Pharming Group (PHAR) Cash Flow: Operating & Free Cash Flow

Pharming Group Cash Flow Statement Analysis

Values in millions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Pharming Group N.V. (PHAR) - Annual data in millions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	12.85	-8.49	-12.01	14.99	23.08	37.75	52.30	0.98	26.29
Depreciation & Amortization	11.22	16.07	15.93	13.19	19.61	8.31	5.80	7.50	4.10
Stock Based Compensation	13.77	11.25	9.25	6.39	9.06	6.54	0.00	0.00	0.00
Change in Working Capital	10.39	-10.07	-16.96	-0.39	-4.96	-3.92	2.17	-4.59	13.33
Change in Accounts Receivable	-3.36	-6.78	-18.54	2.36	5.92	-7.04	-7.81	-7.50	-4.01
Change in Inventory	-1.29	-0.50	-14.43	-15.02	-6.15	-4.93	4.24	1.17	-0.47
Change in Accounts Payable	0.00	-2.77	16.23	0.00	0.00	7.02	0.00	0.00	0.00
Change in Other Working Capital	15.03	5.18	2.67	12.27	-4.73	1.04	5.74	1.74	17.82
Other Operating Activities	6.49	-0.17	-15.73	-11.72	-8.94	35.38	13.87	42.44	2.13
Net Cash from Operating Activities	54.71	-1.80	-17.30	22.46	37.84	83.63	74.15	46.34	45.84
Investing Activities
Capital Expenditures	-0.76	-0.79	-1.44	-1.98	-16.72	-4.66	-25.45	-4.31	-7.25
Acquisitions	-58.22	0.00	0.00	7.30	0.00	-0.33	-2.81	0.00	0.00
Purchases of Investments	0.00	-284.31	-382.01	0.00	-4.59	-0.33	0.00	0.00	0.00
Sales/Maturities of Investments	85.23	316.73	232.81	0.00	0.00	-10.64	0.00	0.00	0.00
Other Investing Activities	0.00	0.00	21.28	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	26.25	31.62	-129.39	5.32	-21.31	-15.63	-28.26	-4.31	-7.25
Financing Activities
Debt Repayment	-4.25	-134.92	-4.04	-3.31	-3.22	83.41	-37.39	-19.90	1.37
Common Stock Issued	19.81	5.58	8.13	2.28	4.72	2.79	3.11	12.01	8.20
Other Financing Activities	-14.07	-5.60	-5.13	-3.95	-29.45	-25.51	-29.19	-12.65	-13.47
Net Cash from Financing Activities	1.50	-34.41	-1.04	-4.98	-27.95	60.69	-63.47	-20.55	-3.91
Summary
Effect of Forex Changes on Cash	7.91	-2.21	2.13	-7.38	-1.83	2.13	0.06	3.29	-1.27
Net Change in Cash	90.36	-6.80	-145.60	15.42	-13.24	130.81	-17.52	24.77	33.42
Cash at Beginning of Period	54.94	61.74	207.34	191.92	205.16	74.35	91.87	67.10	38.55
Cash at End of Period	145.31	54.94	61.74	207.34	191.92	205.16	74.35	91.87	71.97
Free Cash Flow	53.95	-2.59	-18.74	20.48	21.13	78.97	48.70	42.03	38.59
Supplemental Disclosures
Interest Paid	-	5.60	5.13	3.95	4.45	2.14	-	-	-
Income Taxes Paid	-	15.58	0.66	1.24	-	2.66	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Pharming Group Cash Flow

What is Pharming Group's free cash flow?

Pharming Group generated free cash flow of EUR 53.95M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of EUR 54.71M minus EUR 755.00K of capital expenditures. Free cash flow equaled 14.3% of revenue.

How much does Pharming Group spend on capital expenditures?

Pharming Group spent EUR 755.00K on capital expenditures in fiscal 2025, compared with EUR 790.00K a year earlier. That equals 1.4% of operating cash flow.

Does Pharming Group pay dividends or buy back shares?

Pharming Group's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition