Oculis Holding AG (OCS) Cash Flow Statement
Where OCS’s cash came from and went, 2025
December 31, 2025 · Swiss francs- Cash from operations
- −CHF 62.2M
- Capital expenditures
- CHF 287,470
- Free cash flow
- −CHF 62.5M
- Returned to shareholders
- —
- Change in cash
- CHF 57.2M cash at year-end CHF 81.4M
Cash from operations
−CHF 62.2M
Capital expenditures
−CHF 287,470
Investments (net)
−CHF 60.8M
Acquisitions & other
+CHF 1.7M
Net borrowing (repayment)
−CHF 373,000
Shares issued
+CHF 178.9M
Currency & other
+CHF 286,185
Change in cash
CHF 57.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OCS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OCS cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CHF 12.0M2020 | −CHF 62.2M2025 | — | |
| Capital expenditures | CHF 19,0002020 | CHF 287,4702025 | +72.2%/yr | |
| Free cash flow | −CHF 12.0M2020 | −CHF 62.5M2025 | — | |
| Free cash flow margin | −1,213.3%2020 | −6,957.6%2024 | −5,744.3 pts | |
| Stock-based compensation | CHF 328,0002020 | CHF 16.0M2025 | +117.7%/yr | |
| Dividends paid | CHF 02023 | CHF 02025 | — | |
| Capex / revenue | 1.9%2020 | 33.5%2024 | +31.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OCS cash flow by activity
OperatingInvestingFinancingChange in cash
OCS 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).
OCS cash flow statement in Swiss francs
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −CHF 94.5M | −CHF 85.9M | −CHF 88.7M | −CHF 38.6M | −CHF 18.5M | −CHF 14.8M |
| Depreciation & amortization | CHF 546,000 | CHF 406,000 | CHF 287,000 | CHF 299,000 | CHF 235,000 | CHF 228,000 |
| Stock-based compensation | CHF 16.0M | CHF 9.8M | CHF 3.6M | CHF 804,000 | CHF 328,000 | CHF 328,000 |
| Change in working capital | −CHF 70,672 | CHF 14.2M | −CHF 13.0M | CHF 6.0M | −CHF 791,000 | −CHF 451,000 |
| Other non-cash items | CHF 15.8M | CHF 14.1M | CHF 43.9M | CHF 6.5M | CHF 4.9M | CHF 2.7M |
| Cash from operating activities | −CHF 62.2M | −CHF 47.5M | −CHF 53.8M | −CHF 25.1M | −CHF 13.8M | −CHF 12.0M |
| Investing activities | ||||||
| Capital expenditures | −CHF 287,470 | −CHF 230,000 | −CHF 48,000 | −CHF 3.5M | −CHF 28,000 | −CHF 19,000 |
| Investments (net) | −CHF 60.8M | −CHF 17.6M | −CHF 54.2M | −CHF 3.5M | −CHF 28,000 | −CHF 19,000 |
| Acquisitions & other investing | CHF 1.7M | CHF 230,000 | CHF 48,000 | CHF 3.5M | CHF 28,000 | CHF 19,000 |
| Cash from investing activities | −CHF 59.4M | −CHF 17.6M | −CHF 54.2M | −CHF 3.5M | −CHF 28,000 | −CHF 19,000 |
| Financing activities | ||||||
| Dividends paid | CHF 0 | CHF 0 | CHF 0 | — | — | — |
| Net borrowing (repayment) | −CHF 373,000 | −CHF 274,000 | −CHF 158,000 | −CHF 159,000 | −CHF 159,000 | −CHF 98,000 |
