更真实指标，自由现金流率，11月20日怎么样？

Core Insights - Free cash flow (FCF) is a reliable and unembellished financial metric that reflects a company's true cash generation ability after covering operational expenses and capital expenditures [1] - The calculation of free cash flow is straightforward: operating cash flow minus capital expenditures, allowing companies to allocate funds flexibly for dividends or new investments [1] - Different industries exhibit significant variations in free cash flow due to capital intensity, necessitating the exclusion of sectors like banking and real estate for accurate comparisons [1] Summary by Categories Definition and Importance of Free Cash Flow - Free cash flow represents the actual cash available to a company after necessary expenses, contrasting with profit figures that may be artificially inflated [1] - The concept emphasizes the importance of cash generation over reported profits, as highlighted by academic perspectives from the 1980s [1] Calculation and Application - The formula for calculating free cash flow is simple: operating cash flow minus capital expenditures, which provides insight into a company's financial health and operational efficiency [1] - Free cash flow can be used to derive a comparable free cash flow rate by relating it to the company's value, facilitating fair comparisons across different firms [1] Industry Considerations - Heavy asset industries typically require substantial capital expenditures, resulting in weaker free cash flow, which is why these sectors are often excluded from free cash flow analyses [1] - The current cash flow rates of the constituents of the National Securities Free Cash Flow Index are being tracked to assess their performance [1]