First Trust High Income Long/Short Fund

FSDNYSEFinancial Services

$12.22

$-0.23(-1.85%)

Market Cap$406816020

P/E Ratio—

52W High$12.63

52W Low$10.2

Avg Volume136K

Open$12.49

Beta0.75

Free Cash Flow Financials Revenue

First Trust High Income Long/Short Fund (FSD) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FSD · free cash flow · updated Jun 9, 2026

Core FCF metrics

FSD · FCF · TTM · margin & CAGR

Free cash flow was $15.8M for FY2023 (fiscal year ending 2023-10-31), down 82.1% year-over-year The FCF margin was 79.9%. Five-year CAGR stands at -19.2%.

FY2023 Free Cash Flow$15.8M▼ -82.1% YoY

Trailing 12M (TTM)$42.6Mtrailing 4 quarters sum

FCF Margin79.9%$15.8M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGR-19.2%FY2018 → FY2023

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

FSD · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2023Latest$15.8M(0M)$15.8M▼ 82.1%79.9%

FY2022$88.1M(0M)$88.1M▲ +168.0%—

FY2021$32.9M(0M)$32.9M▲ +215.3%51.3%

FY2020−$28.5M(0M)−$28.5M▼ 135.1%—

FY2019$81.1M(0M)$81.1M▲ +77.1%143.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

FSD · P/FCF · FCF yield · FCF per share

First Trust High Income Long/Short Fund (FSD) trades at a FCF yield of 3.88% and a price-to-free-cash-flow ratio of 9.5x. FCF per share stands at $1.28, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.88%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.28

TTM FCF ÷ Shares Outstanding

Price / FCF

x9.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x31.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2023 · 2023-10-31

Cash flow statement summary

FSD · cash flow statement · operating / investing / financing

For FY2023, First Trust High Income Long/Short Fund generated $15.8M in operating cash flow and spent 0M in capital expenditures, yielding $15.8M in free cash flow.

Operating Activities

+$15.8M

Cash from core business operations

2023-10-31

Investing Activities

−$4.0M

CapEx, acquisitions & investments

2023-10-31

Financing Activities

−$42.5M

Buybacks, dividends & debt

2023-10-31

FCF FormulaOperating CF ($15.8M) − |CapEx| (0M) = FCF ($15.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

FSD vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

First Trust High Income Long/Short FundYOU

FSD

$15.8M-82.1%79.9%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

First Trust High Income Long/Short Fund (FSD) reported free cash flow of $15.8M for FY2023 (fiscal year ending 2023-10-31), down 82.1% year-over-year. The FCF margin was 79.9%.

Based on available data, First Trust High Income Long/Short Fund has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $330.3M in FY2016. The 5-year CAGR stands at -19.2%.

First Trust High Income Long/Short Fund's FCF yield is 3.88% and price-to-FCF ratio is 9.5x for FY2023, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

FSD free cash flow · 8 questions

First Trust High Income Long/Short Fund free cash flow was $15.8M for FY2023, down 82.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $42.6M.

FSD free cash flowFSD FCFFSD FCF 2023FSD free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · First Trust High Income Long/Short Fund · First Trust High Income Long/Short Fund SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026