Earnings and Cash Flows: A Primer on Free Cash Flow
Musings on Markets
OCTOBER 25, 2022
Free cash flow is one of the most dangerous terms in finance, and I am astonished by how it can be bent to mean whatever investors or managers want it to, and used to advance their sales pitches. To measure free cash flows for equity, you have to define reinvestment and debt cash flows, and we do that below on the left.
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