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Cash Flow Return On Investment




CFROI = Cash Flow / Market Recapitalization

For the corporation, it is essentially internal rate of return (IRR). CFROI is compared to a hurdle rate to determine if investment/product is performing adequately. The hurdle rate is the total cost of capital for the corporation calculated by a mix of cost of debt financing plus investors `expected return on equity investments. The CFROI must exceed the hurdle rate to satisfy both the debt financing and the investors expected return.

CFROI = Gross Cash Flow / Gross Investment

Michael J. Maubossin, in his 2006 book 'MORE THAN YOU KNOW', quoted an analysis by CSFB, that, measured by CFROI, performance of companies tend to converge after five years in terms of their survival rates.


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