Historical cash conversion remains highly volatile, with the OCF/NI ratio previously swinging from a negative 0.28 in 2020Q4 to a positive 4.08 in 2021Q4.
| Cash from Operations | 0 | 154.64M | 716.03M | -103.23M | -284.17M | 47.91M | 185.2M | 35.53M | 222.27M | 123.91M | 15.5M |
| Operating CF Margin % | - | 6.55% | 33.79% | -4.14% | -15.87% | 0.9% | 3.18% | 0.76% | 8.68% | 14.19% | 4.96% |
| Operating CF Growth % | 0% | -78.4% | 793.64% | 63.67% | -693.17% | -74.13% | 421.29% | -84.02% | 79.39% | 699.45% | - |
| Net Income | 126.38M | 141.93M | 63.41M | -84.67M | 68.1M | 13.74M | 174.45M | 42.28M | 65.35M | 93.24M | 16.26M |
| Depreciation & Amortization | 0 | 42.13M | 28.98M | 36.94M | 40.05M | 11.19M | 54.27M | 3.41M | 2.27M | 1.68M | 1.22M |
| Stock-Based Compensation | 17.71M | 14.08M | 16.45M | 106K | 19.56M | 0 | 72.2M | 0 | 116.61M | 5.82M | 10.58M |
| Deferred Taxes | 0 | 1.36M | 0 | 0 | -3.97M | -3.27M | -1.49M | -1.02M | -2.19M | -801K | -2.25M |
| Other Non-Cash Items | -144.09M | 12.92M | 659.97M | -76.52M | -411.96M | 12.83M | -39.27M | 8.37M | 1.42M | 81K | 1.66M |
| Working Capital Changes | 0 | -57.78M | -52.78M | 20.92M | 4.06M | 13.42M | -74.96M | -17.52M | 38.8M | 23.89M | -11.97M |
| Change in Receivables | 0 | 262.94M | -569.77M | 7.31M | 34.63M | 60.05M | -19.61M | -81.72M | -118.81M | -208.88M | -33.08M |
| Change in Inventory | 0 | -14.94M | 55.06M | 13.84M | 47.29M | -22.5M | -43.94M | -29.19M | -182.34M | -26.58M | -3.27M |
| Change in Payables | 0 | -254.27M | 0 | 0 | -56.93M | 10.5M | -41.79M | 71.59M | 256.84M | 218.61M | 12.11M |
| Cash from Investing | 0 | -232.86M | -164.89M | -198.93M | 314.55M | -41.11M | -433.08M | -38.81M | -151.82M | -1.23M | -1.61M |
| Capital Expenditures | 0 | -41.34M | -28.61M | -103.37M | -151.12M | -17.08M | -50.44M | -8.79M | -13.69M | -1.23M | -1.61M |
| CapEx % of Revenue | 0% | 1.75% | 1.35% | 4.15% | 8.44% | 0.32% | 0.87% | 0.19% | 0.53% | 0.14% | 0.51% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 27.13K | 2.37M | 120.7K | 184K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 90K | -136.29M | -95.55M | 464.93M | 0 | -2.37M | -1.14M | 31.04M | 0 | 0 |
| Cash from Financing | 0 | -105.52M | -34.66M | 115.66M | 113.56M | 2.63M | -146.38M | 6.91M | 604.98M | 2.67M | 13M |
| Debt Issued (Net) | 0 | -38.52M | 0 | 0 | 118.66M | 2.5M | -95.87M | 13.87M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | -17.32M | -4.28M | -6.44M | -8.04M | 132.11K | -54.6M | -221.13K | 636.17M | 0 | 13M |
| Dividends Paid | 0 | -41.96M | 0 | 0 | 0 | 0 | -1.24M | -6.74M | 0 | 0 | 0 |
| Share Repurchases | 0 | -17.66M | -4.28M | -6.44M | -8.04M | -1.87M | -54.6M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -7.73M | -30.38M | 122.1M | 2.94M | 0 | 5.33M | 0 | -31.2M | 2.67M | 0 |
| Net Change in Cash | 0 | -196.45M | 531.13M | -176.85M | 190.42M | 9.84M | -428.3M | 2.73M | 689.9M | 123.02M | 29.8M |
| Free Cash Flow | 0 | 112.97M | 687.42M | -206.6M | -439.86M | 31.87M | 134.75M | 27.4M | 208.58M | 122.67M | 13.89M |
| FCF Margin % | 0% | 4.78% | 32.44% | -8.29% | -24.57% | 0.6% | 2.31% | 0.59% | 8.14% | 14.05% | 4.44% |
| FCF Growth % | -100% | -83.57% | 432.73% | 53.03% | -1480.23% | -76.35% | 391.74% | -86.86% | 70.03% | 783.17% | - |
| FCF per Share | 0.00 | 1.61 | 9.98 | -3.00 | -6.35 | 0.43 | 1.87 | 0.38 | 7.86 | 14.20 | 1.93 |
| FCF Conversion (FCF/Net Income) | 0.00x | 1.12x | 11.29x | 1.22x | 1.03x | 0.54x | 1.07x | 0.12x | 3.40x | 1.33x | 0.95x |
