PAVmed Inc. (PAVM) Cash Flow Statement
Where PAVM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$5.21B
- Capital expenditures
- $31,000 43.7% of revenue
- Free cash flow
- −$5.21B −7,332,394.4% margin
- Returned to shareholders
- —
- Change in cash
- $353.0M cash at year-end $1.54B
Cash from operations
−$5.21B
Acquisitions & other
−$31.0M
Other financing
+$5.58B
Change in cash
$353.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
PAVM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
PAVM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$4.5M2016 | −$5.21B2025 | — | |
| Capital expenditures | $21,7932016 | $31,0002025 | +4.0%/yr | |
| Free cash flow | −$4.5M2016 | −$5.21B2025 | — | |
| Free cash flow margin | −8,412.0%2021 | −7,332,394.4%2025 | −7,323,982.4 pts | |
| Stock-based compensation | $747,3652016 | $1.71B2025 | +136.2%/yr | |
| Dividends paid | $7,0992016 | $12.55B2023 | +680.7%/yr | |
| Share buybacks (net) | $02016 | $02024 | — | |
| Capex / revenue | 293.8%2021 | 43.7%2025 | −250.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PAVM cash flow by activity
OperatingInvestingFinancingChange in cash
PAVM 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).
PAVM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$2.47B | $28.4M | −$79.3M | −$103.2M | −$56.1M | −$35.9M | −$17.3M | −$18.2M | −$9.5M | −$5.7M |
| Depreciation & amortization | $105,000 | $1.2M | $2.9M | $2.5M | $226,000 | $23,000 | $14,226 | $9,790 | $7,110 | $3,793 |
| Stock-based compensation | $1.71B | $6.4M | $11.1M | $19.5M | $15.0M | $2.0M | $1.6M | $1.2M | $1.0M | $747,365 |
| Change in working capital | $98,000 | $512,000 | $1.6M | −$716,000 | −$1.6M | $83,000 | −$63,934 | $1.3M | $559,215 | $444,836 |
| Other non-cash items | −$4.44B | −$70.1M | $11.6M | $11.0M | $1.9M | $11.8M | $2.4M | $6.8M | $1.3M | $0 |
| Cash from operating activities | −$5.21B | −$33.6M | −$52.0M | −$71.0M | −$40.6M | −$21.9M | −$13.4M | −$8.8M | −$6.6M | −$4.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$31,000 | −$55,000 | −$242,000 | −$1.5M | −$1.5M | −$55,000 | −$27,203 | −$26,609 | −$5,301 | −$21,793 |
| Investments (net) | — | −$16.2M | $643,000 | −$4.7M | −$3.7M | −$55,000 | −$27,203 | −$26,609 | −$5,301 | −$21,793 |
| Acquisitions & other investing | −$31.0M | $55,000 | $357,000 | $1.5M | $1.5M | $55,000 | $27,203 | $26,609 | $5,301 | $21,793 |
| Cash from investing activities | −$31.0M | −$16.2M | $758,000 | −$4.7M | −$3.7M | −$55,000 | −$27,203 | −$26,609 | −$5,301 | −$21,793 |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$12.55B | −$35.2M | −$436.0M | −$357,000 | −$67.44B | −$7,099 | −$7,099 | −$7,099 |
| Share repurchases & issuance (net) | — | $62.0M | $259.0M | −$366,000 | $436.0M | $357,000 | $67.44B | $16.4M | −$388,628 | $5.3M |
| Net borrowing (repayment) | $0 | −$531,000 | $9.9M | $35.2M | −$14.8M | $16.7M | $6.2M | −$5.0M | $4.8M | $4.8M |
| Shares issued | $5.7M | $31.7M | $15.6M | $1.9M | $117.0M | $16.0M | $5.5M | $4.4M | $0 | $0 |
| Other financing | $5.58B | −$61.9M | $12.29B | $36.7M | $2.1M | $274,000 | −$380,100 | −$339,112 | $3.1M | −$5.8M |
| Cash from financing activities | $5.59B | $31.3M | $31.2M | $38.2M | $104.3M | $33.0M | $11.4M | $15.5M | $7.6M | $4.3M |
| Summary | ||||||||||
| Net change in cash | $353.0M | −$18.5M | −$20.1M | −$37.5M | $60.0M | $11.0M | −$2.0M | $6.7M | $949,342 | −$181,588 |
| Cash at end of period | $1.54B | $1.2M | $19.6M | $39.7M | $77.3M | $17.3M | $6.2M | $8.2M | $1.5M | $585,680 |
| Free cash flow | −$5.21B | −$33.6M | −$52.3M | −$72.5M | −$42.1M | −$22.0M | −$13.4M | −$8.8M | −$6.6M | −$4.5M |
| Free cash flow margin | −7,332,394.4% | −1,122.2% | −2,132.1% | −19,237.4% | −8,412.0% | — | — | — | — | — |
| Capex / revenue | 43.7% | 1.8% | 9.9% | 408.5% | 293.8% | — | — | — | — | — |
| Operating cash flow / net income | — | −1.18 | — | — | — | — | — | — | — | — |
