Remove EBIT Remove Equity Multiples Remove Intangible Assets Remove Market Capitalization
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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 While R&D remains a cash outflow, whether you treat it as an operating or a capital expenditure, moving it from operating to capital expenditures can alter your perception of a company's operations.