This report analyzes free cash flow, enterprise value, and the FCF yield for the NC 2000, our All Cap index, and each of its sectors. The NC 2000 consists of the largest 2000 U.S. companies by market cap in our coverage. Constituents are updated on a quarterly basis (March 31, June 30, September 30, and December 31). We exclude companies that report under IFRS and non-U.S. ADR companies.