Headwaters Co.,Ltd Cash Flow Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2017
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '17 Dec 31, 2017
Net Income	57.66	362	98	106	-
Depreciation & Amortization	35.61	20	15	11	-
Loss (Gain) From Sale of Assets	0.09	-	-	-	-
Loss (Gain) on Equity Investments	40.64	-	-	-	-
Provision & Write-off of Bad Debts	-0.04	-	-	-	-
Other Operating Activities	-99.25	-27	-34	-10	-
Change in Accounts Receivable	-231.77	-270	-26	-130	-
Change in Inventory	-13.39	12	-6	5	-
Change in Accounts Payable	59.32	100	40	95	-
Change in Unearned Revenue	-7.32	-	-	-	-
Change in Other Net Operating Assets	119.76	-53	-	7	-
Operating Cash Flow	-38.71	144	87	84	-
Operating Cash Flow Growth	-	65.52%	3.57%	-	-
Capital Expenditures	-21.93	-26	-16	-27	-
Cash Acquisitions	-2,072	-	-	-	-
Sale (Purchase) of Intangibles	-0.93	-	-	-13	-
Investment in Securities	-	-72	-	-	-
Other Investing Activities	-	-112	-	9	-
Investing Cash Flow	-2,095	-210	-16	-31	-
Short-Term Debt Issued	1,900	-	-	-	-
Total Debt Issued	1,900	-	-	-	-
Net Debt Issued (Repaid)	1,900	-	-	-	-
Issuance of Common Stock	14.02	10	5	-	-
Other Financing Activities	-	-	3	-	-
Financing Cash Flow	1,914	10	8	-	-
Foreign Exchange Rate Adjustments	1.24	1	-	-	-
Miscellaneous Cash Flow Adjustments	-	1	-	-	-
Net Cash Flow	-218.09	-54	79	53	-
Free Cash Flow	-60.64	118	71	57	-
Free Cash Flow Growth	-	66.20%	24.56%	-	-
Free Cash Flow Margin	-1.55%	4.06%	3.07%	3.62%	-
Free Cash Flow Per Share	-14.56	28.28	17.07	14.13	-
Cash Interest Paid	10.33	-	-	-	-
Cash Income Tax Paid	148.92	29	35	16	-
Levered Free Cash Flow	-	93.88	53.38	-	-
Unlevered Free Cash Flow	-	93.88	53.38	-	-
Change in Working Capital	-73.42	-211	8	-23	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.