Raytech Holding Limited (RAY) Cash Flow Statement
Where RAY’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$14.6M −232.9% vs FY2023
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$14.6M −10.2% margin
- Returned to shareholders
- —
- Change in cash
- −$7.5M cash at year-end $78.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RAY operating cash flow, capex and free cash flow
RAY cash flow trends, FY2023–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $11.0MFY2023 | −$14.6MFY2026 | — | |
| Capital expenditures | $0FY2023 | $0FY2026 | — | |
| Free cash flow | $1.4MFY2023 | −$14.6MFY2026 | — | |
| Free cash flow margin | 3.1%FY2023 | −10.2%FY2026 | −13.2 pts | |
| Operating cash flow / net income | 1.74FY2023 | −0.87FY2026 | −2.61 | |
| Capex / revenue | 0.0%FY2023 | 0.0%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RAY cash flow by activity
RAY net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RAY cash flow statement
| FY2026 | FY2023 | |
|---|---|---|
| Operating activities | ||
| Net income | $16.8M | $6.3M |
| Depreciation & amortization | $236,244 | $116,497 |
| Change in working capital | −$31.3M | $4.4M |
| Other non-cash items | −$283,777 | $178,454 |
| Cash from operating activities | −$14.6M | $11.0M |
| Investing activities | ||
| Capital expenditures | $0 | $0 |
| Investments (net) | — | $1.4M |
| Acquisitions & other investing | −$27.8M | $0 |
| Cash from investing activities | −$27.8M | $1.4M |
| Financing activities | ||
| Dividends paid | — | $0 |
| Shares issued | $0 | $0 |
| Other financing | $35.0M | −$3.2M |
| Cash from financing activities | $35.0M | −$3.2M |
| Summary | ||
| Net change in cash | −$7.5M | $9.1M |
| Cash at end of period | $78.0M | $2.7M |
| Free cash flow | −$14.6M | $1.4M |
| Free cash flow margin | −10.2% | 3.1% |
| Capex / revenue | 0.0% | 0.0% |
| Operating cash flow / net income | −0.87 | 1.74 |
| Jun '26 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $12.0M | $4.7M | $1.8M | $3.6M | $1.8M | $4.7M | $2.3M | $3.5M | $1.8M | $6.4M | $3.2M | $4.3M |
| Depreciation & amortization | $236,511 | — | — | $2,434 | — | $2,434 | $18,066 | $36,131 | $18,066 | $54,214 | $27,107 | $56,907 |
| Change in working capital | −$28.0M | −$3.3M | $2.7M | $5.5M | $2.7M | $1.6M | $800,749 | −$7.6M | −$3.8M | −$1.5M | −$769,173 | −$926,752 |
| Other non-cash items | −$374,719 | $100,507 | −$2.7M | −$5.5M | −$2.7M | −$3.6M | −$1.8M | $3.4M | $1.7M | $11.5M | $5.7M | −$1.8M |
| Cash from operating activities | −$16.1M | $1.5M | $1.8M | $3.6M | $1.8M | $2.6M | $1.3M | −$664,682 | −$332,341 | $16.4M | $8.2M | $1.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$8 | −$26 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$27.8M | — | — | $75 | $72,583 | $145,166 | $72,583 | $636,158 | $318,079 | $210,702 | $105,351 | −$14,646 |
| Cash from investing activities | −$27.8M | — | — | $75 | $72,583 | $145,166 | $72,583 | $636,158 | $318,079 | $210,702 | $105,351 | −$14,646 |
| Financing activities | ||||||||||||
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$358,889 | $35.1M | $49,438 | $98,876 | $49,438 | $42.8M | $21.4M | −$1.8M | −$909,098 | −$257,702 | −$128,851 | −$2.5M |
| Cash from financing activities | −$358,889 | $35.1M | $49,438 | $98,876 | $49,438 | $42.8M | $21.4M | −$1.8M | −$909,098 | −$257,702 | −$128,851 | −$2.5M |
| Summary | ||||||||||||
| Net change in cash | −$44.4M | $36.7M | — | $471,748 | — | $10.4M | −$938,958 | −$938,958 | −$938,958 | $8.2M | $8.2M | −$467,253 |
| Cash at end of period | $78.0M | $121.5M | $84.9M | $10.9M | — | $10.4M | −$938,958 | −$938,958 | −$938,958 | $8.2M | $8.2M | −$467,253 |
| Free cash flow | −$16.1M | $1.5M | $1.8M | $3.6M | $1.8M | $2.6M | $1.3M | −$664,682 | −$332,341 | $16.4M | $8.2M | $1.7M |
| Free cash flow margin | −15.3% | 4.1% | 10.1% | 10.1% | 10.1% | 6.1% | 6.1% | −2.0% | −2.0% | 49.7% | 49.7% | 6.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −1.34 | 0.33 | 1.00 | 1.00 | 1.00 | 0.56 | 0.56 | −0.19 | −0.19 | 2.56 | 2.56 | 0.39 |
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.
RAY cash generation
In fiscal 2026 (ended March 31, 2026), Raytech generated -$14.6 million of cash from operations (down 232.9%) and spent $0 on capital expenditures, leaving free cash flow of -$14.6 million, −10.2% of revenue. Cash and equivalents fell by $7.5 million over the year.
Related: RAY income statement, RAY balance sheet. See the RAY stock overview for the latest quote and news.
RAY cash flow FAQ
What is Raytech's free cash flow?
Raytech's free cash flow was -$14.6 million in fiscal 2026: -$14.6 million of operating cash flow minus $0 of capital expenditures It was $1.4 million a year earlier..
How much cash does Raytech generate from operations?
Raytech generated -$14.6 million of cash from operating activities in fiscal 2026, −0.87 times its net income of $16.8 million.