Nowadays, in the global economic scenario, it is becoming increasingly common to carry out financial analyses of the profitability, control and development of their enterprises, and such analyses are of fundamental importance in order to see new prospects for growth and solutions to problems. Financial analysis aims to study the viability, profitability and stability of a business or project. With this in mind, this study analysed the cash flow, profitability and liquidity indicators of Natura Cosméticos S/A in 2009, 2010 and 2011 to answer the research question: "What is the relationship between cash flow and profitability indicators at Natura S/A?". The methodology was based on bibliographical studies, websites, articles and periodicals. The nature of the work is quantitative and qualitative, and the research is classified as exploratory and descriptive. Therefore, it is concluded that cash flow does not always accompany the growth or decline in profitability, and that low cashflow does not always mean a loss, or high cash flow, profitability.