mF International Limited (MFI) Cash Flow Statement

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

Where MFI’s cash came from and went, 2025

December 31, 2025 · Hong Kong dollars

Cash from operations: −HK$15.9M
Capital expenditures: HK$2.5M
Free cash flow: −HK$18.3M
Returned to shareholders: —
Change in cash: HK$201.4M

Cash from operations

−HK$15.9M

Capital expenditures

−HK$2.5M

Investments (net)

+HK$3.8M

Net borrowing (repayment)

+HK$3.2M

Shares issued

+HK$144.9M

Other financing

+HK$68.3M

Currency & other

−HK$465,751

Change in cash

HK$201.4M

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

MFI operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

MFI cash flow trends, 2020–2025

mF International Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	HK$23.7M2020	−HK$15.9M2025	—
Capital expenditures	HK$02020	HK$2.5M2025	—
Free cash flow	HK$23.7M2020	−HK$18.3M2025	—
Free cash flow margin	67.2%2020	−54.2%2025	−121.5 pts
Operating cash flow / net income	2.032020	−0.202025	−2.23
Dividends paid	HK$02021	HK$02025	—
Capex / revenue	0.0%2020	7.3%2025	+7.3 pts

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

MFI cash flow by activity

OperatingInvestingFinancingChange in cash

MFI 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).

MFI cash flow statement in Hong Kong dollars

mF International Limited annual cash flow statement
	2025	2024	2023	2021	2020
Operating activities
Net income	HK$78.7M	−HK$20.2M	HK$6.6M	HK$10.3M	HK$11.7M
Depreciation & amortization	HK$9.3M	HK$6.1M	HK$7.3M	HK$8.0M	HK$411,328
Change in working capital	HK$8.9M	−HK$9.4M	−HK$3.7M	−HK$858,561	−HK$2.3M
Other non-cash items	−HK$112.8M	HK$1.7M	HK$1.2M	−HK$4.7M	HK$13.9M
Cash from operating activities	−HK$15.9M	−HK$21.9M	HK$11.3M	HK$12.7M	HK$23.7M
Investing activities
Capital expenditures	−HK$2.5M	−HK$8.4M	−HK$7.3M	−HK$7.3M	HK$0
Investments (net)	HK$3.8M	−HK$8.4M	−HK$5.7M	−HK$11.3M	—
Acquisitions & other investing	HK$0	HK$8.4M	HK$7.3M	HK$7.3M	−HK$4.8M
Cash from investing activities	HK$1.4M	−HK$8.4M	−HK$5.7M	−HK$11.3M	−HK$4.8M
Financing activities
Dividends paid	HK$0	HK$0	−HK$5.3M	HK$0	—
Net borrowing (repayment)	HK$3.2M	−HK$3.9M	−HK$3.7M	HK$2.4M	—
Shares issued	HK$144.9M	HK$58.5M	HK$0	HK$0	HK$0
Other financing	HK$68.3M	−HK$9.1M	−HK$1.9M	−HK$13.0M	−HK$4.0M
Cash from financing activities	HK$216.4M	HK$45.5M	−HK$10.9M	−HK$10.6M	−HK$4.0M
Summary
Net change in cash	HK$201.4M	HK$15.2M	−HK$5.3M	−HK$9.3M	HK$14.9M
Cash at end of period	HK$223.4M	HK$22.0M	HK$6.8M	HK$10.1M	HK$19.3M
Free cash flow	−HK$18.3M	−HK$30.3M	HK$4.0M	HK$5.5M	HK$23.7M
Free cash flow margin	−54.2%	−116.2%	12.5%	17.0%	67.2%
Capex / revenue	7.3%	32.3%	22.9%	22.6%	0.0%
Operating cash flow / net income	−0.20	—	1.71	1.23	2.03

