China Pharma Holdings, Inc. (CPHI) Cash Flow Statement
Where CPHI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $148,261
- Capital expenditures
- $137,251 3.3% of revenue
- Free cash flow
- $11,010 0.3% margin
- Returned to shareholders
- —
- Change in cash
- −$281,767 cash at year-end $345,112
Cash from operations
$148,261
Capital expenditures
−$137,251
Net borrowing (repayment)
−$294,027
Currency & other
+$1,250
Change in cash
−$281,767
Drawn to scale: where the cash came from and how it was used. Hover for values.
CPHI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CPHI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.9M2016 | $148,2612025 | −28.1%/yr | |
| Capital expenditures | $193,4042016 | $137,2512025 | −3.7%/yr | |
| Free cash flow | $2.7M2016 | $11,0102025 | −45.7%/yr | |
| Free cash flow margin | 17.4%2016 | 0.3%2025 | −17.1 pts | |
| Stock-based compensation | $1.1M2016 | $02023 | −100.0% | |
| Dividends paid | $02016 | $02018 | — | |
| Share buybacks (net) | $02016 | $02018 | — | |
| Capex / revenue | 1.2%2016 | 3.3%2025 | +2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CPHI cash flow by activity
OperatingInvestingFinancingChange in cash
CPHI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CPHI cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$3.2M | −$4.7M | −$3.1M | −$4.0M | −$3.4M | −$2.9M | −$20.7M | −$10.8M | −$19.3M | −$9.2M |
| Depreciation & amortization | $1.6M | $2.6M | $2.8M | $2.7M | $3.1M | $2.7M | $2.9M | $3.3M | $3.3M | $3.1M |
| Stock-based compensation | — | — | $0 | $78,270 | $15,243 | $0 | — | — | — | $1.1M |
| Change in working capital | $14.9M | $1.2M | −$396,175 | $878,344 | $51,790 | $29,861 | $1.1M | $642,245 | $1.0M | $3.6M |
| Other non-cash items | −$13.1M | $456,440 | $21,654 | −$93,851 | −$5,215 | $115,186 | $17.3M | $8.1M | $15.8M | $4.3M |
| Cash from operating activities | $148,261 | −$466,362 | −$699,686 | −$409,545 | −$249,838 | −$42,260 | $608,312 | $1.3M | $841,216 | $2.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$137,251 | −$291,718 | −$11,517 | −$401,964 | −$438,055 | −$867,307 | −$136,003 | −$51,145 | −$136,479 | −$193,404 |
| Investments (net) | — | −$291,718 | $20,278 | −$401,964 | −$438,055 | −$867,307 | −$136,003 | −$51,145 | −$136,479 | −$193,404 |
| Acquisitions & other investing | $0 | $291,718 | −$20,278 | $401,964 | $438,055 | $867,307 | $136,003 | $51,145 | $136,479 | $193,404 |
| Cash from investing activities | −$137,251 | −$291,718 | −$11,517 | −$401,964 | −$438,055 | −$867,307 | −$136,003 | −$51,145 | −$136,479 | −$193,404 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Net borrowing (repayment) | −$294,027 | $27,353 | $73,145 | −$1.5M | $4.6M | $624,177 | $445,629 | $287,423 | −$1.5M | −$1.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | −$223,013 | $0 | $0 | −$2.2M | −$2.3M | $0 | −$4.5M |
| Cash from financing activities | −$294,027 | $27,353 | $73,145 | −$1.8M | $4.6M | $624,177 | −$1.7M | −$2.0M | −$1.5M | −$6.0M |
| Summary | ||||||||||
| Net change in cash | −$281,767 | −$796,959 | −$606,133 | −$2.8M | $3.9M | −$227,234 | −$1.3M | −$843,627 | −$635,588 | −$3.6M |
| Cash at end of period | $345,112 | $626,879 | $1.4M | $2.0M | $4.9M | $957,653 | $1.2M | $1.2M | $2.0M | $2.7M |
| Free cash flow | $11,010 | −$758,080 | −$711,203 | −$811,509 | −$687,893 | −$909,567 | $472,309 | $1.2M | $704,737 | $2.7M |
| Free cash flow margin | 0.3% | −16.7% | −10.1% | −10.0% | −7.1% | −8.4% | 4.3% | 9.8% | 5.3% | 17.4% |
