Fluxo de caixa operacional e EBITDA: estudo comparativo entre as empresas que compõe IBRX-50 - Índice Brasil 50

Abstract

EBITDA is an important indicator used by managers and investors in their decision-making process. Considered as unregulated information, it is adopted by its users as an estimate of the company's Operational Cash Flow (FCO). If the difference between FCO and EBITDA is significant, it may invalidate the adoption of EBITDA as an FCO estimate. In this context, the objective of the present study is to analyze if there is a difference between the Operational Cash Flow (FCO) and EBITDA among companies in the various sectors of the economy. To carry out the study, the data of the companies belonging to the BM & FBOVESPA index IBrX50 were analyzed during the period between 2013 and 2015. For this, a descriptive study was carried out, using a quantitative approach, using the technical procedures of documentary and bibliographic research. The results of the study indicate that the FCO margin presented significant statistical differences when compared to the EBITDA margin, the first one being smaller than the second one, that is, the analysis based on the FCO margin can be considered more conservative from the cash flow point of view.