Free Cash Flow — cash a company generates after funding operations and reinvestment. Two flavors: (1) Unlevered FCF (UFCF / FCFF), the cash available to ALL capital providers, computed as UFCF = EBIT(1-t) + D&A - Capex - DeltaNWC and discounted at WACC in a standard DCF; (2) Levered FCF (FCFE), the cash available to equity holders only: Net Income + D&A - Capex - ΔNWC - Mandatory Debt Repayment + New Debt Issuance, discounted at the cost of equity r_e.