{"product_id":"free-cash-flow-to-equity","title":"FCFE Calculator","description":"\u003cstyle\u003e\n.fcfe-calculator {\n  --ink: #0f172a;\n  --muted: #475569;\n  --border: #e2e8f0;\n  --surface: #ffffff;\n  --tint: #f8fafc;\n  --primary: #1d4ed8;\n  --accent: #c2410c;\n  --accent-hover: #9a3412;\n  --chart-1: #1e40af;\n  --chart-2: #0d9488;\n  --chart-3: #7c3aed;\n  --chart-4: #be185d;\n  --chart-5: #334155;\n  color: var(--ink);\n  background: var(--surface);\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  box-shadow: 0 1px 2px rgba(15, 23, 42, .06);\n  font-family: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Helvetica, Arial, sans-serif;\n  font-size: 15px;\n  line-height: 1.6;\n  max-width: 1200px;\n  margin: 0 auto;\n  overflow-wrap: anywhere;\n  container-type: inline-size;\n}\n.fcfe-calculator,\n.fcfe-calculator *,\n.fcfe-calculator *::before,\n.fcfe-calculator *::after {\n  box-sizing: border-box;\n}\n.fcfe-calculator * {\n  min-width: 0;\n}\n.fcfe-calculator button,\n.fcfe-calculator input,\n.fcfe-calculator select {\n  font: inherit;\n}\n.fcfe-calculator button,\n.fcfe-calculator a,\n.fcfe-calculator input,\n.fcfe-calculator select,\n.fcfe-calculator summary {\n  -webkit-tap-highlight-color: transparent;\n}\n.fcfe-header {\n  padding: 24px 24px 16px;\n  border-bottom: 1px solid var(--border);\n  background: linear-gradient(180deg, var(--surface), var(--tint));\n}\n.fcfe-title {\n  margin: 0;\n  font-size: 24px;\n  line-height: 1.25;\n  font-weight: 700;\n  letter-spacing: -.02em;\n}\n.fcfe-subtitle {\n  margin: 8px 0 0;\n  color: var(--muted);\n  max-width: 760px;\n}\n.fcfe-pills {\n  display: flex;\n  flex-wrap: wrap;\n  gap: 8px;\n  margin-top: 16px;\n}\n.fcfe-pill {\n  display: inline-flex;\n  align-items: center;\n  gap: 6px;\n  min-height: 32px;\n  padding: 5px 10px;\n  border: 1px solid var(--border);\n  border-radius: 999px;\n  background: var(--surface);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 600;\n  font-variant-numeric: tabular-nums;\n}\n.fcfe-pill strong {\n  color: var(--ink);\n  font-weight: 700;\n}\n.fcfe-toolbar {\n  display: flex;\n  flex-wrap: wrap;\n  align-items: center;\n  gap: 8px;\n  padding: 16px 24px;\n  border-bottom: 1px solid var(--border);\n}\n.fcfe-button {\n  min-height: 44px;\n  border: 1px solid transparent;\n  border-radius: 6px;\n  padding: 10px 16px;\n  cursor: pointer;\n  font-size: 15px;\n  font-weight: 700;\n  transition: background-color .16s ease, border-color .16s ease, box-shadow .16s ease, transform .16s ease;\n}\n.fcfe-button:hover {\n  box-shadow: 0 2px 6px rgba(15, 23, 42, .12);\n}\n.fcfe-button:active {\n  transform: translateY(1px);\n}\n.fcfe-button:focus-visible,\n.fcfe-input:focus-visible,\n.fcfe-select:focus-visible,\n.fcfe-summary:focus-visible,\n.fcfe-link:focus-visible {\n  outline: 3px solid rgba(29, 78, 216, .35);\n  outline-offset: 2px;\n}\n.fcfe-download {\n  display: inline-flex;\n  align-items: center;\n  gap: 10px;\n  white-space: nowrap;\n  padding: 12px 18px;\n  background: var(--accent);\n  color: #ffffff;\n  border-color: var(--accent);\n}\n.fcfe-download:hover {\n  background: var(--accent-hover);\n  border-color: var(--accent-hover);\n}\n.fcfe-download-icon {\n  width: 18px;\n  height: 18px;\n  display: inline-block;\n  flex: 0 0 auto;\n}\n.fcfe-reset {\n  background: