What is Savara Inc's earnings per share (EPS)?

Savara Inc (SVRA) reported diluted earnings per share of -$0.53 for fiscal year 2025. This represents a -10.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Savara Inc Financials

SVRA

FY2025 annual

Revenue Not reported for FY2025

Net Income -$118.8M -23.9% YoY

EPS (Diluted) -$0.53 -10.4% YoY

Free Cash Flow -$101.1M -13.4% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 11, 2026 Currency USD FYE December

This page shows Savara Inc (SVRA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SVRA FY2025 2026-08-30

Savara’s operating model is dominated by R&D-funded losses, with external financing supplying the capital consumed by development.

FY2025’s net loss of -$118.8M was directionally close to operating cash flow of -$101.0M, so reported expenses largely translated into cash use rather than being masked by working-capital movements. Free cash flow was only -$22K below operating cash flow, confirming that capex is immaterial; the worsening cash use versus FY2024 therefore reflects heavier development spending.

FY2025 ended with total assets of $253.4M and liabilities of $50.3M, leaving the balance sheet funded mainly by equity rather than debt. The rise in financing cash flow from $117.6M in FY2024 to $137.8M in FY2025 shows that expansion was financed externally, not by internally generated cash.

R&D reached $81.4M while selling, general, and administrative expense reached $42.1M in FY2025, making development the larger spending engine and showing commercial overhead is not yet the primary cost. The reported 28 months of latest annual outflow and 11.8x current ratio describe substantial short-term liquidity at year-end, but do not change the fact that operations consumed cash.

Financial Health Signals

Financial health score not available

Savara Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/7

Savara Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality No Cash Backing

N/A

Savara Inc reported a net loss of $118.8M while operations used $101.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$123.5M

YoY-19.8%

Savara Inc's EBITDA was -$123.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.8% from the prior year.

Net Income

-$118.8M

YoY-23.9%

Savara Inc reported -$118.8M in net income in fiscal year 2025. This represents a decrease of 23.9% from the prior year.

EPS (Diluted)

-$0.53

YoY-10.4%

Savara Inc earned -$0.53 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.4% from the prior year.

Revenue

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$101.1M

YoY-13.4%

Savara Inc recorded an outflow of $101.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 13.4% from the prior year.

Cash & Debt

$33.2M

YoY+119.3%

5Y CAGR+7.7%

10Y CAGR+7.1%

Savara Inc held $33.2M in cash against $29.9M in long-term debt as of fiscal year 2025.

Shares Outstanding

205M

YoY+18.6%

Savara Inc had 205M shares outstanding in fiscal year 2025. This represents an increase of 18.6% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-58.5%

YoY-2.6pp

5Y CAGR+18.6pp

Savara Inc's ROE was -58.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$81.4M

YoY+4.3%

5Y CAGR+18.4%

10Y CAGR+34.1%

Savara Inc invested $81.4M in research and development in fiscal year 2025. This represents an increase of 4.3% from the prior year.

Capital Expenditures

$22K

YoY-12.0%

5Y CAGR-14.1%

10Y CAGR-18.2%

Savara Inc invested $22K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.0% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

SVRA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SVRA quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$257K	$0	N/A	$0-100.0%	$400K+640.7%	$54K	$0	$0	$0	N/A
R&D Expenses	N/A	$81.4M+4.3%	$78.0M+76.3%	$44.3M+58.8%	$27.9M-3.8%	$29.0M-17.3%	$35.0M-9.7%	$38.8M+4.3%	$37.2M+100.8%	$18.5M+126.3%	$8.2M+89.4%	$4.3M-77.8%	$19.4M+50.6%	$12.9M+59.5%	$8.1M+40.5%	$5.8M
SG&A Expenses	N/A	$42.1M+68.0%	$25.0M+59.8%	$15.7M+43.4%	$10.9M-11.5%	$12.3M-13.4%	$14.3M+9.0%	$13.1M+22.8%	$10.7M-3.9%	$11.1M+18.6%	$9.3M-14.8%	$11.0M+15.5%	$9.5M+11.4%	$8.5M+13.3%	$7.5M+4.6%	$7.2M
Operating Income	N/A	-$123.5M-19.7%	-$103.2M-72.0%	-$60.0M-54.5%	-$38.8M+6.4%	-$41.5M+15.9%	-$49.3M+37.6%	-$79.0M-12.8%	-$70.0M-133.8%	-$30.0M-173.6%	-$10.9M-84.8%	-$5.9M+79.8%	-$29.3M-35.9%	-$21.5M-37.8%	-$15.6M-16.7%	-$13.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.2M+156.9%	$452K-82.5%	$2.6M	N/A	N/A	N/A	$11K
Income Tax	N/A	$0-100.0%	$9K	N/A	N/A	N/A	N/A	N/A	-$7.1M-94.2%	-$3.6M-917.9%	-$357K	$0	$0	$0	N/A	N/A
Net Income	N/A	-$118.8M-23.9%	-$95.9M-75.3%	-$54.7M-43.4%	-$38.1M+11.3%	-$43.0M+13.3%	-$49.6M+36.5%	-$78.2M-27.1%	-$61.5M-106.5%	-$29.8M-172.8%	-$10.9M-21.4%	-$9.0M+68.6%	-$28.7M-33.6%	-$21.5M-38.1%	-$15.6M-17.3%	-$13.3M
EPS (Diluted)	-$0.58	-$0.53-10.4%	-$0.48-45.5%	-$0.33-32.0%	-$0.25+21.9%	-$0.32	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
R&D Expenses	$22.0M-6.2%	$23.4M	N/A	$20.6M-0.8%	$20.8M+8.3%	$19.2M	N/A	$20.3M
SG&A Expenses	$19.0M+22.0%	$15.6M	N/A	$9.6M-9.6%	$10.7M+15.2%	$9.2M	N/A	$6.0M
Operating Income	-$41.0M-5.1%	-$39.0M	N/A	-$30.3M+3.8%	-$31.4M-10.6%	-$28.4M	N/A	-$26.4M
Net Income	-$40.2M-7.9%	-$37.3M	N/A	-$29.6M+2.8%	-$30.4M-14.1%	-$26.6M	N/A	-$24.2M
EPS (Diluted)	-$0.16-6.7%	-$0.15-15.4%	-$0.13+7.1%	-$0.140.0%	-$0.14-16.7%	-$0.12+7.7%	-$0.13-18.2%	-$0.11

