Houlihan Lokey
S&P 400
Cash Flow
Cash Flow Breakdown
Figures in US$OperatingInvestingFinancing
How to read this: the three bars show where cash moved each year. Operating is cash from the core business (you generally want this positive and growing). Investing is usually negative — money spent on assets or acquisitions. Financing shows money raised from, or returned to, lenders and shareholders. Bars above the line are cash in; bars below are cash out.
Operating Cash Flow vs Capex
Figures in US$Operating Cash FlowCapital Expenditure
How to read this: operating cash flow is the cash the business generated; capital expenditure is what it spent on long-term assets like plant and equipment. The gap between them is roughly free cash flow — the cash left over. A wide gap (operating well above capex) means the business funds its investment comfortably from its own earnings.
| Period | Operating Cash Flow | Investing Cash Flow | Financing Cash Flow | Capital Expenditure |
|---|---|---|---|---|
| FY2015 | $196.51M | $-212.50M | $-2.50M | $4.67M |
| FY2016 | $11.72M | $179.55M | $-114.21M | $9.39M |
| FY2017 | $252.02M | $-1.65M | $80.17M | $14.42M |
| FY2018 | $250.65M | $-218.58M | $-225.31M | $7.72M |
| FY2019 | $224.27M | $6.46M | $-236.14M | $6.73M |
| FY2020 | $287.67M | $-33.14M | $-152.14M | $20.72M |
| FY2021 | $579.84M | $-99.75M | $-26.82M | $14.15M |
| FY2022 | $736.60M | $-273.91M | $-459.06M | $8.68M |
| FY2023 | $136.27M | $-3.00M | $-240.46M | $50.73M |
| FY2024 | $328.46M | $-70.41M | $-250.59M | $66.73M |
| FY2025 | $848.61M | $-265.06M | $-329.07M | $39.70M |
| FY2026 | $704.13M | $2.18M | $-492.94M | $22.31M |
Figures in USD. Educational data only.
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Operating Cash Flow
- Cash produced by the company's core operations during the period. The US equivalent of "Cash from Operating Activity".How a beginner reads it: A beginner uses this as a reality check on profit, since it reflects cash actually collected. Healthy, consistent operating cash flow underpins a company's ability to invest and repay debt.
- Investing Cash Flow
- Cash used for or generated by buying and selling long-term assets and investments. The US equivalent of "Cash from Investing Activity".How a beginner reads it: A beginner expects this to be negative for companies investing in growth. Reading it next to operating cash flow shows whether the business funds its investments from its own earnings.
- Financing Cash Flow
- Cash flows with lenders and shareholders — borrowing, repaying, issuing shares, buybacks, and dividends. The US equivalent of "Cash from Financing Activity".How a beginner reads it: A beginner reads this to understand whether the company is taking in money (borrowing/issuing) or paying it out (repaying/dividends), and how that fits the operating picture.
- Capital Expenditure
- Money spent on buying or upgrading long-lived assets like plant, equipment, and buildings. Often shortened to "capex".How a beginner reads it: A beginner reads capex against operating cash flow to see whether a company funds its investment from its own earnings. Operating cash flow minus capex is roughly free cash flow.