Operational cash flow remains deeply negative, with a 2026Q2 free cash flow margin of -105.3% indicating that the business is consistently consuming capital to sustain its current service-delivery model.
| Metric | TTM | Sep'25 | Dec'24 | Sep'23 | Sep'22 | Dec'21 | Dec'20 | Dec'19 | Aug'18 | Aug'17 | Aug'16 | Aug'12 | Aug'11 | Aug'10 |
|---|
| Cash from Operations | 1.06M | -8.14M | -5.91M | 3.87M | -27.62M | -15.11M | -9.69M | -28.89M | -1.04M | -49.62K | -235.71K | -17.54K | -18.02K | -20.52K |
| Operating CF Margin % | - | -124.63% | -11.76% | 3.25% | -29.81% | -25.77% | -17.82% | -139.24% | -169107.63% | -2293.02% | -376237.51% | - | - | - |
| Operating CF Growth % | -861.78% | -37.72% | -252.95% | 114% | -82.73% | -55.94% | 66.46% | -2669% | -2002.76% | 78.95% | -1244.24% | 2.68% | 12.19% | - |
| Net Income | -51.41M | -8.64M | -58.43M | -11.14M | -2.45M | 3.8M | -75.76M | -245.72M | -1.45M | -2.18M | -1.22M | -15.73K | -40.04K | -40.3K |
| Depreciation & Amortization | -2.29M | 31K | 5.95M | 2.87M | 1.33M | 2.12M | 2.23M | 282.41K | 0 | 0 | 2.86K | 4.14K | 4.11K | 4.4K |
| Stock-Based Compensation | -1.74M | 0 | 4.98M | 2.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 949.63K | 0 | -1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 6.13M | 133K | 42.53M | 15.35M | -24.97M | -18.68M | 63.62M | 215.02M | 668.54K | 1.84M | 925.26K | 0 | 0 | 0 |
| Working Capital Changes | -1.3M | 332K | 578.12K | -6.16M | -1.53M | -2.36M | 223.45K | 1.53M | -263.73K | 284.99K | 54.85K | -5.95K | 17.91K | 15.39K |
| Change in Receivables | 3.58M | 5.41M | -1.56M | -4.96M | 565.47K | -2.73M | 1.52M | -131.88K | 0 | 56 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2M | 496K | 3.72M | -746.55K | -1.89M | -818.22K | 1.86M | 309.05K | 7.12K | -10.59K | -6.98K | 0 | 0 | 0 |
| Change in Payables | -16.25M | -5.99M | -1.57M | 4M | -1.02M | 985.18K | -3.12M | -2.26M | -294.22K | 173.18K | 61.9K | 37 | 5.8K | 15.34K |
| Cash from Investing | -25.78M | 5.91M | -3.06M | -19.78M | -266.04K | -449.89K | -192.81K | -26.92M | 0 | 0 | -326.29K | 0 | 0 | 0 |
| Capital Expenditures | -8.46M | 0 | 0 | -1.27M | -244.72K | -449.89K | -192.81K | -146.53K | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | -27.74% | - | 0.11% | 1.07% | 0.26% | 0.77% | 0.35% | 0.71% | - | 0.29% | 376236.23% | - | - | - |
| Acquisitions | 0 | 0 | -3.17M | -13.23M | -5.67M | 0 | 0 | -26.77M | 0 | 0 | -326.29K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.08M | 5.94M | 112.64K | -5.28M | 5.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 53.29M | 12.17M | 7.08M | 16.43M | 3.8M | 47.36M | 11.74M | 53.93M | 1.3M | 38.69K | 575.31K | 17.54K | 18K | 17.22K |
| Debt Issued (Net) | 11.78M | 12.31M | 916.04K | 11.38M | 3.91M | -3.85M | -12.65M | 29.37M | 1.3M | 38.69K | 556.38K | 17.54K | 18K | 7.8K |
| Equity Issued (Net) | 33.64M | -137K | 6.17M | 0 | 0 | 51.21M | 24.39M | 26.42M | 0 | 0 | 18.92K | 0 | 0 | 9.42K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -21.78M | -137K | -279.56K | 0 | 0 | -2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.87M | 0 | -1.36K | 5.06M | -107.88K | 0 | 0 | -1.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 19.8M | -1.76M | -1.89M | 519K | -26.16M | 31.8M | 1.86M | 3.11M | 257.5K | -10.93K | 13.31K | -37 | -22 | -3.29K |
| Free Cash Flow | 4.06M | -8.14M | -5.97M | 1.58M | 3.13M | -15.56M | -9.88M | -29.04M | -1.04M | -49.62K | 0 | -17.54K | -18.02K | -20.52K |
