JCPenney's Free Cash (Non) Flow

Ackman is in, so is Soros. Which means that the “top left to bottom right” trendline will reverse…. Soon…. Any minute now….

In the meantime, the company has burned $1.7 billion in the past three years, and rising fast.

For those curious about working capital, see if you can spot the odd one inventory build quarter out:

And as an added bonus, here are revenues:


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