What does TRE Holdings do with its cash?

Cash conversion (operating CF ÷ operating income)

127.8%

Cash vs. profit gap

¥13.8B（純利益の 93.8%）

Shareholder returns

of net income 35.6% · of FCF 43.9%

Shareholder payments — dividends

of net income 15.1% · of FCF 18.6%

CapEx intensity (capex ÷ revenue)

13.9%

Investing CF relative to operating CF

65.9%

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.