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The traditional Profitability/Valuation framework is derived from the Residual Income Model (hereafter \textit{RIM}) which is in fact a derivation of the Dividend Discount Model (hereafter \textit{DDM}). Drawbacks of the dividend or earnings approach to valuation are well known. We create a new profitability/valuation framework based on a firm's cash-flows.This should allow to contourner caveats of earnings/dividends valuation model. We build a new Profitability/Valuation framework that hinges on the cash-flows a firm is able to generate. Using cash-flows allows to neutralize the leverage effect at the operating level of a firm as well as the balance sheet level. The paper is organized as follow. As a means of introduction we remind the basic principles behind asset valuation and show how they can be translated into equity valuation models. In the first section, we give a brief description of the links between the \textit{DDM}, the \textit{RIM} and the \textit{PB-ROE} framework. We also show how the \textit{PB-ROE} framework can be used as a screening tool for equity investors. In the second section, we show how we can build a new Profitability/Valuation framework based on a firm's cash-flows instead of a firms earnings. the deals with accounting relationship.