FCF is generally calculated as operating cash flow less maintenance capex. Growth capex is excluded from the calculation, so I do agree with you somewhat.
However, inventory does not come under the heading of capital expenditure and therefore shouldn't be 'added back' in the calculation of FCF.
Once a capital investment is made (capex), it should provide a return to the business over multiple periods, maybe even in perpetuity. In contrast, inventory provides a once-off return (the sale) and then must be replaced. It is therefore appropriately categorised as an operating cash flow as opposed to an investing cashflow.
SNL Price at posting:
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