There are three main types of standard cash flows: Operating cash flows: These are the cash flows generated by a company's core business activities. They include revenues from sales, minus expenses such as cost of goods sold, operating expenses, and taxes. Investing cash flows: These are the cash flows associated with a company's investments in long-term assets, such as property, plant, and equipment. They include cash outflows for capital expenditures, minus cash inflows from the sale of long-term assets. Financing cash flows: These are the cash flows associated with a company's financing activities, such as raising capital through debt or equity issuance. They include cash inflows from debt or equity issuance, minus cash outflows for debt repayment or dividend payments. The economic equivalence formulae for these different types of cash flows are as follows: Operating cash flows: Present value = (Annual operating cash flow * Number of years) / Discount rate In