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In corporate finance, free cash flow (FCF) or free cash flow to firm (FCFF) is a way of looking at a business's cash flow to see what is available for distribution among all the securities holders of a corporate entity. This may be useful to parties such as equity holders, debt holders, preferred stock holders, convertible security holders, and so on when they want to see how much cash can be extracted from a company without causing issues to its operations. The free cash flow can be calculated in a number of different ways depending on audience and what accounting information is available. A common definition is to take the earnings before interest and taxes multiplied by (1 - Tax Rate), add any depreciation & amortization, and then subtract any changes in working capital and capital expenditure. Depending on the audience, a number of refinements and adjustments may also be made to try to eliminate distortions. The free cash may be different from the net income for a particular accounting period, as the free cash flow takes into account the consumption of capital goods and the increases required in working capital. ==Calculations== The free cash flow can be calculated as follows: Note that the first three lines above are calculated for you on the standard Statement of Cash Flows. When Net profit and Tax rate applicable are given, you can also calculate it by taking: where, * Net Capital Expenditure(CAPEX) = Capex - Depreciation & Amortization * Tax Shield = Net Interest Expense X Effective Tax Rate When PAT and Debit/Equity ratio is available: where d - is the debt/equity ratio. e.g.: For a 3:4 mix it will be 3/7. Therefore, 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「free cash flow」の詳細全文を読む スポンサード リンク
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