Founder Group Limited (FGL) Cash Flow Statement

NASDAQ: FGLOperating cash, capex, free cash flow and buybacks.

Where FGL’s cash came from and went, 2025

December 31, 2025 · MYR

Cash from operations: −RM 41.0M
Capital expenditures: RM 826,333
Free cash flow: −RM 41.9M
Returned to shareholders: —
Change in cash: RM 61.7M

Cash from operations

−RM 41.0M

Capital expenditures

−RM 826,333

Acquisitions & other

−RM 7.1M

Net borrowing (repayment)

+RM 28.4M

Shares issued

+RM 84.9M

Other financing

−RM 3.0M

Currency & other

+RM 333,944

Change in cash

RM 61.7M

Drawn to scale: where the cash came from and how it was used. Hover for values.

FGL operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

FGL cash flow trends, 2021–2025

Founder Group Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	RM 5.5M2021	−RM 41.0M2025	—
Capital expenditures	RM 887,5892021	RM 826,3332025	−1.8%/yr
Free cash flow	RM 4.7M2021	−RM 41.9M2025	—
Free cash flow margin	18.5%2021	−34.7%2025	−53.2 pts
Operating cash flow / net income	2.892021	−2.402023	−5.29
Dividends paid	RM 02021	RM 02025	—
Capex / revenue	3.5%2021	0.7%2025	−2.8 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

FGL cash flow by activity

OperatingInvestingFinancingChange in cash

FGL net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

FGL cash flow statement in MYR

Founder Group Limited annual cash flow statement
	2025	2024	2023	2022	2021
Operating activities
Net income	−RM 5.7M	−RM 5.7M	RM 7.1M	RM 3.9M	RM 1.9M
Depreciation & amortization	RM 2.6M	RM 771,976	RM 323,183	RM 415,639	RM 361,163
Change in working capital	−RM 40.5M	−RM 4.1M	−RM 25.8M	−RM 7.1M	RM 1.2M
Other non-cash items	RM 2.5M	RM 2.9M	RM 1.1M	RM 233,152	RM 2.0M
Cash from operating activities	−RM 41.0M	−RM 6.1M	−RM 17.2M	−RM 2.5M	RM 5.5M
Investing activities
Capital expenditures	−RM 826,333	−RM 1.3M	−RM 1.5M	−RM 161,867	−RM 887,589
Investments (net)	—	−RM 5.4M	−RM 1.5M	−RM 161,867	−RM 887,589
Acquisitions & other investing	−RM 7.1M	RM 1.3M	−RM 1.4M	−RM 613,926	RM 887,589
Cash from investing activities	−RM 7.9M	−RM 5.4M	−RM 4.3M	−RM 937,660	−RM 887,589
Financing activities
Dividends paid	RM 0	RM 0	RM 0	RM 0	RM 0
Net borrowing (repayment)	RM 28.4M	RM 8.4M	RM 20.2M	RM 4.3M	−RM 51,000
Shares issued	RM 84.9M	RM 7.4M	RM 0	RM 0	RM 69,284
Other financing	−RM 3.0M	−RM 1.8M	−RM 4.2M	RM 5.2M	−RM 3.3M
Cash from financing activities	RM 110.3M	RM 13.9M	RM 16.0M	RM 9.5M	−RM 3.2M
Summary
Net change in cash	RM 61.7M	RM 2.6M	−RM 5.5M	RM 6.2M	RM 1.3M
Cash at end of period	RM 66.2M	RM 4.6M	RM 5.6M	RM 8.2M	RM 1.3M
Free cash flow	−RM 41.9M	−RM 7.4M	−RM 18.9M	−RM 2.7M	RM 4.7M
Free cash flow margin	−34.7%	−8.2%	−12.8%	−4.2%	18.5%
Capex / revenue	0.7%	1.4%	1.0%	0.3%	3.5%
Operating cash flow / net income	—	—	−2.40	−0.64	2.89

