Annexon, Inc.

ANNXNASDAQHealthcare● Active

$5.12

$-0.17(-3.21%)

Market Cap$612326661

P/E Ratio—

52W High$7.18

52W Low$1.85

Avg Volume2.5M

Open$5.39

Beta1.18

Overview

Annexon, Inc. (ANNX) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ANNX · free cash flow · updated Jun 8, 2026

Core FCF metrics

ANNX · FCF · TTM · margin & CAGR

Free cash flow was −$186.5M for FY2025 (fiscal year ending 2025-12-31), down 58.0% year-over-year

FY2025 Free Cash Flow−$186.5M▼ -58.0% YoY

Trailing 12M (TTM)−$183.2Mtrailing 4 quarters sum

FCF Margin——

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ANNX · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$186.4M(0M)−$186.5M▼ 58.0%—

FY2024−$118.0M(0M)−$118.0M▲ +2.7%—

FY2023−$121.1M(0M)−$121.3M▲ +1.2%—

FY2022−$116.3M(7M)−$122.8M▼ 14.0%—

FY2021−$106.1M(2M)−$107.8M▼ 101.2%—

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ANNX · P/FCF · FCF yield · FCF per share

Annexon, Inc. (ANNX) reported negative free cash flow of −$0.19B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ANNX · cash flow statement · operating / investing / financing

For FY2025, Annexon, Inc. generated −$186.4M in operating cash flow and spent 0M in capital expenditures, yielding −$186.5M in free cash flow.

Operating Activities

−$186.4M

Cash from core business operations

2025-12-31

Investing Activities

+$190.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$108.9M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$186.4M) − |CapEx| (0M) = FCF (−$186.5M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

ANNX vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Annexon, Inc.YOU

ANNX

−$186.5M-58.0%—

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Annexon, Inc. (ANNX) reported free cash flow of −$186.5M for FY2025 (fiscal year ending 2025-12-31), down 58.0% year-over-year.

Annexon, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 9 fiscal years.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ANNX free cash flow · 8 questions

Annexon, Inc. free cash flow was −$186.5M for FY2025, down 58.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$183.2M.

ANNX free cash flowANNX FCFANNX FCF 2025ANNX free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Annexon, Inc. · Annexon, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026