Unlevered FCF Template

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Unlevered FCF Template

This unlevered FCF template will show you how to compute the unlevered free cash flows with EBIT, tax, depreciation & amortization, change in NWC, and CapEx.

Below is a preview of the unlevered FCF template:

Unlevered FCF Template Screenshot

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Unlevered Free Cash Flow Template

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Unlevered Free Cash Flow (also known as Free Cash Flow to the Firm or FCFF for short) is a theoretical cash flow figure for a business, assuming the company is completely debt-free and thus has no interest expense.  Unlevered Free Cash Flow is used in financial modeling to determine the enterprise value of a firm.

The formula for calculating unlevered FCF is:

Unlevered free cash flow = EBIT – Taxes + Depreciation & Amortization – Capital Expenditures – increases in non-cash working capital

Unlevered free cash flow is used to remove the impact of capital structure on a firm’s value and make companies more comparable.  Its principal application is in valuation, where a discounted cash flow (DCF) model is built to determine the net present value (NPV) of a business.  By using unlevered cash flow the enterprise value is determined, which can easily be compared to the enterprise value of another business.

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Analyst Certification FMVA® Program

Below is a break down of subject weightings in the FMVA® financial analyst program. As you can see there is a heavy focus on financial modeling, finance, Excel, business valuation, budgeting/forecasting, PowerPoint presentations, accounting and business strategy.

 

Financial Analyst certification curriculum

 

A well rounded financial analyst possesses all of the above skills!

 

Additional Questions & Answers

CFI is the global institution behind the financial modeling and valuation analyst FMVA® Designation. CFI is on a mission to enable anyone to be a great financial analyst and have a great career path. In order to help you advance your career, CFI has compiled many resources to assist you along the path.

In order to become a great financial analyst, here are some more questions and answers for you to discover:

 

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