Free Cash Flow to Equity (FCFE) is a measure of how much cash is available to the equity shareholders of a company after all expenses, reinvestment, and debt are paid. How to Use FCFE is a measure of equity capital usage, and represents the cash left over after meeting all financial obligations and re-investment needs to remain operating, such as capital expenditures (CapEx) and net working capital. The metric is often used as a proxy for the amount that a company can return to its shareholders via dividends or share buybacks. It is also used by analysts in an attempt to determine the value of a company. FCFE = Cash from Operations − CapEx + Net Debt Issued