What does Thermae-Yu Holdings do with its cash?

Cash conversion (operating CF ÷ operating income)

145.8%

Cash vs. profit gap

¥286.7M（純利益の 178.9%）

Shareholder returns

of net income 82.1% · of FCF 37.0%

Shareholder payments — dividends

of net income 81.9% · of FCF 36.9%

CapEx intensity (capex ÷ revenue)

3.4%

Investing CF relative to operating CF

64.6%

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.