No. A company that doesn't grow but has positive cash flow is still worth something. You can view a stock as a bond with a coupon rate that is not fixed and doe

No. A company that doesn't grow but has positive cash flow is still worth something. You can view a stock as a bond with a coupon rate that is not fixed and doesn't have to be paid back to you immediately if the company thinks it can reinvest it to make even more money. A company's stock might drop at the ex-dividend date, but it would have gone up incrementally each day before that.