Free Cash Flow

Summary

Cash generated after operating expenses and capital expenditures.

Conventional Definition

Free Cash Flow is commonly calculated as operating cash flow minus capital expenditures.

Value Realization-Oriented Definition

In Value Realization, Free Cash Flow is a practical proof point that expected value is converting into usable economic capacity.

Notes

This draft measure is an indicator, not a complete proof of realized value. It should be interpreted with baseline, attribution, timing, confidence, quality, risk, and sustainability evidence.