FCF per share - does it include all capex or just maintenance capex?

When you're looking to derive an FCF per share for the business to then put a multiple on it, where FCF = NOPAT - WC investment - Capex... do you typically include all of that year's capex or just the maintenance capex? Let's assume topline is growing 10%+, so the company is in growth mode.

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HF

Investment Analyst in HF - EquityHedge

2y

All capex.

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angrybanana

HF

2y

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FCF per share - does it include all capex or just maintenance capex?

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