Rafael Holdings, Inc. (RFL) Cash Flow Statement
Where RFL’s cash came from and went, FY2025
July 31, 2025 · U.S. dollars- Cash from operations
- −$18.9M
- Capital expenditures
- $4,000 0.4% of revenue
- Free cash flow
- −$18.9M −2,064.1% margin
- Returned to shareholders
- —
- Change in cash
- $50.1M cash at year-end $52.8M
Cash from operations
−$18.9M
Acquisitions & other
+$44.0M
Share buybacks (net)
+$25.0M
Other financing
−$171,000
Currency & other
+$149,000
Change in cash
$50.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RFL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
RFL cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $72,000FY2016 | −$18.9MFY2025 | — | |
| Capital expenditures | $1.6MFY2016 | $4,000FY2025 | −48.4%/yr | |
| Free cash flow | −$1.5MFY2016 | −$18.9MFY2025 | — | |
| Free cash flow margin | −26.5%FY2016 | −2,064.1%FY2025 | −2,037.6 pts | |
| Operating cash flow / net income | 0.10FY2016 | −11.76FY2017 | −11.86 | |
| Stock-based compensation | −$86,000FY2017 | $2.1MFY2025 | — | |
| Dividends paid | $0FY2016 | $18.3MFY2019 | — | |
| Share buybacks (net) | $0FY2016 | $0FY2025 | — | |
| Capex / revenue | 27.8%FY2016 | 0.4%FY2025 | −27.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RFL cash flow by activity
OperatingInvestingFinancingChange in cash
RFL 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).
RFL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$30.6M | −$65.0M | −$2.2M | −$140.5M | −$22.8M | −$10.4M | −$4.9M | −$12.1M | $138,000 | $710,000 |
| Depreciation & amortization | $288,000 | $225,000 | $78,000 | $72,000 | $70,000 | $1.9M | $1.8M | $1.7M | $1.7M | $1.6M |
| Stock-based compensation | $2.1M | $2.3M | $2.2M | −$917,000 | $6.6M | $684,000 | $372,000 | $392,000 | −$86,000 | — |
| Change in working capital | $967,000 | −$610,000 | −$92,000 | −$10,000 | −$989,000 | $1.2M | $1.6M | −$792,000 | −$3.2M | −$2.7M |
| Other non-cash items | $8.3M | $55.3M | −$10.8M | $115.3M | $1.5M | $2.0M | −$2.0M | $9.0M | −$182,000 | $463,000 |
| Cash from operating activities | −$18.9M | −$7.8M | −$10.9M | −$26.1M | −$15.6M | −$4.7M | −$3.1M | −$1.8M | −$1.6M | $72,000 |
| Investing activities | ||||||||||
| Capital expenditures | −$4,000 | −$178,000 | −$51.7M | −$2,000 | −$206,000 | −$534,000 | −$399,000 | −$710,000 | −$1.8M | −$1.6M |
| Investments (net) | — | −$10.8M | $21.2M | −$36.8M | −$8.2M | −$1.0M | −$30.8M | $4.1M | −$11.2M | −$3.7M |
| Acquisitions & other investing | $44.0M | $178,000 | $51.7M | −$27.0M | $1.1M | $534,000 | $0 | $710,000 | $1.8M | $1.6M |
| Cash from investing activities | $44.0M | −$10.8M | $21.2M | −$63.8M | −$7.3M | −$1.0M | −$31.2M | $4.1M | −$11.2M | −$3.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | −$18.3M | $0 | $0 | $0 |
| Share repurchases & issuance (net) | $25.0M | −$168,000 | −$218,000 | −$75,000 | −$185,000 | −$125,000 | $864,000 | $0 | $0 | $0 |
| Net borrowing (repayment) | — | −$800,000 | $0 | — | $15.0M | $15.0M | $18.3M | $886,000 | $11.3M | $265,000 |
| Shares issued | $0 | $0 | $0 | $110.2M | $13.0M | $0 | $7.8M | $0 | $0 | $0 |
| Other financing | −$171,000 | $789,000 | −$15.0M | −$6.2M | $1.6M | −$15.0M | $22.2M | $864,000 | $11.0M | $0 |
| Cash from financing activities | $24.8M | −$179,000 | −$15.2M | $103.9M | $29.4M | −$96,000 | $30.9M | $1.8M | $22.3M | $265,000 |
| Summary | ||||||||||
| Net change in cash | $50.1M | −$18.8M | −$5.0M | $13.7M | $6.6M | −$5.8M | −$3.8M | $4.0M | $9.4M | −$3.3M |
| Cash at end of period | $52.8M | $2.7M | $21.5M | $26.5M | $12.9M | $6.2M | $12.0M | $15.8M | $11.8M | $2.3M |
| Free cash flow | −$18.9M | −$8.0M | $40.8M | −$26.1M | −$15.8M | −$5.2M | −$3.5M | −$2.5M | −$3.4M | −$1.5M |
| Free cash flow margin | −2,064.1% | −1,252.7% | 14,621.1% | −6,361.2% | −1,970.9% | −105.9% | −71.6% | −57.8% | −61.3% | −26.5% |
