DCF calculator
This discounted-cash-flow model grows last year's free cash flow, discounts those cash flows, then adds a Gordon growth terminal value. FCF, cash, and debt use the same currency. Shares are a count, not dollars. The result is the output of your assumptions, not a buy price.
FCF in year t = starting FCF × (1 + growth)t
Terminal value = FCFn × (1 + terminal growth) ÷ (discount rate − terminal growth)
Value per share = (PV of UFCFs + PV of terminal value + cash − debt) ÷ shares.
Value per share
Enter starting free cash flow, years, growth, discount rate, terminal growth, and shares to calculate.
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How to run this DCF
- Enter starting free cash flow and years. Positive unlevered free cash flow to the firm, in USD, and a whole number of projection years from 1 to 50. Year t cash flow is starting FCF times (1 + growth) to the t.
- Enter growth, discount rate, and terminal growth. Percents, for example 5 for 5%. The discount rate is a firm rate such as WACC, not an equity-only required return. Terminal growth must stay below the discount rate.
- Enter cash, debt, and shares. FCF, cash, and debt use the same currency. Shares are a count, not dollars. Cash is added and debt is subtracted after the cash flows are discounted, converting enterprise value to equity value. The ranking snapshot is not used as a share count. Optional margin of safety haircuts value per share.
Frequently asked questions
- How does this DCF work?
- It is an enterprise-value model: it grows last year’s unlevered free cash flow to the firm for a stretch of years, discounts those cash flows at a firm rate such as WACC, then adds a Gordon growth terminal value. Cash is added and debt is subtracted after discounting, then equity value is divided by the shares you type. That is not the same as discounting levered cash flow at an equity rate. Starting FCF of $100, 5 years, 5% growth, 10% discount, 3% terminal growth, $50 cash, $20 debt, and 10 shares is about $163.19 a share.
- Is the DCF value a buy price?
- No. It is the output of the assumptions you typed. A margin of safety is that value times one minus the haircut — still a model number, not a recommendation.
- Are shares entered in the same units as cash and debt?
- No. FCF, cash, and debt use the same currency, typically USD here. Shares are a share count, not dollars. Keep the money figures in one unit.
- Is this investment advice?
- No. The calculator is for general informational and educational purposes only. It is not a recommendation to buy, sell, or hold any security.
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