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense, Income Tax.

SVRA Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SVRA quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$253.4M+19.1%	$212.9M+19.9%	$177.6M+27.0%	$139.8M-20.9%	$176.6M+80.7%	$97.7M-28.2%	$136.2M-10.6%	$152.3M-4.6%	$159.6M+451.7%	$28.9M-46.6%	$54.2M-23.1%	$70.5M+27.6%	$55.3M+17.6%	$47.0M-24.1%	$61.9M
Current Assets	$241.6M+19.5%	$202.1M+21.8%	$165.9M+28.7%	$129.0M-21.8%	$165.0M+93.8%	$85.1M-31.4%	$124.1M+9.5%	$113.3M+15.8%	$97.9M+569.7%	$14.6M-65.4%	$42.3M-27.7%	$58.4M+28.3%	$45.5M+22.5%	$37.2M-28.2%	$51.8M
Cash & Equivalents	$33.2M+119.3%	$15.1M-43.1%	$26.6M-49.0%	$52.1M+53.2%	$34.0M+48.7%	$22.9M-54.1%	$49.8M+104.9%	$24.3M+9.9%	$22.1M+65.4%	$13.4M-19.8%	$16.7M+31.5%	$12.7M-50.6%	$25.7M+14.1%	$22.5M-48.4%	$43.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	$0	N/A	$26.9M-0.6%	$27.1M+787.6%	$3.1M+1.5%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M
Total Liabilities	$50.3M+21.4%	$41.4M+11.4%	$37.2M+16.2%	$32.0M-0.3%	$32.1M-3.8%	$33.4M-3.3%	$34.5M-21.7%	$44.1M+9.3%	$40.3M-37.8%	$64.8M-20.5%	$81.5M-8.2%	$88.8M+1093.2%	$7.4M+43.7%	$5.2M+2.0%	$5.1M
Current Liabilities	$20.4M+38.5%	$14.7M+38.9%	$10.6M+80.6%	$5.9M-60.0%	$14.7M+79.3%	$8.2M-24.9%	$10.9M+50.0%	$7.3M+20.6%	$6.0M+74.1%	$3.5M-85.1%	$23.2M+174.6%	$8.4M+74.6%	$4.8M+88.0%	$2.6M+4.1%	$2.5M
Long-Term Debt	$29.9M+12.4%	$26.6M+1.0%	$26.3M+1.0%	$26.1M+50.5%	$17.3M-31.0%	$25.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$203.1M+18.5%	$171.4M+22.1%	$140.4M+30.2%	$107.8M-25.4%	$144.5M+124.4%	$64.4M-36.7%	$101.7M-6.0%	$108.2M-9.3%	$119.3M+432.6%	-$35.9M-31.3%	-$27.3M-49.3%	-$18.3M-138.3%	$47.8M+14.4%	$41.8M-26.4%	$56.8M
Retained Earnings	-$608.1M-24.3%	-$489.3M-24.4%	-$393.4M-16.2%	-$338.7M-12.7%	-$300.5M-16.7%	-$257.5M-23.9%	-$207.9M-60.3%	-$129.7M-90.2%	-$68.2M-77.6%	-$38.4M+86.0%	-$275.0M-16.9%	-$235.1M-13.9%	-$206.4M	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$192.1M-13.3%	$221.6M-12.5%	$253.4M+79.8%	$140.9M-13.9%	$163.8M-13.5%	$189.3M-11.1%	$212.9M-10.9%	$238.8M
Current Assets	$178.3M-14.8%	$209.3M-13.4%	$241.6M+88.5%	$128.2M-15.1%	$151.0M-14.9%	$177.4M-12.2%	$202.1M-10.7%	$226.4M
Cash & Equivalents	$41.8M+7.8%	$38.8M+16.9%	$33.2M+103.8%	$16.3M-6.6%	$17.4M-10.8%	$19.6M+29.3%	$15.1M-29.4%	$21.4M
Total Liabilities	$48.5M+6.3%	$45.6M-9.3%	$50.3M+8.1%	$46.5M+7.5%	$43.3M+4.4%	$41.5M+0.1%	$41.4M+5.0%	$39.5M
Current Liabilities	$17.6M+13.3%	$15.5M-23.8%	$20.4M+21.7%	$16.8M+23.0%	$13.6M+14.5%	$11.9M-19.2%	$14.7M+15.1%	$12.8M
Long-Term Debt	$30.1M+0.1%	$30.1M+0.5%	$29.9M+0.4%	$29.8M+0.4%	$29.7M+0.4%	$29.5M+10.9%	$26.6M+0.3%	$26.6M
Total Equity	$143.7M-18.4%	$176.0M-13.3%	$203.1M+115.2%	$94.4M-21.7%	$120.5M-18.5%	$147.8M-13.8%	$171.4M-14.0%	$199.3M
Retained Earnings	-$685.6M-6.2%	-$645.4M-6.1%	-$608.1M-5.6%	-$575.9M-5.4%	-$546.3M-5.9%	-$515.9M-5.4%	-$489.3M-6.3%	-$460.2M

