Intelligent Group Limited (INTJ) Cash Flow Statement

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

Where INTJ’s cash came from and went, FY2025

November 30, 2025 · Hong Kong dollars

Cash from operations: −HK$177,805
Capital expenditures: HK$838,946
Free cash flow: −HK$1.0M
Returned to shareholders: —
Change in cash: HK$3.9M

Cash from operations

−HK$177,805

Capital expenditures

−HK$838,946

Acquisitions & other

−HK$19.7M

Net borrowing (repayment)

−HK$486,583

Shares issued

+HK$25.1M

Other financing

−HK$30,373

Currency & other

−HK$22,618

Change in cash

HK$3.9M

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

INTJ operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

INTJ cash flow trends, FY2020–FY2025

Intelligent Group Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	HK$46.2MFY2020	−HK$177,805FY2025	—
Capital expenditures	HK$9.2MFY2020	HK$838,946FY2025	−45.0%/yr
Free cash flow	HK$37.0MFY2020	−HK$1.0MFY2025	—
Free cash flow margin	328.4%FY2020	−5.5%FY2025	−333.9 pts
Operating cash flow / net income	0.97FY2020	0.67FY2023	−0.30
Stock-based compensation	HK$0FY2023	HK$18.7MFY2025	—
Dividends paid	HK$23.3MFY2020	HK$0FY2024	−100.0%
Capex / revenue	81.2%FY2020	4.5%FY2025	−76.6 pts

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

INTJ cash flow by activity

OperatingInvestingFinancingChange in cash

INTJ 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).

INTJ cash flow statement in Hong Kong dollars

Intelligent Group Limited annual cash flow statement
	FY2025	FY2024	FY2023	FY2021	FY2020
Operating activities
Net income	−HK$18.2M	−HK$425,709	HK$4.1M	HK$1.5M	HK$47.5M
Depreciation & amortization	HK$527,412	HK$835,144	HK$898,842	HK$113,358	HK$5.5M
Stock-based compensation	HK$18.7M	HK$0	HK$0	—	—
Change in working capital	−HK$3.2M	−HK$5.7M	−HK$4.7M	−HK$384,728	−HK$6.9M
Other non-cash items	HK$1.9M	HK$4.1M	HK$2.5M	HK$80,642	HK$48,986
Cash from operating activities	−HK$177,805	−HK$1.2M	HK$2.7M	HK$1.3M	HK$46.2M
Investing activities
Capital expenditures	−HK$838,946	−HK$5	−HK$31,305	HK$0	−HK$9.2M
Investments (net)	—	−HK$9.1M	HK$6,560	−HK$5.1M	−HK$1.2M
Acquisitions & other investing	−HK$19.7M	HK$5	HK$31,289	HK$4.4M	HK$817,942
Cash from investing activities	−HK$20.5M	−HK$9.1M	HK$6,544	−HK$652,743	−HK$9.6M
Financing activities
Dividends paid	—	HK$0	HK$0	HK$0	−HK$23.3M
Net borrowing (repayment)	−HK$486,583	−HK$460,717	−HK$453,593	HK$3.5M	—
Shares issued	HK$25.1M	HK$49.0M	HK$0	HK$0	HK$0
Other financing	−HK$30,373	HK$0	HK$7.5M	−HK$3.0M	HK$0
Cash from financing activities	HK$24.6M	HK$48.6M	HK$7.1M	HK$446,741	−HK$23.3M
Summary
Net change in cash	HK$3.9M	HK$38.2M	HK$9.8M	HK$1.1M	HK$13.4M
Cash at end of period	HK$67.5M	HK$63.5M	HK$25.3M	HK$1.7M	HK$34.3M
Free cash flow	−HK$1.0M	−HK$1.2M	HK$2.7M	HK$1.3M	HK$37.0M
Free cash flow margin	−5.5%	−6.2%	13.1%	5.8%	328.4%
Capex / revenue	4.5%	0.0%	0.2%	0.0%	81.2%
Operating cash flow / net income	—	—	0.67	0.87	0.97

