PUBLIC DATA / EXPLAINED
Free cash flow decline alerts
Product documentation · Updated
A free cash flow alert identifies a change in a company's reported cash generation. Shield links each observation to the SEC filing so you can inspect the period and underlying cash flows.
How quarterly FCF is calculated
Shield defines free cash flow as operating cash flow minus capital expenditure, measured in USD. It uses reported cash-flow tags and identifies the relevant filing and fiscal-quarter end. This calculation may differ from a company's adjusted free cash flow measure.
Cash-flow statements often show cumulative fiscal year-to-date amounts. To isolate a later quarter, the preceding cumulative period is subtracted. For example, operating cash flow of $6 billion year to date after six months minus $2 billion after three months gives $4 billion for the second quarter. If that quarter's capital expenditure is $1.5 billion, quarterly FCF is $2.5 billion. These numbers are illustrative, not company observations.
Quarter-over-quarter comparison
When the previous quarter has positive FCF, the change is (current FCF − previous FCF) / previous FCF × 100%. A move from $5 billion to $3 billion is a 40% decline. If the previous quarter is zero, negative or unavailable, the percentage is N/M rather than a misleading growth rate.
Which changes trigger a rule?
A decline of at least 20% triggers Watch. A decline of at least 40%, or negative quarterly FCF, triggers Alert. The watchlist lets you set your own FCF decline line for a supported company. A negative quarter can trigger an Alert even when a percentage comparison is N/M; missing or non-comparable data remains Unknown.
The current SEC filing watch covers Alphabet (GOOGL), Intel (INTC), Ralph Lauren (RL), Apple (AAPL) and Meta (META). Other tickers may be added to a price watchlist, but that does not imply FCF coverage. See current periods and source links in the SEC filing monitor.
How to interpret a decline
A decline alone does not identify the cause. Capital expenditure timing, working capital, seasonality and fiscal calendars can all affect a quarterly comparison. The filing date can differ from the earnings-release date, and companies may report different fiscal-quarter ends. Review the original statement and notes rather than treating a threshold as a solvency prediction.
Verify the filing and calculation
Use the company row to open the calculation details, then follow its SEC link. You can also search SEC EDGAR. Our methodology page explains timing, rules and availability across the dashboard.