One question, is how is "profit" defined? For example, if a company has surplus cash based on a given base of assets and current operating expenses, then that surplus is typically profit. However, if that surplus is used to buy new assets or pay down debt principle, I would consider that to be similar to profit because it tells me that the company would be profitable if it wasn't expanding (or, that it will be profitable once the debt is paid off, assuming all else remains the same).