Research workbench

Make the cash-flow calculation yourself.

Match the periods, name the deductions, and keep the evidence next to your conclusion.

Start with Meta's historical 2024 and 2023 figures, or replace them with figures from your own filing. Inputs stay in this tab; Quantfil does not submit or store this worksheet.

Read the worked example and its source table

Before entering a number

Use one currency and unit for both periods. Enter cash outflows below as positive deductions. For a 10-Q, use matched year-to-date cash-flow periods, not a quarter of earnings against nine months of cash. This worksheet checks duration, but it cannot check whether you transcribed the source correctly or chose an appropriate definition.

Historical example: 91,328 − 37,256 − 1,969 = 52,103 million dollars. The last deduction is finance lease principal. Official SEC source: Meta 2024 10-K, Item 7, page 77.

Company / research subjectUnits used for all amountsExact SEC filing URL

Current periodStart dateEnd dateOperating cash flowEquipment purchases (positive outflow)Finance lease principal (positive outflow)

Comparable periodStart dateEnd dateOperating cash flowEquipment purchases (positive outflow)Finance lease principal (positive outflow)

The example uses full calendar years. Leap years explain the one-day duration difference.

Cash after these deductions

Current: 52,103. Comparable: 43,010. Difference: 9,093 USD millions.

These deductions reproduce Meta's definition for this example. Other companies may define free cash flow differently.

Turn the result into a research note

The claim you are testingEvidence and source locationYour interpretation, and what could invalidate it

Three checks before using the result

Definition: this is operating cash less the two specified deductions. It is not a universal definition of free cash flow, and it does not account for every claim on cash.
Period: similar duration is necessary, not sufficient. Check fiscal calendars, acquisitions, restatements, and seasonal differences.
Inference: a larger residual does not establish durable growth or an attractive valuation. Identify which statement or footnote could challenge your view.

Compare filings · Cash-flow traps · Read MD&A.

Apply the process to Meta or Microsoft, starting with the official source on each reference page.