Free cash flow has reached an inflection point, improving from a $20.5M deficit in 2024Q1 to a $9.5M surplus in 2026Q1, reflecting enhanced self-funding capabilities.
| Cash from Operations | 48.53M | 28.63M | -36.98M | -47.02M | -102.89M | -95.53M | -80.56M | -80.56M | -56.28M | -24.66M | -16.09M |
| Operating CF Margin % | - | 9.81% | -18.21% | -28.69% | -93.33% | -192.65% | -394.22% | -2959.52% | -2283.12% | -1585.03% | -1496.47% |
| Operating CF Growth % | 1536.93% | 177.41% | 21.36% | 54.3% | -7.7% | -18.59% | 0% | -43.14% | -128.19% | -53.31% | - |
| Net Income | 12.01M | 554K | -54.84M | -62.26M | -94.66M | -122.72M | -91.14M | -91.14M | -60.08M | -26.55M | -13.21M |
| Depreciation & Amortization | 12.31M | 12.16M | 12.63M | 13.16M | 12.67M | 1.88M | 1.47M | 1.47M | 320K | 177K | 116K |
| Stock-Based Compensation | 17.92M | 22.37M | 18.36M | 10.72M | 12.16M | 11.38M | 8.27M | 6.48M | 1.73M | 499K | 540K |
| Deferred Taxes | 0 | 0 | -2.27M | -1.25M | -1.42M | -1.42M | 1.11M | 536K | -414K | 0 | 0 |
| Other Non-Cash Items | 8.01M | 3.91M | -2.04M | -1.1M | 3.52M | 3.5M | 39K | 4.89M | 560K | 94K | 49K |
| Working Capital Changes | -1.72M | -10.36M | -8.82M | -6.29M | -35.15M | 11.85M | -312K | -2.8M | 1.61M | 1.12M | -3.58M |
| Change in Receivables | -9.96M | -10.63M | -1.22M | -8.37M | -13.37M | -13.37M | -6.24M | -2.18M | -1.67M | -1.1M | 204K |
| Change in Inventory | -14.82M | -19.29M | -8.78M | -14.8M | -7.46M | -7.46M | -7.42M | -5.14M | 4.04M | 1.7M | -846K |
| Change in Payables | 119K | -69K | -9.61M | 6.96M | -4.32M | -4.32M | 5.53M | -2.49M | -1.11M | 661K | -2.91M |
| Cash from Investing | -1.01M | -696K | 4.88M | -6M | 34.46M | 34.46M | -27.41M | -27.41M | -68.26M | -700K | -35K |
| Capital Expenditures | -1.3M | -696K | -868K | -2.26M | -524K | -524K | -377K | -377K | -1.51M | -700K | -35K |
| CapEx % of Revenue | 0.41% | 0.24% | 0.43% | 1.38% | 0.48% | 1.06% | 1.84% | 13.85% | 61.26% | 44.99% | 3.26% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 38.47M | 0 | 377K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 292K | 0 | 0 | 0 | 0 | 4.55M | 0 | -377K | -66.75M | 0 | 0 |
| Cash from Financing | 5.69M | 11.39M | 36.17M | -1.61M | 127.47M | 27.25M | 126.06M | 126.06M | 128.21M | 35.14M | 3.9M |
| Debt Issued (Net) | 9.17M | 9.17M | 38.17M | 0 | 102.72M | 0 | 69.75M | 25M | 35M | 0 | -32K |
| Equity Issued (Net) | -3.48M | 2.22M | -3.73M | -1.01M | 29.53M | 27.25M | 65.83M | 0 | 93.54M | 35.48M | 4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -19.89M | -10.88M | -3.73M | -1.01M | -468K | -534K | -63K | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 1.73M | -604K | -4.78M | 0 | -9.51M | 101.06M | -333K | -336K | -64K |
| Net Change in Cash | 53.21M | 39.32M | 4.07M | -54.64M | 59.04M | 59.04M | 29.67M | 18.08M | 3.67M | 9.78M | -12.22M |
| Free Cash Flow | 47.23M | 27.93M | -37.85M | -49.29M | -103.42M | -103.42M | -96.62M | -80.94M | -57.79M | -25.36M | -16.12M |
| FCF Margin % | 15% | 9.57% | -18.64% | -30.07% | -93.8% | -208.54% | -472.82% | -2973.37% | -2344.38% | -1630.01% | -1499.72% |
| FCF Growth % | 272.2% | 173.79% | 23.21% | 52.34% | 0% | -7.03% | -19.38% | -40.05% | -127.85% | -57.32% | - |
| FCF per Share | 0.27 | 0.16 | -0.26 | -0.36 | -0.76 | -1.31 | -2.27 | -3.10 | -4.80 | -12.51 | -8.75 |
| FCF Conversion (FCF/Net Income) | 3.93x | 51.67x | 0.67x | 0.76x | 1.09x | 0.78x | 0.88x | 0.64x | 0.94x | 0.93x | 1.22x |
| Interest Paid | 0 | 0 | 26.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High debt service burden
