Skip to content
Equity Analysis
  • en
    • guides
      • getting-started
        • how-to-analyze-a-stock
        • how-to-value-a-stock
        • investing-in-stocks-for-beginners
      • investor-workflows
        • how-to-build-a-stock-portfolio
        • how-to-read-an-annual-report
    • investing-foundations
      • core-concepts
        • compounding
        • dollar-cost-averaging
        • equity-investing
        • expected-return
        • risk-and-return
        • time-horizon
        • active-vs-passive-investing
        • long-term-vs-short-term-investing
        • lump-sum-vs-dollar-cost-averaging
        • real-return-vs-nominal-return
        • risk-vs-volatility
        • stocks-vs-index-funds
      • investor-orientation
        • circle-of-competence
        • investment-objectives
        • investment-policy-statement
        • risk-capacity
        • risk-tolerance
        • how-to-set-investment-goals
        • risk-tolerance-vs-risk-capacity
    • Company Analysis
      • financial-statements
        • how-to-analyze-debt
        • how-to-analyze-working-capital
        • balance-sheet-vs-income-statement
        • free-cash-flow-vs-operating-cash-flow
        • income-statement-vs-cash-flow-statement
        • profit-vs-cash-flow
        • balance-sheet
        • cash-flow-statement
        • free-cash-flow
        • income-statement
        • operating-cash-flow
      • share-structure
        • diluted-shares-outstanding
        • dilutive-securities
        • free-float
        • share-dilution
        • shares-outstanding
        • treasury-stock
        • issued-shares-vs-outstanding-shares
        • shares-outstanding-vs-diluted-shares-outstanding
        • shares-outstanding-vs-free-float
      • Business Quality in Investment Analysis
        • capital-allocation
        • customer-concentration-risk
        • economic-moat
        • pricing-power
        • unit-economics
        • Business Model Analysis
        • financial-statement-red-flags
        • how-to-measure-pricing-power
        • types-of-economic-moats
      • metrics
        • asset-turnover-ratio
        • current-ratio
        • debt-to-equity-ratio
        • gross-margin
        • interest-coverage-ratio
        • net-margin
        • operating-margin
        • quick-ratio
        • return-on-assets
        • return-on-equity
        • return-on-invested-capital
        • current-ratio-vs-quick-ratio
        • return-on-assets-vs-return-on-equity
        • roe-vs-roic
      • earnings-analysis
        • basic-eps
        • diluted-eps
        • earnings-per-share
        • eps-growth
        • quality-of-earnings
        • basic-eps-vs-diluted-eps
      • operating-efficiency-metrics
        • accounts-payable-turnover-ratio
        • accounts-receivable-turnover-ratio
        • cash-conversion-cycle
        • days-inventory-outstanding
        • days-payable-outstanding
        • days-sales-outstanding
        • inventory-turnover-ratio
        • operating-cash-flow-ratio
        • operating-cycle
        • working-capital-turnover-ratio
      • capital-returns
        • buyback-yield
        • dividend-coverage-ratio
        • dividend-growth-rate
        • dividend-payout-ratio
        • dividend-yield
        • shareholder-yield
        • dividend-reinvestment
        • dividend-growth-investing
      • shareholders-equity-mechanics
        • book-value-per-share
        • retained-earnings
        • shareholders-equity
        • statement-of-shareholders-equity
        • tangible-book-value
        • accumulated-deficit
        • retained-earnings-on-balance-sheet
        • book-value-vs-market-value
        • retained-earnings-vs-net-income
    • valuation
      • valuation-concepts
        • capital-asset-pricing-model
        • cost-of-capital
        • discount-rate
        • enterprise-value
        • equity-value
        • fair-value
        • intrinsic-value
        • margin-of-safety
        • market-capitalization
        • required-rate-of-return
        • terminal-growth-rate
        • terminal-value
        • discount-rate-vs-wacc
        • enterprise-value-vs-equity-value
        • enterprise-value-vs-market-cap
        • market-cap-vs-equity-value
        • price-vs-value
      • valuation-methods
        • comparable-company-analysis
        • discounted-cash-flow
        • dividend-discount-model
        • relative-valuation
        • sum-of-the-parts-valuation
        • dcf-formula
        • how-to-choose-comparable-companies