| Shares issued | CHF 178.9M | CHF 53.5M | CHF 135.6M | CHF 2.1M | CHF 56.1M | CHF 5.0M |
| Other financing | CHF 111,800 | CHF 763,000 | −CHF 5.8M | −CHF 277,000 | −CHF 743,000 | −CHF 68,000 |
| Cash from financing activities | CHF 178.6M | CHF 54.0M | CHF 129.7M | CHF 1.7M | CHF 55.2M | CHF 4.9M |
| Summary | ||||||
| Net change in cash | CHF 57.2M | −CHF 10.6M | CHF 18.5M | −CHF 26.5M | CHF 41.3M | −CHF 7.2M |
| Cash at end of period | CHF 81.4M | CHF 27.7M | CHF 38.3M | CHF 19.8M | CHF 46.3M | CHF 5.0M |
| Free cash flow | −CHF 62.5M | −CHF 47.7M | −CHF 53.9M | −CHF 28.6M | −CHF 13.9M | −CHF 12.0M |
| Free cash flow margin | — | −6,957.6% | −6,103.4% | −3,138.4% | −1,443.0% | −1,213.3% |
| Capex / revenue | — | 33.5% | 5.4% | 389.0% | 2.9% | 1.9% |
| 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 | −CHF 10.0M | −CHF 28.9M | −CHF 23.7M | −CHF 16.8M | −CHF 25.4M | −CHF 33.2M | −CHF 28.9M | −CHF 20.2M | −CHF 20.8M | −CHF 16.1M | −CHF 12.5M | −CHF 17.5M |
| Depreciation & amortization | CHF 178,000 | CHF 157,434 | CHF 158,000 | CHF 152,000 | CHF 113,000 | CHF 123,000 | CHF 122,000 | CHF 122,000 | CHF 89,000 | CHF 73,000 | CHF 74,000 | CHF 73,000 |
| Stock-based compensation | CHF 6.6M | CHF 5.0M | CHF 4.3M | CHF 4.6M | CHF 4.5M | CHF 2.6M | CHF 2.8M | CHF 2.5M | CHF 3.3M | CHF 1.1M | CHF 1.0M | CHF 1.2M |
| Change in working capital | −CHF 3.3M | CHF 1.4M | −CHF 332,000 | CHF 2.1M | −CHF 1.2M | −CHF 642,000 | CHF 3.2M | CHF 5.8M | CHF 5.4M | −CHF 278,000 | −CHF 2.8M | CHF 3.0M |
| Other non-cash items | −CHF 13.8M | CHF 6.9M | CHF 2.9M | −CHF 3.4M | CHF 4.7M | CHF 12.1M | CHF 12.4M | CHF 1.3M | −CHF 1.5M | CHF 1.4M | CHF 1.2M | CHF 1.3M |
| Cash from operating activities | −CHF 20.2M | −CHF 15.5M | −CHF 16.7M | −CHF 13.4M | −CHF 17.2M | −CHF 19.0M | −CHF 10.4M | −CHF 10.4M | −CHF 13.5M | −CHF 13.7M | −CHF 13.0M | −CHF 12.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −CHF 14,000 | −CHF 7,159 | −CHF 38,000 | −CHF 124,000 | −CHF 126,000 | −CHF 1.1M | −CHF 57,000 | −CHF 154,000 | −CHF 19,000 | −CHF 3 | −CHF 5,000 | −CHF 19,000 |
| Investments (net) | −CHF 8.8M | −CHF 25.7M | −CHF 33.0M | −CHF 2.6M | CHF 25.8M | −CHF 51.5M | −CHF 1.1M | CHF 4.2M | −CHF 18.6M | −CHF 2.0M | CHF 21.7M | −CHF 3.8M |
| Acquisitions & other investing | CHF 316,000 | −CHF 572,847 | CHF 412,000 | CHF 124,000 | CHF 126,000 | CHF 1.1M | CHF 57,000 | CHF 154,000 | CHF 19,000 | CHF 535,003 | CHF 5,000 | CHF 19,000 |
| Cash from investing activities | −CHF 8.5M | −CHF 26.3M | −CHF 32.6M | −CHF 2.6M | CHF 25.8M | −CHF 51.5M | −CHF 1.1M | CHF 4.2M | −CHF 18.6M | −CHF 1.5M | CHF 21.7M | −CHF 3.8M |
| Financing activities | ||||||||||||
