Operational liquidity has evaporated, with free cash flow shifting from a positive $57.7 million in 2021Q2 to a complete cessation of reported inflows by 2023Q4.
| Cash from Operations | 55.16M | -9.75M | 10.51M | 15.16M | 94.22M | 145.86M | 92.42M | 72.57M | 41.22M | 19.57M | 31.49M | 2.49M |
| Operating CF Margin % | - | -13.89% | 4.22% | 3.44% | 18.63% | 31.23% | 24.14% | 20.28% | 16% | 11.3% | 36.37% | 8.41% |
| Operating CF Growth % | 182.43% | -192.74% | -30.68% | -83.91% | -35.4% | 57.83% | 27.36% | 76.05% | 110.57% | -37.83% | 1164.68% | - |
| Net Income | -105.46M | -16.3M | -33.41M | -382.81M | -196.58M | 47.63M | 77.83M | 79.77M | 57.47M | 23.99M | 27.59M | 9.12M |
| Depreciation & Amortization | 35.21M | 1.91M | 2.49M | 57.78M | 108.74M | 53.69M | 34.33M | 23.2M | 15.11M | 10.56M | 3.69M | 426.32K |
| Stock-Based Compensation | 0 | 10.19M | 40.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.08M | 331.04K | 8.46M | 211.27K | -10.98M | -640.67K | -42.93K | -780.33K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 151.31M | -1.62M | 1.61M | 362.35M | 160.94M | 4.49M | 4.54M | 4.18M | -1.12M | 1.4M | 732.21K | -16.51K |
| Working Capital Changes | -24.55M | -4.25M | -8.93M | -22.37M | 32.11M | 40.68M | -24.23M | -33.8M | -30.24M | -16.37M | -515.68K | -7.04M |
| Change in Receivables | -41.94M | 16.2M | -32.07M | 11.22M | 52.7M | 10.02M | -29.72M | -14.93M | -17.1M | -38.52M | -9.91M | -9.11M |
| Change in Inventory | -22.33K | 0 | 0 | 0 | 1.56M | 15.45K | 1.78M | 2.26M | -8.76M | -497.17K | -459.2K | -70.19K |
| Change in Payables | 20.51M | -15.53M | 25.95M | 3.49M | -16.25M | 1.05M | 7.49M | -16.64M | 6.17M | 23.33M | 2.61M | 3.69M |
| Cash from Investing | -86.69M | -28.51M | -16.72M | -55.17M | -218.49M | -142.77M | -155.86M | -49.24M | -42.45M | -20.11M | -17.52M | -1.68M |
| Capital Expenditures | -127.74M | -8.58K | -17.6K | -106.96K | -222.82M | -201.25M | -97.01M | -45.18M | -42.68M | -14.35M | -17.99M | -1.68M |
| CapEx % of Revenue | 30.92% | 0.01% | 0.01% | 0.02% | 44.06% | 43.08% | 25.34% | 12.63% | 16.56% | 8.29% | 20.79% | 5.68% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -566.25K | -5.01M | 471.75K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.69M | -28.44M | -16.4M | -54.91M | -3.02M | 6 | -11.73M | -28.07M | 794.84K | -745.76K | 0 | 0 |
| Cash from Financing | -2.43M | 34.03M | 760.95K | -7.25M | 126.56M | 37.19M | 46.23K | 2K | 48.25M | 0 | 26.15M | 24.77M |
| Debt Issued (Net) | -2.36M | 0 | 8.12M | 452 | 0 | 48.18M | 71.47K | 2K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 146.98M | -8.51M | 0 | 0 | 48.25M | 0 | 26.15M | 24.77M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -76.45K | 34.03M | -7.36M | -7.25M | -20.42M | -2.48M | -25.23K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 42.74M | -4.29M | -5.71M | -46.88M | 3.79M | 40.8M | -61.79M | -22.74M | 41.95M | 3.48M | 36.48M | 26.54M |
| Free Cash Flow | 55.12M | -45.15M | -7.71M | -39.93M | -128.6M | 145.79M | 92.38M | 72.31M | 40.21M | 14.93M | 29.83M | 1.82M |
| FCF Margin % | 13.34% | -64.33% | -3.1% | -9.06% | -25.43% | 31.21% | 24.13% | 20.21% | 15.61% | 8.62% | 34.45% | 6.14% |
| FCF Growth % | - | -485.65% | 80.69% | 68.95% | -188.21% | 57.81% | 27.75% | 79.82% | 169.31% | -49.94% | 1539.92% | - |
| FCF per Share | 2.73 | -0.13 | -0.34 | -1.98 | -6.51 | - | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | -0.52x | 0.62x | -0.31x | -0.04x | -0.47x | 3.06x | 1.19x | 0.91x | 0.72x | 0.82x | 1.14x | 0.27x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 5.56K | 128.67K | 30.03K | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity exhaustion and operational collapse
As reported in historical financial filings, Jianzhi's cash conversion has historically been volatile, with the OCF/NI ratio fluctuating from 1.19 in 2021Q1 to 2.00 in 2021Q2, suggesting that reported net income has frequently failed to serve as a reliable proxy for actual cash generation.
The wide variance in the relationship between net income and operating cash flow indicates that accrual-based accounting adjustments are significantly distorting the company's true economic performance. Investors should monitor whether the recent shift to negative net income is being exacerbated by non-cash charges or if the underlying cash burn is even more severe than the headline losses suggest.
Based on the company's recent financial disclosures, the free cash flow trajectory has deteriorated from a positive $57.7 million in 2021Q2 to a complete cessation of reported cash inflows by 2023Q4, signaling a rapid depletion of the firm's internal liquidity and operational self-sufficiency.
The transition from positive FCF margins of 32.4% to zero indicates that the business model is no longer generating the surplus capital required to sustain its own operations. This trend suggests that the company is currently reliant on existing cash reserves to fund its ongoing activities, which warrants extreme caution regarding future solvency.
According to historical data, Jianzhi's capital expenditure intensity was notably high, with CapEx/Revenue ratios reaching as high as 56.7% in 2020Q1, reflecting a business model that requires significant upfront investment in hardware and infrastructure to secure institutional contracts.
The high level of capital intensity relative to revenue suggests that the company's growth is structurally expensive and requires constant reinvestment. If these capital outlays do not yield immediate and sustainable revenue, the company risks over-leveraging its balance sheet to maintain its competitive footprint in the university sector.
As documented in quarterly reports, working capital changes have been a significant source of cash flow instability, swinging from a $13.7 million contribution in 2021Q2 to a $23.2 million drain in 2020Q1, highlighting the unpredictable nature of the company's institutional collection cycles.
The reliance on large, lumpy institutional contracts appears to create significant working capital swings that can mask underlying operational weaknesses. Investors should investigate whether the recent lack of cash flow is tied to an inability to collect receivables from university clients, which would indicate a breakdown in the company's credit quality.
Quick answers to the most common questions about buying JZ stock.
Jianzhi Education Technology Group Company Limited (JZ) generated $-9.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jianzhi Education Technology Group Company Limited (JZ) reported negative free cash flow of $45.1M in 2025, indicating capital requirements exceeded cash from operations.
Jianzhi Education Technology Group Company Limited (JZ) 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.