Free Discounted Cash Flow (DCF) Model
Project free cash flow over ten years in two growth stages, discount it back, adjust for net cash and reach an intrinsic value per share.
Auto-fill uses SEC EDGAR for TTM unlevered FCF, cash, debt, and shares, and refreshes the live share price for whichever company you load. Deep links like /tools/dcf?ticker=AAPL load automatically.
Disclaimer — TTM Unlevered FCF (UFCF): Autofilled cash flow is trailing-twelve-month unlevered free cash flow from SEC EDGAR: Operating Cash Flow − CapEx (YTD filings are converted to discrete quarters, or a filed ~12-month span is used when present). CapEx prefers PP&E payment tags with productive-asset fallbacks. Cash & ST investments use CashAndCashEquivalents plus marketable securities. Total debt is funded debt plus operating/finance leases — not total liabilities. Market cap uses price × common shares outstanding. Figures can differ from vendor feeds; always verify against filings.
Growth & assumptions
Market & balance sheet data
Cash flow projection
| Year | Growth | Free cash flow ($M) | Present value ($M) |
|---|---|---|---|
| Year 1 | 20% | $55,330.80 | $50,762.20 |
| Year 2 | 20% | $66,396.96 | $55,884.99 |
| Year 3 | 20% | $79,676.35 | $61,524.76 |
| Year 4 | 20% | $95,611.62 | $67,733.68 |
| Year 5 | 20% | $114,733.95 | $74,569.19 |
| Year 6 | 11% | $127,354.68 | $75,937.44 |
| Year 7 | 11% | $141,363.70 | $77,330.78 |
| Year 8 | 11% | $156,913.70 | $78,749.70 |
| Year 9 | 11% | $174,174.21 | $80,194.64 |
| Year 10 | 11% | $193,333.37 | $81,666.11 |
| Terminal value | 2.5% | $3,048,718.57 | $1,287,811.67 |
| Equity value after cash and debt | $1,989,860.17 | ||
Enterprise value $1,992,165.17M · 2,500M shares · $795.94 per share. The perpetual growth rate must stay below the discount rate.
How to use this tool
Four short steps from a company name to a defensible fair value.
- 1
Find the company
Type a ticker or a company name. We pull the latest free cash flow, cash, debt, share count and live price for you.
- 2
Set your growth
Choose how fast free cash flow compounds in years 1–5 and 6–10. Analyst consensus is a sensible anchor; be stricter than the crowd.
- 3
Pick a discount rate
Your required annual return. 8–10% suits stable large caps, 11–14% suits volatile or leveraged businesses.
- 4
Read the verdict
Compare intrinsic value with the market price. A positive margin of safety is a Buy signal, a negative one a Sell.
Why use this DCF model
It starts this year, not next
Most online models discount from next fiscal year and quietly lose a full year of cash. Ours grows the current year first, exactly like a spreadsheet analyst would.
Real filings, not guesses
Free cash flow, cash, total debt, diluted shares and price arrive pre-filled from live market data — and every single field stays editable.
Nothing is hidden
Each discounting step is shown on screen: projected flows, terminal value, equity bridge and value per share. No black box, no locked premium tier.
What is DCF?
A company is worth the cash it will hand its owners over the rest of its life.
A DCF forecasts that free cash flow year by year, then converts each future dollar into today's money.
The discount rate does the converting — it is simply the annual return you demand for taking the risk.
Because a business does not end in year ten, a terminal value caps the forecast with slow perpetual growth.
Add cash, subtract debt, divide by shares, and the result is intrinsic value per share.
The gap between that value and the market price is your margin of safety.