How to use this calculator
- Enter nopat, depreciation and amortization, capital expenditure, increase in operating working capital.
- Choose a display currency, then select Calculate. Results also update after a brief pause while you edit.
- Read the result with the assumptions below. Export details or save a second scenario to compare your choices.
Formula and method
FCFF = NOPAT + D&A − capital expenditure − increase in operating working capital.
Assumptions and limitations
Use operating rather than financing working capital and a consistent tax convention.
Worked example
With nopat = 50000, depreciation and amortization = 10000, capital expenditure = 20000, increase in operating working capital = 5000, fcff is approximately 35000.
What the result means
FCFF is before payments to debt and equity providers and is commonly discounted at WACC.
Common questions
How should I interpret fcff?
FCFF is before payments to debt and equity providers and is commonly discounted at WACC.
What should I check before using this result?
Use operating rather than financing working capital and a consistent tax convention.
Methodology and transparency
Calculation specification reviewed on 2026-10-14. Mathematical implementation is tested against independent reference fixtures. This does not imply review by a licensed financial professional. Read the testing and precision policy.