>>102838506>>102838546Mostly good—core operations strengthened.
What I see (¥ millions):
Operating cash flow rose from 6,903 11,184 (+~62%). That’s a strong sign the business is generating more cash from operations.
Free cash flow (≈ OCF − capex):
2024 ≈ 6,903 − (353+55) = 6,495
2025 ≈ 11,184 − (2,150+108) = 8,926.
Still solid despite higher capex.
Financing outflows jumped 2,437 9,379, driven by share repurchases (~7,511) and dividends (~1,970). That exceeded FCF slightly, so cash fell a bit.
Net cash change: +3,807 (2024) −472 (2025); ending cash is still ~15,818.
Verdict:
Good: Operating engine is stronger; FCF healthy; minimal interest expense implies low leverage.
Watch: Heavy buybacks/dividends in 2025 were slightly above FCF, causing a small drawdown in cash. Sustainable if OCF stays strong; otherwise, future payouts might need to moderate.
Also monitor: Inventory build (−1,506) used cash; worth checking if it’s strategic or a demand slowdown.
Warm your heart even more.... and cope with @grok
