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Unlevered Beta is the Beta of a company that has no debt at all.
Unlevered beta compares risk of unlevered company with risk of the market and shows how much systematic risk a company has when compared to systematic risk of the market.
By comparing unlevered betas of number of companies, investor will get a clue of the amount of risk he will take if he purchases company's stock.
Unlevered beta is calculated by the following equation:
B_u = B_l / [1 + (1-T_c) * (D/E)], where:
B_l = company's beta with leverage
T_c = corporate tax rate
D/E = debt/equity ratio