Discounted Cash Flow (DCF) Calculator

This calculator is free to use. Start with the fictional example below; no purchase is required. The Excel workbook is optional.

How to use this DCF calculator: change one assumption

Start with a practice run before researching a company.

To keep a comparison, select Download CSV for each result before changing or restoring the inputs. The CSV contains results, not your inputs; record the input values and your reasons separately.

To save your inputs, select Copy result link before changing or resetting them, then paste the copied link into your notes. Open that saved link to restore the inputs. Use the copied result link, not the page address shown after opening it. Anyone with the link can view the assumptions. Record the date, sources, and reasons for changes separately; the link is not a research log.

  1. Select Load example and note the estimated value per share. The example is fictional.
  2. Change only Annual FCFF growth. Leave the other inputs unchanged and compare the result.
  3. Select Load example again to restore the starting inputs.
  4. Change only WACC, keeping terminal growth below it. Compare the result with the starting example.

The goal is to understand the model, not to find a number that supports a purchase.

Before using company figures, review the DCF input checklist. Unsure which cash-flow measure you have? Start with free cash flow explained, then check this calculator’s FCFF guidance below.

Estimate enterprise value, equity value, and intrinsic value per share using a transparent two-stage FCFF model. Calculations run only in your browser; your inputs are not sent to Stock Metric Lab. Starting from a market price instead? Use the Reverse DCF Calculator.

Use one consistent unit for FCFF, cash, debt, and diluted shares—for example, all in millions. The currency selector changes labels only; it does not convert currencies.

Operating forecast
Equity bridge

Model result

Estimated value per share

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Enter a current share price to compare it with the estimate.

Enterprise value—
Equity value—
PV of terminal value—
Terminal value share—

This is an assumption-driven estimate, not a price target or investment recommendation.

Result links store assumptions only after the # symbol, so they are not sent to our server. Anyone with the link can view them.

How this DCF calculator works

The model grows current free cash flow to the firm (FCFF) for the selected forecast period and discounts each year at WACC. It then estimates terminal value with the Gordon growth formula, discounts that value, and adjusts enterprise value for cash and debt before dividing by diluted shares.

FCFF in year t = Current FCFF × (1 + growth)t

Terminal value = Final-year FCFF × (1 + terminal growth) ÷ (WACC − terminal growth)

Do not mix FCFE with WACC. If your cash flow is available only to equity holders, use a cost-of-equity model instead. Learn the full process in the DCF valuation guide, review how to calculate free cash flow, understand the enterprise-to-equity bridge, and examine WACC and value creation.

Where to find the inputs

  • FCFF: Build it from the latest 10-K or 10-Q income statement, cash-flow statement, and notes. A common approach starts with after-tax operating income and subtracts net reinvestment. Do not label a simple operating-cash-flow-minus-capex figure as FCFF without checking debt cash flows and classification.
  • Cash and debt: Use the latest balance sheet and debt note. Separate operating cash from genuinely excess cash, and decide consistently whether leases, pensions, preferred stock, and minority interests are debt-like claims.
  • Diluted shares: Start with the diluted weighted-average count in the EPS note, then consider options, restricted stock, convertibles, and changes after the reporting date.
  • Growth, WACC, and terminal growth: These are analyst assumptions, not filing line items. Tie growth to revenue, margins, taxes, and reinvestment; document the risk-free rate, equity risk premium, beta, debt cost, and capital structure behind WACC.

Important limitations

  • A constant growth rate is a simplification; detailed company models normally forecast revenue, margins, taxes, working capital, and reinvestment separately.
  • Terminal value can dominate the result, making small changes in WACC or terminal growth highly consequential.
  • Use current primary-source filings and keep every monetary input and share count in the same unit.
  • Negative or early-stage cash flows generally require a more detailed path to sustainable positive FCFF.

Disclaimer

This calculator is for educational and informational purposes only and does not constitute investment, financial, tax, legal, or accounting advice, a recommendation, or an offer to buy or sell any security. Results are estimates based solely on user-supplied assumptions, may differ materially from actual outcomes, and are not guaranteed. DCF valuations are highly sensitive to growth, discount-rate, terminal-value, cash, debt, and share-count assumptions. Stock Metric Lab is not affiliated with any issuer entered by a user. Past performance does not guarantee future results. Verify source data independently and consult a qualified professional before making investment decisions.

Follow the reported cash flow to DCF worked example to see the reconciliation checks and a fully fictional input test.