Capital intensity remains elevated, with capital expenditures reaching 20.6% of revenue in 2024Q3, which contributes to significant volatility in free cash flow generation.
| Cash from Operations | 117.99M | 114.65M | 119.7M | 114.05M | 68.32M | 4.38M | 2.76M | 15.72M |
| Operating CF Margin % | - | 13.62% | 15.35% | 16.59% | 12.19% | 1.4% | 1.25% | 6.74% |
| Operating CF Growth % | 78.39% | -4.22% | 4.96% | 66.93% | 1459.13% | 58.94% | -82.46% | - |
| Net Income | 54.74M | 49.51M | 33.24M | 25.69M | -41.27M | -150.82M | -53.88M | -33.06M |
| Depreciation & Amortization | 81.84M | 82.65M | 80.97M | 78.56M | 73.27M | 70.26M | 50.81M | 32.53M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 86.3M | -19.75M | 10.01M | 6.15M | 44.98M | 92.27M | 9.85M | 5.75M |
| Working Capital Changes | -144K | 2.24M | -4.53M | 3.65M | -8.66M | -7.33M | -4.02M | 10.49M |
| Change in Receivables | -992K | -152K | -1.1M | -7.54M | -14.54M | -10.6M | -8.85M | -4.59M |
| Change in Inventory | -4.89M | -4.95M | -1.76M | -3.78M | -9.23M | -4.6M | -4.62M | -4.33M |
| Change in Payables | 0 | 4.38M | -3.69M | 2.07M | 7.76M | 4.34M | 3.3M | 11.94M |
| Cash from Investing | 46.57M | -177.31M | -27.62M | -11.78M | 888K | -87.66M | -92.28M | -145.93M |
| Capital Expenditures | -18.17M | -53.16M | -34.74M | -32.8M | -60.5M | -67.44M | -110.22M | -82.67M |
| CapEx % of Revenue | 2.26% | 6.32% | 4.46% | 4.77% | 10.79% | 21.59% | 49.78% | 35.46% |
| Acquisitions | 0 | 0 | 0 | 19.4M | -40.04M | 772.36K | 3.25M | 727.86K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 46.57M | 1.54M | 4.17M | 55.69K | 33.38M | -2.62M | -7.32M | -3M |
| Cash from Financing | -46.79M | -51.03M | 12.58M | -43.79M | -65.87M | 108.5M | 109.75M | 149.3M |
| Debt Issued (Net) | 0 | -51.03M | -43.54M | -43.99M | -14.3M | -3.39M | 4.25M | -8.9M |
| Equity Issued (Net) | 0 | 0 | 56.11M | 0 | 23.15M | 17.07M | 4.65M | 7.61M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -46.79M | 0 | -43.51M | 200K | -74.72M | 94.82M | 100.85M | 150.58M |
| Net Change in Cash | 117.81M | -110.13M | 101.81M | 59.03M | 4.33M | 37.98M | 15.24M | 19.08M |
| Free Cash Flow | 99.81M | 61.36M | 84.95M | 81.07M | 3.4M | -72.36M | -114.61M | -66.95M |
| FCF Margin % | 12.39% | 7.29% | 10.9% | 11.79% | 0.61% | -23.17% | -51.76% | -28.72% |
| FCF Growth % | 20.48% | -27.78% | 4.79% | 2283.32% | 104.7% | 36.86% | -71.18% | - |
| FCF per Share | 1.53 | 1.01 | 0.15 | 0.15 | 0.01 | -0.13 | -0.21 | -0.12 |
| FCF Conversion (FCF/Net Income) | 1.82x | 3.14x | 5.49x | 4.45x | -1.66x | -0.03x | -0.05x | -0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Labor-intensive margin volatility
According to the provided cash flow data, the company frequently reports positive operating cash flow despite net losses, as evidenced by the 2024Q2 period where a $126,000 net loss was accompanied by $23.9 million in operating cash flow, indicating significant non-cash depreciation charges.
The consistent gap between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items, primarily depreciation and amortization. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the accounting treatment of high-cost restaurant assets.
As reported in financial statements, free cash flow has fluctuated significantly over the last ten quarters, ranging from a low of $12.8 million in 2024Q4 to a peak of $40.7 million in 2024Q3, reflecting the lumpy nature of capital expenditure relative to operational performance.
The inconsistency in free cash flow generation appears tied to the timing of new unit openings and associated capital outlays. This volatility makes it difficult to project sustainable cash generation, suggesting that the company's current growth phase remains capital-intensive and sensitive to site-selection success.
Based on the reported figures, the company's capital expenditure as a percentage of revenue reached as high as 20.6% in 2024Q3, highlighting a heavy reliance on reinvestment to maintain the high-touch service model and physical footprint required for its international expansion strategy.
The high capital intensity suggests that the company is prioritizing market share acquisition over immediate cash flow maximization. Analysts should investigate whether this level of spending is sustainable or if it risks over-extending the balance sheet if unit-level economics do not improve.
Data from recent filings indicates that working capital changes have remained relatively muted, with the company showing limited evidence of aggressive payables management or inventory optimization, as most quarterly periods show negligible or minor negative impacts on cash flow from working capital movements.
The lack of significant working capital volatility suggests a relatively stable operational cycle, though it also implies that the company is not currently leveraging its scale to extract better terms from suppliers. This stability may be a double-edged sword, providing predictability while limiting potential cash flow tailwinds from improved liquidity management.
Quick answers to the most common questions about buying HDL stock.
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) generated $114.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) generated $61.4M 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.
SUPER HI INTERNATIONAL HOLDING Ltd. American Depositary Shares (HDL) spent $53.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.