BlackRock Health Sciences Trust (BME) Cash Flow Statement
Where BME’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$4.4M −106.6% vs 2024
- Capital expenditures
- $4 0.0% of revenue
- Free cash flow
- −$4.4M −12.0% margin
- Returned to shareholders
- $54.6M
- Change in cash
- −$5,500 cash at year-end $548
Drawn to scale: where the cash came from and how it was used. Hover for values.
BME operating cash flow, capex and free cash flow
BME cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.0M2016 | −$4.4M2025 | — | |
| Capital expenditures | $02016 | $42025 | — | |
| Free cash flow | $2.0M2016 | −$4.4M2025 | — | |
| Free cash flow margin | 7.8%2016 | −12.0%2025 | −19.8 pts | |
| Operating cash flow / net income | −0.022017 | −0.062025 | −0.04 | |
| Dividends paid | $23.0M2016 | $40.6M2025 | +6.5%/yr | |
| Share buybacks (net) | $02016 | $14.0M2025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BME cash flow by activity
BME 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).
BME cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $77.0M | $23.5M | $20.0M | −$26.5M | $59.1M | $79.6M | $79.9M | $22.4M | $60.3M | −$16.3M |
| Depreciation & amortization | — | — | — | — | — | — | — | $0 | $0 | $58,865 |
| Change in working capital | $739,734 | $509,264 | −$765,401 | $325,082 | $246,198 | −$385,086 | $506,008 | −$226,453 | $147,083 | $206,393 |
| Other non-cash items | −$82.1M | $41.6M | $12.8M | $25.3M | −$80.9M | −$98.5M | −$94.5M | −$20.2M | −$61.7M | $18.0M |
| Cash from operating activities | −$4.4M | $65.5M | $32.0M | −$874,045 | −$21.6M | −$19.4M | −$14.1M | $2.1M | −$1.2M | $2.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$4 | $0 | −$3 | −$1 | −$4 | −$3 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Acquisitions & other investing | $37.3M | $66.4M | $34.8M | −$11.6M | −$35,545 | −$970,242 | — | $0 | $0 | $0 |
| Cash from investing activities | $37.3M | $66.4M | $34.8M | −$11.6M | −$35,549 | −$970,245 | — | $0 | $0 | $0 |
| Financing activities | ||||||||||
| Dividends paid | −$40.6M | −$35.9M | −$35.1M | −$32.7M | −$29.0M | −$25.6M | −$23.2M | −$21.6M | −$20.0M | −$23.0M |
| Share repurchases & issuance (net) | −$14.0M | −$29.5M | $115,532 | −$2,920 | $50.3M | $45.1M | $37.5M | $19.5M | $21.0M | $13.2M |
| Net borrowing (repayment) | $0 | −$60,686 | $57,766 | $2,920 | $2,920 | $2,920 | $2,920 | −$10,013 | $10,013 | $10,013 |
| Shares issued | $0 | $0 | $3.0M | $33.6M | $50.3M | $45.1M | $37.5M | $19.5M | $0 | $0 |
| Other financing | $0 | $0 | −$116,029 | −$17,010 | −$50.3M | −$45.1M | −$37.5M | −$19.5M | −$57,540 | −$10,018 |
| Cash from financing activities | −$54.6M | −$65.5M | −$32.0M | $876,171 | $21.3M | $19.4M | $14.2M | −$2.1M | $961,512 | −$9.9M |
| Summary | ||||||||||
| Net change in cash | −$5,500 | $5,514 | −$2,584 | $2,158 | −$210,736 | $86,491 | $124,917 | −$671 | −$207,898 | $207,645 |
| Cash at end of period | $548 | $6,048 | $534 | $3,118 | $960 | $211,696 | $125,205 | $288 | $959 | $208,857 |
| Free cash flow | −$4.4M | $65.5M | $32.0M | −$874,045 | −$21.6M | −$19.4M | −$14.1M | $2.1M | −$1.2M | $2.0M |
| Free cash flow margin | −12.0% | 272.2% | 91.8% | — | −36.1% | −24.2% | −17.6% | 9.0% | −1.9% | 7.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.06 | 2.79 | 1.60 | — | −0.36 | −0.24 | −0.18 | 0.09 | −0.02 | — |
| Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | $80.5M | −$3.6M | −$22.5M | $45.9M | $23.0M | $8.7M | $4.4M | $11.3M | $5.7M | $35.8M | $17.9M |
