Como você interpreta a diferença entre EBITDA e fluxo de caixa em termos de rentabilidade e eficiência?

Understanding the variance between EBITDA and cash flow provides insightful perspectives into both profitability and operational efficiency. EBITDA, serving as a proxy for operating performance, strips away non-operational expenses, depreciation, and amortization, offering a clear view of earnings potential. However, cash flow, encompassing both operational and non-operational cash movements, reflects the actual cash generated by the business, considering factors like working capital and capital expenditures. By discerning these distinctions, businesses can better assess their financial health, investment viability, and strategic decision-making.

EBITDA strips out the effect of non-cash items that includes in net income, and it stands for earning before interest, tax, depreciation and amortisation. This basically represents the cash availability for both equity and debt capital infusion in firm' capital structure, and acts as as a close proxy to the company's core operational cash flow. In fact, EBITDA plays a pivotal role in firm valuation under discounted cash flow method (FCFF/FCFE) which is very straightforward phenomenon to be used upon certain adjustment for working capital changes, and for such other elements as net borrowing, and capex depending upon the objectivity of the valuation i.e. firm or equity valuation.

EBITDA or Earnings before interest, taxes, depreciation, and amortization Measures profitability to net income It represents cash profit generated by the company's operations.

Ebitda é regime de competência, ou seja: não leva em consideração os prazos médios, que devem estar balanceados Fórmula para balancear o EBITDA: Balanceado = Prazo médio de pagamento / Prazo médio de Pagamento = 1 Superavit = Prazo médio de pagamento / Prazo médio de Pagamento > 1 Deficit = Prazo médio de pagamento / Prazo médio de Pagamento < 1 Regime de caixa e Regime de competência são semelhantes somente no longo prazo. Cuidados devem ser tomados o curto e médio prazo.

EBITDA is a measure of a company’s operating performance. It indicates how much profit the company makes from its core operations, excluding the effects of capital structure, tax rates, and non-cash accounting items. It provides a clear view of operational efficiency and profitability by focusing on earnings generated from day-to-day activities. High EBITDA suggests that the company is generating strong profits from its operations, which is a positive indicator of operational health.

EBITDA vs FLUJO DE CAJA Muchas veces se confunden los beneficios de una empresa con el dinero que genera. Se utiliza un concepto económico (EBITDA) para explicar algo financiero (flujo de caja). Pero para evaluar la “salud” de un negocio o una compañía no hay nada más importante que el dinero que puede generar y para esto debemos de calcular su “flujo de caja”. No hay más que pensar, que la “muerte” de una compañía se produce cuando se queda sin “oxígeno” esto es, sin liquidez, sin dinero (por más EBITDA positivo que pueda tener). ¿Será que al EBITDA lo inventó alguien que no ganaba dinero?

Cash Flow is the amount of cash that remains with the firm after recording all the investments, expenses and taxes. The Cash flow comprises from Operations, Investment and Financing activities. A profitable firm need not be a positive cash flow firm as it could be investing in assets or could have issued fresh debt. Hence looking only upon the net profits or EBITDA margins could only give a partial view upon the financial health of the firm.

Putting more colors about cash flow , It is important to consider operational cash flow as one of main tool to assess a company. This tool will allow us to understand the real capability that the business has to honor yours commitments.

Cash flow, particularly operating cash flow, shows the actual cash generated or used by the company’s core operations. It provides a more comprehensive view of profitability by including changes in working capital, accounts receivable, and accounts payable. Positive cash flow indicates that the company is generating enough cash to sustain operations, pay debts, and invest in growth.

Cash flow simply refers to money in and out of a company in its fundamental business activities which basically presents in its cash flow statement (CFS). CFS can be prepared either direct or indirect approach, and it includes company's major sources of cash generation and their uses, which fundamentally driven on operational, investing, and financing activities. Some companies exhibit exceptional bottom-line but in reality which is unfollowed by its cash flow pattern, may be negative, or highly matters "earning quality" or perhaps causes of accounting policy/estimates manipulation. Ideally, if company generates operational cash surplus enabling to coverup its regular capex upkeep is shown to be good indicator over its ability to growth.

