DCF calculator

Value a company from its future cash flows, bridge to a value per share, and see what a share price implies.

Valuation · Forecast · Reverse DCF · Free

Inputs

Any unit, as long as revenue, net debt and shares share it

Revenue, last twelve months

Forecast horizon

Revenue growth, year 1

Revenue growth, final year

Growth fades from year 1 to this in equal steps.

EBIT margin, year 1

EBIT margin, final year

The default is a stated judgement, not a forecast.

Tax rate

D&A, share of revenue

Capex, share of revenue

Working capital, share of revenue growth

Discount rate (WACC)

Terminal growth

Net debt (negative for net cash)

Diluted shares

Discounting

Share price, optional

Given a price, the calculator solves for what it implies.

Value per share

26.60

Enter a share price to compare

Enterprise value

2,660

78% of it is the terminal value

Equity value

2,660

after net debt of 0

From enterprise value to equity value

Value per share by discount rate and terminal growth

Your case is marked

WACC by Growth
WACC \ Growth	1.0%	1.5%	2.0%	2.5%	3.0%	3.5%	4.0%
6.0%	36.93	40.48	44.93	50.64	58.26	68.93	84.92
7.0%	30.49	32.83	35.63	39.05	43.33	48.84	56.17
8.0%	25.90	27.53	29.44	31.69	34.39	37.69	41.81
9.0%	22.47	23.66	25.02	26.60	28.43	30.60	33.20
10.0%	19.80	20.71	21.72	22.87	24.18	25.70	27.47
11.0%	17.68	18.38	19.16	20.03	21.00	22.11	23.38
12.0%	15.94	16.50	17.11	17.78	18.54	19.37	20.32

What a share price implies

Enter a share price above and the calculator solves, with everything else held, for the first-year growth and the final-year margin the market is paying for.

The forecast

Year	Revenue	Growth	EBIT margin	EBIT	Free cash flow	Discount factor	Present value
1	1,100	10.0%	15.0%	165	109	0.917	100
2	1,194	8.5%	16.3%	194	132	0.842	111
3	1,277	7.0%	17.5%	223	155	0.772	120
4	1,347	5.5%	18.8%	253	179	0.708	127
5	1,401	4.0%	20.0%	280	202	0.650	131
Terminal	final-year cash flow × (1 + 2.5%) ÷ (9% − 2.5%)				3,185	0.650	2,070

How it works

Revenue grows from the first-year rate to the final-year rate in equal steps, and the operating margin converges the same way. Each year’s unlevered free cash flow is operating profit after tax, plus depreciation, less capital spending and the working capital the growth ties up.

The forecast years are discounted at the discount rate (the WACC). The terminal value capitalises the final year’s cash flow at the discount rate less the terminal growth rate, and is discounted from the final year.

Enterprise value less net debt is equity value; over the diluted share count it is value per share. Given a share price, the reverse question is solved numerically: the first-year growth, or the final-year margin, at which the value equals the price with everything else held.

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