Foundation10 sheets~45 minIBPEER/HF
Integrated three-statement model
Build a forecast in which the balance sheet balances because the cash flow statement is complete, and explain why.
Financial models
Professional Excel models you can inspect before you download. Browse the full library by area, open any workbook in the browser, see how it works, then take the Excel version.
19 models152 sheets82 schedules7 areas of practice Every workbook opens in the browser, free
Core modelling 3 models
The three models that most analyst interviews test.
Core7 sheets~40 minIBER/HFPE
Discounted cash flow model
Value a company from its cash flows, compare the two terminal methods, and identify which assumptions drive the result.
Core9 sheets~35 minIBER/HFPE
Comparable companies model
Bring a peer set to one calendar year and one trailing period, compute and defend the multiples, and carry each range through a football field to an implied value per share.
M&A and private equity 4 models
The M&A and private equity hubBuying a company, paying for it and dividing what it returns.
Core8 sheets~60 minPEIBER/HF
Leveraged buyout model
Size a deal, run its debt schedule with a sweep, and decompose the return into EBITDA growth, multiple change and net debt reduction.
Core8 sheets~40 minIBPEER/HF
Merger model: accretion and dilution
Price an offer, fund it, and say whether it is accretive, by how much, and how much synergy it would take to break even.
Advanced7 sheets~40 minIBPEER/HF
Purchase price allocation model
Allocate a purchase price across book assets, fair value write-ups and new intangibles, compute the deferred tax liability and goodwill in a stock deal and an asset deal, build the closing balance sheet, and say what the write-ups cost earnings and what a step-up is worth in cash.
Foundation6 sheets~30 minVCPE
Cap table and exit waterfall model
Price a seed round with a converting SAFE and a pool top-up, say who paid for the pool, and run the exit waterfall for a non-participating preferred.
Credit and restructuring 3 models
The credit and restructuring hubLending against a business, and who is repaid when it fails.
Advanced9 sheets~45 minIBPEER/HF
Credit model
Size a leveraged loan from three tests and name the one that binds, run the borrower through a downside, read covenant headroom as an EBITDA cushion, and say what must be refinanced and what the lenders recover in default.
Core7 sheets~35 minIBPEER/HF
13-week cash flow model
Forecast a stressed company’s liquidity week by week, size the revolver inside its borrowing base, and say in which week the covenant breaks and how much new money would keep it whole.
Advanced7 sheets~40 minIBER/HFPE
Recovery waterfall model
Distribute a restructured company’s value by an assumed priority ranking across a range of enterprise values, identify the fulcrum security in each, and calculate the return on each traded class at an assumed purchase price.
Real estate 3 models
The real estate hubBuying, building and owning property, from the rent roll up.
Core9 sheets~50 minPEIB
Property acquisition model
Underwrite an income-producing property from the rent roll to a levered IRR, size the loan to the tightest of three constraints, and run the sponsor’s promote through a waterfall.
Advanced8 sheets~45 minPEIB
Real estate development model
Build a development budget and its draw profile, fund it equity first and then with a construction loan, lease the building up to stabilisation, refinance and sell it, and say what the development spread and the levered return are.
Core8 sheets~35 minER/HFIBPE
REIT model: FFO, AFFO and NAV
Build same-store and acquisition NOI, reconcile net income to FFO and AFFO, fund acquisitions with debt and new shares, and say what the REIT is worth against its NAV and whether its next acquisition is accretive.
Infrastructure and project finance 2 models
The infrastructure and project finance hubLong-lived assets funded against their own cash flows.
Advanced8 sheets~60 minIBPE
Project finance model
Size a project loan by sculpting to a coverage target, run the reserve accounts and the lock-up through a full waterfall, and say what the equity earns on the base case and the downside.
Advanced9 sheets~50 minIBPE
PPP availability payment model
Build an availability-based unitary charge with indexation and deductions, repay the debt as an annuity, smooth lifecycle costs through a reserve, solve the charge that delivers the target equity IRR, test lender coverage against the covenant, and compare the authority’s payments with a public sector comparator.
Healthcare 2 models
The healthcare hubDrug pipelines valued on probability, and devices on their installed base.
Advanced9 sheets~50 minER/HFIBPE
Biotech rNPV and sum-of-the-parts model
Value a development-stage biotech programme by programme: build a launch curve from patients and price, risk-adjust by stage, discount to an rNPV, and sum the parts to a price per share.
Core8 sheets~35 minER/HFIBPE
Medtech installed-base and consumables model
Roll an installed base of sold and leased systems, drive procedures and consumables from utilisation, separate recurring from capital revenue, account for leased systems as capital, and decide whether a system is worth more sold or leased.
Technology 2 models
The technology hubRecurring revenue and two-sided markets, built from customers.
Core8 sheets~40 minPM/TechVCER/HF
SaaS operating model
Build a subscription business from sales capacity to ARR to a quarterly P&L, reconcile cash to revenue through deferred revenue, and read the unit economics an investor will ask for.
