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Levered Versus Unlevered DCF Statements Can Drastically Change a Company Valuation [An Analysis] Read: Levered versus Unlevered DFCF Statements can Drastically change a company's valuation. The two main different approaches to a DCF valuation are in regards to what we can value. In the second approach, the Free Cash Flow to the Firm (FCFF) model, we compute the Weighted average of the cost of equity and debt to get a market value. FCFF has fewer inputs and can be more easily computed than FCFF, but requires a higher dose of precision.