| Capex / revenue | 3.3% | 6.4% | 0.2% | 5.0% | 4.5% | 8.0% | 1.2% | 0.4% | 1.0% | 1.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.5M | −$1.1M | −$1.2M | −$651,482 | −$528,367 | −$785,572 | −$1.2M | −$1.1M | −$1.4M | −$955,892 | −$1.2M | −$777,600 |
| Depreciation & amortization | $1.1M | $980,570 | $572,959 | $356,034 | $320,863 | $329,313 | $448,073 | $696,943 | $739,252 | $733,798 | $695,835 | $683,094 |
| Change in working capital | $274,386 | $108,721 | $14.4M | −$18,161 | $270,226 | $170,527 | $1.0M | $323,119 | $332,503 | −$487,256 | $505,818 | $1.1M |
| Other non-cash items | $8,085 | −$1,435 | −$13.6M | $109,249 | $211,585 | $212,056 | −$12,298 | $50,897 | $293,649 | $124,192 | $8,237 | $3,120 |
| Cash from operating activities | −$32,828 | −$55,292 | $151,990 | −$204,360 | $274,307 | −$73,676 | $238,474 | −$46,952 | −$72,726 | −$585,158 | −$22,323 | $1.0M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$5,767 | −$5,767 | −$73,225 | −$32,562 | −$58,324 | −$272,852 | −$9,220 | −$28,086 | −$4,527 | −$4,527 | −$1.0M |
| Investments (net) | — | — | — | −$40,598 | −$9,921 | −$80,965 | −$272,852 | $9,220 | −$28,086 | $0 | −$4,527 | −$67,455 |
| Acquisitions & other investing | — | $0 | — | $40,598 | $42,548 | $80,965 | $272,852 | $9,220 | $28,086 | $0 | — | $1.0M |
| Cash from investing activities | — | −$5,767 | — | −$73,225 | $65 | −$58,324 | −$272,852 | $9,220 | −$28,086 | −$4,527 | — | −$67,455 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $120,118 | −$79,325 | −$72,592 | −$122,214 | −$22,401 | −$76,820 | $6,802 | $6,843 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6,852 | $6,856 | $30,378 | −$476,404 |
| Cash from financing activities | $120,118 | −$79,325 | −$72,592 | −$122,214 | −$22,401 | −$76,820 | $6,802 | $6,843 | $6,852 | $6,856 | $30,378 | −$476,404 |
| Summary | ||||||||||||
| Net change in cash | $136,400 | −$176,638 | $77,487 | −$357,407 | $212,344 | −$214,191 | −$91,812 | −$20,646 | −$99,544 | −$584,957 | $53,967 | $467,961 |
| Cash at end of period | $304,874 | $168,474 | $345,112 | $267,625 | $625,032 | $412,688 | $626,879 | $718,691 | $739,337 | $838,881 | $1.4M | $1.4M |
| Free cash flow | −$32,828 | −$55,292 | $146,223 | −$277,585 | $241,745 | −$132,000 | −$34,378 | −$37,732 | −$100,812 | −$585,158 | −$26,850 | $1.0M |
| Free cash flow margin | −3.5% | −5.6% | 11.9% | −36.7% | 23.6% | −11.6% | −3.0% | −3.4% | −10.9% | −42.7% | −1.2% | 55.5% |
| Capex / revenue | 0.0% | 0.6% | 0.5% | 9.7% | 3.2% | 5.1% | 24.1% | 0.8% | 3.0% | 0.3% | 0.2% | 55.9% |
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.
CPHI cash generation
In fiscal 2025 (ended December 31, 2025), China Pharma generated $0.1 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of $0.0 million, 0.3% of revenue. Cash and equivalents fell by $0.3 million over the year.
Related: CPHI income statement, CPHI balance sheet. See the CPHI stock overview for the latest quote and news.
CPHI cash flow FAQ
What is China Pharma's free cash flow?
China Pharma's free cash flow was $0.0 million in fiscal 2025: $0.1 million of operating cash flow minus $0.1 million of capital expenditures It was -$0.8 million a year earlier..
How much cash does China Pharma generate from operations?
China Pharma generated $0.1 million of cash from operating activities in fiscal 2025.
How much does China Pharma spend on capital expenditures?
China Pharma spent $0.1 million on capital expenditures in fiscal 2025, 3.3% of revenue, compared with $0.3 million the year before.