對於投資者來說，他最終會關切到每股盈餘（Earnings Per Share）或靜收入（Net Income），但是這樣的結果通常要到年終結賬后，才會有正式的結果，於是，投資人就會關切每季營運產生的自由現金流量。即使是年底結算后的自由現金流量，對於公司經營者和投資者，都有重要意義。這至少說明了公司在來年具有多大的力量可以進行擴張經營，以及具有抵抗風險的能力。
自由現金流的計算
自由現金流 = 營運產生的靜現金 – 資本性支出
Free Cash Flow = Net Cash Flow From Operations
- Capital Expenditures
如果你觀察Quarter over
Quarter 或是 Year over Year的Free Cash Flow是逐漸成長的，代表這家公司的營運是成長的，這個公司做了許多正確的事。
他們有效增加收入了，對於資產做了有效的管理。他們降低了債務，他們有效降低了成本。
相反的，如果自由現金流的數字是逐漸降低，則代表公司將烏雲罩頂，可能未來的營運收入也將跟著降低或是更糟。這家公司可能將要提高債務或是減少股利發放。
不過，要小心所謂的自由現金流的數字，很容易被操弄。因為自由現金流的計算是切一個期末時間點，但是實際的經營是流動的。公司很容易將應收賬款（Account Receivable）和應付賬款（Account Payable）做調整。你必須在看現金流報告（Cash Flow Statement）的時候，同時仔細看損益表（Balance Sheet Statement）.
然而，對於企業經營者自己來說，儘管現金流報告是靜態時點的報告，你還是要定期的檢討，了解你實際有多少現金，究竟你可以往前走多少步，或是應該踩剎車了。
Understanding the Significance of Free Cash
Free
Cash Flow is derived from the calculation and analysis of cash flow. Free cash
flow is the amount of cash left after an enterprise pays operating expenses and
capital expenditure expenses (such as new plant or equipment). You can think of
it as the company's remaining cash after fulfilling the expected obligation to
invest. But the real meaning is much more complicated.
For
investors, he will eventually be concerned about Earnings Per Share or Net
Income, but such results usually do not have a formal result until the end of
the year, so investors will be concerned about the free cash flow generated by
quarterly operations. Even the free cash flow after the end-of-year settlement
is of great significance to the company's operators and investors. This at
least demonstrates how strong the company can expand in the coming year and how
resilient it is to risk.
Calculation
of Free Cash Flow
Free Cash Flow
= Net Cash Flow From Operations - Capital Expenditures
If
you observe that Quarter over Quarter or Free Cash Flow of Year over Year is
growing, it represents that the company's operations are growing, and the
company has done a lot of the right things. They have effectively increased
their income and managed their assets. They have reduced their debt, and they
have effectively reduced their costs.
Conversely,
if the number of free cash flows is gradually decreasing, it will mean that the
company will be overwhelmed by dark clouds. Perhaps future operating income
will also be reduced or worse. The company may be about to raise debt or reduce
dividend payments.
However,
be careful with the so-called free cash flow figures, which can easily be
manipulated. Because the calculation of free cash flow is cut to a point at the
end of the period, but the actual operation is mobile. Companies can easily
adjust accounts receivable and payable. You have to look at the Cash Flow
Statement and the Balance Sheet Statement.
However,
for business operators themselves, even though cash flow reports are static
time reports, you still need to review regularly to find out how much cash you
actually have, how many steps you can take, or how many steps you should step
on the brakes.
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