FOURTH MILLING

Fourth Milling Company

2286StocksTadawulMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	233.95M	268.98M	167.22M	254.57M	57.64M
Free Cash Flow	156.40M	248.31M	157.95M	230.89M	38.94M
Capital Expenditures	-77.55M	-20.67M	-9.27M	-23.68M	-18.69M
Investing & Financing
Investing Cash Flow	-150.78M	-89.08M	-4.42M	-73.60M	-20.77M
Financing Cash Flow	-142.48M	-163.84M	-221.11M	-83.57M	-19.74M
Dividends Paid	-118.99M	-140.11M	-198.35M	-61.33M	—
Operating Activities
Operating Cash Flow	233.95M	268.98M	167.22M	254.57M	57.64M
Net Income	200.79M	170.93M	142.82M	164.92M	50.06M
Change in Accounts Payable	-2.81M	10.15M	-5.90M	-0.73M	-52.23M
Change in Accounts Receivable	-12.71M	-2.98M	-3.14M	-2.95M	—
Change in Inventory	-5.07M	-0.97M	11.76M	15.64M	-1.33M
Change in Other Net Operating Assets	-0.06M	19.53M	-32.50M	-0.83M	2.41M
Change in Unearned Revenue	-0.34M	-0.65M	1.11M	3.89M	—
Change in Working Capital	-20.99M	25.08M	-28.67M	15.02M	-51.16M
Other Operating Activities	-1.02M	15.23M	-2.45M	28.67M	16.32M
Provision & Write-off of Bad Debts	-276.01K	-216.54K	715.97K	168.40K	—
Depreciation & Amortization	54.34M	52.55M	54.78M	45.73M	42.35M
Other Amortization	832.09K	630.85K	33.51K	40.45K	63.04K
Cash Interest Paid	11.11M	11.43M	7.88M	14.93M	—
Cash Income Tax Paid	—	—	—	122.70K	—
Asset Writedown & Restructuring Costs	—	4.40M	—	—	—
Investing Activities
Investing Cash Flow	-150.78M	-89.08M	-4.42M	-73.60M	-20.77M
Capital Expenditures	-77.55M	-20.67M	-9.27M	-23.68M	-18.69M
Investment in Securities	-82.10M	-74.06M	—	—	—
Other Investing Activities	9.90M	6.70M	5.73M	—	—
Sale (Purchase) of Intangibles	-1.21M	-1.58M	-0.88M	-50.35M	-2.08M
Sale of Property, Plant & Equipment	181.35K	532.43K	—	434.78K	—
Loss (Gain) From Sale of Assets	276.60K	374.02K	—	17.74K	—
Financing Activities
Financing Cash Flow	-142.48M	-163.84M	-221.11M	-83.57M	-19.74M
Common Dividends Paid	-118.99M	-140.11M	-198.35M	-61.33M	—
Long-Term Debt Repaid	-12.38M	-12.29M	-14.88M	-7.31M	-19.74M
Net Debt Issued (Repaid)	-12.38M	-12.29M	-14.88M	-7.31M	-19.74M
Other Financing Activities	-11.11M	-11.43M	-7.88M	-14.93M	—
Free Cash Flow & Returns
Free Cash Flow	156.40M	248.31M	157.95M	230.89M	38.94M
Free Cash Flow Growth	-37.0%	+57.2%	-31.6%	+492.9%	+446.2%
Free Cash Flow Margin	+23.7%	+40.2%	+28.3%	+39.9%	+11.6%
Free Cash Flow Per Share	0.29	0.46	0.29	0.49	0.08
Levered Free Cash Flow	79.11M	181.65M	111.33M	111.22M	1.61M
Unlevered Free Cash Flow	86.06M	188.79M	116.25M	120.55M	11.17M
Operating Cash Flow Growth	-13.0%	+60.9%	-34.3%	+341.7%	+76.8%