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

SVRA Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

SVRA quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	-$110.4M	-$101.0M-13.4%	-$89.1M-74.5%	-$51.1M-47.8%	-$34.6M+13.8%	-$40.1M-0.6%	-$39.8M+11.7%	-$45.1M-14.9%	-$39.3M-39.1%	-$28.2M-237.3%	-$8.4M-75.2%	-$4.8M+80.6%	-$24.6M-38.5%	-$17.8M-27.8%	-$13.9M-3.4%	-$13.5M
Capital Expenditures	$280K	$22K-12.0%	$25K-91.6%	$296K+3188.9%	$9K-84.2%	$57K+21.3%	$47K-68.2%	$148K+5.0%	$141K-71.5%	$495K+6087.5%	$8K-95.2%	$165K+12.2%	$147K+212.8%	$47K-82.3%	$266K-35.4%	$412K
Free Cash Flow	-$110.7M	-$101.1M-13.4%	-$89.1M-73.5%	-$51.4M-48.6%	-$34.6M+13.9%	-$40.1M-0.6%	-$39.9M+11.9%	-$45.3M-14.9%	-$39.4M-37.2%	-$28.7M-242.9%	-$8.4M-69.5%	-$4.9M+80.1%	-$24.8M-39.0%	-$17.8M-25.7%	-$14.2M-2.2%	-$13.9M
Investing Cash Flow	-$721K	-$18.4M+53.8%	-$39.9M+30.1%	-$57.1M-208.5%	$52.6M+175.8%	-$69.5M-867.2%	$9.1M-42.5%	$15.7M+215.6%	-$13.6M+80.3%	-$69.1M	N/A	N/A	N/A	-$4.8M+33.5%	-$7.2M+5.0%	-$7.5M
Financing Cash Flow	$135.5M	$137.8M+17.2%	$117.6M+42.0%	$82.8M+95049.4%	$87K-99.9%	$120.8M+3174.8%	$3.7M-93.3%	$54.9M-0.5%	$55.2M-48.0%	$106.1M	N/A	N/A	N/A	$25.7M+3477866.5%	$740-100.0%	$36.6M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$29.7M+10.0%	-$33.0M-31.9%	-$25.1M-11.2%	-$22.5M+14.2%	-$26.3M+3.4%	-$27.2M-16.8%	-$23.3M-2.7%	-$22.7M
Capital Expenditures	$222K+311.1%	$54K+2600.0%	$2K0.0%	$2K-86.7%	$15K+400.0%	$3K-66.7%	-$9K+200.0%	$3K
Free Cash Flow	-$30.0M+9.5%	-$33.1M-32.1%	-$25.1M-11.2%	-$22.5M+14.2%	-$26.3M+3.4%	-$27.2M-16.8%	-$23.3M-2.7%	-$22.7M
Investing Cash Flow	$32.6M-15.9%	$38.8M+141.4%	-$93.6M-535.8%	$21.5M-11.8%	$24.3M-17.1%	$29.3M+63.9%	$17.9M+118.2%	-$98.2M
Financing Cash Flow	$189K+196.9%	-$195K-100.1%	$135.6M+589491.3%	-$23K+53.1%	-$49K-102.1%	$2.3M+375.0%	-$843K-100.7%	$118.3M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