| Change in working capital | −$364,030 | $1.1M | −$658,480 | $1.2M | $583,872 | −$3.0M | −$1.5M | $2.2M | $1.1M | $128,947 | $64,474 |
| Other non-cash items | −$89.6M | $7.6M | $24.1M | −$53.8M | −$14.7M | −$7.5M | $6.1M | −$7.0M | $240,736 | −$35.5M | −$17.3M |
| Cash from operating activities | −$9.4M | $5.1M | $959,335 | −$6.7M | $8.9M | −$1.7M | $9.0M | $6.5M | $7.0M | $462,666 | $709,334 |
| Investing activities | |||||||||||
| Capital expenditures | −$5 | $0 | −$5 | −$3 | $0 | −$4 | $0 | −$1 | $0 | $0 | $0 |
| Acquisitions & other investing | $12.1M | $25.2M | $53.5M | $12.9M | — | $23.1M | — | $11.7M | — | — | — |
| Cash from investing activities | $12.1M | $25.2M | $53.5M | $12.9M | — | $23.1M | — | $11.7M | — | — | — |
| Financing activities | |||||||||||
| Dividends paid | −$20.3M | −$20.3M | −$18.3M | −$17.6M | −$8.8M | −$18.0M | −$9.0M | −$17.1M | −$8.6M | −$16.6M | −$8.3M |
| Share repurchases & issuance (net) | — | −$14.0M | −$29.5M | — | — | — | — | −$1.6M | −$1.6M | −$7.6M | −$7.6M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | $46,634 | $46,634 | −$2,345 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$60,686 | −$30,343 | −$35,502 | −$17,751 | $4.7M | $3.1M | $22.8M | $15.2M |
| Cash from financing activities | −$20.3M | −$34.3M | −$47.8M | −$17.7M | −$8.9M | −$18.0M | −$9.0M | −$14.0M | −$7.0M | −$1.4M | −$716,114 |
| Summary | |||||||||||
| Net change in cash | −$38,849 | $33,349 | $4,909 | $605 | $303 | −$72 | −$36 | −$2,512 | −$1,256 | −$13,563 | −$6,782 |
| Cash at end of period | $548 | $39,397 | $6,048 | $1,139 | $303 | $534 | −$36 | $606 | −$1,256 | $3,118 | −$6,782 |
| Free cash flow | −$9.4M | $34.3M | $959,340 | −$6.7M | $8.9M | −$1.7M | $9.0M | $6.5M | $7.0M | $462,666 | $709,334 |
| Free cash flow margin | −41.5% | 866.8% | 2.6% | — | 436.7% | −9.6% | 458.0% | 39.2% | 328.6% | 85.8% | 35.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.12 | — | — | −0.15 | 0.39 | −0.20 | 2.07 | 0.58 | 1.24 | 0.01 | 0.04 |
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.
BME cash generation
In fiscal 2025 (ended December 31, 2025), BlackRock Health Sciences generated -$4.4 million of cash from operations (down 106.6%) and spent $0.0 million on capital expenditures, leaving free cash flow of -$4.4 million, −12.0% of revenue. It returned $54.6 million to shareholders through dividends ($40.6 million) and net share buybacks ($14.0 million). Cash and equivalents fell by $0.0 million over the year.
Related: BME income statement, BME balance sheet, BME dividend history. See the BME stock overview for the latest quote and news.
BME cash flow FAQ
What is BlackRock Health Sciences's free cash flow?
BlackRock Health Sciences's free cash flow was -$4.4 million in fiscal 2025: -$4.4 million of operating cash flow minus $0.0 million of capital expenditures It was $65.5 million a year earlier..
How much cash does BlackRock Health Sciences generate from operations?
BlackRock Health Sciences generated -$4.4 million of cash from operating activities in fiscal 2025, −0.06 times its net income of $77.0 million.
How much does BlackRock Health Sciences spend on capital expenditures?
BlackRock Health Sciences spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue.
How much stock does BlackRock Health Sciences buy back?
BlackRock Health Sciences spent $14.0 million on net share repurchases in fiscal 2025.
How much does BlackRock Health Sciences pay in dividends?
BlackRock Health Sciences paid $40.6 million in dividends in fiscal 2025.