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Hi there, 

If your company still tracks “cash on hand” but doesn’t manage the flows that create or destroy it, your financial visibility is incomplete—and your viability is already at risk.

And that’s because cash shows position. Meanwhile, cash flow shows motion—and motion enables survival at the most basic level, and drives strategy at the most advanced one.

Here’s what we’re covering in today’s issue:

1. The five cash flows every CEO (and their CFO) must understand to control performance, protect liquidity, and build long-term enterprise value.

2. The brand new & free CEO Scaling Masterclass on October 23

3. How to Automate Financial Intelligence in your company - CFO or no CFO

4. The EBITDA & Enterprise Value session I’ll be delivering at AFP 2025 in Boston

CEOs don’t get fired for one bad quarter—they get fired for not fixing the next one

Targets run ahead of what the company can actually deliver. Cash gets tight while EBITDA still looks “fine.” Budgets that passed in January crack under real pressure by summer. Being “on plan” doesn’t mean the plan can be delivered.

Boards and lenders don’t see coming in below what you promised as a math error. They read it as a leadership problem. When commitments slip, they ask two questions: Were the risks visible? If yes, why didn’t management act?

This is why this Thursday I am hosting a brand new masterclass:

🔴 Live: Why Most Companies Struggle to Scale - And How Savvy CEOs Break Through

📅 Thursday, Oct 23
🕐 9 AM PST / 12 PM EST / 5 PM GMT

This session is for CEOs, founders, CFOs, and board-facing leaders who must make—and keep—commitments. You’ll see what the board sees, how banks score risk, and how to rebuild credibility before you need to.

And if you’ve been considering joining the CEO Financial Intelligence Program, this Thursday’s masterclass is the best way to preview the frameworks we work with inside the program.

The Strategic Cash Flow Breakdown

1. Operating Cash Flow (OCF) drives business viability

OCF reveals the cash generated from core operations—net income adjusted for non-cash items and working capital changes. It’s the best indicator of whether the business model truly funds itself. High-performing companies track OCF against EBITDA monthly to expose early pressure on liquidity and margins.

When OCF trends diverge from profitability, beware because risk isn’t coming—it’s already here.

2. Investing Cash Flow (ICF) shows how well capital is deployed

ICF captures cash used for—or generated from—long-term asset investments. It measures how effectively the company converts capital into future growth capacity. Strategic CEOs and their CFOs use ICF to evaluate the returns on capital—not just the spend.

A negative ICF isn’t bad if OCF supports it. It’s bad when it’s unplanned, unfunded, or detached from the growth strategy.

3. Financing Cash Flow (FCF) defines your capital strategy

Financing cash flow reflects how capital enters and exits the business through debt and equity. Sustainable companies use this view to calibrate leverage, investments, dividend policy, and liquidity buffers.

When FCF dominates total cash inflow, your company isn’t self-funding—it’s externally sustained. And that’s a strategic red flag, especially in today’s tightening markets.

4. Free Cash Flow to Firm (FCFF) powers valuation

FCFF measures the cash available to all investors after sustaining operations and capital assets. It’s the foundation for valuation because it reflects the company’s ability to generate unlevered returns.

In acquisition or funding scenarios, investors don’t price your EBITDA—they price your FCFF. It’s the metric that helps them connect operational capabilities to enterprise worth.

5. Free Cash Flow to Equity (FCFE) determines flexibility and shareholder value

FCFE is the cash left for equity holders after all operating costs, reinvestments, and debt obligations. It’s what ultimately funds dividends, buybacks, and growth reinvestment.

Companies that forecast FCFE monthly have sharper control over distributions and dilution. They know when to reinvest—and when to return capital.

The Bottom Line

Cash pays the bills, but it’s cash flow that builds your future.

Mastering Cash Flow is how you turn your business into a great business. It gives executive leaders like you control over liquidity, valuation, and strategic timing.

That’s why those who understand all five flows never get blindsided—they decide where their cash goes, not the other way around.

Automating Financial Intelligence

Your competitors know this already: to connect strategy, cash flows and execution in one place you need real-time visibility, intelligent forecasts, and investor/banker-ready presentations.

Imagine if, instead of spending days on manual reporting and board presentations, and weeks figuring out how to guide the business, you just opened up your dashboards and models and you were instantly ready to decide, report, present, and negotiate.

And as a bonus, imagine never having to worry that your numbers are misleading, never having to wait on decision-ready financial intelligence, or worry about your CFO transitions ever again.

That’s what Financiario enables: self-updating, institutional-grade infrastructure to turn data into value and value into cash flows.

See a 10-minute demo here to learn why you should upgrade your finance office with us - live in just 7 days and updating automatically every month.

Meet me in Boston at the AFP 2025

I’m back this year for the 3rd time in a row speaking at the largest finance conference in the world.

Most companies are still chasing valuation targets by budgeting toward EBITDA — but that’s not strategy. It’s spreadsheet theater.

At AFP 2025 in Boston, I’ll be speaking about how to break free from static budgets and flawed EBITDA-multiple thinking. Instead, I’ll show finance leaders how to use rolling forecasts to drive cash flow, manage risk, and influence real enterprise value. If your financial planning isn’t helping you make better strategic decisions, it’s time to upgrade your toolkit.

AFP 2025 is expected to bring together over 7,000 senior finance and treasury professionals this year, so if you haven’t yet bought your ticket, do it now so you don’t miss out on leading‑edge thought leadership, 140+ learning sessions and the chance to connect with a powerful network of peers.

All these critical cash flow power concepts, EBITDA and valuation - and many more is what this fall cohort of the CEO Financial Intelligence Program will expertly cover —capability, foresight, and the practical infrastructure to lead confidently, challenge assumptions, command the boardroom and build sustainable enterprise value.

We kick off Nov 12 and enrollment ends when all spots have been filled. So don’t delay.

This is the final cohort of the year so if you want to lead with foresight—not reaction—this is your opportunity. Secure one of the limited spots today.

You’ll be primed for explosive growth in 2026, while everyone else will still be figuring out how to start.

Warm regards,
Oana

P.S. Don’t forget—save your spot for the Free Masterclass on October 23.