Unlevered Free Cash Flow Calculator

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Choose EBIT if you have raw operating income and a tax rate. Choose NOPAT if you already have net operating profit after tax.
Earnings before interest and taxes. Use the most recent full-year or projected figure. Interest income and expense are excluded because UFCF is capital-structure neutral.
million
The effective (not statutory) corporate tax rate as a percentage. Use the actual blended rate from recent filings, not just the headline rate.
%
Total revenue for the same period. Used only to calculate the UFCF margin. Leave at zero to skip the margin output.
million
Non-cash charges added back because they reduced EBIT but never left the business as cash. Include both depreciation of PP&E and amortization of intangibles.
million
Cash spent on property, plant, equipment, and other long-term assets. Represents real cash out of the business needed to maintain or grow operations.
million
Increase in NWC (positive number) reduces UFCF because cash is being tied up in receivables or inventory. A decrease in NWC (negative number) releases cash and increases UFCF.
million
Currency
Unlevered Free Cash Flow (UFCF)Positive UFCF
$152.5million

Cash available to all capital providers before financing costs

NOPAT$187.5million
D&A add-back$40.0million
CapEx (outflow)$60.0million
NWC change (outflow/inflow)$15.0million
FCF margin15.3%
NOPAT$187.5
D&A add-back$40.0
CapEx (outflow)$60.0
NWC change$15.0
15.3% %
Negative<0Low0-5Healthy5-15Strong15+

UFCF is 152.5M: the company generates cash for all investors.

  • The business generates 152.5M in unlevered free cash flow, meaning it produces positive cash after reinvestment regardless of how it is financed.
  • CapEx (60.0M) exceeds D&A (40.0M), indicating net growth investment rather than merely maintaining existing assets.
  • Working capital increased by 15.0M, tying up cash in operations. Tighter receivables or inventory management could release this.
  • UFCF margin is 15.3%. High-quality businesses in mature sectors typically target double-digit FCF margins.

Next stepUse this UFCF figure as the numerator in a DCF model, discounting future years at WACC to derive enterprise value. Then subtract net debt to reach equity value.

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