Walgreens Boots Alliance (NASDAQ: WBA) slashed its dividend earlier this year. The company's earnings numbers haven't been great, and it is in the midst of launching healthcare clinics at its stores as part of a costly move into healthcare. It has been a tumultuous time for the pharmacy retailer, and investors can tell that just from its stock price: The last time Walgreens shares were trading at these levels was in the previous millennium.

There are signs of trouble for the business, and one of the biggest problems a company can face is with respect to cash flow. Walgreens is still paying a dividend, but the clock may be ticking on that. The company recently made a move to sell the last of its investment in drug wholesaler Cencora (formerly AmerisourceBergen). Is this just the latest sign that Walgreens has a big cash-flow problem?

Operating cash flow is one of the most important metrics investors can rely on when assessing the health of a business. If a company is struggling to generate positive cash flow from its day-to-day operations, that's potentially a huge cause for concern as it suggests the operations aren't sustainable.

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Source Fool.com