{"id":16928,"date":"2026-10-16T14:58:58","date_gmt":"2026-10-16T12:58:58","guid":{"rendered":"https:\/\/hqam.ch\/?p=16928"},"modified":"2026-10-16T14:59:11","modified_gmt":"2026-10-16T12:59:11","slug":"the-quality-pulse-issue-6","status":"publish","type":"post","link":"https:\/\/hqam.ch\/en\/the-quality-pulse-issue-6\/","title":{"rendered":"The Quality Pulse | Issue 6"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16928\" class=\"elementor elementor-16928 elementor-16918\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6de011 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c6de011\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0b47f9\" data-id=\"c0b47f9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b39be83 elementor-widget elementor-widget-heading\" data-id=\"b39be83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Growth is Not Quality<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c712737 elementor-widget elementor-widget-text-editor\" data-id=\"c712737\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\">Growth is an appealing part of any investment story. More customers, new products and rising sales suggest that a business is becoming more successful. Yet expansion also makes demands: orders must be fulfilled, capacity built and products developed before the benefits arrive.  <\/p><p dir=\"ltr\">For shareholders, the outcome depends on whether those demands are met by the cash the company earns \u2013 and whether the investment ultimately earns an adequate return. A larger company does not necessarily leave each shareholder better off. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4728b63 elementor-widget elementor-widget-image\" data-id=\"4728b63\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"333\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Quality_Pulse_06_Web_Kennzahlen_EN-1-1-1-1024x333.webp\" class=\"attachment-large size-large wp-image-16933\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Quality_Pulse_06_Web_Kennzahlen_EN-1-1-1-1024x333.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Quality_Pulse_06_Web_Kennzahlen_EN-1-1-1-300x98.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Quality_Pulse_06_Web_Kennzahlen_EN-1-1-1-768x250.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Quality_Pulse_06_Web_Kennzahlen_EN-1-1-1-1536x499.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Quality_Pulse_06_Web_Kennzahlen_EN-1-1-1.webp 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afb8417 elementor-widget elementor-widget-heading\" data-id=\"afb8417\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Same growth, different cash<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b0a75f elementor-widget elementor-widget-text-editor\" data-id=\"8b0a75f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Ferrari and Aston Martin make the distinction tangible. In 2023, both increased revenue by roughly 18%. Following the cash reveals how differently that growth was funded. Ferrari invested \u20ac869m and still generated \u20ac932m of industrial free cash flow. Aston Martin\u2019s operating cash of \u00a3146m could not cover \u00a3397m of investment and \u00a3109m of net interest \u2013 a \u00a3360m free cash outflow.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e1898c elementor-widget elementor-widget-image\" data-id=\"7e1898c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"563\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Aston_Martin_Cash_Bridge_2025_EN-1-1-1024x563.webp\" class=\"attachment-large size-large wp-image-16942\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Aston_Martin_Cash_Bridge_2025_EN-1-1-1024x563.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Aston_Martin_Cash_Bridge_2025_EN-1-1-300x165.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Aston_Martin_Cash_Bridge_2025_EN-1-1-768x422.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Aston_Martin_Cash_Bridge_2025_EN-1-1-1536x845.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/Aston_Martin_Cash_Bridge_2025_EN-1-1.webp 1800w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e7c41f elementor-widget elementor-widget-text-editor\" data-id=\"1e7c41f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Spending ahead of a product launch can be reasonable, but later sales must generate enough cash to justify it. In 2025, Aston Martin\u2019s revenue fell 21%, free cash outflow reached \u00a3410m and net debt stood at \u00a31.38b. Ferrari generated more than \u20ac1.5b of industrial free cash flow in the same year.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f93ba64 elementor-widget elementor-widget-heading\" data-id=\"f93ba64\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07c02e4 elementor-widget elementor-widget-text-editor\" data-id=\"07c02e4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Negative free cash flow is not necessarily poor Quality. What matters is the full investment cycle: how much cash must be committed before customers pay, what return that capital should earn, and whether the business can keep investing if demand falls short. The objective is not to minimise investment, but to finance productive growth without surrendering financial flexibility or diluting value per share.    <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bed33f9 elementor-align-center elementor-tablet-align-center elementor-mobile-align-justify elementor-widget elementor-widget-button\" data-id=\"bed33f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/The_Quality_Pulse_Version_06_EN-3.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88710ab elementor-widget elementor-widget-text-editor\" data-id=\"88710ab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>ADVERTISEMENT<\/strong><br\/>This document has been prepared solely for information and advertising purposes and does not constitute a solicitation offer or recommendation to buy or sell any investment product or to engage in any other transactions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>One Insight. One Perspective. Every Week.  <\/p>\n","protected":false},"author":9,"featured_media":16929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[63],"tags":[],"class_list":["post-16928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-quality-pulse"],"acf":[],"_links":{"self":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/16928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/comments?post=16928"}],"version-history":[{"count":13,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/16928\/revisions"}],"predecessor-version":[{"id":16966,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/16928\/revisions\/16966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media\/16929"}],"wp:attachment":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media?parent=16928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/categories?post=16928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/tags?post=16928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}