Reported profit uses accounting judgement — depreciation schedules, provisions, revenue recognition. Cash flow is simply what came in and what went out.
Operating cash flow (OCF) is cash from the actual business. Compare it to net profit — if profit is high but OCF is low, ask why.
Free cash flow (FCF) = OCF − capital spending. This is the money truly available to pay dividends, repay debt or reinvest.
Simple test: over 5 years, do reported profits and OCF track each other? A big divergence is a red flag worth investigating.