The above saying emphasizes the distinction between reported profits, which can be kneaded/ engineered/ fudged, while actual cash flow, is more tangible and harder to manipulate. It reflects a company's real financial health. Three charts from Apollo Global Management related to the Magnificent 7 illustrate the point.
Mag 7 Profit Margins
The Hyperscalers' Free Cash Flow
Mag 7 Recent Performance
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