"Free Cash Flow (FCF)" represents the cash that a firm is able to generate after expending all the money to maintain/expand its assest base. In addition, investors like firms that produce lots of FCF; because it allows a firm to purse investment opportunities that enhance shareholders' wealth.
To calculate FCF, go to a firm's cash flow statement. There you will find the line item entitled "Total Cash Flow From Operating Activities." From this number, subtract the number from 'Capital Expenditure," which is found in the next section of the Cash Flow statement entitled "Investing Activites."
For your firm, calculate the FCF for the past three fiscal/calendar years and trend the data. What is the trend? Keep-in-mind that a negative FCF is not necessary bad. It could be the result of some large capital expenditures, which in itself could prove to be highly profitable.
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