Liquidity is under severe pressure with a $37.7 million free cash flow deficit in 2025Q4, indicating that operating cash flow, which was negative $34.2 million, is insufficient to cover the company's ongoing business requirements.
| Cash from Operations | -34.98M | -97.45M | -44.22M | -15.23M | -9.05M | 15.32M |
| Operating CF Margin % | -5.99% | -17.24% | -8.88% | -2.34% | -1.66% | 5.28% |
| Operating CF Growth % | 64.11% | -120.36% | -190.33% | -68.38% | -159.05% | - |
| Net Income | -34.63M | -55.51M | -80.28M | 1.38M | 9.62M | 2.44M |
| Depreciation & Amortization | 1.86M | 4.36M | 10.54M | 11.78M | 3.5M | 4.08M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -496.79K | -804.31K | -2.91M | 116.75K | 122.65K | 0 |
| Other Non-Cash Items | 12.84M | 6.7M | 25.06M | 925.13K | 150.86K | -167K |
| Working Capital Changes | -14.56M | -52.2M | 3.36M | -29.43M | -22.43M | 8.96M |
| Change in Receivables | -30.4M | -28.35M | -18.11M | 54.28M | 32.57M | -400.58K |
| Change in Inventory | 0 | 0 | 0 | -3.58M | -34.77M | -23.1M |
| Change in Payables | -5.47M | -1.78M | 20.9M | -77.31M | -49.13M | -766.55K |
| Cash from Investing | -6.01M | -573.68K | -4.44M | -5.73M | -3.99M | -310.6K |
| Capital Expenditures | -4.95M | -719.29K | -4.44M | -2.15M | -535.36K | -310.6K |
| CapEx % of Revenue | 0.85% | 0.13% | 0.89% | 0.33% | 0.1% | 0.11% |
| Acquisitions | 827 | 145.6K | 0 | -3.6M | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -1.06M | 0 | 0 | 18.5K | -3.46M | 0 |
| Cash from Financing | 45.68M | 108.22M | 48.19M | 9.33M | 12.95M | 5.69M |
| Debt Issued (Net) | 4.87M | -9.54M | 16.86M | -4.52M | 15.21M | 2.1M |
| Equity Issued (Net) | 39.11M | 117.66M | 73.13M | 24.68M | 400K | 0 |
| Dividends Paid | 0 | 0 | 0 | -6.19M | -6.18M | -1.35M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 1.35M |
| Other Financing | 1.71M | 104.17K | -41.8M | -4.63M | 3.51M | 4.95M |
| Net Change in Cash | 3.04M | 10.49M | -1.84M | -11.83M | 6.44M | -12.46M |
| Free Cash Flow | -39.93M | -98.17M | -48.67M | -17.38M | -9.58M | -18.16M |
| FCF Margin % | -6.83% | -17.37% | -9.78% | -2.67% | -1.76% | -6.26% |
| FCF Growth % | 59.32% | -101.71% | -179.98% | -81.41% | 47.25% | - |
| FCF per Share | -17.46 | -4.60 | -2.29 | -0.82 | -0.45 | -0.85 |
| FCF Conversion (FCF/Net Income) | 1.01x | 1.97x | 0.61x | -3.92x | -0.88x | 5.00x |
| Interest Paid | 0 | 1.55M | 884.26K | 781.14K | 1.77M | 533.98K |
| Taxes Paid | 0 | 198.53K | 2.15M | 2.52M | 1.05M | 1.19M |
Persistent negative operating cash
According to recent SEC filings, JYD's operating cash flow consistently trails net income, with the 2025Q4 period showing a negative $34.2 million in operating cash against a $36.7 million net loss, signaling a profound inability to convert operational activity into tangible liquidity for the business.
The persistent gap between net income and operating cash flow suggests that the company's accounting earnings are not being supported by actual cash inflows. This divergence implies that the business model is currently consuming capital at an unsustainable rate, regardless of the reported bottom-line figures.
As reported in financial statements, JYD's free cash flow has remained deeply negative, culminating in a $37.7 million outflow in 2025Q4, which reflects a deteriorating trend where capital expenditures and operating losses are rapidly depleting the cash reserves secured during the company's recent public offering.
The consistent negative free cash flow margin, reaching -12.0% in the most recent quarter, indicates that the company is not yet self-funding its operations. Investors should monitor whether this cash burn is a temporary result of strategic investment or a structural failure to achieve positive unit economics.
Based on JYD's reported figures, working capital changes have frequently acted as a significant drain on liquidity, most notably in 2025Q4 when a $14.6 million outflow occurred, suggesting that the company is struggling to manage its cash conversion cycle effectively amidst fluctuating trade volumes.
The volatility in working capital suggests that the company may be extending credit to SME clients or facing delays in collections that tie up essential liquidity. This pattern warrants further investigation into the credit quality of the company's customer base and the efficiency of its accounts receivable management.
Data from recent filings indicates that JYD maintains a low capital intensity, with CapEx/Revenue ratios hovering around 1.1% in 2025Q4, which suggests that the company's cash burn is driven primarily by operating losses rather than heavy investments in physical infrastructure or long-term asset replacement.
The minimal capital expenditure relative to revenue confirms that the company operates as a non-asset-heavy broker. While this limits the need for massive maintenance spending, it also implies that the current cash burn is entirely operational, leaving little room for cost-cutting through reduced capital investment.
Quick answers to the most common questions about buying JYD stock.
Jayud Global Logistics Limited (JYD) generated $-35.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jayud Global Logistics Limited (JYD) reported negative free cash flow of $39.9M in 2025, indicating capital requirements exceeded cash from operations.
Jayud Global Logistics Limited (JYD) spent $5.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.