In equity research, earnings growth can describe a company’s accounting performance over a particular reporting period. Moving From Earnings Growth to Cash-Flow VerificationThe Cash Conversion Gap framework begins by comparing revenue growth with operating cash flow. Capital Expenditure Can Change the Meaning of Earnings GrowthCapital expenditure and free cash flow form another central part of the framework. When earnings, cash flow and management guidance support one another, an existing research thesis gains stronger financial evidence. About Bruno BertagnonBruno Bertagnon is an equity fund manager focused on equity research and portfolio construction.