        • exit-multiple-vs-perpetuity-growth
      • valuation-multiples
        • ev-ebit
        • ev-ebitda
        • ev-revenue
        • peg-ratio
        • price-to-book-ratio
        • price-to-earnings-ratio
        • price-to-free-cash-flow
        • price-to-sales-ratio
        • ev-ebitda-vs-pe-ratio
        • forward-pe-vs-trailing-pe
        • price-to-earnings-ratio-vs-peg-ratio
        • valuation-multiples-explained
      • yield-based-valuation-metrics
        • cash-flow-yield
        • earnings-yield
        • free-cash-flow-yield
    • portfolio-construction
      • portfolio-basics
        • asset-allocation
        • concentration
        • diversification
        • drawdown
        • maximum-drawdown
        • position-sizing
        • rebalancing
        • how-many-stocks-should-you-own
        • how-often-to-rebalance-your-portfolio
        • how-to-size-a-stock-position
        • portfolio-concentration-risk
        • concentrated-vs-diversified-portfolio
        • equal-weight-vs-market-cap-weight
        • concentrated-stock-portfolio-construction-framework
        • core-satellite-portfolio
        • how-to-build-a-diversified-stock-portfolio
      • portfolio-maintenance
        • cash-drag
        • cash-position
        • portfolio-drift
        • portfolio-turnover
        • portfolio-review-process
        • tax-efficient-rebalancing
        • when-to-rebalance-a-portfolio
        • threshold-vs-calendar-rebalancing
        • portfolio-rebalancing-strategy
      • portfolio-strategies
        • gold-in-a-portfolio
        • high-conviction-portfolio
        • how-to-build-an-etf-portfolio
        • lazy-portfolio
        • three-fund-portfolio
    • stock-selection-frameworks
      • investment-styles
        • bottom-up-investing
        • garp-investing
        • growth-investing
        • quality-investing
        • top-down-investing
        • value-investing
        • top-down-vs-bottom-up-investing
        • value-investing-vs-growth-investing
        • value-investing-vs-quality-investing
        • investing-styles-explained
      • screening-and-comparison
        • stock-screener
        • stock-buying-checklist
        • stock-selection-criteria
        • how-to-compare-stocks-in-the-same-industry
    • Investor Decision Making
      • Investment Thesis Development
        • Investment Thesis
        • How to Write an Investment Thesis
        • When to Buy a Stock
      • Stock Research Workflow
        • Investment Research Process
        • Stock Watchlist
        • How to Build a Stock Watchlist
        • Stock Research Report Template
        • Stock Due Diligence Checklist
      • Stock Buying Process
        • When to Add to a Stock Position
      • Sell Process for Investors
        • When to Sell a Losing Stock
        • When to Take Profits on a Stock
        • When to Sell a Stock
    • investor-psychology
      • behavioral-biases
        • anchoring-bias
        • availability-bias
        • behavioral-finance
        • confirmation-bias
        • disposition-effect
        • endowment-effect
        • framing-bias
        • herd-behavior
        • hindsight-bias
        • loss-aversion
        • mental-accounting
        • overconfidence-bias
        • recency-bias
        • representativeness-bias
        • status-quo-bias
      • decision-discipline
        • emotional-investing
        • investment-discipline
        • how-to-avoid-emotional-investing
        • rules-based-investing
    • market-cycles
      • cycle-basics
        • bear-market
        • bull-market
        • cyclical-stocks
        • defensive-stocks
        • market-cycle
        • sector-rotation
        • why-do-stocks-fall-when-interest-rates-rise
        • cyclical-vs-defensive-stocks
    • sector-business-model-analysis
      • business-model-features
        • asset-light-business-model
        • capital-intensity
        • economies-of-scale
        • economies-of-scope
        • network-effects
        • operating-leverage
        • recurring-revenue
        • switching-costs
      • sector-analysis
        • how-to-analyze-bank-stocks
        • how-to-analyze-saas-companies
        • semiconductor-industry-analysis
      • saas-metrics
        • annual-recurring-revenue
        • cac-payback-period
        • gross-revenue-retention
        • monthly-recurring-revenue
        • net-revenue-retention
        • rule-of-40
        • saas-churn-rate
        • saas-customer-acquisition-cost
        • saas-magic-number
        • saas-valuation-multiples
