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This paper values correlated future cash flows when idiosyncratic risk earns a premium. For example, single period RAROC-style valuations used by financial institutions can be extended to multiple periods. Properties of the valuation differ considerably from traditional NPV analysis. Cash flow valuations are non-additive, and asset values vary inversely with cash flow variances and covariances. Negative valuations are possible even when expected cash flows are positive. The valuation of normally distributed cash flows is provided in matrix form, as well as the period-specific risk charge allocations. Simplified perpetuity formulas are also developed for cash flows that follow random walks.