Finance

FCFF Calculator (Free Cash Flow to Firm)

Calculate unlevered free cash flow available to all capital providers.

EBIT ($)

Tax Rate (%)

Depreciation & Amort. ($)

Capital Expenditures ($)

Change in Working Capital ($)

Positive = cash used, negative = cash freed

Formula:
FCFF = EBIT × (1 − Tax Rate) + D&A − CapEx − ΔWC
Also: FCFF = NOPAT + D&A − CapEx − ΔWC
Used to calculate Enterprise Value via DCF

FCFF in DCF Valuation

FCFF is the starting point for enterprise DCF models. It represents cash flow before any financing decisions, making it ideal for comparing companies with different capital structures.