Cash Flow Statement

Operating Cash Flow

Unit: Millions of Dollars

The measure of cash into or out of the company over the trailing twelve month period, similar to Net Income but less easily manipulated and without the affects of depreciation and other non-cash charges.

Free Cash Flow as a % of Sales

Unit: Percentage

The trailing 12 month free Cash Flow expenditures as a percent of sales.

Free Cash Flow as a % of Net Income

Unit: Percentage

The trailing 12 month free Cash Flow as a percent of net income.

Maintenance Cap Ex (Premium Plus)

Unit: Millions of Dollars

Maintenance Capital Expenditure is an attempt to isolate the ongoing cost portion of cap ex and exclude the growth cap ex that is an investment in future sales. We use Bruce Greenwald’s method to determine this depreciation. Greenwald multiplies the long term Gross PPE to Sales ratio by the current year’s increase in sales and subtract that from Cap Ex.

Cap Ex as a % of Sales

Unit: Percentage

The trailing 12 month capital expenditures as a percent of sales.

Dividends

Unit: Millions of Dollars

The cost of payments made by this company to its common shareholders, preferred shareholders, and Noncontrolling interests over the trailing twelve month period.

Payout Ratio

Unit: Percentage

Dividend payout ratio is Dividend Per Share as a percent of Diluted Earnings Per Share based on the TTM from the most recent quarterly report. Dividend Payout ratio can be used to measure the chance of a dividend increase or cut. For example, a company with a small Payout Ratio has room to increase its dividend.

Free Cash Flow Payout Ratio (Premium Plus)

Unit: Percentage

This alternative dividend payout ratio aims to be more accurate by excluding accounting earnings and including only actual cash generation. It is calculated as Dividend Per Share as a percent of Free Cash Flow per Share and values less than 70 are considered best. Note that the Forward Dividend Yield is used along with the TTM Free Cash Flow.

Free Cash Flow

Unit: Millions of Dollars

Free Cash Flow shows how much cash a company generates after paying to maintain and expand its production. It is calculated by subtracting Capital Expenditure (Cap Ex) from Cash Flow and is for the trailing twelve month period.


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