Operating cash flow remains under pressure as the -270.48% operating margin reflects a high fixed-cost structure that necessitates continuous, substantial capital allocation to maintain fleet operations.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -1.32B | -593.6M | -474.89M | -670.38M | -506.67M |
| Operating CF Margin % | -198.48% | -164.37% | -118.18% | -127.08% | -366.69% |
| Operating CF Growth % | -122.67% | -25% | 29.16% | -32.31% | - |
| Net Income | -1.65B | -2.52B | -1.95B | -1.3B | -1.01B |
| Depreciation & Amortization | 166.68M | 101.13M | 89.61M | 86.55M | 65.82M |
| Stock-Based Compensation | 449.98M | 1.19B | 931.78M | 325.43M | 55.96M |
| Deferred Taxes | 4.1M | 5.87M | 0 | 0 | 0 |
| Other Non-Cash Items | -11.76M | 620.89M | 561.72M | 579.9M | 531.65M |
| Working Capital Changes | -275.83M | 7.46M | -108.9M | -363.76M | -152.85M |
| Change in Receivables | -224.21M | 43.24M | -52.36M | -308.91M | -22.49M |
| Change in Inventory | -207.62M | -62.26M | -68.55M | -41.45M | -92.35M |
| Change in Payables | 142.33M | 3.73M | 6.29M | -4.49M | -2.89M |
| Cash from Investing | 1.51B | 325.5M | -546.94M | -2.2B | 460.9M |
| Capital Expenditures | -247.6M | -84M | -36.65M | -82.69M | -25.64M |
| CapEx % of Revenue | 37.18% | 23.26% | 9.12% | 15.68% | 18.55% |
| Acquisitions | 0 | 0 | 0 | 0 | -69.47M |
| Investments | - | - | - | - | - |
| Other Investing | 19.22M | -7.57M | -9.26M | 2.17M | 1.25M |
| Cash from Financing | 2.3B | 2.82B | 446.95M | 2.18B | 2.6B |
| Debt Issued (Net) | 197.46M | 35.02M | -38.16M | -34.45M | -112.84M |
| Equity Issued (Net) | 2.17B | 3.19B | 488.62M | 2.12B | 2.6B |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -39.12M | -60.88M | -181.24M |
| Other Financing | -70.11M | -401.28M | -3.57M | 107.38M | 120.05M |
| Net Change in Cash | 2.4B | 2.61B | -572.54M | -491.88M | 2.51B |
| Free Cash Flow | -1.57B | -679.1M | -511.84M | -753.07M | -532.3M |
| FCF Margin % | -235.79% | -188.05% | -127.37% | -142.75% | -385.25% |
| FCF Growth % | -131.21% | -32.68% | 32.03% | -41.47% | - |
| FCF per Share | -5.09 | -2.47 | -1.91 | -2.81 | -1.98 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.24x | 0.24x | 0.52x | 0.50x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Geopolitical tech-restriction exposure
As indicated by the absence of reported cash flow data, the significant gap between net income and operating cash flow remains a critical uncertainty, suggesting that the company's aggressive revenue growth may not yet be translating into the high-quality, recurring cash inflows required for long-term sustainability.
The lack of transparent cash flow reporting makes it difficult to assess the quality of earnings, particularly given the high fixed-cost structure and hardware-heavy revenue model. Investors should monitor whether the reported revenue is being converted into cash or if it remains trapped in accounts receivable or capitalized project costs.
Based on the reported -270.48% operating margin, the company's free cash flow trajectory appears deeply negative, as the massive capital intensity required to maintain physical autonomous fleets continues to outpace the current commercial intake from pilot programs and municipal service contracts across its five vehicle categories.
The current trajectory suggests that the company is in a heavy investment phase where cash outflows are prioritized to secure market share. Without a clear path to reducing the cost of sensor suites and fleet operations, the cash burn may remain elevated for the foreseeable future.
According to financial statements, the company's reliance on expensive sensor suites and specialized hardware suggests that maintenance and growth capex are likely substantial, potentially consuming a significant portion of the $6.68B cash position to support the ongoing deployment of its diverse autonomous vehicle fleet.
The high capital intensity is a direct consequence of the company's hardware-inclusive business model. Analysts should investigate whether these expenditures are effectively replacing aging assets or if they represent a continuous, non-discretionary requirement to keep the fleet operational in varied urban environments.
With a reported $6.68B in cash and equivalents, the company maintains a fortress-like balance sheet that provides a multi-year liquidity runway, allowing management to continue its aggressive 'land grab' strategy despite the current lack of positive operating cash flow or sustainable profitability in its core segments.
This substantial cash position appears to be the primary buffer against the company's high burn rate and geopolitical risks. However, the deployment of this capital into five distinct vehicle categories warrants further investigation to ensure that the company is not over-extending its resources across too many disparate operational fronts.
Quick answers to the most common questions about buying WRD stock.
WeRide Inc. (WRD) generated $-1321.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WeRide Inc. (WRD) reported negative free cash flow of $1.57B in 2025, indicating capital requirements exceeded cash from operations.
WeRide Inc. (WRD) spent $247.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.