If Depreciation to Cash Flow increases over time:
An increasing Depreciation to Cash Flow ratio is generally a positive sign, showing the company's cash flow is more predictable and is not having to ride the highs and lows of market conditions.
If Depreciation to Cash Flow decreases over time:
A decreasing Depreciation to Cash Flow ratio is generally a negative sign, showing the company''s cash flow is less predictable and is more affected by the highs and lows of market conditions.
If Depreciation to Cash Flow stays the same over time:
An unchanged Depreciation to Cash Flow ratio may indicate the company''s cash flow consistancy has remained the same.