mF International Limited quarterly cash flow statement
	Jun '26	Mar '26	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Mar '23
Operating activities
Net income	−HK$2.13B	HK$92.2M	−HK$13.7M	−HK$7.3M	−HK$14.7M	−HK$7.3M	−HK$5.5M	−HK$2.8M	HK$4.4M	HK$2.2M	HK$1.1M
Depreciation & amortization	HK$1.4M	HK$5.4M	HK$3.9M	HK$1.4M	HK$2.9M	HK$1.4M	HK$3.2M	HK$1.6M	HK$3.3M	HK$428,031	HK$455,998
Change in working capital	−HK$3.3M	HK$1.5M	HK$3.7M	HK$2.9M	HK$5.8M	HK$2.9M	−HK$19.3M	−HK$9.7M	−HK$602,278	−HK$301,139	−HK$1.8M
Other non-cash items	HK$2.11B	−HK$112.4M	HK$3.4M	HK$889,880	HK$1.8M	HK$889,880	HK$3.9M	HK$2.0M	HK$267,152	HK$1.4M	HK$2.2M
Cash from operating activities	−HK$24.6M	−HK$13.2M	−HK$2.6M	−HK$2.1M	−HK$4.2M	−HK$2.1M	−HK$17.7M	−HK$8.9M	HK$7.4M	HK$3.7M	HK$2.0M
Investing activities
Capital expenditures	−HK$139,878	−HK$120,336	−HK$31,020	−HK$227,288	−HK$454,576	−HK$227,288	−HK$8,900	−HK$4,450	−HK$10	−HK$1	−HK$24,078
Acquisitions & other investing	HK$29.4M	HK$3.4M	−HK$1.8M	−HK$2.1M	−HK$4.3M	−HK$2.1M	−HK$3.7M	−HK$1.9M	−HK$3.6M	−HK$1.8M	−HK$1.0M
Cash from investing activities	HK$29.3M	HK$3.2M	−HK$1.9M	−HK$2.4M	−HK$4.7M	−HK$2.4M	−HK$3.7M	−HK$1.9M	−HK$3.6M	−HK$1.8M	−HK$1.1M
Financing activities
Dividends paid	—	—	—	—	—	—	—	−HK$1.4M	−HK$2.8M	−HK$1.4M	−HK$1.3M
Share repurchases & issuance (net)	—	—	—	—	−HK$24.7M	—	—	—	—	—	—
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$1.1M	HK$218.2M	−HK$2.3M	−HK$982,874	HK$22.7M	−HK$982,874	HK$47.5M	HK$25.1M	−HK$1.1M	−HK$527,391	−HK$2.3M
Cash from financing activities	−HK$1.1M	HK$218.2M	−HK$2.3M	−HK$982,874	−HK$2.0M	−HK$982,874	HK$47.5M	HK$23.7M	−HK$3.9M	−HK$1.9M	−HK$3.5M
Summary
Net change in cash	HK$2.5M	HK$208.3M	HK$15.2M	—	−HK$1.4M	—	HK$3.3M	−HK$8,975	−HK$8,975	−HK$8,975	−HK$2.6M
Cash at end of period	HK$227.5M	HK$223.4M	HK$15.2M	—	—	—	—	−HK$8,975	−HK$8,975	−HK$8,975	−HK$2.6M
Free cash flow	−HK$24.7M	−HK$13.3M	−HK$2.7M	−HK$2.3M	−HK$4.6M	−HK$2.3M	−HK$17.7M	−HK$8.9M	HK$7.4M	HK$3.7M	HK$1.9M
Free cash flow margin	−205.8%	−71.2%	−17.7%	−34.0%	−34.0%	−34.0%	−142.0%	−142.0%	41.6%	41.6%	27.4%
Capex / revenue	1.2%	0.6%	0.2%	3.3%	3.3%	3.3%	0.1%	0.1%	0.0%	0.0%	0.3%
Operating cash flow / net income	—	−0.14	—	—	—	—	—	—	1.68	1.68	1.77

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.

MFI cash generation

In fiscal 2025 (ended December 31, 2025), mF International generated -HK$15.9 million of cash from operations and spent HK$2.5 million on capital expenditures, leaving free cash flow of -HK$18.3 million, −54.2% of revenue. Cash and equivalents rose by HK$201.4 million over the year.

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

MFI cash flow FAQ

What is mF International's free cash flow?

mF International's free cash flow was -HK$18.3 million in fiscal 2025: -HK$15.9 million of operating cash flow minus HK$2.5 million of capital expenditures It was -HK$30.3 million a year earlier..

How much cash does mF International generate from operations?

mF International generated -HK$15.9 million of cash from operating activities in fiscal 2025, −0.20 times its net income of HK$78.7 million.

How much does mF International spend on capital expenditures?

mF International spent HK$2.5 million on capital expenditures in fiscal 2025, 7.3% of revenue, compared with HK$8.4 million the year before.