        • arr-vs-mrr
    • Investment Analysis Examples for Company and Valuation Work
      • Company Analysis Examples
        • Stock Analysis Report Example
      • Valuation Examples
        • Company Valuation Example
        • Comparable Company Analysis Example
        • DCF Valuation Example
    • glossary
      • beta
      • book-value
      • churn-rate
      • cost-of-equity
      • customer-acquisition-cost
      • deferred-revenue
      • ebit
      • ebitda
      • exit-multiple
      • free-cash-flow-to-equity
      • free-cash-flow-to-the-firm
      • gross-profit
      • lifetime-value
      • ltv-cac-ratio
      • net-dollar-retention
      • net-working-capital
      • revenue-churn
      • weighted-average-cost-of-capital
      • working-capital
      • ebit-vs-ebitda
      • fcff-vs-fcfe
      • gross-margin-vs-operating-margin
    • etfs
      • etf-basics
        • bid-ask-spread
        • creation-and-redemption
        • etf-liquidity
        • etf
        • expense-ratio
        • nav
        • tracking-difference
        • tracking-error
        • etf-arbitrage
        • etf-premium-discount
        • how-etfs-work
        • accumulating-vs-distributing-etf
        • etf-vs-index-fund
        • etf-vs-mutual-fund
        • hedged-vs-unhedged-etf
        • nav-vs-market-price
        • physical-vs-synthetic-etf
      • etf-types
        • types-of-etfs
        • actively-managed-etf
        • bond-etf
        • commodity-etf
        • dividend-etf
        • emerging-markets-etf
        • equity-etf
        • gold-etf
        • growth-etf
        • index-etf
        • international-etf
        • inverse-etf
        • leveraged-etf
        • sector-etf
        • silver-etf
        • thematic-etf
        • value-etf
        • growth-vs-value-etf
        • leveraged-vs-inverse-etf
      • etf-selection
        • currency-exposure
        • currency-hedged-etf
        • etf-domicile-and-withholding-tax
        • fund-size-and-aum
        • how-to-choose-an-etf
        • how-to-compare-etfs
      • etf-tax-distribution-mechanics
        • etf-dividends
        • etf-tax-efficiency
        • etf-capital-gains-distributions
        • etf-qualified-dividends
        • etf-vs-mutual-fund-tax-efficiency
    • options
      • core-concepts
        • assignment
        • call-option
        • exercise-option
        • expiration-date
        • extrinsic-value
        • in-the-money-option
        • intrinsic-value-options
        • option-premium
        • options-liquidity
        • out-of-the-money-option
        • put-option
        • strike-price
        • how-options-work
        • option-chain-basics
        • exercise-vs-assignment-options
        • in-the-money-vs-out-of-the-money
        • intrinsic-value-vs-extrinsic-value
        • options-basics
      • options-greeks-and-pricing
        • black-scholes-model
        • delta
        • gamma
        • implied-volatility
        • open-interest
        • rho
        • theta
        • time-decay
        • vega
        • volatility-smile
        • gamma-risk
        • iv-crush
        • volume-vs-open-interest
        • delta-vs-gamma
        • implied-volatility-vs-historical-volatility
        • options-greeks-explained
        • theta-decay-explained
      • directional-and-hedging-strategies
        • cash-secured-put
        • collar
        • covered-call
        • leaps
        • long-call
        • long-put
        • protective-put
        • short-put
        • synthetic-long-stock
        • covered-call-vs-cash-secured-put
        • options-vs-stocks
      • volatility-and-spread-structures
        • bear-put-spread
        • bull-call-spread
        • bull-put-spread
        • butterfly-spread
        • calendar-spread
        • credit-spread
        • debit-spread
        • diagonal-spread
        • iron-butterfly
        • iron-condor
        • long-straddle
        • long-strangle
        • poor-mans-covered-call
        • vertical-spread
        • condor-vs-butterfly
        • credit-spread-vs-debit-spread
        • iron-condor-vs-iron-butterfly
        • long-call-vs-bull-call-spread
        • straddle-vs-strangle
        • option-spread-strategies
      • options-position-management
        • pin-risk
        • rolling-an-option
        • assignment-risk
        • rolling-covered-calls
        • rolling-puts
Home/Company Analysis/financial-statements/operating-cash-flow

operating-cash-flow

Written by Dennis York ยท Updated May 20, 2026
© 2026 Equity Analysis