EDAP TMS S.A. (FOCL) Cash Flow Statement
Where FOCL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$16.5M
- Capital expenditures
- $4.9M 7.0% of revenue
- Free cash flow
- −$21.4M −30.3% margin
- Returned to shareholders
- —
- Change in cash
- −$10.4M cash at year-end $20.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FOCL operating cash flow, capex and free cash flow
FOCL cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.3M2016 | −$16.5M2025 | — | |
| Capital expenditures | $355,0922016 | $4.9M2025 | +34.0%/yr | |
| Free cash flow | $982,3002016 | −$21.4M2025 | — | |
| Free cash flow margin | 2.5%2016 | −30.3%2025 | −32.7 pts | |
| Operating cash flow / net income | 0.312016 | 6.352021 | +6.04 | |
| Stock-based compensation | $2.3M2022 | $2.6M2025 | +4.3%/yr | |
| Capex / revenue | 0.9%2016 | 7.0%2025 | +6.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FOCL cash flow by activity
FOCL 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).
FOCL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$29.3M | −$20.6M | −$22.9M | −$3.1M | $827,386 | −$1.9M | $1.7M | −$398,755 | −$768,123 | $4.3M |
| Depreciation & amortization | $3.4M | $2.8M | $2.1M | $1.7M | $2.3M | $2.5M | $2.3M | $1.7M | $1.8M | $1.1M |
| Stock-based compensation | $2.6M | $3.6M | $7.6M | $2.3M | — | — | — | — | — | — |
| Change in working capital | $2.9M | −$2.1M | −$3.1M | −$4.5M | $615,812 | −$124,257 | $6,715 | −$1.5M | −$1.9M | −$217,920 |
| Other non-cash items | $4.0M | $1.6M | $495,766 | $463,619 | $1.5M | $1.8M | $235,043 | $363,362 | −$2.5M | −$3.8M |
| Cash from operating activities | −$16.5M | −$14.7M | −$15.9M | −$3.2M | $5.3M | $2.3M | $4.3M | $206,456 | −$3.5M | $1.3M |
| Investing activities | ||||||||||
| Capital expenditures | −$4.9M | −$1.4M | −$1.3M | −$644,244 | −$464,517 | −$605,329 | −$443,224 | −$712,565 | −$711,728 | −$355,092 |
| Investments (net) | $0 | $0 | $1,105 | $0 | — | — | — | — | — | — |
| Acquisitions & other investing | −$790,435 | −$3.0M | −$3.4M | −$1.9M | −$1.5M | −$1.7M | −$1.3M | −$1.1M | −$1.6M | −$69,687 |
| Cash from investing activities | −$5.7M | −$4.5M | −$4.7M | −$2.5M | −$1.9M | −$2.3M | −$1.7M | −$1.9M | −$2.3M | −$424,779 |
| Financing activities | ||||||||||
| Net borrowing (repayment) | $8.6M | $4.9M | −$1.3M | −$970,520 | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $23.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $26,641 | $121,636 | $310,633 | $269,901 | $24.0M | $3.6M | −$743,181 | $1.4M | $3.2M | $8.4M |
| Cash from financing activities | $8.6M | $5.0M | −$984,896 | $22.8M | $24.0M | $3.6M | −$743,181 | $1.4M | $3.2M | $8.4M |
| Summary | ||||||||||
| Net change in cash | −$10.4M | −$17.1M | −$19.4M | $13.7M | $23.4M | $6.8M | $1.2M | −$1.8M | $827,906 | $8.4M |
| Cash at end of period | $20.5M | $30.9M | $48.0M | $67.4M | $53.7M | $30.2M | $23.4M | $22.3M | $24.0M | $23.2M |
| Free cash flow | −$21.4M | −$16.1M | −$17.1M | −$3.8M | $4.8M | $1.6M | $3.8M | −$506,109 | −$4.2M | $982,300 |
| Free cash flow margin | −30.3% | −23.2% | −26.2% | −6.6% | 9.2% | 3.5% | 7.6% | −1.1% | −10.3% | 2.5% |
| Capex / revenue | 7.0% | 2.1% | 2.0% | 1.1% | 0.9% | 1.3% | 0.9% | 1.5% | 1.8% | 0.9% |
| Operating cash flow / net income | — | — | — | — | 6.35 | — | 2.51 | — | — | 0.31 |
