Jerash Holdings (US), Inc. (JRSH) Cash Flow Statement
Where JRSH’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $2.5M +82.8% vs FY2025
- Capital expenditures
- $5.1M 3.1% of revenue
- Free cash flow
- −$2.6M −1.6% margin
- Returned to shareholders
- $2.5M
- Change in cash
- −$2.6M cash at year-end $12.5M
Cash from operations
$2.5M
Capital expenditures
−$5.1M
Investments (net)
−$665,825
Dividends
−$2.5M
Net borrowing (repayment)
+$3.2M
Currency & other
+$32,107
Change in cash
−$2.6M
Drawn to scale: where the cash came from and how it was used. Hover for values.
JRSH operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
JRSH cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.7MFY2017 | $2.5MFY2026 | −11.7%/yr | |
| Capital expenditures | $491,633FY2017 | $5.1MFY2026 | +29.8%/yr | |
| Free cash flow | $7.2MFY2017 | −$2.6MFY2026 | — | |
| Free cash flow margin | 11.6%FY2017 | −1.6%FY2026 | −13.2 pts | |
| Operating cash flow / net income | 0.72FY2017 | 0.71FY2026 | −0.02 | |
| Stock-based compensation | $116,578FY2018 | $904,171FY2026 | +29.2%/yr | |
| Dividends paid | $5.3MFY2017 | $2.5MFY2026 | −7.9%/yr | |
| Share buybacks (net) | $0FY2017 | $0FY2024 | — | |
| Capex / revenue | 0.8%FY2017 | 3.1%FY2026 | +2.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JRSH cash flow by activity
OperatingInvestingFinancingChange in cash
JRSH 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).
JRSH cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.5M | −$848,369 | −$2.0M | $2.4M | $7.9M | $4.1M | $6.5M | $5.1M | $10.4M | $10.6M |
| Depreciation & amortization | $3.7M | $3.3M | $3.3M | $3.4M | $3.0M | $2.6M | $2.0M | $1.3M | $1.2M | $1.3M |
| Stock-based compensation | $904,171 | $1.8M | $986,048 | $413,900 | $947,079 | $66,251 | $278,258 | $3.6M | $116,578 | — |
| Change in working capital | −$5.8M | −$3.0M | $428,681 | $4.6M | −$3.1M | −$8.1M | −$1.8M | −$185,958 | −$6.6M | −$4.3M |
| Other non-cash items | $163,234 | $209,963 | −$187,762 | $0 | $221,584 | −$124,889 | $6,641 | $0 | $0 | $0 |
| Cash from operating activities | $2.5M | $1.4M | $2.5M | $10.8M | $9.0M | −$1.5M | $6.9M | $9.8M | $5.2M | $7.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$5.1M | −$2.0M | −$4.8M | −$5.8M | −$5.1M | −$890,462 | −$4.7M | −$791,000 | −$877,944 | −$491,633 |
| Investments (net) | −$665,825 | −$2.4M | −$5.1M | −$2.2M | −$8.7M | $124,889 | −$4.9M | −$1.6M | −$541,198 | −$828,570 |
| Acquisitions & other investing | $0 | $2.0M | $4.8M | −$5.8M | $5.1M | −$128,690 | $4.7M | $791,000 | $877,944 | $491,633 |
| Cash from investing activities | −$5.8M | −$2.4M | −$5.1M | −$13.8M | −$8.7M | −$894,263 | −$4.9M | −$1.6M | −$541,198 | −$828,570 |
| Financing activities | ||||||||||
| Dividends paid | −$2.5M | −$2.5M | −$2.5M | −$2.5M | −$2.4M | −$2.3M | −$2.3M | −$1.1M | −$1.1M | −$5.3M |
| Share repurchases & issuance (net) | — | — | $0 | −$1.2M | $0 | — | — | $8.9M | $1.8M | $1.8M |
| Net borrowing (repayment) | $3.2M | $4.5M | $0 | −$300,166 | −$614,466 | $612,468 | −$648,665 | −$331,876 | $980,403 | $980,403 |
| Shares issued | $0 | $0 | $0 | $0 | $6.3M | $0 | $0 | $8.9M | $0 | $0 |
| Other financing | $0 | −$4.5M | $31,365 | $0 | $0 | $0 | $235 | −$8.9M | −$1.3M | −$3.4M |
| Cash from financing activities | $671,346 | −$2.5M | −$2.4M | −$4.0M | $3.3M | −$1.7M | −$2.9M | $7.5M | $324,954 | −$6.0M |
| Summary | ||||||||||
| Net change in cash | −$2.6M | −$3.6M | −$5.4M | −$7.2M | $3.7M | −$4.1M | −$1.7M | $15.0M | $4.9M | $830,399 |
| Cash at end of period | $12.5M | $8.8M | $14.0M | $19.4M | $26.6M | $22.9M | $26.1M | $27.2M | $8.6M | $3.7M |
| Free cash flow | −$2.6M | −$675,970 | −$2.4M | $5.0M | $3.9M | −$2.4M | $2.2M | $9.0M | $4.3M | $7.2M |
| Free cash flow margin | −1.6% | −0.5% | −2.0% | 3.6% | 2.7% | −2.7% | 2.4% | 10.6% | 6.2% | 11.6% |
| Capex / revenue | 3.1% | 1.4% | 4.1% | 4.2% | 3.5% | 1.0% | 5.0% | 0.9% | 1.3% | 0.8% |
| Operating cash flow / net income | 0.71 | — | — | 4.47 | 1.13 | −0.36 | 1.07 | 1.91 | 0.50 | 0.72 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.7M | $1.7M | $1.2M | $461,605 | $323,630 | −$152,635 | $6,314 | $664,549 | −$1.4M | −$3.1M | $232,170 | $368,944 |
