Valneva SE (VALN) Cash Flow: Operating & Free Cash Flow

Valneva SE 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 Valneva SE (VALN) - 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	-115.19	-12.25	-101.43	-143.28	-73.43	-64.39	-1.74	3.26	-11.48
Depreciation & Amortization	21.75	19.59	17.58	21.04	14.28	9.80	8.61	6.83	11.14
Deferred Income Tax	1.07	0.76	2.80	-1.54	3.45	-0.91	0.87	0.09	-1.08
Stock Based Compensation	9.53	7.98	5.11	-8.66	14.51	13.68	2.55	1.89	0.81
Change in Working Capital	-0.15	-11.57	-145.06	-145.98	95.48	166.21	-3.00	2.99	3.06
Change in Accounts Receivable	13.33	15.71	-2.86	12.40	-21.35	-24.02	-17.28	4.34	0.60
Change in Inventory	1.03	-6.80	-9.17	84.22	-92.37	-4.20	-2.42	-2.79	1.07
Change in Accounts Payable	-4.46	-3.32	-17.40	-14.05	35.24	6.54	13.01	0.00	2.54
Change in Other Working Capital	30.40	22.52	21.31	32.88	5.11	99.76	3.68	5.78	1.99
Other Operating Activities	30.40	22.52	21.31	32.88	5.11	12.16	-1.76	1.25	10.38
Net Cash from Operating Activities	-52.89	-67.22	-202.74	-245.34	76.90	137.74	5.53	16.31	12.83
Investing Activities
Capital Expenditures	-4.48	-16.44	-14.31	-29.32	-93.17	-18.94	-10.88	-3.17	-4.04
Acquisitions	0.00	0.00	-10.95	0.00	0.00	0.00	0.00	0.08	0.00
Purchases of Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.09
Sales/Maturities of Investments	0.84	-2.58	-0.08	0.00	0.00	-0.51	0.00	0.00	0.00
Other Investing Activities	1.80	2.36	1.21	0.19	0.06	0.11	0.20	0.25	0.07
Net Cash from Investing Activities	-1.71	76.92	-20.59	-29.05	-93.12	-19.34	-10.69	-2.92	-4.06
Financing Activities
Debt Repayment	-174.34	-6.49	-5.22	-4.84	-4.76	26.16	-2.61	-14.15	-5.31
Common Stock Issued	30.00	57.14	-0.24	189.84	166.82	0.29	0.02	49.29	0.00
Common Stock Repurchased	0.00	0.00	-0.24	0.00	0.00	0.00	-2.48	-0.02	-0.15
Other Financing Activities	0.00	0.00	0.00	-9.21	-8.42	-4.71	-2.62	-4.17	-4.98
Net Cash from Financing Activities	-0.62	30.68	63.08	215.12	154.50	21.74	-7.70	30.95	-10.44
Summary
Effect of Forex Changes on Cash	-3.40	1.81	-0.20	-0.83	3.96	-0.18	0.21	-0.80	-0.05
Net Change in Cash	-55.22	40.38	-160.25	-59.28	138.29	140.00	-12.65	43.54	-1.72
Cash at Beginning of Period	168.27	126.08	286.53	346.64	204.39	64.44	77.08	33.55	35.27
Cash at End of Period	109.65	168.27	126.08	286.53	346.64	204.44	64.44	77.08	33.55
Free Cash Flow	-57.38	-83.66	-217.06	-274.67	-16.27	118.80	-5.36	13.14	8.79
Supplemental Disclosures
Interest Paid	-	19.97	12.57	9.21	8.42	4.71	-	-	-
Income Taxes Paid	-	1.55	1.24	0.15	1.63	2.02	-	-	-

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

Frequently Asked Questions About Valneva SE Cash Flow

What is Valneva SE's free cash flow?

Valneva SE had negative free cash flow of EUR 57.38M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −EUR 52.89M minus EUR 4.48M of capital expenditures.

How much does Valneva SE spend on capital expenditures?

Valneva SE spent EUR 4.48M on capital expenditures in fiscal 2025, compared with EUR 16.44M a year earlier.

Does Valneva SE pay dividends or buy back shares?

Valneva SE'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