What does Valor Holdings do with its cash?

Cash conversion (operating CF ÷ operating income)

182.0%

Cash vs. profit gap

¥33.7B（純利益の 204.6%）

Shareholder payments — dividends

of net income 23.8% · of FCF 40.7%

CapEx intensity (capex ÷ revenue)

4.5%

Investing CF relative to operating CF

89.6%

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.