Founder Group Limited quarterly cash flow statement
	Mar '26	Sep '25	Mar '25	Sep '24	Jun '24	Dec '23	Jun '23	Mar '23
Operating activities
Net income	−RM 5.8M	−RM 1.9M	−RM 3.4M	RM 6.6M	−RM 1.7M	RM 6.6M	RM 2.8M	RM 1.3M
Depreciation & amortization	RM 1.2M	RM 1.4M	RM 575,948	RM 294,229	RM 195,521	RM 294,229	RM 135,109	RM 64,558
Change in working capital	−RM 17.6M	−RM 13.9M	−RM 11.8M	−RM 23.0M	RM 5.8M	−RM 23.0M	−RM 12.6M	−RM 14.9M
Other non-cash items	−RM 3.2M	−RM 1.2M	RM 9.6M	RM 698,066	−RM 1.1M	RM 698,066	RM 652,890	RM 9.4M
Cash from operating activities	−RM 25.4M	−RM 15.6M	−RM 5.1M	−RM 15.5M	RM 3.3M	−RM 15.5M	−RM 9.1M	−RM 4.1M
Investing activities
Capital expenditures	−RM 502,314	−RM 324,019	−RM 2.5M	−RM 1.2M	−RM 3.8M	−RM 1.2M	−RM 1.2M	−RM 553,015
Acquisitions & other investing	−RM 5.5M	−RM 1.6M	RM 1.7M	−RM 390,655	RM 23	−RM 2.8M	RM 0	RM 7,525
Cash from investing activities	−RM 6.0M	−RM 1.9M	−RM 812,028	−RM 1.6M	−RM 3.8M	−RM 4.0M	−RM 1.2M	−RM 545,490
Financing activities
Share repurchases & issuance (net)	−RM 10.0M	—	—	—	—	—	—	—
Shares issued	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0
Other financing	RM 95.6M	RM 24.7M	RM 4.9M	RM 15.0M	RM 4.9M	RM 15.0M	RM 5.8M	RM 2.5M
Cash from financing activities	RM 85.6M	RM 24.7M	RM 4.9M	RM 15.0M	RM 4.9M	RM 15.0M	RM 5.8M	RM 2.5M
Summary
Net change in cash	−RM 12.0M	RM 12.0M	−RM 10.0M	RM 5.6M	RM 10.0M	RM 5.6M	RM 3.9M	—
Cash at end of period	—	RM 12.0M	RM 4.6M	RM 5.6M	RM 10.0M	RM 5.6M	RM 3.9M	—
Free cash flow	−RM 25.9M	−RM 15.9M	−RM 7.6M	−RM 16.7M	−RM 528,929	−RM 16.7M	−RM 10.3M	−RM 4.6M
Free cash flow margin	−39.8%	−28.7%	−25.3%	−42.1%	−1.7%	−12.6%	−14.9%	−13.5%
Capex / revenue	0.8%	0.6%	8.4%	3.0%	12.4%	0.9%	1.7%	1.6%
Operating cash flow / net income	—	—	—	−2.36	—	−2.36	−3.29	−3.10

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in MYR as reported; data from EODHD.

FGL cash generation

In fiscal 2025 (ended December 31, 2025), Founder generated -RM 41.0 million of cash from operations and spent RM 0.8 million on capital expenditures, leaving free cash flow of -RM 41.9 million, −34.7% of revenue. Cash and equivalents rose by RM 61.7 million over the year.

Related: FGL income statement, FGL balance sheet. See the FGL stock overview for the latest quote and news.

FGL cash flow FAQ

What is Founder's free cash flow?

Founder's free cash flow was -RM 41.9 million in fiscal 2025: -RM 41.0 million of operating cash flow minus RM 0.8 million of capital expenditures It was -RM 7.4 million a year earlier..

How much cash does Founder generate from operations?

Founder generated -RM 41.0 million of cash from operating activities in fiscal 2025.

How much does Founder spend on capital expenditures?

Founder spent RM 0.8 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with RM 1.3 million the year before.