While the firm holds $10.6M in cash reserves, the absence of formal cash flow statements warrants further investigation into the conversion efficiency of its 7.33% net margin.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | 26.23M | 5.01M | -7.02M | 21.39M | 4.3M |
| Operating CF Margin % | 34.43% | 8.56% | -9.64% | 28.72% | 7.52% |
| Operating CF Growth % | 423.64% | 171.39% | -132.8% | 397.4% | - |
| Net Income | 5.59M | 1.88M | 7.08M | 4.99M | 1.79M |
| Depreciation & Amortization | 5.85M | 5.13M | 4.13M | 2.96M | 2.22M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 30K | 126K | -812K | -1.71M | -73K |
| Working Capital Changes | 14.76M | -2.13M | -17.41M | 15.15M | 367K |
| Change in Receivables | 977K | 8.22M | -12.18M | -2.95M | 34K |
| Change in Inventory | 11.43M | -8.91M | 867K | 690K | -1.65M |
| Change in Payables | -647K | -605K | -3.38M | 4.65M | 5.2M |
| Cash from Investing | -16.52M | -8.74M | -3.14M | -8.16M | -9.59M |
| Capital Expenditures | -17.2M | -12.82M | -12.38M | -16.85M | -12.07M |
| CapEx % of Revenue | 22.58% | 21.91% | 17.01% | 22.62% | 21.11% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 677K | 4.08M | 9.24M | 8.69M | 2.48M |
| Cash from Financing | 293K | 2.07M | 6.51M | -16.33M | 13.79M |
| Debt Issued (Net) | -5.29M | 3.65M | 6.92M | -1.84M | 14.32M |
| Equity Issued (Net) | 8.23M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -14M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.65M | -1.57M | -405K | -485K | -534K |
| Net Change in Cash | 10M | -1.65M | -3.64M | -3.1M | 8.5M |
| Free Cash Flow | 9.03M | -7.81M | -19.4M | 4.54M | -7.77M |
| FCF Margin % | 11.85% | -13.35% | -26.65% | 6.1% | -13.59% |
| FCF Growth % | 215.63% | 59.75% | -527.27% | 158.42% | - |
| FCF per Share | 0.31 | -2.60 | -6.47 | 1.51 | -2.59 |
| FCF Conversion (FCF/Net Income) | 4.70x | 2.66x | -0.99x | 4.28x | 2.40x |
| Interest Paid | 880K | 949K | 822K | 0 | 0 |
| Taxes Paid | 115K | 481K | 540K | 0 | 1M |
Data availability limits visibility
As the provided financial data lacks a formal cash flow statement, the conversion of net income into operating cash flow remains entirely speculative, preventing a definitive assessment of TLIH's earnings quality or the potential impact of non-cash accruals on the company's reported 7.33% net margin.
Without granular data on changes in working capital or non-cash charges, investors cannot determine if the reported profitability is supported by actual cash generation. This lack of transparency warrants caution, as the gap between accounting profit and cash reality is a critical indicator of operational health in capital-intensive industries.
Based on the company's industrial profile, TLIH's reliance on heavy equipment suggests that maintenance capital expenditure is likely a significant, recurring cash outflow, though the absence of reported figures makes it impossible to quantify the true replacement cost of the firm's rental fleet.
The company's ability to sustain its 30.23% revenue growth depends heavily on the age and efficiency of its machinery. If capital intensity is higher than currently estimated, the company's free cash flow may be significantly lower than its net income suggests, potentially limiting future dividend capacity.
According to the provided business model, TLIH's turnkey project structure likely creates significant working capital swings, as the timing of milestone payments and equipment procurement may lead to periodic cash flow volatility that is not captured in the current income-focused financial snapshot.
Investors should monitor the relationship between accounts receivable and project completion stages, as any delay in collections from public sector clients could strain liquidity. The current lack of cash flow data obscures whether the company is effectively managing its cash conversion cycle or if it is becoming increasingly reliant on customer prepayments.
As reported in financial statements, TLIH maintains a debt-to-equity ratio of 1.86%, which suggests that management is prioritizing internal cash retention over external financing, though the lack of dividend payments indicates that capital is likely being funneled back into fleet expansion or liquidity reserves.
This conservative stance appears to be a defensive mechanism against the cyclical nature of the Singaporean infrastructure market. However, without visibility into actual cash flows, it remains unclear whether this capital allocation is a result of disciplined planning or a necessity driven by limited access to external credit markets.
Quick answers to the most common questions about buying TLIH stock.
Ten-League International Holdings Limited Ordinary Shares (TLIH) generated $26.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ten-League International Holdings Limited Ordinary Shares (TLIH) generated $9.0M 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.
Ten-League International Holdings Limited Ordinary Shares (TLIH) spent $17.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.