Free cash flow is a business's thermometer. It measures the financial performance of a business. Specifically, it reveals the cash that a business can make after taking away the purchase of assets, such as equipment and property. It reveals what investors care about most - cash. There are different types of free cash flow. Two of them are unlevered and levered. Unlevered cash flow is the amount of money a business has before paying its obligations. Levered cash flow is the cash a company has after paying its financial obligations.