argenx SE (ARGX) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 | Q4'17 | Q2'17 | Q4'16 | Q2'16 |
|---|
| Cash from Operations | 407.8M | 437.85M | 41.91M | -124.66M | -134.89M | -258.5M | -360.62M | -494.51M | -379.43M | -225.07M | -248.95M | -144.53M | -104.08M | 259.65M | -28.6M | -31.84M | -25.78M | -16.76M | -13.36M | 24.97M |
| Operating CF Margin % | 31.42% | 46.19% | 3.11% | -13.82% | -17.8% | -55.21% | -119.05% | -444.09% | -1457.16% | -53.53% | -1099.55% | -473.47% | -332.67% | 506.15% | -327.49% | -155.35% | -156.93% | -68.22% | -131.3% | 358.14% |
| Operating CF Growth % | 873.05% | 451.25% | 131.07% | 51.78% | 62.59% | 47.73% | 4.96% | -119.72% | -52.41% | -55.73% | -139.2% | -155.66% | -263.91% | 915.41% | -10.95% | -89.99% | -92.87% | -167.12% | -58.15% | 558.56% |
| Net Income | 874.92M | 418.15M | 865.57M | -32.48M | -155.63M | -123.44M | -274.14M | -435.94M | -471.43M | 63.05M | -312.6M | -226.5M | -117.84M | -51.31M | -53.35M | -24.28M | -27.51M | -8.2M | -14.02M | -7.36M |
| Depreciation & Amortization | 0 | 13.37M | 8.9M | 8.61M | 108.6M | 2.7M | 101.28M | 3.06M | 2.9M | 2.96M | 2.22M | 1.71M | 1.24M | 1.05M | 314.49K | 220K | 220K | 236.41K | 184K | 166.58K |
| Stock-Based Compensation | 0 | 0 | 128.19M | 103M | 130.89M | 93.55M | 75.08M | 76.63M | 87.31M | 92.06M | 47.06M | 39.45M | 30.8M | 17.2M | 14.62M | 10.3M | 18.53M | 2.15M | 2.15M | 1.26M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -174.81M | 135.54M | -566.89M | -26.14M | 669K | -82.63M | -33.19M | -14.04M | 9.01M | -253.9M | 44.91M | 31.89M | 7.14M | 300.98M | -14.06M | -8.38M | -18.92M | 723.73K | -1.23M | 35.85M |
| Working Capital Changes | -292.32M | -129.21M | -393.87M | -177.64M | -219.43M | -148.68M | -229.65M | -124.23M | -7.22M | -129.23M | -30.54M | 8.93M | -25.42M | -8.28M | 23.87M | -9.71M | 1.91M | -11.67M | -448.37K | -4.95M |
| Change in Receivables | -437.72M | -362.51M | -325.5M | -97.61M | -106.56M | -62.37M | -141.12M | -67.92M | -27.53M | -3.46M | 2.17M | 19.31M | -22.79M | -179K | 8.85M | -7.36M | 2.61M | -2.62M | 153.67K | -844.02K |
| Change in Inventory | -133.98M | 35.28M | -79.92M | -16.07M | -99.88M | 24.96M | -86.52M | -25.42M | -49.86M | -28.69M | -15.04M | -5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 248.31M | 362.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.51M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 829.5M | -10.31M | -203.84M | -513.76M | -218.81M | 500.47M | -241.64M | -232.34M | 144.06M | -492.82M | 41.72M | 297.56M | -239.34M | -595.02M | -89.95M | -35.51M | -90.99M | -100.03M | -227.34K | -623K |
| Capital Expenditures | -61.95M | -49.44M | -990K | -22.28M | -302K | -480K | -611K | -175K | -1.23M | -2.01M | -328K | -1.66M | -926K | -678K | -330K | -292K | -19K | -326K | -212K | -628K |
| CapEx % of Revenue | 4.77% | 5.22% | 0.07% | 2.47% | 0.04% | 0.1% | 0.2% | 0.16% | 4.74% | 0.48% | 1.45% | 5.45% | 2.96% | 1.32% | 3.78% | 1.42% | 0.12% | 1.33% | 2.08% | 9.01% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -202.84M | 47.67M | 22.8M | 500.95M | -241.03M | -232.17M | 145.3M | -490.8M | 42.04M | 299.22M | -238.42M | -594.34M | -89.62M | -35.22M | -90.97M | -99.7M | -15.34K | 5K |
| Cash from Financing | 158.32M | 74.08M | 239.69M | 40.07M | 1.27B | 62.29M | 40.07M | 808.28M | 17.2M | 1.1B | 30.26M | 809.09M | 529.01M | 202.55M | 279.83M | 2.03M | 257.11M | 102M | -676K | 49.51M |
| Debt Issued (Net) | 0 | 0 | 0 | -3.36M | 0 | -2M | 0 | -2.22M | 0 | -1.52M | 0 | -1.03M | 0 | -536K | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 198M | 79.65M | -20.08M | -1.79M | 1.29B | -604K | 47.89M | 806.97M | 19.24M | 1.1B | 31.66M | 810.18M | 529.9M | 203.16M | 278.27M | 2.03M | 257.11M | 102M | -676K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -20.08M | -1.79M | -11.53M | -604K | -5.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -39.68M | -5.57M | 259.76M | 45.23M | -16.54M | 64.89M | -7.82M | 3.53M | -2.04M | 2.82M | -1.4M | -61.13K | -896.01K | -305 | 1.56M | -144 | -69 | 63 | 0 | 49.51M |
| Net Change in Cash | 1.41B | 586.04M | 61.69M | -610.6M | 938.28M | 263.67M | -520.39M | -40.44M | -174.16M | 234.8M | -2.31M | 977.54M | 178.85M | -130.2M | 156.76M | -64.78M | 231.22M | 88.08M | -101.92M | 113.19M |
| Free Cash Flow | 406.9M | 432.61M | 40.92M | -125.47M | -135.22M | -262.01M | -344.56M | -472.19M | -336.48M | -191.79M | -203.78M | -134.02M | -94.68M | 227.66M | -26.58M | -27.88M | -21.24M | -15.65M | -12.1M | 21.86M |
| FCF Margin % | 31.35% | 45.64% | 3.04% | -13.91% | -17.85% | -55.96% | -113.75% | -424.04% | -1292.23% | -45.62% | -900.04% | -439.04% | -302.63% | 443.79% | -304.39% | -136.01% | -129.33% | -63.69% | -118.87% | 313.48% |
| FCF Growth % | 894.39% | 444.8% | 130.26% | 52.11% | 60.75% | 44.51% | -2.4% | -146.2% | -65.12% | -43.11% | -115.23% | -158.87% | -256.18% | 916.6% | -25.14% | -78.15% | -75.55% | -171.59% | -42% | 486.88% |
| FCF per Share | 6.15 | 6.59 | 0.58 | -2.11 | -2.32 | -4.70 | -6.23 | -8.83 | -6.53 | -3.55 | -4.30 | -3.08 | -2.40 | 6.03 | -0.77 | -0.86 | -0.77 | -0.72 | -0.60 | 1.26 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.78x | 0.05x | 3.83x | 0.87x | 2.29x | 1.41x | 1.19x | 0.92x | -4.23x | 0.80x | 0.72x | 0.88x | -5.75x | 0.61x | 1.59x | 1.30x | 2.05x | 0.95x | -3.39x |
| Interest Paid | 0 | 0 | 226.84K | 146.56K | 120.47K | 71.48K | 323.13K | 482.02K | 231.95K | 354.14K | 200.56K | 138.82K | 77K | 47K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |