The Free DCF calculator that actually pulls live data.

Estimate a stock's intrinsic value using real financial data and customizable assumptions. Adjust growth rates, discount rates, and terminal values to see how different scenarios impact your valuation. The sensitivity table highlights how changes in key inputs can affect the fair value estimate for a company.

By Guillermo VallesUpdated May 24, 2026
AAPL LogoAAPL
Revenue Growth Rate
%
Operating Margin
%
Discount Rate (WACC)
%
Terminal Growth Rate
%
Projection Period
Yrs
Tax Rate
%
Discounted Cash Flow (DCF) Value
Overvalued
124.25 USD
Intrinsic value per share-54.7% vs market price
Overvaluation 55%
DCF Value
Price
Scenario Assumptions Range
Worst CaseGrowth: 5.0% • Margin: 26.0% • WACC: 10.5%
Base CaseGrowth: 8.0% • Margin: 30.0% • WACC: 9.0%
Best CaseGrowth: 11.0% • Margin: 34.0% • WACC: 7.5%

Projected Cash Flows

Projected FCFPV Terminal Value

Valuation Results

Intrinsic Value per Share
$124.25
Current Price
$274.19
Downside
↓ -54.7%
Enterprise Value$1.94T
Equity Value$1.91T
PV of Cash Flows$472.78B
PV of Terminal Value$1.46T

Sensitivity Analysis

WACC \ TGR →1.0%2.0%2.5%3.0%3.5%
7.0%$142$166$182$201$226
8.0%$121$137$148$160$175
9.0%$105$117$124$133$143
10.0%$93$102$107$113$120
11.0%$83$90$94$98$104
UndervaluedOvervaluedCurrent: $274

Valuation Breakdown

PV of Cash Flows$472.78B(24.4%)
PV of Terminal Value$1.46T(75.6%)
Show your work

Year by year, line by line

Every projected cash flow, its discount factor, and what it is worth in today's dollars.

YearProjected CFGrowthDiscount factorPresent value
Year 1$104.97B8.0%0.917$96.31B
Year 2$113.37B8.0%0.842$95.42B
Year 3$122.44B8.0%0.772$94.55B
Year 4$132.24B8.0%0.708$93.68B
Year 5$142.82B8.0%0.650$92.82B
Terminal$2.25T2.5%0.650$1.46T
Total present value (enterprise value)$1.94T
Foundations

What is a Discounted Cash Flow (DCF)?

A Discounted Cash Flow (DCF) is a valuation method used to estimate the intrinsic value aka the maximum price you should pay for a company, stock, or investment based on its expected future cash flows. The principle behind DCF is that money received in the future is worth less than money received today due to inflation, risk, and the opportunity cost of other investments.
The DCF model projects a company's future free cash flows over a specific period and discounts them back to their present value using a discount rate. By summing the present value of the projected cash flows and the terminal value, investors can estimate what a business is worth today.

Our DCF Calculator uses live financial data where available and allows you to customize growth assumptions, discount rates, and terminal growth rates to build your own valuation model.

Free Cash Flow (NOPAT)

Free Cash Flow represents the actual cash available to all capital providers. In this calculator, we use Net Operating Profit After Tax (NOPAT) as a simplified proxy for Unlevered Free Cash Flow (FCFF). This assumes that Depreciation & Amortization (D&A) roughly offsets Capital Expenditures (CapEx), and changes in net working capital are neutral over the projection period—a standard industry practice for simplified online valuation models.

Why Free Cash Flow Matters

Investors often prefer free cash flow over accounting earnings or profit because it reflects actual cash generated by the business. Companies with growing and sustainable free cash flow generally have greater flexibility to reinvest, reduce debt, pay dividends, or repurchase shares.
The Insight

What discount rate should you use?

The discount rate is your required return, often the weighted average cost of capital. It is the single biggest lever in the model after growth.

8 to 10%Large, stable

Large, stable (8 to 10%)

Standard for large, predictable US companies. Roughly the long term return of the S&P 500.

10 to 12%Average

Average (10 to 12%)

A middle ground for companies with moderate risk or less certain cash flows.

12 to 15%+Small or risky

Small or risky (12 to 15%+)

For smaller, more leveraged, or less predictable businesses where the extra risk demands a higher return.

The Formula

DCF Formula, five key inputs is all you need

The whole equation reduces to a weighted sum. Everything else is just figuring out the inputs.

