Valneva SE cash flow statement

In fiscal 2025, Valneva SE's operations generated −$59.8m of cash; it spent $5.0m on capital projects, leaving free cash flow of −$64.8m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Valneva SE: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	6	157	91	−258	−219	−73	−60
Stock-based pay	—	7	17	−9	6	9	11
Capital spending	12	22	109	31	15	15	5
Free cash flow	−6	136	−18	−289	−235	−88	−65
Free cash flow after stock pay	—	128	−35	−280	−240	−96	−76

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

Compare with peers

Head to head: URGN vs VALN ABUS vs VALN AKBA vs VALN

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from Valneva SE's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Valneva SE.