Baird Medical Investment Holdings Limited (BDMD) Cash Flow Statement
Where BDMD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$1.3M
- Capital expenditures
- $42,315 0.2% of revenue
- Free cash flow
- −$1.4M −6.2% margin
- Returned to shareholders
- —
- Change in cash
- −$2.4M cash at year-end $565,817
Drawn to scale: where the cash came from and how it was used. Hover for values.
BDMD operating cash flow, capex and free cash flow
BDMD cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.4M2019 | −$1.3M2025 | — | |
| Capital expenditures | $983,7852019 | $42,3152025 | −40.8%/yr | |
| Free cash flow | $3.4M2019 | −$1.4M2025 | — | |
| Free cash flow margin | 28.1%2019 | −6.2%2025 | −34.2 pts | |
| Operating cash flow / net income | 0.552020 | −0.502024 | −1.05 | |
| Stock-based compensation | $02023 | $17.5M2025 | — | |
| Dividends paid | $5.4M2021 | $02022 | −100.0% | |
| Capex / revenue | 8.1%2019 | 0.2%2025 | −7.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BDMD cash flow by activity
BDMD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BDMD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | −$27.5M | $12.6M | $10.5M | $12.8M | $10.2M | $7.1M | −$7.2M |
| Depreciation & amortization | $1.1M | $1.5M | $1.4M | $1.5M | $1.4M | $1.1M | $638,096 |
| Stock-based compensation | $17.5M | $0 | $0 | — | — | — | — |
| Change in working capital | $6.8M | −$21.7M | −$14.1M | −$14.0M | −$6.6M | −$3.6M | −$2.0M |
| Other non-cash items | $831,145 | $1.3M | $1.1M | $290,259 | $240,668 | −$613,530 | $12.9M |
| Cash from operating activities | −$1.3M | −$6.3M | −$1.0M | $485,968 | $5.3M | $3.9M | $4.4M |
| Investing activities | |||||||
| Capital expenditures | −$42,315 | −$2.9M | −$2.6M | −$6.0M | −$1.4M | −$655,350 | −$983,785 |
| Investments (net) | — | −$2.9M | −$2.6M | −$5.9M | −$1.4M | — | — |
| Acquisitions & other investing | $0 | $2.9M | $2.6M | $6.0M | $1.4M | −$1.5M | $2.2M |
| Cash from investing activities | −$42,315 | −$2.9M | −$2.6M | −$5.9M | −$1.4M | −$2.2M | $1.2M |
| Financing activities | |||||||
| Dividends paid | — | — | — | $0 | −$5.4M | — | — |
| Net borrowing (repayment) | −$2.2M | $10.3M | $4.5M | $4.5M | −$88,583 | — | — |
| Shares issued | $0 | $2.9M | $0 | $0 | $0 | $0 | $0 |
| Other financing | $763,617 | −$2.5M | −$1.0M | −$46,397 | $3.6M | −$899,077 | −$5.7M |
| Cash from financing activities | −$1.4M | $10.7M | $3.5M | $4.4M | −$1.9M | −$899,077 | −$5.7M |
| Summary | |||||||
| Net change in cash | −$2.4M | $1.5M | −$200,442 | −$1.3M | $2.0M | $850,810 | $220,454 |
| Cash at end of period | $565,817 | $3.0M | $1.5M | $1.7M | $3.0M | $1.1M | $220,454 |
| Free cash flow | −$1.4M | −$9.2M | −$3.7M | −$5.5M | $3.9M | $3.3M | $3.4M |
| Free cash flow margin | −6.2% | −24.8% | −11.6% | −15.6% | 14.0% | 17.9% | 28.1% |
| Capex / revenue | 0.2% | 7.7% | 8.4% | 17.0% | 5.0% | 3.6% | 8.1% |
| Operating cash flow / net income | — | −0.50 | −0.10 | 0.04 | 0.52 | 0.55 | — |
| Jun '26 | Mar '26 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $13,499 | −$16.0M | −$11.3M | $4.1M | $8.1M | $4.1M | $4.3M | $2.2M | $8.2M | −$1.7M | $2.3M | $1.2M |
