Conceptually maybe you can compile flash to SVG+js but this has nothing to do with the point. Many insist (I have no direct experience) that the flash ecosystem (especially the editor) was and is unsurpassed as a publishing platform for interactive experiences.

Today with the current focus on mobile+low latency+e-commerce optimizations flash would probably have shown a lot of limitations, yet JavaScript, SVG, canvas, http webgl etc still fail to provide a "competitor" to what flash used to be.

The web simply went in a different direction, one that left many unsatisfied