Net Cash Flow	-59.31M	16.07M	-58.32M	97.41M	17.13M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	233.95M	268.98M	167.22M	254.57M	57.64M
Free Cash Flow	156.40M	248.31M	157.95M	230.89M	38.94M
Capital Expenditures	-77.55M	-20.67M	-9.27M	-23.68M	-18.69M
Investing & Financing
Investing Cash Flow	-150.78M	-89.08M	-4.42M	-73.60M	-20.77M
Financing Cash Flow	-142.48M	-163.84M	-221.11M	-83.57M	-19.74M
Dividends Paid	-118.99M	-140.11M	-198.35M	-61.33M	—
Operating Activities
Operating Cash Flow	233.95M	268.98M	167.22M	254.57M	57.64M
Net Income	200.79M	170.93M	142.82M	164.92M	50.06M
Change in Accounts Payable	-2.81M	10.15M	-5.90M	-0.73M	-52.23M
Change in Accounts Receivable	-12.71M	-2.98M	-3.14M	-2.95M	—
Change in Inventory	-5.07M	-0.97M	11.76M	15.64M	-1.33M
Change in Other Net Operating Assets	-0.06M	19.53M	-32.50M	-0.83M	2.41M
Change in Unearned Revenue	-0.34M	-0.65M	1.11M	3.89M	—
Change in Working Capital	-20.99M	25.08M	-28.67M	15.02M	-51.16M
Other Operating Activities	-1.02M	15.23M	-2.45M	28.67M	16.32M
Provision & Write-off of Bad Debts	-276.01K	-216.54K	715.97K	168.40K	—
Depreciation & Amortization	54.34M	52.55M	54.78M	45.73M	42.35M
Other Amortization	832.09K	630.85K	33.51K	40.45K	63.04K
Cash Interest Paid	11.11M	11.43M	7.88M	14.93M	—
Cash Income Tax Paid	—	—	—	122.70K	—
Asset Writedown & Restructuring Costs	—	4.40M	—	—	—
Investing Activities
Investing Cash Flow	-150.78M	-89.08M	-4.42M	-73.60M	-20.77M
Capital Expenditures	-77.55M	-20.67M	-9.27M	-23.68M	-18.69M
Investment in Securities	-82.10M	-74.06M	—	—	—
Other Investing Activities	9.90M	6.70M	5.73M	—	—
Sale (Purchase) of Intangibles	-1.21M	-1.58M	-0.88M	-50.35M	-2.08M
Sale of Property, Plant & Equipment	181.35K	532.43K	—	434.78K	—
Loss (Gain) From Sale of Assets	276.60K	374.02K	—	17.74K	—
Financing Activities
Financing Cash Flow	-142.48M	-163.84M	-221.11M	-83.57M	-19.74M
Common Dividends Paid	-118.99M	-140.11M	-198.35M	-61.33M	—
Long-Term Debt Repaid	-12.38M	-12.29M	-14.88M	-7.31M	-19.74M
Net Debt Issued (Repaid)	-12.38M	-12.29M	-14.88M	-7.31M	-19.74M
Other Financing Activities	-11.11M	-11.43M	-7.88M	-14.93M	—
Free Cash Flow & Returns
Free Cash Flow	156.40M	248.31M	157.95M	230.89M	38.94M
Free Cash Flow Growth	-37.0%	+57.2%	-31.6%	+492.9%	+446.2%
Free Cash Flow Margin	+23.7%	+40.2%	+28.3%	+39.9%	+11.6%
Free Cash Flow Per Share	0.29	0.46	0.29	0.49	0.08
Levered Free Cash Flow	79.11M	181.65M	111.33M	111.22M	1.61M
Unlevered Free Cash Flow	86.06M	188.79M	116.25M	120.55M	11.17M
Operating Cash Flow Growth	-13.0%	+60.9%	-34.3%	+341.7%	+76.8%
Net Cash Flow	-59.31M	16.07M	-58.32M	97.41M	17.13M