EBITDA is not Free Cash Flow.

Here's why:

1. Working capital changes impact cash flow.
2. Real FCF reveals the true financial health.
3. EBITDA includes interest and taxes
4. Capex isn't figured in.

FCF tells you how much a company EARNS after all expenses, more reliable.


![Image upload](https://cdn.commonstock.com/1c11e549218b6ecadb330353353b2706ed6febb81a382361fbd3bf0a8052be84-1600x900.png)

EBITDA Is Not Cash Flow

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