What does Tokyo Energy & Systems do with its cash?

Cash conversion (operating CF ÷ operating income)

99.3%

Cash vs. profit gap

¥419M（純利益の 9.8%）

Shareholder returns

of net income 50.5% · of FCF 56.6%

Shareholder payments — dividends

of net income 41.8% · of FCF 46.9%

CapEx intensity (capex ÷ revenue)

1.1%

Investing CF relative to operating CF

19.8%

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.