Free cash flow has turned negative at -4.6% of revenue in 2025Q4, reflecting a transition from historical cash generation to a state of unsustainable operational burn.
Fenbo Holdings Limited Ordinary Shares (FEBO) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -14.51M | 1.59M | -21.35M | 9.7M | 5.67M | 5.93M | 11.39M |
| Operating CF Margin % | - | 1.87% | -16.06% | 8.17% | 4.76% | 4.2% | 7.91% |
| Operating CF Growth % | -1042.88% | 107.44% | -320% | 70.99% | -4.36% | -47.89% | - |
| Net Income | -15.21M | -10.62M | -15.48M | -1.46M | 8.62M | 826.59K | 4.33M |
| Depreciation & Amortization | 244K | 458.22K | 7.33M | 5.92M | 5.54M | 6.1M | 5.47M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -8.8M | 174.7K | -6.57M | 298.08K | -11.95M | 659.07K | -7.4M |
| Working Capital Changes | 9.25M | 11.58M | -6.63M | 4.95M | 3.45M | -1.65M | 8.99M |
| Change in Receivables | 2.49M | 10.56M | -5.86M | 6.16M | 10.19M | 12.37M | 12.93M |
| Change in Inventory | -910.59K | 1.7M | 1.98M | 11.52M | 4.2M | -1.95M | 3.6M |
| Change in Payables | 1.89M | -637.9K | -4.06M | 39.61M | -1.98M | -4.49M | 0 |
| Cash from Investing | -444.45K | 40.93K | -405K | -283.27K | -552.03K | -27.09K | -769K |
| Capital Expenditures | -594.23K | -58.9K | -405K | -284.01K | -552.03K | -27.09K | -769K |
| CapEx % of Revenue | 0.55% | 0.07% | 0.3% | 0.24% | 0.46% | 0.02% | 0.53% |
| Acquisitions | 99.78K | 99.83K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 50K | 0 | 0 | 745 | 0 | 0 | 0 |
| Cash from Financing | -4.03M | -10.43M | 2.72M | 23.3M | 5.02M | -5.21M | -12.02M |
| Debt Issued (Net) | 5M | 0 | 0 | 0 | 0 | -3.07M | -11.79M |
| Equity Issued (Net) | 0 | 0 | 2.08M | 26M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -26.28M | -11M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9.03M | -10.43M | 643K | -2.7M | 5.02M | 24.14M | 10.78M |
| Net Change in Cash | -11.75M | -8.49M | -18.87M | 32.48M | 9.85M | 701K | -1.36M |
| Free Cash Flow | -15.11M | 1.53M | -21.75M | 9.42M | 5.12M | 5.91M | 10.62M |
| FCF Margin % | -13.92% | 1.8% | -16.37% | 7.93% | 4.29% | 4.19% | 7.38% |
| FCF Growth % | -301.87% | 107.03% | -330.92% | 83.88% | -13.27% | -44.37% | - |
| FCF per Share | -1.37 | 0.14 | -1.98 | 0.86 | 0.47 | 0.54 | 1.06 |
| FCF Conversion (FCF/Net Income) | 0.99x | -0.15x | 1.38x | -6.64x | 0.66x | 7.18x | 2.63x |
| Interest Paid | 160K | 0 | 837K | 0 | 1.58M | 1.58M | 1.4M |
| Taxes Paid | 0 | 0 | 0 | 0 | 3.49M | 683K | 2.34M |
Quick answers to the most common questions about buying FEBO stock.
Fenbo Holdings Limited Ordinary Shares (FEBO) generated $1.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fenbo Holdings Limited Ordinary Shares (FEBO) generated $1.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fenbo Holdings Limited Ordinary Shares (FEBO) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Unsustainable Cash Burn Rate
Earnings Quality and Cash Disconnect
According to recent financial filings, Fenbo's operating cash flow to net income ratio has become increasingly erratic, with the 2025Q4 figure of 0.28 indicating a significant disconnect between accounting losses and the actual cash resources available to sustain the company's ongoing manufacturing operations.
The wide variance between net income and operating cash flow suggests that non-cash items and working capital adjustments are masking the true severity of the company's operational decline. Investors should monitor this divergence, as it implies that the reported bottom-line losses may not fully capture the cash-outflow reality of the business.
Free Cash Flow Margin Erosion
As reported in financial statements, Fenbo's free cash flow trajectory has shifted from positive territory in early 2023 to a negative -4.6% margin by 2025Q4, reflecting the company's inability to generate self-sustaining cash flow amidst a rapidly shrinking revenue base and persistent operating losses.
The transition to negative free cash flow suggests that the company is no longer able to fund its operations through internal cash generation. This trend warrants further investigation into how long the current cash reserves can support the business before external financing or structural changes become necessary.
Working Capital Volatility and Risk
Based on reported figures, working capital changes have become a primary driver of cash flow volatility, with a $1.1M inflow in 2025Q4 contrasting sharply with the massive $84.6M outflow observed in 2022Q4, suggesting highly inconsistent management of inventory and accounts receivable cycles.
The reliance on working capital swings to bolster cash flow may indicate that the company is liquidating assets or delaying payments to manage short-term liquidity. Such tactics appear unsustainable and may signal deeper underlying issues with customer collections or inventory obsolescence in the current demand environment.
Capital Expenditure Minimalist Approach
Data from recent filings indicates that Fenbo has reduced capital expenditure to near-zero levels, with a 0.0% CapEx-to-revenue ratio in 2025Q4, suggesting a defensive posture aimed at preserving cash rather than investing in the manufacturing capacity required for future growth.
While this capital austerity preserves the current cash cushion, it may also imply a lack of investment in the tooling and technology necessary to remain competitive in the consumer electronics space. This strategy appears to prioritize short-term survival over the long-term modernization of the company's manufacturing footprint.