Unlevered Free Cash Flow Calculator

Estimate free cash flow to the firm from operating profit, taxes, depreciation, capital spending, and working capital changes. This page also keeps the formula, examples, FAQs, and references close by so you can check the result with confidence.

What This Unlevered Free Cash Flow Calculator Helps You Do

Unlevered free cash flow is after-tax EBIT plus non-cash charges minus CapEx and working capital investments. Review the formula and examples below if you want to see how the result is derived.

This page is meant to give you a fast answer, but it also helps you double-check the math before you make a decision. Start with the inputs that you already know, run the calculation, and then compare the output with the formula, examples, and FAQs below so you can see whether the answer fits the situation you are modeling.

If the result looks off, the usual causes are a unit mismatch, a missing decimal, the wrong scenario, or a value that needs to be entered as a rate instead of a total. The notes on this page are designed to make those checks easy without forcing you to leave the calculator and search for context elsewhere.

  • Use the calculator first for a quick estimate.
  • Use the formula to understand how the result is built.
  • Use the examples to compare common use cases.
  • Use the references when the answer depends on a standard or assumption.

Common Checks

A quick result is useful, but the best result is one that still makes sense when you look at it a second time. If you are comparing scenarios, try changing one input at a time so you can see which variable has the biggest impact on the final answer. That makes it much easier to spot whether the calculation matches your expectations.

It also helps to keep the context of the problem in mind. A calculator can tell you the math, but you still need to decide whether the input represents a total, a rate, an average, or a category-specific assumption. When in doubt, start with a simple example from the page and scale up from there.

  • Check that every unit matches the rest of the problem.
  • Keep rates, totals, and averages separate.
  • Adjust one variable at a time when testing scenarios.
  • Use the smallest realistic input first, then scale upward.

Scenario Planning

This calculator is especially useful when you want a quick answer before you commit time, money, or effort. Try one baseline input set, then change a single number and compare the result so you can see how sensitive the answer is to that variable.

That makes the page useful for more than just arithmetic. It becomes a small decision aid that helps you compare options, test assumptions, and explain the final number with confidence when you need to share it with someone else.

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Result

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Quick Answer: Unlevered free cash flow is after-tax EBIT plus non-cash charges minus CapEx and working capital investments. Review the formula and examples below if you want to see how the result is derived.

How to Calculate Unlevered Free Cash Flow Calculator

  1. Enter EBIT: Provide operating profit before interest and taxes.
  2. Add tax and cash flow adjustments: Enter tax rate, depreciation, capital expenditures, and working capital changes.
  3. Review the FCFF result: The calculator shows your estimated unlevered free cash flow.

Unlevered Free Cash Flow Calculator Formula

FCFF = EBIT x (1 - tax rate) + depreciation - CapEx - change in net working capital
Variable Meaning Unit
EBIT Earnings before interest and taxes $
Tax rate Effective corporate tax rate %
Depreciation Non-cash depreciation and amortization $

Worked Examples

USA - Base case
  • EBIT: $120,000
  • Tax rate: 21%
  • Depreciation and amortization: $30,000
  • Capital expenditures: $45,000
  • Change in net working capital: $10,000

Result: $69,800

The business generates positive free cash flow after reinvestment.

Frequently Asked Questions

It is the cash generated by operations available to all capital providers before debt financing effects.

Depreciation lowers accounting profit but does not use cash in the period.

Yes. Select the desired solve-for mode at the top of the calculator.
Planning note: This is a simplified planning estimate and does not replace a full discounted cash flow model.

References

Last reviewed: April 2026