Core7 sheets~35 minER/HFVCPM/Tech
Marketplace model: GMV, take rate and contribution
Build GMV from buyer cohorts with retention and frequency by tenure, take it to net revenue through the take rate and incentives, to contribution per order and EBITDA, and judge a buyer’s lifetime value against its acquisition cost.
What you can open, and what you can keep
Every model above can be previewed without signing in, and worked with online once you do. Downloads come with an account.
Browse without an account
Preview every model online, sheet by sheet, with its outputs and checks.
Free account
Work with every model online: change the inputs, see every formula. And every starter workbook.
L3VLUP Plus
Everything in Free, and one worked Excel model each billing month, yours to keep.
L3VLUP Pro
Everything in Plus, every worked model in the library, graded starters, and the Pro applications.
The Inner Circle includes everything in Pro. About Plus · What else Pro includes
Around every model
Understand, inspect, build, download, check, apply
Understand
A primer teaches the idea in the words an interviewer uses.
Inspect
The whole workbook in the browser, every sheet and every cell, before you download.
Build
A lab drills it against a clock, marked as you go.
Download
The worked model, formulas live, and a starter that leaves the hard part to you.
Check
Every model carries its own checks; the page tells you they hold before you open it.
Apply
A skill runs the same logic on a real company from its filings.
Go deeper by area of practice
M&A and private equity models
4 models, 20 schedules, 12 labs and 16 guides: leveraged buyout model, merger model: accretion and dilution, purchase price allocation model, cap table and exit waterfall model.
Credit and restructuring models
3 models, 11 schedules, 4 labs and 4 guides: credit model, 13-week cash flow model, recovery waterfall model.
Real estate models
3 models, 14 schedules, 3 labs and 5 guides: property acquisition model, real estate development model, reit model: ffo, affo and nav.
Project finance and infrastructure models
2 models, 11 schedules, 2 labs and 4 guides: project finance model, ppp availability payment model.
Healthcare financial models
2 models, 10 schedules, 3 labs and 7 guides: biotech rnpv and sum-of-the-parts model, medtech installed-base and consumables model.
Technology company financial models
2 models, 9 schedules, 4 labs and 4 guides: saas operating model, marketplace model: gmv, take rate and contribution.
Schedules: the building blocks
All schedulesA schedule recurs across models. Learn the debt schedule once and you will recognise it in the LBO, the three-statement model and the credit case; each schedule page shows exactly where it sits in every model that uses it.
The statements
- Revenue buildWhere the top line comes from
- Operating costs and marginsCost of sales, opex, EBITDA
- TaxTax on profit, and tax on operating profit
- Equity roll-forwardShare capital and retained earnings
- Cash flow statementIndirect method, closing on balance-sheet cash
- Balance sheetEvery line from a schedule, and the check
Operating schedules
Financing schedules
- Debt scheduleTranches, interest, amortisation and the sweep
- Debt capacityHow much a borrower can borrow, and which test binds
- Covenant compliance and headroomLeverage, interest cover, fixed charge cover, EBITDA cushion
- Maturity profile and refinancingWhat falls due when, and whether it can be refinanced
Valuation and returns
- Cost of capital (WACC)CAPM, after-tax debt, target weights
- Discounting and terminal valueDiscount factors, two terminal methods, reconciled
- Enterprise value to equity valueDebt off, cash on, per share
- Returns analysisExit value, MOIC, IRR and the bridge
- Sensitivity tablesTwo assumptions at once, without a data table
- CalendarisationEvery peer on the same calendar year
- LTM buildLast fiscal year, plus the stub, less the prior stub
- Trading multiplesEnterprise value, the five multiples, and the range
- Precedent transactionsWhat acquirers paid for control
- Football fieldEach range applied to the target, to a share price
Transaction schedules
- Sources and usesWhat the deal costs and who funds it
- Purchase price and considerationOffer, premium, mix, new shares, exchange ratio
- SynergiesRun-rate, phase-in, after tax
- Purchase accountingThe write-up that amortises
- Pro forma EPS: accretion and dilutionStandalone to pro forma, per share
- Contribution analysisWhat each side brings against what it owns
- Goodwill calculationFrom the price to goodwill, through every write-up
- Deferred taxes in an acquisitionThe DTL on write-ups, its unwind, and the step-up
- Closing balance sheetAcquirer plus target plus adjustments, balanced
Venture schedules
Project finance schedules
- Construction fundingDraws, interest during construction, fees, equity
- CFADSCash flow available for debt service
- Debt sculptingService shaped to CFADS at a target DSCR
- Coverage ratiosDSCR, LLCR and PLCR
- Reserve accountsDebt service reserve and maintenance reserve
- Distribution waterfallDebt service, reserves, lock-up, equity
- Project and equity returnsGearing, project IRR, equity IRR and multiple
- Unitary charge and deductionsThe availability payment, its indexation and the deductions
- Annuity repaymentLevel debt service: interest falls, principal rises
- Pricing a PPP bidThe unitary charge that gives the target equity IRR
- Value for moneyPPP payments against the public sector comparator
Real estate schedules
- Rent rollEvery lease, year by year, with expiries priced in
- NOI buildGross rent to net operating income
- Loan sizing: LTV, DSCR and debt yieldThe lender lends to the tightest of three constraints
