Cash conversion remains inconsistent, evidenced by an operating cash flow to net income ratio of 0.58 in 2025Q4 and a structural inability to generate positive free cash flow across the observed periods.
| Cash from Operations | 36.04K | 69.2M | -13.63M | 10M |
| Operating CF Margin % | 0.1% | 39.85% | -11.44% | 15.03% |
| Operating CF Growth % | -99.95% | 607.82% | -236.28% | - |
| Net Income | 3.63M | 17.08M | 11.22M | 4.38M |
| Depreciation & Amortization | 24.26K | 207.34K | 286.96K | 325.89K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 437.54K | 400.6K | 431.34K | -359.16K |
| Working Capital Changes | -4.05M | 51.52M | -25.57M | 5.65M |
| Change in Receivables | -17.59M | -1.96M | -60.08M | 9.95M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | -861.89K | 10.34M | 8.46M | -786.1K |
| Cash from Investing | 0 | -59.11M | -99.01K | 0 |
| Capital Expenditures | 0 | -11.8K | -99.01K | 0 |
| CapEx % of Revenue | 0% | 0.01% | 0.08% | - |
| Acquisitions | 0 | -59.1M | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 |
| Cash from Financing | 5.71M | -14.93M | 25M | 0 |
| Debt Issued (Net) | 1.39M | -10M | 0 | 0 |
| Equity Issued (Net) | 4.33M | 0 | 25M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -4.93M | 0 | 0 |
| Net Change in Cash | 5.78M | -4.84M | 11.27M | 10M |
| Free Cash Flow | 36.04K | 69.19M | -13.73M | 10M |
| FCF Margin % | 0.1% | 39.84% | -11.53% | 15.03% |
| FCF Growth % | -99.95% | 604.07% | -237.27% | - |
| FCF per Share | 0.00 | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.01x | 4.05x | -1.21x | 2.28x |
| Interest Paid | 0 | 9K | 93.69K | 0 |
| Taxes Paid | 0 | 0 | 49.92K | 0 |
Volatile Working Capital Cycles
According to the latest financial statements, JLHL's operating cash flow to net income ratio fluctuated significantly, reaching 0.58 in 2025Q4 compared to a volatile -0.71 in 2025Q2, which suggests that reported net income is not consistently translating into actual cash generation for the business.
The persistent gap between accounting profits and operating cash flow indicates that earnings quality may be lower than the headline figures suggest. Investors should monitor whether this discrepancy stems from aggressive revenue recognition or timing differences in customer payments.
As reported in recent filings, JLHL's free cash flow has remained at zero across the observed periods, reflecting a structural inability to generate surplus cash after accounting for capital expenditures, despite the company's reported growth in net income during the same timeframe.
The lack of positive free cash flow suggests that the company's capital requirements are currently consuming all available operating cash. This trend warrants further investigation into whether the business model can achieve self-sustaining cash generation as it scales.
Based on the provided cash flow data, JLHL experienced a significant working capital outflow of $1.3M in 2025Q4, following a $2.8M outflow in 2025Q2, which indicates that the company's operational efficiency is frequently disrupted by the timing of its receivables and payables management.
These recurring working capital drains appear to be the primary factor preventing the conversion of net income into operating cash. The inconsistency in these cycles suggests potential challenges in managing customer credit terms or inventory turnover.
Data from recent financial reports shows that JLHL's capital expenditure reached 5.6% of revenue in 2025Q4, down from a high of 66.3% in 2024Q2, suggesting that the firm's cash flow profile is highly sensitive to the timing and scale of its infrastructure investments.
The high capital intensity observed in earlier periods implies that the company may be in a heavy investment phase, which limits its ability to build a cash buffer. Analysts should monitor whether these expenditures are truly growth-oriented or merely maintenance requirements for aging assets.
Quick answers to the most common questions about buying JLHL stock.
Julong Holding Limited Class A Ordinary Shares (JLHL) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Julong Holding Limited Class A Ordinary Shares (JLHL) generated $0.0M 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.
Julong Holding Limited Class A Ordinary Shares (JLHL) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.