DCF calculator
What a business is worth today from the cash it will produce, in two stages.
Fill it from a company
Filled from what this site publishes for Oracle Corporation (ORCL). Every box below is still yours to change.
- Free cash flow, newest filed year
- -23,686
- Diluted shares, newest filed year
- 2,914
- Net debt, newest filed balance sheet
- 136,143
From the FY2026 annual report (10-K, filed 2026-06-22).
From the FY2026 annual report (10-K, filed 2026-06-22).
From the FY2026 annual report (10-K, filed 2026-06-22).
Filed amounts are in millions of US dollars as the newest annual report states them; per-share figures and the share price are per share. A share count and per-share figures are on today’s share count after a confirmed split.
This is an estimate you are making from filed figures, not something this site is watching for you. Nothing here is saved and no email follows from it.
Filed figures, and your assumptions
Most recent year: cash from operations less capital spending. Filed.
Yearly growth through the forecast. Your estimate: no filing states it.
Length of the explicit forecast. Your choice; five is a convention.
Growth forever after the forecast. Your estimate, and it must sit below the discount rate.
The return you require, often a WACC. Your estimate.
Debt less cash, from the balance sheet. Negative when cash is larger. Filed.
Value per share
n/a
Equity of n/a over 2,914 shares.
- Free cash flow must be above zero: this model cannot value a business burning cash. n/a.
Show the working
| Step | Value |
|---|---|
| Forecast, discounted | n/a |
| Terminal value at the end of the forecast | n/a |
| Terminal value, discounted | n/a |
| The business, before debt | n/a |
| Share of it that is terminal | n/a |
| Less net debt | n/a |
| Value per share | n/a |
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How it works
Value = sum of FCF(t) / (1 + r)^t + TV / (1 + r)^N
- Each forecast year grows free cash flow at g and discounts it at r.
- TV = final-year cash x (1 + g2) / (r - g2), which needs r above g2.
- Filed: free cash flow, shares, net debt. Yours: growth, years, perpetual growth, discount rate.
Reading the result
Dark bars are the forecast years at present value and the grey bar is the terminal value, all on one scale. Their sum, less net debt, divided by the shares is the value per share.
On the illustrative inputs the terminal value is 73.36% of the total, so two assumptions produce most of the answer.
Questions
Why is most of the value in the terminal value?
Everything after the forecast is folded into one figure. Over a five-year forecast that tail usually outweighs the years you forecast, so perpetual growth and the discount rate carry most of the answer.
Where does the discount rate come from?
It is the return you require, often a weighted average cost of capital. The WACC calculator builds one from five inputs, and its cost of equity is still an estimate.
Why does it print n/a?
It refuses when the discount rate is not above perpetual growth, or when free cash flow is not positive. Either case would print a number that looks like a value and is not one.
Is this the same model the workbench uses?
Yes. This page runs the same two-stage engine as the paid workbench, so the same inputs give the same value in both.
What this leaves out
- One growth rate for the whole forecast, where real forecasts fade.
- Preference shares, minority interests and pension deficits are not deducted.
- A precise answer from rough assumptions is still rough.
Next step
Three numbers drafted from that company’s own filed figures, with the year each last broke. No account, and nothing is saved until you say so.
The arithmetic runs in your browser, so the numbers you type never leave it. A ticker in the address is read on this site to look the company up, and goes nowhere else. Research tool, not investment advice. Disclaimer.