| Dividends paid | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | CHF 0 | — | CHF 0 | CHF 0 | CHF 0 | — | — |
| Share repurchases & issuance (net) | — | — | — | −CHF 4,000 | — | — | — | — | — | — | −CHF 11.9M | — |
| Net borrowing (repayment) | −CHF 129,000 | −CHF 102,000 | −CHF 102,000 | −CHF 110,000 | −CHF 73,000 | −CHF 88,000 | −CHF 86,000 | −CHF 84,000 | — | — | — | — |
| Shares issued | CHF 25.4M | CHF 22.4M | CHF 88.6M | CHF 0 | CHF 0 | CHF 90.2M | CHF 0 | CHF 0 | CHF 53.5M | CHF 0 | CHF 0 | CHF 0 |
| Other financing | −CHF 235,000 | CHF 1.9M | −CHF 4.3M | −CHF 1.6M | CHF 678,000 | CHF 13.7M | CHF 2.8M | −CHF 636,000 | −CHF 1.7M | CHF 171,000 | CHF 12.3M | CHF 458,000 |
| Cash from financing activities | CHF 25.0M | CHF 24.2M | CHF 84.2M | −CHF 1.7M | CHF 605,000 | CHF 103.8M | CHF 2.7M | −CHF 720,000 | CHF 51.9M | CHF 171,000 | CHF 466,000 | CHF 458,000 |
| Summary | ||||||||||||
| Net change in cash | −CHF 3.0M | −CHF 17.9M | CHF 34.9M | −CHF 17.8M | CHF 4.4M | CHF 32.2M | −CHF 7.9M | −CHF 8.2M | CHF 19.5M | −CHF 14.0M | CHF 7.6M | −CHF 11.2M |
| Cash at end of period | CHF 61.6M | CHF 64.4M | CHF 81.3M | CHF 46.4M | CHF 64.3M | CHF 59.9M | CHF 27.7M | CHF 35.6M | CHF 43.9M | CHF 24.4M | CHF 38.3M | CHF 30.7M |
| Free cash flow | −CHF 20.2M | −CHF 15.5M | −CHF 16.7M | −CHF 13.5M | −CHF 17.4M | −CHF 20.1M | −CHF 10.4M | −CHF 10.6M | −CHF 13.5M | −CHF 13.7M | −CHF 13.0M | −CHF 12.0M |
| Free cash flow margin | — | — | — | −5,572.8% | −6,654.4% | — | — | — | −5,524.1% | −6,180.2% | −7,038.9% | −5,478.5% |
| Capex / revenue | — | — | — | 51.0% | 48.3% | — | — | — | 7.8% | 0.0% | 2.7% | 8.7% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Swiss francs as reported; data from EODHD.
OCS cash generation
In fiscal 2025 (ended December 31, 2025), Oculis generated -CHF 62.2 million of cash from operations and spent CHF 0.3 million on capital expenditures, leaving free cash flow of -CHF 62.5 million. Cash and equivalents rose by CHF 57.2 million over the year.
Related: OCS income statement, OCS balance sheet. See the OCS stock overview for the latest quote and news.
OCS cash flow FAQ
What is Oculis's free cash flow?
Oculis's free cash flow was -CHF 62.5 million in fiscal 2025: -CHF 62.2 million of operating cash flow minus CHF 0.3 million of capital expenditures It was -CHF 47.7 million a year earlier..
How much cash does Oculis generate from operations?
Oculis generated -CHF 62.2 million of cash from operating activities in fiscal 2025.
How much does Oculis spend on capital expenditures?
Oculis spent CHF 0.3 million on capital expenditures in fiscal 2025, compared with CHF 0.2 million the year before.