Examining Free Cash Flow in the Defense Sector

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Baroni Center Report No. 6

DoD Contract Financing / Cost and Pricing Study
Call Order 01

This project focused on three research questions, over the period 2000 through 2019: Did free cash flow (FCF) increase or decrease over time? For what was FCF being used, and did that change over time? Was there a relationship between FCF and independent research and development (IR&D)?

Principal Investigator

James M. Hasik, Ph.D.
Senior Fellow, Center for Government Contracting

Second Investigator

Lloyd E. Everhart
Research Manager, Center for Government Contracting


JK Aier, Ph.D.
Associate Professor, Accounting Area, School of Business

Steven Pilloff, Ph.D.
Associate Professor, Finance Area, School of Business

Student Researchers

Katherine Vargas Media
Andrea Sanchez Zuniga

Download the report.