Morningstar, Inc.
S&P 400
Cash Flow
Cash Flow Breakdown
Figures in US$OperatingInvestingFinancing
How to read this: the three bars show where cash moved each year. Operating is cash from the core business (you generally want this positive and growing). Investing is usually negative — money spent on assets or acquisitions. Financing shows money raised from, or returned to, lenders and shareholders. Bars above the line are cash in; bars below are cash out.
Operating Cash Flow vs Capex
Figures in US$Operating Cash FlowCapital Expenditure
How to read this: operating cash flow is the cash the business generated; capital expenditure is what it spent on long-term assets like plant and equipment. The gap between them is roughly free cash flow — the cash left over. A wide gap (operating well above capex) means the business funds its investment comfortably from its own earnings.
| Period | Operating Cash Flow | Investing Cash Flow | Financing Cash Flow | Capital Expenditure |
|---|---|---|---|---|
| FY2014 | $136.60M | $-31.20M | $-76.10M | $58.30M |
| FY2015 | $241.50M | $-79.50M | $-127.50M | $57.30M |
| FY2016 | $213.70M | $-274.20M | $123.70M | $62.80M |
| FY2017 | $250.10M | $-60.80M | $-157.50M | $66.60M |
| FY2018 | $314.80M | $-49.90M | $-188.80M | $76.10M |
| FY2019 | $334.40M | $-746.30M | $373.70M | $80.00M |
| FY2020 | $384.30M | $-123.80M | $-182.20M | $76.70M |
| FY2021 | $449.90M | $-167.70M | $-211.80M | $101.80M |
| FY2022 | $297.80M | $-799.30M | $415.10M | $129.50M |
| FY2023 | $316.40M | $-81.90M | $-278.40M | $119.10M |
| FY2024 | $591.60M | $-21.30M | $-384.40M | $142.70M |
| FY2025 | $589.70M | $-139.30M | $-514.70M | $147.10M |
Figures in USD. Educational data only.
Understanding these terms
Plain-English explanations of each figure in the table above, and what a beginner typically looks at. These are educational descriptions only, not advice.
- Operating Cash Flow
- Cash produced by the company's core operations during the period. The US equivalent of "Cash from Operating Activity".How a beginner reads it: A beginner uses this as a reality check on profit, since it reflects cash actually collected. Healthy, consistent operating cash flow underpins a company's ability to invest and repay debt.
- Investing Cash Flow
- Cash used for or generated by buying and selling long-term assets and investments. The US equivalent of "Cash from Investing Activity".How a beginner reads it: A beginner expects this to be negative for companies investing in growth. Reading it next to operating cash flow shows whether the business funds its investments from its own earnings.
- Financing Cash Flow
- Cash flows with lenders and shareholders — borrowing, repaying, issuing shares, buybacks, and dividends. The US equivalent of "Cash from Financing Activity".How a beginner reads it: A beginner reads this to understand whether the company is taking in money (borrowing/issuing) or paying it out (repaying/dividends), and how that fits the operating picture.
- Capital Expenditure
- Money spent on buying or upgrading long-lived assets like plant, equipment, and buildings. Often shortened to "capex".How a beginner reads it: A beginner reads capex against operating cash flow to see whether a company funds its investment from its own earnings. Operating cash flow minus capex is roughly free cash flow.