In this paper, a Markovian model is constructed to test a flexible manufacturing cell's (FMC) performance. The considered FMC includes a conveyer belt, robot, and n machines. The conveyer belt delivers the working part to the robot, and the robot picks it up and loads it onto the machines. The movement of a working part from one step to the next depends on the availability of the tool in the next step (i.e., conveyer belt, robot, and machine). Any machine is assumed to potentially fail during the processing time as a result of high loading stresses. First, a Markovian model is constructed for single-machine and double-machine FMCs. Then, a generalized FMC with an n-machine is constructed. The introduced model is illustrated with two numerical examples for both the single- and triple-machine. The Markov chain model can be used to estimate the FMC performance measures (i.e., overall utilization of machines and production rate). It is used to analyze the response of these measures under varying parameters (i.e., conveyor belt delivery rate, robot loading rate, processing rate of a machine, failure rate of a machine, and down machines' repairing rate). Moreover, an economic model based on the Markov chain model is introduced to analyze the FMC's net profit under these varying parameters.