Cash flow generation is inconsistent, highlighted by a 2024Q4 OCF/NI ratio of -4.95, indicating that accounting profits frequently fail to translate into actual cash inflows.
| Cash from Operations | 2.64M | 2.05M | 1.38M | -5.24M | 3.37M | 1.11M | 1.54M | 747.75K |
| Operating CF Margin % | 13.02% | 10.65% | 7.63% | -28.12% | 22.85% | 5.21% | 8.48% | 4.18% |
| Operating CF Growth % | 28.74% | 49.31% | 126.25% | -255.32% | 202.78% | -27.9% | 106.62% | - |
| Net Income | 3.18M | 32K | 519K | 1.19M | 2K | 1.73M | 342K | 243.5K |
| Depreciation & Amortization | 847.24K | 980K | 702K | 672K | 614K | 769K | 972K | 1.69M |
| Stock-Based Compensation | 0 | 466K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.56M | 99K | -11K | 34K | -123K | 62K | 44K | 111.6K |
| Working Capital Changes | 2.17M | 476K | 165K | -7.14M | 2.88M | -1.44M | 187K | -1.3M |
| Change in Receivables | -1.21M | 19K | 753K | -2.5M | 5.54M | -4.55M | 1.08M | -389.6K |
| Change in Inventory | 3.39M | 1.43M | -2.18M | -9.34M | -1.18M | 1.6M | 327K | -1.38M |
| Change in Payables | 979.1K | -407K | -757K | 4.69M | -1.48M | 1.51M | -1.22M | 470.77K |
| Cash from Investing | 6.19M | -1.5M | -211K | -797K | -717K | -280K | -670K | -228.28K |
| Capital Expenditures | -815.75K | -1.25M | -211K | -817K | -788K | -280K | -615K | -228.28K |
| CapEx % of Revenue | 4.02% | 6.5% | 1.17% | 4.39% | 5.34% | 1.31% | 3.38% | 1.28% |
| Acquisitions | 7.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 20K | 71K | 0 | 241K | 0 |
| Cash from Financing | -4.76M | 122K | -2.57M | 11.49M | -2.08M | -1.18M | -1.26M | -149.15K |
| Debt Issued (Net) | -4.7M | 813K | -2.19M | -1.09M | 1.18M | -764K | -1.14M | -1.37M |
| Equity Issued (Net) | -8.86K | -48K | -18K | 14.93M | 0 | 0 | 1.58M | 1.6M |
| Dividends Paid | 0 | -643K | 0 | 0 | -2.9M | 0 | -1.5M | -101.46K |
| Share Repurchases | -8.86K | -48K | -18K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -57.07K | -1 | -356K | -2.35M | -361K | -417K | -193K | -276.98K |
| Net Change in Cash | 4.52M | 653K | -1.47M | 5.45M | 558K | -293K | -433K | 1.48M |
| Free Cash Flow | 1.83M | 800K | 1.16M | -6.06M | 2.58M | 834K | 930K | 519.48K |
| FCF Margin % | 9% | 4.15% | 6.46% | -32.51% | 17.51% | 3.9% | 5.1% | 2.9% |
| FCF Growth % | 128.41% | -31.27% | 119.22% | -334.27% | 209.95% | -10.32% | 79.03% | - |
| FCF per Share | 0.34 | 0.16 | 0.23 | -0.43 | 0.17 | 0.06 | 0.06 | - |
| FCF Conversion (FCF/Net Income) | 0.82x | 64.16x | 2.65x | -4.40x | 1686.50x | 0.65x | 4.52x | 3.07x |
| Interest Paid | 0 | 516K | 511K | 0 | 217K | 320K | 458K | 0 |
| Taxes Paid | 0 | 210K | 289K | 0 | 531K | 62K | 46K | 0 |
Non-operating income dependency
As reported in financial statements, JCSE's operating cash flow frequently decouples from net income, evidenced by a 2024Q4 OCF/NI ratio of -4.95, which suggests that reported accounting profits are not consistently translating into the actual cash inflows required to sustain long-term industrial operations.
The significant volatility in the OCF/NI ratio indicates that net income is often driven by non-cash items or timing differences rather than core operational efficiency. Investors should monitor this divergence closely, as it implies that the company's reported profitability may be structurally disconnected from its ability to generate liquid cash.
Based on JCSE's reported figures, free cash flow has exhibited extreme swings, ranging from a $5.4M outflow in 2022Q2 to a $2.0M inflow in 2025Q4, highlighting the inherent instability of a business model reliant on lumpy, project-based industrial machinery contracts and labor-intensive service revenue.
The erratic FCF trajectory suggests that the company lacks a predictable cash generation engine, making it difficult to forecast future liquidity. This inconsistency warrants further investigation into whether the recent positive FCF trend is sustainable or merely a result of temporary working capital fluctuations.
According to recent SEC filings, JCSE's working capital changes have been highly erratic, including a $7.0M outflow in 2022Q4 followed by a $1.8M inflow in 2025Q4, which suggests that the company's cash position is heavily influenced by the timing of large project receivables and payables.
These dramatic shifts in working capital indicate that the company's cash flow is highly sensitive to the payment cycles of its industrial clients. Such volatility may obscure the underlying health of the service business, as management appears to struggle with maintaining a consistent cash conversion cycle.
Based on the provided financial data, JCSE maintains a modest capital intensity, with CapEx/Revenue ratios typically fluctuating between 0.4% and 13.3%, suggesting that the company is not currently burdened by heavy reinvestment requirements to maintain its existing aqueous cleaning and dishwashing service infrastructure.
The relatively low capital intensity may indicate that the company's current machinery is sufficient for its service needs, or that management is deferring necessary upgrades. Analysts should monitor whether this low spending level is a strategic choice to preserve cash or a sign of limited growth opportunities.
Quick answers to the most common questions about buying JCSE stock.
JE Cleantech Holdings Limited (JCSE) generated $2.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JE Cleantech Holdings Limited (JCSE) generated $1.8M 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.
JE Cleantech Holdings Limited (JCSE) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, JE Cleantech Holdings Limited (JCSE) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.