| Depreciation & amortization | $972,046 | $937,148 | $902,763 | $941,212 | $882,303 | $857,032 | $907,026 | $746,845 | $762,767 | $815,920 | $843,168 | $826,524 |
| Stock-based compensation | $226,338 | −$4,975 | $457,651 | $228,826 | $222,669 | $341,035 | $474,088 | $474,088 | $468,935 | $258,350 | $243,448 | $243,448 |
| Change in working capital | −$100,000 | $3.1M | $2.8M | $5.1M | −$7.9M | $442,970 | −$4.1M | $2.7M | −$2.1M | −$3.3M | −$1.5M | $6.8M |
| Other non-cash items | −$246,544 | $318,106 | −$9.1M | $18,775 | $0 | $456,945 | −$307,404 | $16,768 | $0 | $0 | −$120,782 | −$66,980 |
| Cash from operating activities | $2.5M | $6.0M | −$3.8M | $6.8M | −$6.5M | $1.9M | −$3.0M | $4.6M | −$2.2M | −$5.4M | −$311,926 | $8.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$184,606 | −$4.2M | −$91,750 | −$379,804 | −$464,890 | −$962,917 | −$458,554 | −$473,416 | −$145,421 | −$859,368 | −$771,259 | −$1.7M |
| Investments (net) | −$528,954 | −$230,175 | −$226,107 | −$339,025 | −$714,919 | −$698,089 | −$735,610 | −$549,258 | −$386,965 | −$878,977 | −$804,802 | −$1.7M |
| Acquisitions & other investing | $0 | −$75 | $75 | $379,436 | $464,890 | $1.2M | $458,554 | $473,416 | $145,421 | $859,368 | $771,259 | $1.7M |
| Cash from investing activities | −$713,560 | −$4.4M | −$317,782 | −$339,393 | −$714,919 | −$432,752 | −$735,610 | −$549,258 | −$386,965 | −$878,977 | −$804,802 | −$1.7M |
| Financing activities | ||||||||||||
| Dividends paid | −$634,997 | −$635,441 | −$634,553 | −$635,441 | −$634,997 | −$614,543 | −$614,742 | −$614,742 | −$614,742 | −$614,742 | −$614,742 | −$614,742 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | $0 | $0 | — |
| Net borrowing (repayment) | $481,753 | −$1.6M | $4.2M | $407,689 | $256,287 | −$455,482 | $1.4M | $1.4M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $233 | −$233 | $233 | $0 | $75 | $0 | $0 | $2.1M | $0 | $0 | −$3.1M |
| Cash from financing activities | −$153,244 | −$2.3M | $3.5M | −$227,519 | −$378,710 | −$1.1M | $782,965 | $824,752 | $1.5M | −$614,742 | −$614,742 | −$3.7M |
| Summary | ||||||||||||
| Net change in cash | $1.6M | −$688,257 | $1.2M | $6.2M | −$7.6M | $392,798 | −$3.1M | $4.9M | −$1.1M | −$7.2M | −$1.6M | $2.7M |
| Cash at end of period | $14.1M | $12.5M | $13.2M | $12.0M | $7.5M | $13.6M | $14.8M | $17.9M | $13.0M | $14.0M | $21.2M | $22.8M |
| Free cash flow | $2.3M | $1.8M | −$3.9M | $6.4M | −$6.9M | $982,430 | −$3.5M | $4.2M | −$2.3M | −$6.2M | −$1.1M | $6.4M |
| Free cash flow margin | 4.7% | 4.2% | −9.3% | 15.3% | −17.5% | 3.4% | −9.8% | 10.3% | −5.7% | −28.9% | −3.9% | 19.3% |
| Capex / revenue | 0.4% | 9.8% | 0.2% | 0.9% | 1.2% | 3.3% | 1.3% | 1.2% | 0.4% | 4.0% | 2.8% | 5.1% |
| Operating cash flow / net income | 1.51 | 3.63 | −3.24 | 14.72 | −20.02 | — | −476.39 | 6.96 | — | — | −1.34 | 22.10 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
JRSH cash generation
In fiscal 2026 (ended March 31, 2026), Jerash generated $2.5 million of cash from operations (up 82.8%) and spent $5.1 million on capital expenditures, leaving free cash flow of -$2.6 million, −1.6% of revenue. It returned $2.5 million to shareholders through dividends ($2.5 million) and net share buybacks ($0). Cash and equivalents fell by $2.6 million over the year.
Related: JRSH income statement, JRSH balance sheet, JRSH dividend history. See the JRSH stock overview for the latest quote and news.
JRSH cash flow FAQ
What is Jerash's free cash flow?
Jerash's free cash flow was -$2.6 million in fiscal 2026: $2.5 million of operating cash flow minus $5.1 million of capital expenditures It was -$0.7 million a year earlier..
How much cash does Jerash generate from operations?
Jerash generated $2.5 million of cash from operating activities in fiscal 2026, 0.71 times its net income of $3.5 million.
How much does Jerash spend on capital expenditures?
Jerash spent $5.1 million on capital expenditures in fiscal 2026, 3.1% of revenue, compared with $2.0 million the year before.
How much does Jerash pay in dividends?
Jerash paid $2.5 million in dividends in fiscal 2026.