Free cash flow remains highly volatile, swinging to a negative 20.2% margin in 2025Q4 as capital expenditure intensity spiked to 33.2% of revenue.
| Cash from Operations | -583K | 3.24M | 12.64M | 13.58M | 8.91M | 6.59M | 5.11M | 8.63M |
| Operating CF Margin % | -4.77% | 21.55% | 52.38% | 55.86% | 39.84% | 42.47% | 38.63% | 63.52% |
| Operating CF Growth % | -118.02% | -74.39% | -6.94% | 52.36% | 35.32% | 28.85% | -40.74% | - |
| Net Income | 681K | 2.09M | 11.5M | 11.85M | 9.38M | 6.62M | 5.08M | 5.66M |
| Depreciation & Amortization | 1.19M | 1.11M | 1.11M | 939K | 820K | 562K | 421.57K | 424.21K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 182K | -85K | -118K | 88K | 133K | 0 | 0 | 0 |
| Other Non-Cash Items | -1.67M | 72K | 69K | 7K | -79K | -116K | -22.29K | 92.94K |
| Working Capital Changes | -964K | 53K | 73K | 691K | -1.34M | -483K | -367.45K | 2.45M |
| Change in Receivables | -50K | 233K | -95K | 913K | -1.7M | 211K | -160.93K | 1.67M |
| Change in Inventory | -319K | 91K | -106K | -37K | -179K | -303K | -208.83K | 799.61K |
| Change in Payables | -16K | 28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.4M | -180K | -1.68M | 63K | -8.28M | -3.42M | -3.04M | -7.36M |
| Capital Expenditures | -2.4M | -258K | -1.76M | -2K | -8.32M | -3.45M | -3.04M | -8.58M |
| CapEx % of Revenue | 19.62% | 1.72% | 7.31% | 0.01% | 37.22% | 22.26% | 22.98% | 63.22% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.22M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 78K | 80K | 65K | 46K | 33K | 0 | 0 |
| Cash from Financing | 6.64M | 6.92M | 585K | 384K | -12K | -52K | 937.93K | 482.85K |
| Debt Issued (Net) | 139K | -166K | 112K | -29K | -30K | -28K | 0 | 0 |
| Equity Issued (Net) | 6.93M | 8.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -423K | -969K | 473K | 413K | 18K | -24K | 937.93K | 482.85K |
| Net Change in Cash | 5.4M | 8.85M | 10.99M | 12.38M | 964K | 3.79M | 0 | 0 |
| Free Cash Flow | -2.98M | 2.98M | 10.87M | 13.58M | 587K | 3.13M | 2.07M | 41.56K |
| FCF Margin % | -24.39% | 19.83% | 45.07% | 55.85% | 2.62% | 20.21% | 15.66% | 0.31% |
| FCF Growth % | -200.07% | -72.61% | -19.91% | 2212.78% | -81.27% | 51.31% | 4883.73% | - |
| FCF per Share | -5.94 | 19.20 | 37.82 | 41.77 | 2.04 | 12.54 | - | - |
| FCF Conversion (FCF/Net Income) | -0.86x | 1.55x | 1.10x | 1.15x | 0.95x | 1.00x | 1.01x | 1.52x |
| Interest Paid | 3K | 137K | 136K | 61K | 0 | 0 | 0 | 0 |
| Taxes Paid | 157K | 148K | 146K | 158K | 0 | 0 | 0 | 0 |
Core business model erosion
According to recent financial disclosures, ORIS exhibits extreme volatility in cash conversion, with the OCF/NI ratio swinging from -13.94 in 2025Q2 to 1.64 in 2025Q4, suggesting that reported net income is frequently decoupled from the actual cash-generating capacity of the underlying tea processing operations.
The wide variance in the relationship between net income and operating cash flow indicates that non-cash items or non-operating gains are heavily influencing the bottom line. Investors should interpret this as a signal that the company's reported earnings are not a reliable proxy for the cash health of the business.
As reported in historical cash flow statements, ORIS has struggled to maintain positive free cash flow, with margins fluctuating wildly from a peak of 108.6% in 2023Q4 to a negative 20.2% in 2025Q4, reflecting the inherent instability of its current agricultural processing business model.
The inability to sustain positive free cash flow suggests that the company's core operations are not yet self-funding. This trajectory warrants caution, as the firm appears to be consuming cash during periods of operational contraction rather than generating surplus capital.
Based on the provided data, ORIS's capital expenditure intensity has spiked significantly, reaching 33.2% of revenue in 2025Q4, which suggests a potential shift toward heavy investment in processing infrastructure despite the ongoing contraction in the company's top-line revenue performance.
This high level of capital intensity relative to shrinking revenue may indicate that the company is attempting to modernize its Ningde facilities to remain competitive. However, the lack of corresponding revenue growth suggests that these investments have yet to yield a meaningful return on capital.
Analysis of recent quarterly filings reveals that working capital changes are a primary driver of cash flow fluctuations, with a $1.4 million inflow in 2025Q4 contrasting sharply with a $2.2 million outflow in 2025Q2, highlighting the company's sensitivity to seasonal harvest and inventory cycles.
The erratic nature of these working capital swings suggests that the company lacks a smooth, predictable cash conversion cycle. This volatility likely complicates liquidity management and underscores the risks associated with the company's reliance on regional agricultural supply chains.
Quick answers to the most common questions about buying ORIS stock.
ORIENTAL RISE HOLDINGS Ltd (ORIS) generated $-0.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ORIENTAL RISE HOLDINGS Ltd (ORIS) reported negative free cash flow of $3.0M in 2025, indicating capital requirements exceeded cash from operations.
ORIENTAL RISE HOLDINGS Ltd (ORIS) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.