Remove 2020 Remove EBIT Remove Equity Multiples
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Earnings and Cash Flows: A Primer on Free Cash Flow

Musings on Markets

Thus, we start with operating income or earnings before interest and taxes (EBIT) replacing net income. (I It turned the profitability corner in 2020, though FCFE stayed mildly negative that year, and in 2021, the FCFE also turned positive.