What does Forval do with its cash?

Cash conversion (operating CF ÷ operating income)

82.5%

Cash vs. profit gap

¥1.6B（純利益の 108.0%）

Shareholder payments — dividends

of net income 52.8% · of FCF 35.4%

CapEx intensity (capex ÷ revenue)

1.2%

Investing CF relative to operating CF

25.0%

Nonpositive profit and free cash flow are omitted as ratio denominators. Amounts use the period's reported currency.

• Operating cash flow is the cash the core business actually brought in, including changes in receivables and inventory.
• Free cash flow = operating cash flow − capital expenditure: a gauge of cash available for other uses.
• Large "borrowing" or "cash drawdown" flows mean the company spent more than it generated that year.