DCF =Σ
FCFt
(1+r)t
+
TV
(1+r)n
FCF = Free cash flow projectionsr = Discount rate (WACC)TV = Terminal valuen = Forecast period
Worked Example

AAPL's DCF Calculation Example, line by line

Using current financial data and analyst assumptions. Numbers are rounded for readability. The calculator above will produce the unrounded version.

AAPL Logo

AAPL Inc.

AAPLLive Calculator ViewShares Outstanding: 15400.0M$274.19
STEP 01

Project Free Cash Flow (NOPAT)

Base Revenue = $385.71B (Margin: 30.0%, Tax: 16.0%) Starting FCF (NOPAT) = $97.20B Growth Rate = 8.0% Year 1 FCF = $104.97B Year 5 FCF = $142.82B

FCF grows $97.20B → $142.82B
STEP 02

Discount Future Cash Flows

Discount Rate (WACC) = 9.0% Year 1 PV = $104.97B ÷ 1.09 = $96.31B Year 5 PV = $142.82B ÷ 1.09⁵ = $92.82B PV of Forecast period = $472.78B

PV of Cash Flows = $472.78B
STEP 03

Calculate Terminal Value

Terminal Growth = 2.5% Year 6 FCF = $146.39B TV = FCF₆ ÷ (WACC - g) TV = $2.25T (PV of TV = $1.46T)

Terminal Value = $2.25T
STEP 04

Determine Intrinsic Value

PV of Cash Flows ($472.78B) + PV of TV ($1.46T) = EV: $1.94T Equity Value = EV - Net Debt ($23.00B) = $1.91T Shares Outstanding = 15400.0M Fair Value = $1.91T ÷ 15400.0M = $124.25

Fair Value = $124.25/share
Methodology Note: This calculator uses Net Operating Profit After Tax (NOPAT) as a simplified proxy for Unlevered Free Cash Flow (FCF), assuming Depreciation & Amortization (D&A) matches Capital Expenditures (CapEx) and net working capital changes are neutral.
Pros and Cons

When DCF works, and when it does not

A DCF is only as good as the predictability of the cash flows behind it.

Works well for

Predictable, cash flow positive businesses like Coca-Cola, Costco, or Apple
Mature companies with stable margins and a long operating history
Wide-moat compounders whose future looks much like their past

Works poorly for

Banks and insurers, where free cash flow is hard to define. Use a dividend discount model instead
Early stage companies with negative cash flows. Venture style methods fit better
Deeply cyclical or turnaround situations where next year's cash flow is a guess
Pitfalls

Six mistakes that wreck your DCF model

If your DCF valuation looks too high or too low, it's usually one of these.

Mistake 01

Unrealistic growth assumptions

Small changes in growth rates can dramatically increase a company's valuation. Assuming a business can grow at 20%+ for a decade is rarely realistic.

Use historical performance, industry trends, and management guidance to support your forecasts.
Mistake 02

Using the wrong discount rate

The discount rate reflects risk. Using a rate that's too low can inflate intrinsic value, while a rate that's too high can make great businesses look overpriced.

Always ensure your discount rate matches the risk profile of the company being analyzed.
Mistake 03

Overestimating terminal value

For many DCF models, terminal value represents more than half of the total valuation.

Using a terminal growth rate that's too aggressive can significantly distort the final result. Long-term growth assumptions should generally remain below long-term economic growth.
Mistake 04

Forecasting cash flows without understanding the business

A DCF model is only as good as its assumptions. If future cash flows aren't grounded in the company's business model, competitive position, and market opportunity, the valuation becomes meaningless.

Spend more time understanding the business than building the model.
Mistake 05

Treating DCF as an exact answer

A DCF is not a prediction, it's a framework for estimating value.

Two reasonable investors can use different assumptions and arrive at very different valuations. That's why sensitivity analysis is essential.
Mistake 06

Ignoring scenario analysis

Building a single DCF model creates false confidence.

Instead, create Bull, Base, and Bear cases using different growth and discount rate assumptions. The range of outcomes is often more valuable than a single fair value estimate.
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Guillermo Valles

Guillermo Valles

Founder•Wisesheets•Former Financial Analyst

Guillermo Valles is the founder and CEO of Wisesheets, a former financial analyst at SmartCentres REIT, and a graduate of the Schulich School of Business. After years of building financial models and manually gathering company data in spreadsheets, he founded Wisesheets in 2020 to make financial analysis faster, more transparent, and easier to verify. This calculator uses the same financial data infrastructure that powers Wisesheets’ Excel and Google Sheets tools, drawing from SEC filings and reconciled market data. Its calculations and methodology are reviewed quarterly by the Wisesheets team.

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