| Depreciation & amortization | $682,559 | $626,170 | $789,933 | $366,717 | $733,433 | $366,717 | $773,962 | $386,981 | $779,038 | — | $601,775 | $300,888 |
| Stock-based compensation | $2.4M | — | — | — | — | — | — | — | — | — | — | — |
| Change in working capital | −$2.7M | $5.7M | $1.0M | −$8.1M | −$16.3M | −$8.1M | −$8.6M | −$4.3M | −$12.8M | $2.0M | −$1.3M | −$643,679 |
| Other non-cash items | $2.1M | $11.5M | $6.3M | $2.5M | $5.0M | $2.5M | −$426,432 | −$213,216 | $2.1M | −$661,355 | −$1.0M | −$500,916 |
| Cash from operating activities | $2.5M | $1.9M | −$3.2M | −$1.2M | −$2.4M | −$1.2M | −$4.0M | −$2.0M | −$1.7M | −$371,426 | $642,946 | $321,473 |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$2,297 | −$44,605 | −$1.2M | −$2.4M | −$1.2M | −$484,840 | −$242,420 | −$1.4M | −$4 | −$1.3M | −$632,207 |
| Acquisitions & other investing | — | $4,592 | −$5 | $0 | $0 | $0 | $0 | $0 | $0 | $189.4M | $0 | $0 |
| Cash from investing activities | — | $2,295 | −$44,610 | −$1.2M | −$2.4M | −$1.2M | −$484,840 | −$242,420 | −$1.4M | $189.4M | −$1.3M | −$632,207 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −$27.6M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.9M | −$3.6M | $2.2M | $3.1M | $6.3M | $3.1M | $4.5M | $2.2M | $31.7M | $494,204 | −$558,861 | −$279,431 |
| Cash from financing activities | −$2.9M | −$3.6M | $2.2M | $3.1M | $6.3M | $3.1M | $4.5M | $2.2M | $4.0M | $494,204 | −$558,861 | −$279,431 |
| Summary | ||||||||||||
| Net change in cash | −$276,734 | −$1.6M | $2.2M | — | −$1.5M | — | −$498,209 | — | −$257,881 | — | $544,361 | — |
| Cash at end of period | $289,083 | $565,817 | $2.2M | — | — | — | $110,602 | — | $45,219 | $303,100 | $544,361 | — |
| Free cash flow | $2.5M | $1.9M | −$3.2M | −$2.4M | −$4.7M | −$2.4M | −$4.4M | −$2.2M | −$3.0M | −$371,430 | −$621,466 | −$310,733 |
| Free cash flow margin | 24.8% | 12.7% | −40.7% | −19.8% | −19.8% | −19.8% | −33.8% | −33.8% | −15.3% | — | −5.4% | −5.4% |
| Capex / revenue | 0.0% | 0.0% | 0.6% | 9.9% | 9.9% | 9.9% | 3.7% | 3.7% | 6.9% | — | 11.0% | 11.0% |
| Operating cash flow / net income | 181.87 | — | — | −0.29 | −0.29 | −0.29 | −0.91 | −0.91 | −0.20 | — | 0.28 | 0.28 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BDMD cash generation
In fiscal 2025 (ended December 31, 2025), Baird Medical Investment generated -$1.3 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$1.4 million, −6.2% of revenue. Cash and equivalents fell by $2.4 million over the year.
Related: BDMD income statement, BDMD balance sheet. See the BDMD stock overview for the latest quote and news.
BDMD cash flow FAQ
What is Baird Medical Investment's free cash flow?
Baird Medical Investment's free cash flow was -$1.4 million in fiscal 2025: -$1.3 million of operating cash flow minus $0.0 million of capital expenditures It was -$9.2 million a year earlier..
How much cash does Baird Medical Investment generate from operations?
Baird Medical Investment generated -$1.3 million of cash from operating activities in fiscal 2025.
How much does Baird Medical Investment spend on capital expenditures?
Baird Medical Investment spent $0.0 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $2.9 million the year before.