SVRA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

SVRA quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Margin	N/A	N/A	N/A	N/A	N/A	-19182.9%	N/A	N/A	N/A	-2737.0%	-10968.5%	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	-19305.5%	N/A	N/A	N/A	-2730.8%	-16664.8%	N/A	N/A	N/A	N/A
Return on Equity	-58.5%-2.6pp	-55.9%-17.0pp	-39.0%-3.6pp	-35.4%-5.6pp	-29.8%+47.3pp	-77.1%-0.2pp	-76.9%-20.0pp	-56.8%-31.9pp	-25.0%	N/A	N/A	N/A	-44.9%-7.7pp	-37.2%-13.9pp	-23.4%
Return on Assets	-46.9%-1.8pp	-45.0%-14.2pp	-30.8%-3.5pp	-27.3%-2.9pp	-24.4%+26.4pp	-50.8%+6.6pp	-57.4%-17.0pp	-40.4%-21.7pp	-18.7%+19.1pp	-37.8%-21.1pp	-16.6%+24.1pp	-40.7%-1.8pp	-38.9%-5.8pp	-33.1%-11.7pp	-21.4%
Current Ratio	11.85-1.9x	13.73-1.9x	15.66-6.3x	21.98+10.7x	11.26+0.8x	10.41-1.0x	11.40-4.2x	15.63-0.6x	16.27+12.0x	4.23+2.4x	1.82-5.1x	6.92-2.5x	9.42-5.0x	14.46-6.5x	20.98
Debt-to-Equity	0.150.0x	0.160.0x	0.19-0.1x	0.24+0.1x	0.12-0.3x	0.39+0.1x	0.34-0.1x	0.41+0.1x	0.34	N/A	N/A	N/A	0.160.0x	0.120.0x	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	-15518.7%	N/A	N/A	N/A	-2094.5%	-9153.7%	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-28.0%-6.8pp	-21.2%	N/A	-31.3%-6.1pp	-25.2%-7.2pp	-18.0%	N/A	-12.2%
Return on Assets	-20.9%-4.1pp	-16.8%	N/A	-21.0%-2.4pp	-18.6%-4.5pp	-14.1%	N/A	-10.2%
Current Ratio	10.13-3.3x	13.47+1.6x	11.85+4.2x	7.65-3.4x	11.08-3.8x	14.91+1.2x	13.73-4.0x	17.70
Debt-to-Equity	0.210.0x	0.170.0x	0.15-0.2x	0.32+0.1x	0.250.0x	0.200.0x	0.160.0x	0.13

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.

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Frequently Asked Questions

Is Savara Inc profitable?

No, Savara Inc (SVRA) reported a net income of -$118.8M in fiscal year 2025.

What is Savara Inc's EBITDA?

Savara Inc (SVRA) had EBITDA of -$123.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Savara Inc have?

As of fiscal year 2025, Savara Inc (SVRA) had $33.2M in cash and equivalents against $29.9M in long-term debt.

What is Savara Inc's return on equity (ROE)?

Savara Inc (SVRA) has a return on equity of -58.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Savara Inc's free cash flow?

Savara Inc (SVRA) recorded an outflow of $101.1M in free cash flow during fiscal year 2025. This represents a -13.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Savara Inc's operating cash flow?

Savara Inc (SVRA) recorded an outflow of $101.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Savara Inc's total assets?

Savara Inc (SVRA) had $253.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Savara Inc's capital expenditures?

Savara Inc (SVRA) invested $22K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Savara Inc spend on research and development?

Savara Inc (SVRA) invested $81.4M in research and development during fiscal year 2025.

How many shares does Savara Inc have outstanding?

Savara Inc (SVRA) had 205M shares outstanding as of fiscal year 2025.

What is Savara Inc's current ratio?

Savara Inc (SVRA) had a current ratio of 11.85 as of fiscal year 2025, which is generally considered healthy.

What is Savara Inc's debt-to-equity ratio?

Savara Inc (SVRA) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Savara Inc's return on assets (ROA)?

Savara Inc (SVRA) had a return on assets of -46.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How does Savara Inc's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Savara Inc (SVRA) held $235.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $101.0M over that year. Dividing the one by the other, the reported balance equals about 28 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Savara Inc's Piotroski F-Score?

Savara Inc (SVRA) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Savara Inc's earnings high quality?

Savara Inc (SVRA) reported a net loss of $118.8M while operations used $101.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.