Calculateur de flux de trésorerie disponible pour l'entreprise (FCFF)
Calculez le flux de trésorerie disponible pour l'entreprise (FCFF). Comprenez le flux de trésorerie disponible pour les investisseurs de l'entreprise (détenteurs de dettes et de capitaux propres) après toutes les dépenses, investissements et remboursements de dettes.
État des flux de trésorerie
Flux de trésorerie disponible
Ratios de Performance des Flux de Trésorerie
Calculateur de flux de trésorerie disponible pour l'entreprise (FCFF)
Entrées pour le calcul du FCFF
FCFF calculé
Understanding Cash Flow Analysis
What is a Cash Flow Statement?
A cash flow statement is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents. It breaks the analysis down into three main categories of activities.
The cash flow statement is crucial because it shows how a company is managing its cash position, indicating whether a company is on solid financial footing.
Operating Activities
Operating activities include the production, sale and delivery of the company’s product as well as collecting payment from its customers.
Examples of Operating Activities:
- Cash receipts from sales of goods and services
- Cash payments to suppliers and employees
- Interest payments and receipts
- Income tax payments
- Cash received from royalties, fees, commissions
- Cash payments for operating expenses
Key Operating Cash Flow Metrics:
- Operating Cash Flow Ratio: Shows how well current liabilities are covered by the cash flow generated from operations
- Cash Flow Coverage: Measures how well a company can cover its debt obligations with operating cash flow
Investing Activities
Investing activities include the purchase and sale of long-term assets and other investments not included in cash equivalents.
Examples of Investing Activities:
- Purchase of property, plant, and equipment (PPE)
- Sale of equipment or real estate
- Purchase of marketable securities
- Sale of marketable securities
- Loans made to other entities
- Collection of loans made to other entities
- Acquisition of other businesses
- Proceeds from sale of business units
Understanding Investing Cash Flows:
- Negative investing cash flows often indicate growth investments in the business
- Positive investing cash flows may indicate asset sales or maturity of investments
Financing Activities
Financing activities include transactions involving debt, equity, and dividends.
Examples of Financing Activities:
- Proceeds from issuing stock
- Dividend payments to shareholders
- Proceeds from borrowing (loans, bonds)
- Debt repayment
- Share repurchases (treasury stock)
- Payment of financing costs
Understanding Financing Cash Flows:
- Positive financing cash flows indicate capital raising activities
- Negative financing cash flows often show returns to shareholders or debt reduction
Key Cash Flow Statement Metrics
Free Cash Flow
Free Cash Flow is the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.
Formula: Free Cash Flow = Operating Cash Flow - Capital Expenditures
Cash Flow from Operations vs. Net Income
The difference between cash flow from operations and net income helps identify:
- Quality of earnings
- Working capital changes
- Non-cash expenses impact
- Revenue recognition timing differences
Cash Flow Ratios
- Operating Cash Flow Margin = Operating Cash Flow ÷ Revenue
- Cash Flow Coverage Ratio = Operating Cash Flow ÷ Total Debt
- Cash Flow to Capital Expenditures = Operating Cash Flow ÷ Capital Expenditures
Why Cash Flow Statements Matter
The cash flow statement helps investors and creditors determine:
- Liquidity: The company’s ability to generate positive cash flows
- Solvency: Its ability to pay dividends and meet obligations
- Financial Flexibility: The company’s ability to adapt to changing circumstances
- Investment Quality: Why net income and actual cash flows might differ
- Growth Potential: The company’s ability to grow and expand operations
Cash Flow Statement Analysis Tips
Red Flags to Watch:
- Consistently negative operating cash flows
- Large differences between net income and operating cash flow
- Heavy reliance on financing activities to fund operations
- Declining cash flows despite growing revenues
Positive Indicators:
- Strong and growing operating cash flows
- Free cash flow generation
- Consistent cash flow patterns
- Cash flows that support business strategy
Direct vs. Indirect Method
Indirect Method (Most Common)
Starts with net income and adjusts for:
- Non-cash expenses (depreciation, amortization)
- Changes in working capital
- Gains/losses on asset sales
Direct Method
Reports actual cash receipts and payments:
- Cash received from customers
- Cash paid to suppliers
- Cash paid for operating expenses
- Cash paid for taxes and interest
Both methods arrive at the same operating cash flow figure, but present the information differently.