The objective of this study is to empirically determine whether free cash flow (FCF) is value relevant for the industrial sector of the U.S. and, if so, which FCF is the most value relevant. The study aims to provide two contributions to the literature: First, if FCF is value relevant this would help investors make better decisions as they would use FCF in making their investment decisions. If it is not, then investors may not need to waste their time to include FCF in their decision making process. Second, if there is a specific FCF that is the most value relevant, this may encourage the Financial Accounting Standards Board (FASB) to require the industrial companies to use that specific definition if they voluntarily disclose FCF in their annual reports. Using correlations and multiple regression analysis on a sample of 24,103 observations covering the 25-year period from 1988 to 2012, the author empirically shows that FCF is not value relevant for the industrial sector. This result is in agreement with some prior research as discussed in the literature review.