Cash Flow
现金流
现金流量是指企业一定时期的现金和现金等价物的流入和流出的数量。 是指企业的库存现金和银行存款 ，还包括现金等价物（即企业持有的期限短、流动性强、容易转换为已知金额现金、价值变动风险很小的投资）。包括现金、可以随时用于支付的银行存款和其他货币资金。
一项投资被确认为现金等价物必须同时具备四个条件： 期限短、流动性强、易于转换为已知金额现金、价值变动风险小。
类别
在现金流量表中，将现金流量分为三大类：
- 经营活动现金净流量 (Operating Activities)
- 投资活动现金净流量 (Investing Activities)
- 筹资活动现金净流量 (Financing Activities)
作用
现金流量分析具有以下作用： 1、对获取现金的能力作出评价； 2、对偿债能力作出评价； 3、对收益的质量作出评价； 4、对投资活动和筹资活动作出评价。
Different types of Cash Flow
Cash Flow Statement
Discounted Cash Flow
Free Cash Flow
Free cash flow (FCF) represents the cash that a company generates after accounting for cash outflows to support operations and maintain its capital assets.
Calculation
Using Operating Cash Flow
Free Cash Flow = Operating Cash Flow − Capital Expenditures
Using Sales Revenue
Free Cash Flow = Sales Revenue − (Operating Costs + Taxes) − Required Investments in Operating Capital where: Required Investments in Operating Capital = Year One Total Net Operating Capital − Year Two Total Net Operating Capitaland
where: Total Net Operating Capital = Net Operating Working Capital
- Net Plant, Property, and Equipment (Operating Long-Term Assets)
and where: Net Operating Working Capital = Operating Current Assets − Operating Current Liabilitiesand
where: Operating Current Assets = Cash
Operating Current Liabilities = Accounts Payables + Accruals
Using Net Operating Profits
Free Cash Flow = Net Operating Profit After Taxes − Net Investment in Operating Capital
where: Net Operating Profit After Taxes = Operating Income × (1 - Tax Rate)
and where: Operating Income = Gross Profits − Operating Expenses
FCF Margin
Free Cash Flow Margin = (Free Cash Flow / Total Revenue) * 100%