| FCF Margin % | -13.31% | -124.63% | -11.87% | 1.32% | 3.38% | -26.54% | -18.18% | -139.94% | -169108.12% | -2292.74% | - | - | - | - |
| FCF Growth % | 203.14% | -36.43% | -478.82% | -49.73% | 120.14% | -57.45% | 65.96% | -2683.03% | -2003.02% | - | 100% | 2.65% | 12.19% | - |
| FCF per Share | 0.81 | -23.15 | -221.67 | 134.05 | 281.90 | -1875.84 | -3189.78 | -13838.54 | -5425.97 | -262.26 | - | -119980.84 | -123589.56 | -147729.66 |
| FCF Conversion (FCF/Net Income) | -0.08x | 0.18x | 24.47x | -0.35x | 11.27x | -3.97x | 0.13x | 0.12x | 0.07x | 0.02x | 0.19x | 1.11x | 0.45x | 0.51x |
| Interest Paid | -1.22M | 458.87K | 2.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency crisis
As reported in quarterly filings, SRXH exhibits a persistent divergence between net losses and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 0.57 reading in 2026Q2, which suggests that accounting accruals are failing to capture the underlying cash burn of the business.
The lack of a stable relationship between net income and operating cash flow indicates that the company's earnings are heavily impacted by non-cash charges or volatile working capital adjustments. Investors should monitor this inconsistency, as it suggests that reported losses may not fully reflect the actual cash depletion occurring within the specialty pharmacy operations.
Based on the provided financial data, SRXH has struggled to maintain positive free cash flow, with FCF margins reaching -105.3% in 2026Q2, signaling that the company is consistently consuming cash to support its operations rather than generating internal funds for growth or debt service.
The consistent negative FCF trajectory highlights a structural inability to cover operating expenses through core business activities. This trend appears to be worsening, suggesting that the firm may require external capital injections to sustain its current service-delivery infrastructure.
According to recent financial statements, working capital changes have been highly erratic, swinging from a $3.9M inflow in 2024Q1 to a $1.6M outflow in 2026Q2, which implies significant instability in the company's ability to manage its receivables and payables effectively.
Such volatility in working capital often points to difficulties in collecting payments from provincial health authorities or managing inventory levels for high-cost specialty drugs. This instability complicates cash flow forecasting and may indicate underlying friction in the company's core service-to-cash conversion cycle.
As indicated by the financial data, SRXH utilized $21.8M for share repurchases in 2026Q2 despite reporting a $6.4M net loss, a decision that appears highly questionable given the company's limited cash position and ongoing operational challenges.
This capital deployment strategy warrants further investigation, as it suggests a potential misalignment between management's allocation priorities and the firm's immediate liquidity needs. Prioritizing share buybacks while the business is burning cash may have significantly weakened the company's balance sheet resilience.
Quick answers to the most common questions about buying SRXH stock.
SRX Global Inc. (SRXH) generated $-8.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SRX Global Inc. (SRXH) reported negative free cash flow of $8.1M in 2025, indicating capital requirements exceeded cash from operations.
SRX Global Inc. (SRXH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, SRX Global Inc. (SRXH) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.