| Capex / revenue | 0.4% | 27.9% | 18,522.9% | 0.5% | 25.7% | 10.9% | 8.1% | 16.2% | 32.4% | 27.8% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | −11.76 | 0.10 |
| Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | Jul '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$4.2M | $9.9M | −$9.8M | $236,000 | −$4.1M | −$5.3M | −$9.2M | −$4.5M | −$62.3M | $6.0M | −$3.8M | $7.7M |
| Depreciation & amortization | $48,000 | $55,000 | $50,000 | $50,000 | $62,000 | $90,000 | $86,000 | $68,000 | $102,000 | $38,000 | $17,000 | $18,000 |
| Stock-based compensation | $172,000 | −$598,000 | $598,000 | — | $353,000 | $502,000 | $359,000 | $436,000 | $496,000 | $715,000 | $649,000 | $540,000 |
| Change in working capital | −$897,000 | −$2.4M | $2.4M | $881,000 | −$537,000 | $401,000 | $222,000 | $382,000 | −$204,000 | −$324,000 | −$464,000 | −$212,000 |
| Other non-cash items | −$2.4M | −$14.4M | −$88,000 | −$11.5M | $983,000 | $2.0M | $5.5M | $693,000 | $61.6M | −$9.0M | $1.4M | −$9.5M |
| Cash from operating activities | −$7.3M | −$7.5M | −$6.8M | −$10.4M | −$3.2M | −$2.3M | −$3.0M | −$2.9M | −$251,000 | −$2.5M | −$2.1M | −$1.4M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$5,000 | $0 | −$1,000 | −$9,000 | −$8,000 | −$15,000 | −$29,000 | −$138,000 | −$11,000 | $0 | −$49.4M |
| Investments (net) | $0 | −$250,000 | −$500,000 | — | −$7.2M | $42.5M | $8.6M | −$4.4M | $631,000 | −$2.8M | −$6.8M | $7.4M |
| Acquisitions & other investing | $6,000 | $0 | $70,000 | $164,000 | $9,000 | $8,000 | $15,000 | — | $138,000 | $11,000 | $0 | $49.4M |
| Cash from investing activities | $6,000 | −$255,000 | −$430,000 | $163,000 | −$7.2M | $42.5M | $8.6M | — | $631,000 | −$2.8M | −$6.8M | $7.4M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | $25.0M | $0 | $0 | $0 | $0 | −$30,000 | −$89,000 | −$79,000 | −$35,000 |
| Net borrowing (repayment) | — | — | −$2,000 | — | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$28,000 | −$44,000 | −$28,000 | −$105,000 | $11,000 | −$27,000 | −$48,000 | −$24,000 | $0 | −$843,000 | $886,000 | $0 |
| Cash from financing activities | −$28,000 | −$44,000 | −$30,000 | $24.9M | $11,000 | −$27,000 | −$48,000 | −$24,000 | −$30,000 | −$932,000 | $807,000 | −$35,000 |
| Summary | ||||||||||||
| Net change in cash | −$7.3M | −$7.8M | −$7.2M | $14.8M | −$10.4M | $40.2M | $5.5M | −$4.8M | $300,000 | −$6.1M | −$8.3M | $6.1M |
| Cash at end of period | $30.5M | $37.8M | $45.5M | $52.8M | $37.9M | $48.3M | $8.2M | $2.7M | $7.4M | $7.1M | $13.2M | $21.5M |
| Free cash flow | −$7.3M | −$7.5M | −$6.8M | −$10.4M | −$3.2M | −$2.3M | −$3.1M | −$2.9M | −$389,000 | −$2.5M | −$2.1M | −$1.4M |
| Free cash flow margin | −4,069.3% | −3,562.1% | −2,835.8% | −2,965.1% | −878.7% | −3,016.9% | −2,388.3% | −1,768.5% | −115.8% | −3,735.3% | −3,136.8% | −2,129.4% |
| Capex / revenue | 0.0% | 2.4% | 0.0% | 0.3% | 2.5% | 10.4% | 11.7% | 17.6% | 41.1% | 16.2% | 0.0% | 72,647.1% |
| Operating cash flow / net income | — | −0.76 | — | −43.98 | — | — | — | — | — | −0.42 | — | −0.19 |
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.
RFL cash generation
In fiscal 2025 (ended July 31, 2025), Rafael generated -$18.9 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$18.9 million, −2,064.1% of revenue. Cash and equivalents rose by $50.1 million over the year.
Related: RFL income statement, RFL balance sheet. See the RFL stock overview for the latest quote and news.
RFL cash flow FAQ
What is Rafael's free cash flow?
Rafael's free cash flow was -$18.9 million in fiscal 2025: -$18.9 million of operating cash flow minus $0.0 million of capital expenditures It was -$8.0 million a year earlier..
How much cash does Rafael generate from operations?
Rafael generated -$18.9 million of cash from operating activities in fiscal 2025.
How much does Rafael spend on capital expenditures?
Rafael spent $0.0 million on capital expenditures in fiscal 2025, 0.4% of revenue, compared with $0.2 million the year before.