- Mortgage debt scheduleConstant payment, interest, principal, balloon
- Property returnsUnlevered and levered IRR, multiple, cash-on-cash, exit cap sensitivity
- Equity waterfall: preferred return, catch-up, promoteHow the levered cash is split between investors and sponsor
- Development budget and draw profileLand, hard and soft costs, contingency, fee, S-curve
- Lease-up and stabilisationAbsorption, occupancy, NOI, TI and commissions
- Development returns and spreadYield on cost, development spread, profit on cost, IRR
- Same-store NOI and portfolio growthGrowth on buildings owned, plus what was bought and sold
- FFO and AFFOFrom net income to the measures REITs are priced on
- REIT capital allocationFunding deals, the dividend, leverage and the investment spread
- REIT net asset valueNAV per share, the premium or discount, the implied cap rate
Restructuring schedules
- Cash receipts and the collections curveSales to cash, week by week
- Cash disbursements by calendarWhat is paid, and on which Friday
- Borrowing base and availabilityWhat the revolver will actually lend this week
- Liquidity forecast and covenant headroomCash, availability, headroom, shortfall
- Claims by classThe claims register a recovery is built on
- Absolute priority distributionValue paid out by seniority, collateral first
- Fulcrum analysis and implied returnsWhich class is the fulcrum, and what it returns
Healthcare schedules
- Clinical probability and stage gatingThe chance of reaching the market, and what it weights
- Launch curvePatients times price, ramped to peak, eroded at exclusivity loss
- Programme rNPVRevenue to risk-adjusted cash flow to a value
- Sum of the partsProgrammes, corporate costs, net cash, per share
- Binary events: the Phase 3 readoutValue on success, value on failure, the implied probability
- Installed base and utilisationSystems shipped, retired and in use, and procedures
- Consumables pull-through and recurring revenueInstruments per procedure, service, leases, margins
- Placement economics: sell or leaseLifetime value of a system sold or leased, payback
Technology schedules
- Sales capacityReps, ramp, quota: the new ARR a team can close
- ARR roll-forwardOpening, new, expansion, churn, closing
- Bookings, billings and deferred revenueCash before revenue, and the balance in between
- SaaS profit and lossGross margin, sales and marketing, R&D, G&A, cash
- Unit economicsCAC, payback, LTV, retention, magic number, burn multiple
- Cohort GMVBuyer cohorts, retention, frequency, orders, GMV
- Take rateFrom GMV to net revenue
- Contribution marginWhat an order leaves after the costs it brings
- Buyer economicsOne cohort: GMV retention, LTV to CAC, payback
The house style
What every model here has in common
Inputs in one place. Drivers sit on the Assumptions sheet. Detailed schedules such as a rent roll, a claims register or a programme sheet carry their own inputs, and the cover lists every sheet that has them. Formulas carry no hardcoded numbers.
Three font colours. Blue for inputs, black for formulas, green for links to other sheets. Check rows are shaded and should read zero.
No circular references. Interest is charged on opening balances, as each cover states, so the workbook calculates without iteration. Each page shows whether every check reads zero.
Sensitivities as formulas. Each cell of a sensitivity grid recalculates the output in closed form, so it can be traced, and the centre cell is checked against the main sheet.
Tagged schedules. Rows are tagged to the schedule they belong to, which lets a starter workbook clear one schedule, such as the debt schedule, and leave the rest of the model intact.
Illustrative data. Each model uses illustrative data for a fictional company, property, project or transaction. The inputs are starting assumptions, not forecasts or market data.
Questions
Are the models free?
To use online, yes. Anyone can preview every model on its page, sheet by sheet, without signing in. A free account works with every model online: change the inputs, switch the case, see every formula and watch the workbook recalculate. Every starter workbook downloads with a free L3VLUP account. A worked model downloads with L3VLUP Plus (one each billing month, kept for good) or L3VLUP Pro (every model). Signing in is one email, no password.
What makes these different from a template library?
Each model is one node in a learning path. The primer teaches the idea, the lab drills it against a clock, the guide walks through the build, the worked model shows a finished version you can trace cell by cell, the starter workbook makes you build the hard part, and the skill applies the same logic to a real company. A template is only the fourth of those six.
Can I use them for my own work?
Yes, for study, interview preparation and your own analysis. They are not for redistribution as templates. Each uses illustrative data for a fictional company, property, project or transaction; when you use one for a real company, replace the inputs and check the outputs yourself.
Why is there no circular reference in any of them?
Interest is charged on opening balances throughout. That is a deliberate choice, stated on every cover sheet: a model that always calculates, at the cost of a one-year lag on interest, is the right trade for a model built to be learnt from, and it is the reason a formula engine can verify every check in every one of them before you download it.
What is a schedule?
A building block that recurs across models: a debt schedule, a working-capital build, a sources-and-uses table. The schedule pages explain each one, show exactly where it lives inside each model, and link the lab that drills it. Learn the schedule once and you can find it in every model that uses it.