Tekla Life Sciences Investors (HQL) Cash Flow Statement
Where HQL’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$2.3M
- Capital expenditures
- $5 0.0% of revenue
- Free cash flow
- −$2.3M −2.7% margin
- Returned to shareholders
- $31.6M
- Change in cash
- $75,537 cash at year-end $75,538
Drawn to scale: where the cash came from and how it was used. Hover for values.
HQL operating cash flow, capex and free cash flow
HQL cash flow trends, FY2019–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1FY2019 | −$2.3MFY2025 | — | |
| Capital expenditures | $0FY2019 | $5FY2025 | — | |
| Free cash flow | −$1FY2019 | −$2.3MFY2025 | — | |
| Free cash flow margin | −0.0%FY2021 | −2.7%FY2025 | −2.7 pts | |
| Operating cash flow / net income | −0.00FY2021 | −0.03FY2025 | −0.03 | |
| Capex / revenue | 0.0%FY2021 | 0.0%FY2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HQL cash flow by activity
HQL 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).
HQL cash flow statement
| FY2025 | FY2021 | FY2019 | |
|---|---|---|---|
| Operating activities | |||
| Net income | $85.6M | $64,530 | −$70,478 |
| Depreciation & amortization | — | $4.1M | $2.9M |
| Change in working capital | −$203,409 | — | — |
| Other non-cash items | −$87.7M | −$4.2M | −$2.8M |
| Cash from operating activities | −$2.3M | −$1 | −$1 |
| Investing activities | |||
| Capital expenditures | −$5 | $0 | $0 |
| Acquisitions & other investing | $25.2M | — | — |
| Cash from investing activities | $25.2M | — | — |
| Financing activities | |||
| Dividends paid | −$31.6M | — | — |
| Shares issued | $0 | $0 | $0 |
| Other financing | $0 | — | — |
| Cash from financing activities | −$31.6M | — | — |
| Summary | |||
| Net change in cash | $75,537 | $990 | $1.1M |
| Cash at end of period | $75,538 | $990 | $1.1M |
| Free cash flow | −$2.3M | −$1 | −$1 |
| Free cash flow margin | −2.7% | −0.0% | — |
| Capex / revenue | 0.0% | 0.0% | — |
| Operating cash flow / net income | −0.03 | −0.00 | — |
| Mar '26 | Sep '25 | Mar '25 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Sep '21 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | $65.3M | $132.8M | −$47.2M | $33.8M | $16,901 | −$52,302 | −$14,153 | $32,265 |
| Depreciation & amortization | — | — | $1.4M | $940,748 | — | $1.3M | — | $2.1M |
| Change in working capital | $139,035 | −$129,614 | −$73,795 | — | — | — | — | — |
| Other non-cash items | −$66.7M | −$134.0M | $44.9M | −$34.7M | −$16,901 | −$1.2M | $14,153 | −$2.2M |
| Cash from operating activities | −$1.2M | −$1.3M | −$1.0M | −$0 | −$0 | −$0 | −$0 | −$0 |
| Investing activities | ||||||||
| Capital expenditures | $0 | −$1 | −$4 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | $10.2M | $20.8M | $4.4M | — | — | — | — | — |
| Cash from investing activities | $10.2M | $20.8M | $4.4M | — | — | — | — | — |
| Financing activities | ||||||||
| Dividends paid | −$18.2M | −$31.6M | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.6M | $8.4M | −$8.4M | — | — | — | — | — |
| Cash from financing activities | −$16.6M | −$23.2M | −$8.4M | — | — | — | — | — |
| Summary | ||||||||
| Net change in cash | −$75,538 | $75,538 | — | $377 | −$0 | −$545 | −$0 | −$1 |
| Cash at end of period | — | $75,538 | $1 | $822 | −$0 | $445 | −$0 | −$1 |
| Free cash flow | −$1.2M | −$1.3M | −$1.0M | −$0 | −$0 | −$0 | −$0 | −$0 |
| Free cash flow margin | −2.5% | −11.0% | −5.7% | −0.0% | −0.0% | −0.0% | −0.1% | — |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Operating cash flow / net income | −0.02 | −0.01 | — | −0.00 | −0.00 | — | — | −0.00 |
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.
HQL cash generation
In fiscal 2025 (ended September 30, 2025), Tekla Life Sciences Investors generated -$2.3 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$2.3 million, −2.7% of revenue. It returned $31.6 million to shareholders through dividends ($31.6 million) and net share buybacks ($0). Cash and equivalents rose by $0.1 million over the year.
Related: HQL income statement, HQL balance sheet, HQL dividend history. See the HQL stock overview for the latest quote and news.
HQL cash flow FAQ
What is Tekla Life Sciences Investors's free cash flow?
Tekla Life Sciences Investors's free cash flow was -$2.3 million in fiscal 2025: -$2.3 million of operating cash flow minus $0.0 million of capital expenditures It was -$0.0 million a year earlier..
How much cash does Tekla Life Sciences Investors generate from operations?
Tekla Life Sciences Investors generated -$2.3 million of cash from operating activities in fiscal 2025, −0.03 times its net income of $85.6 million.
How much does Tekla Life Sciences Investors spend on capital expenditures?
Tekla Life Sciences Investors spent $0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue.
How much does Tekla Life Sciences Investors pay in dividends?
Tekla Life Sciences Investors paid $31.6 million in dividends in fiscal 2025.