| 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 | −$6.6M | −$1.06B | −$2.8M | −$6.0M | −$12.3M | $18.6M | $1.1M | $60.7M | −$14.9M | −$18.5M | −$17.4M | −$21.7M |
| Depreciation & amortization | $19,000 | $20,000 | $18,000 | $22,000 | $22,000 | $43,000 | $69,000 | $238,000 | $305,000 | $586,000 | $725,000 | $733,000 |
| Stock-based compensation | $917,000 | $182.0M | $232,000 | $383,000 | $162,000 | $930,000 | $733,000 | $1.9M | $1.9M | $1.9M | $2.0M | $2.2M |
| Change in working capital | −$38,000 | −$26,000 | $175,000 | $182,000 | $69,000 | −$328,000 | $1.1M | −$519,000 | −$422,000 | $378,000 | $2.1M | $1.4M |
| Other non-cash items | $3.0M | −$1.74B | $781,000 | $4.5M | $10.9M | −$20.8M | −$2.9M | −$71.2M | $1.5M | $2.6M | $717,000 | $6.3M |
| Cash from operating activities | −$2.7M | −$2.62B | −$1.6M | −$896,000 | −$1.2M | −$1.6M | $94,000 | −$8.9M | −$11.7M | −$13.1M | −$11.9M | −$11.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$13,000 | −$22,000 | −$14,000 | −$3,000 | −$8,000 | −$6,000 | −$4,000 | −$6,000 | −$3,000 | −$42,000 | −$183,000 | −$18,000 |
| Investments (net) | — | — | — | −$3,000 | −$8,000 | −$6,000 | −$4,000 | −$16.1M | −$3,000 | −$42,000 | −$183,000 | −$18,000 |
| Acquisitions & other investing | $0 | −$22.0M | $0 | $3,000 | $8,000 | $6,000 | $4,000 | $6,000 | $3,000 | $42,000 | $183,000 | $18,000 |
| Cash from investing activities | −$13,000 | −$22.0M | −$14,000 | −$3,000 | −$8,000 | −$6,000 | −$4,000 | −$16.1M | −$3,000 | −$42,000 | −$183,000 | −$18,000 |
| Financing activities | ||||||||||||
| Dividends paid | — | — | −$6.3M | — | — | — | — | — | — | — | — | — |
| Share repurchases & issuance (net) | $0 | −$26.2M | — | — | $0 | $0 | — | $62.0M | — | $62.0M | $77.0M | $0 |
| Net borrowing (repayment) | $0 | $3.9M | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $29.9M | $0 | $0 | $2.5M | $3.2M | $330,000 | $284,000 | $12.2M | $19.0M | $4.8M | $275,000 |
| Other financing | $0 | $7.56B | $8.09B | −$2,000 | $0 | −$109,000 | $0 | −$62.0M | −$562,000 | −$61.9M | −$76.5M | $77,000 |
| Cash from financing activities | $0 | $7.56B | $8.08B | −$2,000 | $2.5M | $3.1M | $330,000 | $284,000 | $11.6M | $19.0M | $5.3M | $352,000 |
| Summary | ||||||||||||
| Net change in cash | −$2.7M | $4.92B | −$1.6M | −$901,000 | $1.3M | $1.5M | $420,000 | −$24.7M | −$37,000 | $5.9M | −$6.8M | −$10.8M |
| Cash at end of period | $3.8M | $6.46B | $1.5M | $3.1M | $4.0M | $2.7M | $1.2M | $765,000 | $25.5M | $25.5M | $19.6M | $26.4M |
| Free cash flow | −$2.7M | −$2.62B | −$1.6M | −$899,000 | −$1.2M | −$1.6M | $90,000 | −$8.9M | −$11.7M | −$13.2M | −$12.1M | −$11.1M |
| Free cash flow margin | −8,109.1% | −11,909,090.9% | −3,009.6% | −17,980.0% | −19,766.7% | −19,837.5% | 900.0% | −892.5% | −1,190.9% | −1,302.1% | −1,149.4% | −1,404.2% |
| Capex / revenue | 39.4% | 100.0% | 26.9% | 60.0% | 133.3% | 75.0% | 40.0% | 0.6% | 0.3% | 4.2% | 17.4% | 2.3% |
| Operating cash flow / net income | — | — | — | — | — | −0.08 | 0.08 | −0.15 | — | — | — | — |
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.
PAVM cash generation
In fiscal 2025 (ended December 31, 2025), PAVmed generated -$5.2 billion of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$5.2 billion, −7,332,394.4% of revenue. Cash and equivalents rose by $353.0 million over the year.
Related: PAVM income statement, PAVM balance sheet. See the PAVM stock overview for the latest quote and news.
PAVM cash flow FAQ
What is PAVmed's free cash flow?
PAVmed's free cash flow was -$5.2 billion in fiscal 2025: -$5.2 billion of operating cash flow minus $0.0 million of capital expenditures It was -$33.6 million a year earlier..
How much cash does PAVmed generate from operations?
PAVmed generated -$5.2 billion of cash from operating activities in fiscal 2025.
How much does PAVmed spend on capital expenditures?
PAVmed spent $0.0 million on capital expenditures in fiscal 2025, 43.7% of revenue, compared with $0.1 million the year before.