Free Cash Flow to Firm= Net Inc + Dep + (Interest x (1-tax rate)) - Fixed Capital Investment - Working Capital Investment OR = CFO + (interest x (1 - tax rate)) - FCInv Free Cash Flow to Equity (after expenses, reinvestment and DEBT is paid, what is remaining will go to equity holders)= Net Inc + Dep - FCInv - WCInv + Net borrowing OR = FCFF - (Int x (1 - tax rate)) + Net borrowing