Free Cash Flow

FCF Calculation Spreadsheets & Interpretation

The basic formula for free cash flow (FCF) is simple:

Free Cash Flow = Cash Flow From Operations – Capital Expenditures

But there’s a lot more to understand!

Guide to Changes in Working Capital, FCF, and Owner Earnings

This is the complete guide to understanding what they mean, the formulas for how to calculate them, and examples.

Free Cash Flow Problems

We walk through a situation where analyzing free cash flow and FCF growth would be misleading.

7 Cash Flow Ratios Every Value Investor Should Know

Learn how to use the cash flow statement to untangle differences in the balance sheet and income statement.

Discounted Cash Flow & Stock Valuation

An overview of the DCF approach to valuing companies with Free Cash Flow as an input.

Free Cash Flows For All U.S. Stocks

Download Our Discounted Cash Flow Spreadsheet

Includes 3 valuation and analysis models to help you analyze stocks.

dcf free cash flow spreadsheet