Free Cash Flow Free Cash Flow (FCF)
Cash a company generates after spending on capital expenditure to maintain or grow the business. Business चलाने और बढ़ाने के लिए capital expenditure के बाद कंपनी के पास बचने वाला असली cash।
Free cash flow (FCF) measures the actual cash left after a company funds its operations and capital investments: FCF = Operating Cash Flow − Capital Expenditure. Unlike net profit, FCF is hard to manipulate with accounting choices, making it a favourite among serious investors. A Nifty 500 infrastructure company may report healthy PAT but negative FCF during a heavy capex phase, signalling that profits are not yet translating to cash. Strong, sustained positive FCF is a hallmark of durable businesses capable of self-funding growth or returning money to shareholders.
Free cash flow (FCF) मापता है कि operations और capital investments fund करने के बाद कंपनी के पास कितना actual cash बचता है: FCF = Operating Cash Flow − Capital Expenditure. Net profit के उलट, FCF को accounting choices से manipulate करना मुश्किल है — इसीलिए serious निवेशक इसे पसंद करते हैं। Nifty 500 की कोई infrastructure कंपनी heavy capex phase में healthy PAT दिखा सकती है लेकिन negative FCF — मतलब मुनाफ़ा अभी cash में नहीं बदल रहा। लगातार strong positive FCF टिकाऊ businesses की पहचान है जो खुद growth fund कर सकें या shareholders को पैसा लौटा सकें।