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Operating schedules · in 1 model

Four-wall EBITDA and new-store payback

Store profit, online contribution, central costs, payback.

By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.

On this subject: four-wall ebitda and new-store payback.Updated 5 November 2026

What it does

What each store earns before the costs it shares with the rest of the business. Four-wall EBITDA is a store’s gross profit less its staff, rent, business rates and service charges and running costs; online contribution is the same measure for the website, after fulfilment, delivery and returns. Central costs (head office, buying, systems and distribution) come off the two to give EBITDA. The payback on a new store compares the four-wall EBITDA it earns as it matures with the fit-out and stock it costs to open.

Where it lives

The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.

Multi-store retail model
  • Assumptions, rows 47–55: Staff cost per store, FY0, Store wage inflation, annual, Rent per sq ft, FY0, Rent growth, annual…
  • Store Economics, rows 6–16: Gross profit, stores, Staff cost per store, Store staff, Rent per sq ft…
  • Store Economics, rows 19–23: Gross profit, online, Fulfilment, delivery and online marketing, Cost of handling returns, Online contribution…
  • Store Economics, rows 26–32: Central costs, EBITDA before IFRS 16, after rent, EBITDA margin before IFRS 16, Add back: store rent…
  • Store Economics, rows 35–48: Sales of a mature store, Gross margin, Staff, rent, rates and service charges per store, Four-wall EBITDA, first year of trading…
Inspect it in the browser Worked model

What a reviewer looks for

  • Central costs allocated into four-wall EBITDA, so a store that covers its own costs looks unprofitable.
  • Payback on mature-store EBITDA from the first year.
  • Fit-out cost without the stock a new store needs.

Learn it, then build it

Build · Lab · ~12 min

Unit Economics

Build an LTV:CAC you could defend under questioning, and answer payback as its own question.

Read · Guide · 7 min

Equity Research Interview Questions: The Coverage Mindset

Vocabulary: Four-Wall EBITDA, EBITDA.

Other operating schedules

Working capital scheduleCapex and depreciation (PP&E roll-forward)Airline capacity and traffic: ASK, RPK and load factorAirline unit revenue and unit cost: RASK and CASKAirline fuel cost and hedgingType curves and production declineOil and gas reserves roll-forwardRealised prices and the field netbackUnits-of-production DD&AContainer fleet: owned, chartered, newbuilds and scrappingLiftings and freight rate: a liner’s revenueBunker fuel and the bunker adjustment factorHeadcount pyramid: hiring, attrition and promotionUtilisation and realisation: hours to fee revenueProfit per partner: pay, bonus pools and partnership profitStore estate roll-forward and cohortsRetail sales: density, like-for-like and onlineStore leases under IFRS 16Driver-based budget: volume, price, heads and cost per headRolling forecast: actuals, reforecast and the outturnPrice-volume-mix: revenue and margin varianceCost variances: rate, volume, heads and cost per headEBITDA bridge: plan to actual and forecastCapacity cohorts: MW, GPUs, utilisation and revenueBacklog roll-forward: contracts to revenue to cashCapital roll-forwardRisk budgetTrading cost baseSponsorship revenue