Based on reported financial data, the relationship between net income and operating cash flow has historically been volatile, with the OCF/NI ratio reaching an extreme 29.68 in 2025Q3, suggesting that accounting earnings have frequently failed to capture the underlying cash-generating capacity of the company's commercial operations.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital fluctuations heavily influence reported profitability. Investors should monitor whether the recent stabilization in cash flow conversion reflects a permanent improvement in earnings quality or merely temporary timing differences in revenue recognition.
As reported in recent filings, XERS has demonstrated a notable shift in free cash flow trajectory, moving from a low of -$20.5M in 2024Q1 to a positive $9.5M in 2026Q1, signaling that the company is finally beginning to self-fund its commercial growth initiatives.
This transition to positive free cash flow is critical for reducing reliance on external financing, which has historically pressured the balance sheet. The sustainability of this trend appears contingent on maintaining the current revenue ramp while keeping operating expenses tightly controlled as the company scales.
According to the provided cash flow statements, XERS maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently below 1% over the last ten quarters, which highlights the asset-light nature of its proprietary non-aqueous formulation platform and outsourced manufacturing model.
The minimal requirement for heavy machinery or infrastructure investment allows the company to direct the majority of its cash toward commercial expansion and R&D. This structural efficiency suggests that future revenue growth could translate into disproportionately higher free cash flow, provided that gross margins remain protected from PBM pressure.
Based on the quarterly cash flow data, working capital changes have been a significant source of volatility, swinging from a $17.8M inflow in 2023Q4 to a $9.2M outflow in 2025Q1, which indicates potential inconsistencies in inventory management and the timing of customer collections.
The erratic nature of these swings suggests that the company's cash position is sensitive to the cadence of wholesale stocking and the effectiveness of its bridge programs. Analysts should investigate whether these fluctuations are indicative of underlying demand variability or simply the inherent lumpiness of specialty pharmaceutical distribution cycles.
As evidenced by the cash flow statements, XERS has engaged in aggressive share repurchases, including $17M in 2026Q1, despite the company's historical reliance on debt and its relatively recent transition to positive free cash flow, which warrants further investigation into management's capital allocation priorities.
The decision to prioritize buybacks while carrying significant debt obligations may signal management's confidence in the long-term value of the equity. However, investors should monitor whether this capital deployment strategy limits the company's flexibility to address potential refinancing needs or future strategic investment opportunities.
Quick answers to the most common questions about buying XERS stock.
Xeris Biopharma Holdings, Inc. (XERS) generated $28.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Xeris Biopharma Holdings, Inc. (XERS) generated $27.9M 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.
Xeris Biopharma Holdings, Inc. (XERS) spent $0.7M 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, Xeris Biopharma Holdings, Inc. (XERS) spent $10.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.