Free Cash Flow to the Firm (also Unlevered Free Cash Flow, UFCF) — cash available to all capital providers (debt and equity): FCFF = EBIT(1-t) + D&A - Capex - DeltaNWC. Discounted at WACC in a standard DCF to derive enterprise value. Distinct from Levered FCF / FCFE (cash to equity only), which subtracts cash interest and mandatory debt amortization and is discounted at the cost of equity r_e.