What does Valqua do with its cash?

Cash conversion (operating CF ÷ operating income)

70.8%

Cash vs. profit gap

-¥100M（純利益の -2.0%）

Shareholder returns

of net income 51.5% · of FCF 3258.0%

Shareholder payments — dividends

of net income 51.4% · of FCF 3254.3%

CapEx intensity (capex ÷ revenue)

8.4%

Investing CF relative to operating CF

86.7%

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.