Intelligent Group Limited quarterly cash flow statement
	Aug '26	Feb '26	Aug '25	Feb '25	Aug '24	May '24	Feb '24	Nov '23	Aug '23	Feb '23	Nov '22
Operating activities
Net income	HK$2.8M	−HK$18.2M	−HK$9.1M	HK$18,301	−HK$828,410	HK$1.5M	HK$615,166	HK$124,548	HK$487,164	HK$1.5M	HK$800,839
Depreciation & amortization	HK$259,478	HK$89,171	HK$44,733	HK$219,301	—	HK$3,829	HK$986,451	HK$43,190	HK$168,934	HK$280,459	HK$222,841
Stock-based compensation	—	—	HK$9.4M	—	—	—	—	—	—	—	—
Change in working capital	−HK$1.8M	−HK$2.2M	−HK$387,711	−HK$434,844	HK$824,636	−HK$2.6M	−HK$2.6M	−HK$305,468	−HK$1.8M	−HK$1.1M	HK$1.1M
Other non-cash items	HK$426,549	HK$20.2M	HK$54,461	HK$149,470	HK$161,107	HK$278,395	HK$226,786	HK$233,226	HK$1.5M	HK$311,667	HK$43,799
Cash from operating activities	HK$1.7M	−HK$72,089	−HK$41,244	−HK$47,772	HK$157,333	−HK$781,075	−HK$780,799	HK$95,496	HK$372,500	HK$991,907	HK$2.2M
Investing activities
Capital expenditures	−HK$16	−HK$837,288	−HK$420,010	HK$0	HK$0	HK$0	−HK$31,282	−HK$4,011	−HK$15,684	HK$0	HK$0
Acquisitions & other investing	HK$958,160	−HK$22.3M	−HK$11.2M	HK$1.3M	−HK$4.5M	—	HK$8	—	HK$0	HK$18,963	−HK$18,916
Cash from investing activities	HK$958,144	−HK$23.2M	−HK$11.6M	HK$1.3M	−HK$4.5M	—	−HK$31,274	—	−HK$15,684	HK$18,963	−HK$18,916
Financing activities
Dividends paid	—	—	—	—	—	—	—	—	—	—	−HK$8,258
Shares issued	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other financing	−HK$249,626	HK$24.8M	HK$12.5M	−HK$125,723	HK$3.4M	HK$20.9M	HK$20.9M	HK$922,415	HK$3.6M	−HK$66,638	−HK$1.1M
Cash from financing activities	−HK$249,626	HK$24.8M	HK$12.5M	−HK$125,723	HK$3.4M	HK$20.9M	HK$20.9M	HK$922,415	HK$3.6M	−HK$66,638	−HK$1.1M
Summary
Net change in cash	HK$8.2M	HK$2.1M	HK$1.9M	−HK$1.6M	−HK$65.3M	HK$20.1M	HK$20.1M	HK$1.0M	HK$4.0M	HK$944,225	HK$1.1M
Cash at end of period	HK$76.1M	HK$67.5M	HK$8.4M	HK$8.2M	HK$8.2M	HK$20.1M	HK$45.4M	HK$3.2M	HK$4.0M	HK$944,225	HK$1.1M
Free cash flow	HK$1.7M	−HK$909,384	−HK$461,254	−HK$47,772	HK$157,333	−HK$781,075	−HK$780,799	HK$91,484	HK$356,807	HK$991,907	HK$2.2M
Free cash flow margin	11.2%	−8.9%	−9.0%	−1.2%	3.2%	−7.5%	−19.2%	5.8%	2.0%	24.4%	34.3%
Capex / revenue	0.0%	8.2%	8.2%	0.0%	0.0%	0.0%	0.8%	0.3%	0.1%	0.0%	0.0%
Operating cash flow / net income	0.62	—	—	−2.61	—	−0.50	−1.27	0.77	0.76	0.64	2.73

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

INTJ cash generation

In fiscal 2025 (ended November 30, 2025), Intelligent generated -HK$0.2 million of cash from operations and spent HK$0.8 million on capital expenditures, leaving free cash flow of -HK$1.0 million, −5.5% of revenue. Cash and equivalents rose by HK$3.9 million over the year.

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

INTJ cash flow FAQ

What is Intelligent's free cash flow?

Intelligent's free cash flow was -HK$1.0 million in fiscal 2025: -HK$0.2 million of operating cash flow minus HK$0.8 million of capital expenditures It was -HK$1.2 million a year earlier..

How much cash does Intelligent generate from operations?

Intelligent generated -HK$0.2 million of cash from operating activities in fiscal 2025.

How much does Intelligent spend on capital expenditures?

Intelligent spent HK$0.8 million on capital expenditures in fiscal 2025, 4.5% of revenue, compared with HK$0.0 million the year before.