| Interest Paid | 0 | 5.97M | 5.73M | 5.64M | 3.36M | 0 | 76K | 0 | 768K | 1.78M | 0 |
| Taxes Paid | 0 | 20.66M | 0 | 0 | 26.71M | 0 | 27.37M | 0 | 27.66M | 3.91M | 0 |
Xiaomi ecosystem dependency concentration
Based on historical financial filings, Viomi's cash conversion has historically exhibited extreme volatility, with the OCF/NI ratio swinging from a negative 0.28 in 2020Q4 to a positive 4.08 in 2021Q4, suggesting that reported net income is a poor proxy for actual cash generation capabilities.
The significant divergence between accounting profits and operating cash flow indicates that non-cash items and working capital fluctuations heavily influence the bottom line. Investors should monitor whether the recent stabilization in net income translates into consistent cash inflows, as the current lack of reported cash flow data for recent periods obscures the underlying quality of these earnings.
As reported in historical statements, Viomi's free cash flow margin fluctuated from 1.5% in 2020Q4 to 11.4% in 2021Q4, highlighting a highly inconsistent ability to convert revenue into discretionary cash flow amidst shifting operational demands within the Xiaomi ecosystem.
The erratic nature of FCF margins suggests that the company's capital-intensive growth phases often cannibalize cash reserves, leaving little room for error. Without consistent FCF generation, the company remains reliant on its existing cash pile to fund operations, which may limit its strategic flexibility during periods of market contraction.
According to historical data, Viomi's capital expenditure reached 4.4% of revenue in 2021Q4, reflecting a period of significant investment that warrants further investigation into whether these outlays represent necessary maintenance or aggressive expansion into new product categories.
The variability in capital intensity suggests that the company's asset-light model is periodically interrupted by the need for significant infrastructure or tooling investment. Analysts should assess whether these capital outlays are effectively driving long-term productivity or if they are merely reactive measures to maintain competitiveness within the smart home appliance market.
Analysis of recent SEC filings reveals that the absence of granular cash flow data since 2022 obscures the impact of stock-based compensation and working capital changes, which historically played a material role in reconciling net income to cash flow.
The reliance on stock-based compensation, which reached $47.4M in 2021Q4, suggests that the company's cash flow profile is heavily influenced by non-cash equity incentives. Investors should be wary that the lack of transparency in recent periods may mask underlying cash burn or structural inefficiencies that are not immediately apparent from the income statement alone.
Quick answers to the most common questions about buying VIOT stock.
Viomi Technology Co., Ltd (VIOT) generated $154.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Viomi Technology Co., Ltd (VIOT) generated $113.0M 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.
Viomi Technology Co., Ltd (VIOT) spent $41.3M 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, Viomi Technology Co., Ltd (VIOT) returned $42.0M to shareholders via cash dividends and spent $17.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.