We evaluated the single side-band phase noise of a 40 GHz beat signal generated by two free-running lasers. This allowed us to verify the utility of the two free-running lasers is verified as a light source for a next-generation radio-over-fiber system using frequency such as those in the millimeter-wave and terahertz bands. We also measured the phase noise of a frequency quadrupler using a Mach-Zehnder modulator for comparison. The phase noise of the two free-running lasers and the frequency quadrupler are -63.85 and -95.22 dBc/Hz at a 10 kHz offset frequency, respectively.