -2.33M | 2.33M | 0 | 3.45M | -1.75M | 1.75M | 0 | -31.59M | 28.21M | -28.21M | 0 | 33.76M | 8.08M | 0 |
| Deferred Taxes | 0 | 752.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 10.31M | -6.11M | 0 | -2.47M | -32.91M | 22.21M | 0 | 3.4M | 0 | 0 |
| Other Non-Cash Items | 14.54M | 7.51M | 16.38M | 7.81M | 9.85M | 23.32M | 13.49M | -18.72M | -81.99M | -4.3M | 13.55M | 4.39M | 3.81M | 56.14M | 11.85M | 12.09M | -7.24M | 80.97M | 461K | 6.89M |
| Working Capital Changes | 17.22M | -3.44M | 10.53M | 978K | -8.77M | 23.19M | -17.31M | -19.7M | -10.92M | -52.24M | -50.73M | -28.58M | -14.2M | -38.84M | -173.55M | 59.98M | 6.43M | -213.03M | 94.92M | 68.37M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | -3.75M | 0 | 0 | -2.85M | -2.87M | 2.87M | 0 | 12.4M | -44.96M | 44.96M | 0 | -21.35M | -13.27M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 3.33M | 0 | 0 | -9.16M | -1.72M | 1.72M | 0 | 84.22M | -26.04M | 26.04M | 0 | -92.37M | -97.01M | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.02M | 4.6M | -4.6M | 0 | -96.63M | 71M | -71M | 0 | 0 | 0 | 0 |
| Cash from Investing | 275K | -5.56M | 197K | -681K | -961K | 4.69M | -15.38M | 895K | 86.45M | -16.8M | 2.36M | -3.07M | -3.56M | -6.57M | -6.49M | -6.55M | -9.45M | -23.25M | -23.05M | -16.86M |
| Capital Expenditures | -247K | -1.25M | -668K | -1.26M | -1.4M | -3.86M | -5.9M | 394K | -4.53M | -5.92M | -1.22M | -3.36M | -3.81M | -6.78M | -6.51M | -6.57M | -9.46M | -23.26M | -23.06M | -16.88M |
| CapEx % of Revenue | 0.8% | 2.62% | 2.27% | 2.62% | 2.85% | 7.29% | 12.88% | 1.04% | 13.84% | 14.13% | 3.2% | 8.36% | 11.38% | 6.09% | 4.16% | 9.2% | 43.3% | 8.36% | 94.94% | 72.69% |
| Acquisitions | 0 | 57.12K | 0 | 0 | 0 | 0 | 0 | 0 | 146K | -10.88M | 1K | 42K | 0 | 8K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 85K | -5.32M | 865K | 584K | 441K | 8.55M | -9.48M | 501K | 90.83M | 1K | 3.58M | 250K | 253K | 202K | 24K | 20K | 14K | 10K | 13K | 19K |
| Cash from Financing | -4.69M | 24.26M | -556K | 14.88M | -5.58M | -4.59M | 51.86M | -9.13M | -1.62M | 40.75M | 35.61M | -5.66M | -3.82M | 93.48M | 16.63M | 104.02M | 982K | 79.87M | 80.29M | -1.55M |
| Debt Issued (Net) | -1.2M | 4.74M | -2.08M | -699K | -685K | 968K | -1.59M | -4.24M | -944K | 40.74M | 38.98M | -2.9M | -933K | 313K | 19.43M | 15.59M | -835K | 2K | -2.41M | -518K |
| Equity Issued (Net) | 920K | 4.41M | 6.11M | 0 | 0 | -321K | 57.46M | 0 | 0 | 0 | 45K | -91K | -194K | 95.84M | -310K | 90.58M | 3.73M | 81.55M | 83.02M | 2.36M |
| Dividends Paid | 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 | 0 | -321K | 0 | 0 | 0 | 0 | 45K | -91K | -194K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.41M | 15.11M | -4.59M | 15.58M | -4.9M | -5.24M | -4.01M | -4.89M | -6.51M | -3.8M | -3.41M | -2.67M | -2.69M | -2.67M | -2.49M | -2.15M | -1.91M | -1.68M | -323K | -3.4M |
| Net Change in Cash | -4.38M | -39.79M | -17.84M | 8.32M | -15.28M | 11.94M | 24.92M | -45.23M | 50.56M | -45.17M | -33.16M | -50.07M | -32.05M | 28.39M | -75.18M | 24.96M | -35.38M | 98.74M | 93.85M | 31.52M |
| Free Cash Flow | -565K | -48.19M | -18.11M | -4.05M | -9.62M | 5.67M | -26.39M | -37.48M | -38.53M | -75.15M | -72.62M | -44.47M | -28.14M | -62.61M | -95.8M | -79.94M | -36.31M | 17.19M | 13.63M | 30.68M |
| FCF Margin % | -1.83% | -101.06% | -61.58% | -8.38% | -19.54% | 10.7% | -57.58% | -98.48% | -117.65% | -179.36% | -190.74% | -110.52% | -83.98% | -56.2% | -61.14% | -112% | -166.2% | 6.18% | 56.12% | 132.16% |
| FCF Growth % | 94.13% | -950.4% | 31.36% | 89.19% | 75.03% | 107.54% | 63.67% | 15.71% | -36.94% | -20.02% | 24.2% | 44.38% | 22.5% | -464.25% | - | -686.53% | -218.35% | -64.79% | -87.49% | 1187.04% |
| FCF per Share | -0.01 | -0.56 | -0.21 | -0.05 | -0.13 | 0.08 | -0.38 | -0.57 | -0.56 | -1.08 | -1.05 | -0.64 | -0.41 | -0.91 | -2.07 | -1.73 | -0.67 | 0.34 | 0.30 | 0.66 |
| FCF Conversion (FCF/Net Income) | 0.01x | 0.94x | 0.39x | 0.24x | 0.88x | -0.26x | 1.14x | 1.52x | -0.58x | 2.15x | 2.09x | 2.43x | 1.34x | 1.26x | -1.23x | 0.50x | 1.03x | 0.23x | -0.63x | -1.72x |
| Interest Paid | 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 |