| 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 | −$14.4M | −$9.1M | −$9.4M | −$5.9M | −$6.4M | −$7.4M | −$2.9M | −$7.1M | −$6.6M | −$4.9M | −$5.4M | −$4.3M |
| Depreciation & amortization | $1.0M | $899,256 | — | — | $846,000 | $753,000 | $2.8M | — | — | — | — | — |
| Stock-based compensation | $855,000 | $302,000 | — | $837,050 | $508,000 | $339,000 | $1.1M | $979,846 | — | — | — | — |
| Change in working capital | $2.4M | $2.8M | $2.2M | −$103,310 | −$1.9M | $866,581 | −$1.1M | −$76,828 | −$1.8M | −$591,822 | −$2.2M | $931,283 |
| Other non-cash items | $6.4M | $2.2M | $4.8M | $1.3M | $2.2M | $147,180 | $772,673 | $812,826 | $1.7M | $1.4M | $3.1M | $1.6M |
| Cash from operating activities | −$3.7M | −$3.0M | −$2.4M | −$3.8M | −$4.7M | −$5.3M | $613,287 | −$5.4M | −$6.7M | −$4.1M | −$4.6M | −$1.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.3M | −$756,738 | −$1.7M | −$1.1M | −$1.4M | −$1.3M | −$1.3M | −$1.1M | −$811,364 | −$1.2M | −$2.5M | −$931,544 |
| Acquisitions & other investing | −$1 | −$2 | −$2 | $0 | −$210,000 | $0 | −$270,000 | $0 | $4 | −$1 | $1.7M | $5 |
| Cash from investing activities | −$1.3M | −$756,740 | −$1.7M | −$1.1M | −$1.6M | −$1.3M | −$1.5M | −$1.1M | −$811,360 | −$1.2M | −$855,153 | −$931,539 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $11.8M | −$1.4M | — | — | $56,000 | −$1.3M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $33,216 | −$4,987 | $11.5M | −$1.7M | $0 | $1,453 | $5.9M | $683,665 | −$1.4M | −$181,680 | $386,591 | −$458,756 |
| Cash from financing activities | $11.8M | −$1.4M | $11.5M | −$1.7M | $56,000 | −$1.3M | $5.9M | $683,665 | −$1.4M | −$181,680 | $386,591 | −$458,756 |
| Summary | ||||||||||||
| Net change in cash | −$15.0M | −$5.4M | $20.5M | −$19.1M | −$5.6M | −$30.9M | $31.0M | −$32.4M | −$41.5M | −$6.5M | −$2.5M | $50.5M |
| Cash at end of period | $21.5M | $15.0M | $20.5M | — | $19.1M | $24.7M | $31.0M | — | $30.9M | $41.5M | $48.0M | $50.5M |
| Free cash flow | −$4.9M | −$3.7M | −$4.1M | −$4.9M | −$6.1M | −$6.6M | −$642,697 | −$6.5M | −$7.5M | −$5.3M | −$2.1M | −$2.7M |
| Free cash flow margin | −37.5% | −20.9% | −18.7% | −30.3% | −33.6% | −46.6% | −3.0% | — | −44.0% | −32.6% | −9.8% | −20.9% |
| Capex / revenue | 9.6% | 4.2% | 7.8% | 6.6% | 7.7% | 9.1% | 5.8% | — | 4.8% | 7.4% | 12.0% | 7.3% |
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.
FOCL cash generation
In fiscal 2025 (ended December 31, 2025), EDAP TMS generated -$16.5 million of cash from operations and spent $4.9 million on capital expenditures, leaving free cash flow of -$21.4 million, −30.3% of revenue. Cash and equivalents fell by $10.4 million over the year.
Related: FOCL income statement, FOCL balance sheet. See the FOCL stock overview for the latest quote and news.
FOCL cash flow FAQ
What is EDAP TMS's free cash flow?
EDAP TMS's free cash flow was -$21.4 million in fiscal 2025: -$16.5 million of operating cash flow minus $4.9 million of capital expenditures It was -$16.1 million a year earlier..
How much cash does EDAP TMS generate from operations?
EDAP TMS generated -$16.5 million of cash from operating activities in fiscal 2025.
How much does EDAP TMS spend on capital expenditures?
EDAP TMS spent $4.9 million on capital expenditures in fiscal 2025, 7.0% of revenue, compared with $1.4 million the year before.