El EBITDA y el Flujo de Caja son magnitudes complementarias, pero ofrecen perspectivas diferentes de la actividad económica. El EBITDA deriva de los ingresos y gastos, excluyendo impuestos, intereses y amortizaciones, ofreciendo un indicador del rendimiento operativo. El Flujo de Caja detalla las entradas y salidas de efectivo en un período y no sólo contempla la explotación (la actividad principal), sino también la financiación e inversión. EBITDA/Ingresos es una buena métrica de margen. No obstante, no tiene sentido relacionar el Flujo de Caja de un período con los Ingresos del mismo, dado que puede incluir efectivo de ventas pasadas, operaciones de financiación nuevas, devolución de deuda existente o salidas de caja por inversión.

El EBITDA y el flujo de caja son dos métricas cruciales para evaluar el desempeño financiero de una empresa, pero es esencial comprender cuándo utilizar cada uno. El EBITDA se utiliza comúnmente para evaluar la rentabilidad operativa, excluyendo los efectos de intereses, impuestos, depreciación y amortización. Es valioso al comparar la eficiencia operativa entre empresas. Por otro lado, el flujo de caja es esencial para comprender la liquidez y la capacidad de una empresa para cubrir sus gastos, incluidos los costos de deuda. Utilizar ambos de manera complementaria proporciona una imagen más completa de la salud financiera de una empresa

Aconselho a área comercial entender este conceito! E, incluirem na lista de produtos e serviços, também o CAIXA, como fazem os bancos que vendem dinheiro. A área comercial deve ter ciência de também vendem dinheiro, através dos prazos médios de recebimento que devem ser balanceados com os prazos médios de pagamento (fornecedores, gastos fixos etc)

EBITDA is like looking a bakery's empty donut case at the end of a day and calculating it's daily sales to capture its core operations. Cash flow is counting the register, considering the costs of the sold donuts, and making sure there is enough dough for the next day. EBITDA has the potential to paint an overly optimistic picture while still capturing a businesses operational efficiency on the ground level. Cash flow is what helps or hurts a business owner's sleep. It tells us if a donut shop will close its doors due to sprinkles that are too expensive. It helps us feel confident in our price per donut. And a robust cash flow projection starts conversations about growth and sustainability, meaning more donuts for all.

O Ebitda (balanceado) revela a geração de caixa das vendas. O Fluxo de caixa é mais amplo que o Ebitda, podendo gerar caixa extra Ebitda com projetos de melhorias, orçamento base zero, etc.

Non-Cash Items: EBITDA excludes non-cash items like depreciation and amortisation, while cash flow includes all actual cash transactions, providing a more accurate picture of liquidity. Working Capital: EBITDA does not consider changes in working capital, whereas cash flow includes these changes, offering insights into operational cash management. Capital Expenditures: EBITDA ignores capital expenditures, but cash flow reflects these investments, crucial for understanding the sustainability of operations and growth.

Os gastos invisíveis são sempre os vilões de EBITDA/CAIXA. Estoques: de produtos, de serviços, e de dinheiro (capital de giro) Devemos entender que tudo é capital, tudo é dinheiro, e tratá-los como fazem as instituições financeiras.

Nas nossas consultorias, para empresas do varejo que têm baixas margens, implementamos no demonstrativo de resultado (DRE) duas linhas para balancear os prazos médios de pagamento e recebimento: Custo financeiro do prazo Benefício financeiro do prazo Isto nos garante uma visão gerencial mais real do resultado. Por este motivo, já encontramos no nosso mercado, empresas demonstrando lucro em um período sem fluxo de caixa.

EBITDA and cash flow are both important, but they serve different purposes. EBITDA focuses on operational profitability and efficiency, while cash flow provides a more comprehensive view of a company’s financial health and liquidity. For a complete analysis, both metrics should be considered together.