var(--surface);\n  color: var(--ink);\n  border-color: #cbd5e1;\n}\n.fcfe-reset:hover {\n  background: var(--tint);\n  border-color: #94a3b8;\n}\n.fcfe-workspace {\n  display: grid;\n  grid-template-columns: minmax(0, 1fr) minmax(0, .92fr);\n  gap: 24px;\n  padding: 24px;\n  container-type: inline-size;\n}\n.fcfe-panel {\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n  padding: 20px;\n  box-shadow: 0 1px 2px rgba(15, 23, 42, .04);\n}\n.fcfe-panel-title {\n  margin: 0 0 16px;\n  font-size: 18px;\n  line-height: 1.35;\n  font-weight: 650;\n}\n.fcfe-field-grid {\n  display: grid;\n  grid-template-columns: repeat(2, minmax(0, 1fr));\n  gap: 16px;\n}\n.fcfe-field {\n  display: flex;\n  flex-direction: column;\n  gap: 6px;\n}\n.fcfe-field-wide {\n  grid-column: 1 \/ -1;\n}\n.fcfe-label {\n  display: block;\n  color: var(--ink);\n  font-size: 14px;\n  line-height: 1.35;\n  font-weight: 600;\n}\n.fcfe-control-wrap {\n  position: relative;\n}\n.fcfe-input,\n.fcfe-select {\n  width: 100%;\n  min-height: 44px;\n  border: 1px solid #cbd5e1;\n  border-radius: 6px;\n  background: var(--surface);\n  color: var(--ink);\n  padding: 10px 12px;\n  font-size: 15px;\n  line-height: 1.4;\n  font-variant-numeric: tabular-nums;\n}\n.fcfe-input:hover,\n.fcfe-select:hover {\n  border-color: #94a3b8;\n}\n.fcfe-input[aria-invalid=\"true\"] {\n  border-color: #b91c1c;\n}\n.fcfe-helper {\n  margin: 0;\n  min-height: 40px;\n  color: var(--muted);\n  font-size: 13px;\n  line-height: 1.5;\n  font-weight: 500;\n}\n.fcfe-error {\n  color: #991b1b;\n  font-size: 13px;\n  line-height: 1.45;\n  font-weight: 600;\n  min-height: 19px;\n}\n.fcfe-hidden {\n  display: none !important;\n}\n.fcfe-results {\n  display: flex;\n  flex-direction: column;\n  gap: 16px;\n}\n.fcfe-primary-result {\n  padding: 20px;\n  border: 1px solid #bfdbfe;\n  border-radius: 8px;\n  background: #eff6ff;\n}\n.fcfe-primary-label {\n  display: block;\n  color: #1e3a8a;\n  font-size: 13px;\n  font-weight: 700;\n  text-transform: uppercase;\n  letter-spacing: .04em;\n}\n.fcfe-primary-value {\n  display: block;\n  margin-top: 4px;\n  font-size: 30px;\n  line-height: 1.2;\n  font-weight: 700;\n  letter-spacing: -.02em;\n  font-variant-numeric: tabular-nums;\n}\n.fcfe-primary-note {\n  margin: 8px 0 0;\n  color: #334155;\n  font-size: 13px;\n  font-weight: 500;\n}\n.fcfe-result-grid {\n  display: grid;\n  grid-template-columns: repeat(2, minmax(0, 1fr));\n  gap: 12px;\n}\n.fcfe-result-card {\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--tint);\n  padding: 14px;\n}\n.fcfe-result-card span {\n  display: block;\n}\n.fcfe-result-label {\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 600;\n}\n.fcfe-result-value {\n  margin-top: 4px;\n  color: var(--ink);\n  font-size: 20px;\n  line-height: 1.25;\n  font-weight: 700;\n  font-variant-numeric: tabular-nums;\n}\n.fcfe-live {\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--surface);\n  padding: 10px 12px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 600;\n}\n.fcfe-section {\n  padding: 0 24px 24px;\n}\n.fcfe-section-card {\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n  padding: 20px;\n}\n.fcfe-section-heading {\n  margin: 0;\n  font-size: 18px;\n  line-height: 1.35;\n  font-weight: 650;\n}\n.fcfe-section-copy {\n  margin: 6px 0 0;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.fcfe-chart-cluster {\n  display: grid;\n  grid-template-columns: minmax(280px, 520px) minmax(250px, 380px);\n  justify-content: center;\n  align-items: start;\n  gap: 24px;\n  margin-top: 20px;\n}\n.fcfe-plot-wrap {\n  width: 100%;\n  min-height: 300px;\n}\n.fcfe-svg {\n  display: block;\n  width: 100%;\n  height: auto;\n  min-height: 300px;\n}\n.fcfe-chart-empty {\n  display: flex;\n  align-items: center;\n  justify-content: center;\n  min-height: 120px;\n  border: 1px dashed #cbd5e1;\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  padding: 16px;\n  text-align: center;\n  font-size: 13px;\n  font-weight: 600;\n}\n.fcfe-legend {\n  display: grid;\n  gap: 10px;\n  align-content: start;\n}\n.fcfe-legend-row {\n  display: grid;\n  grid-template-columns: 12px minmax(0, max-content) minmax(90px, max-content);\n  align-items: center;\n  gap: 10px;\n  justify-content: start;\n  font-size: 13px;\n  line-height: 1.35;\n  font-weight: 600;\n}\n.fcfe-swatch {\n  width: 12px;\n  height: 12px;\n  border-radius: 2px;\n}\n.fcfe-legend-value {\n  font-variant-numeric: tabular-nums;\n  color: var(--ink);\n}\n.fcfe-chart-summary {\n  position: absolute;\n  width: 1px;\n  height: 1px;\n  padding: 0;\n  margin: -1px;\n  overflow: hidden;\n  clip: rect(0, 0, 0, 0);\n  white-space: nowrap;\n  border: 0;\n}\n.fcfe-chart-callout,\n.fcfe-table-note {\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--tint);\n  padding: 10px 12px;\n  color: var(--muted);\n  font-size: 13px;\n  line-height: 1.5;\n  font-weight: 500;\n}\n.fcfe-chart-callout {\n  margin-top: 16px;\n}\n.fcfe-safe-stack .fcfe-chart-cluster {\n  grid-template-columns: 1fr;\n  gap: 20px;\n}\n.fcfe-safe-stack .fcfe-legend {\n  margin-top: 4px;\n}\n.fcfe-safe-stack .fcfe-chart-callout {\n  margin-top: 20px;\n}\n.fcfe-table-wrap {\n  width: 100%;\n  overflow-x: auto;\n  margin-top: 16px;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n}\n.fcfe-table {\n  width: 100%;\n  min-width: 720px;\n  border-collapse: collapse;\n  font-size: 14px;\n}\n.fcfe-table th,\n.fcfe-table td {\n  padding: 11px 12px;\n  border-bottom: 1px solid var(--border);\n  text-align: left;\n  vertical-align: top;\n}\n.fcfe-table th {\n  background: #0f2747;\n  color: #ffffff;\n  font-weight: 700;\n}\n.fcfe-table td.fcfe-number,\n.fcfe-table th.fcfe-number {\n  text-align: right;\n  font-variant-numeric: tabular-nums;\n}\n.fcfe-table tbody tr:last-child td {\n  border-bottom: 0;\n  font-weight: 700;\n  background: #eff6ff;\n}\n.fcfe-table tbody tr:hover td {\n  background: #f8fafc;\n}\n.fcfe-table tbody tr:last-child:hover td {\n  background: #dbeafe;\n}\n.fcfe-table-note {\n  margin-top: 16px;\n}\n.fcfe-safe-table-stack .fcfe-table-note {\n  margin-top: 20px;\n}\n.fcfe-education {\n  padding: 8px 24px 32px;\n  border-top: 1px solid var(--border);\n  background: var(--tint);\n}\n.fcfe-education-inner {\n  max-width: 900px;\n  margin: 0 auto;\n}\n.fcfe-education h2 {\n  margin: 28px 0 10px;\n  font-size: 22px;\n  line-height: 1.35;\n  font-weight: 700;\n}\n.fcfe-education h3 {\n  margin: 22px 0 8px;\n  font-size: 18px;\n  line-height: 1.4;\n  font-weight: 650;\n}\n.fcfe-education p,\n.fcfe-education li {\n  color: #334155;\n}\n.fcfe-education p {\n  margin: 0 0 12px;\n}\n.fcfe-education ul {\n  margin: 8px 0 16px;\n  padding-left: 22px;\n}\n.fcfe-link {\n  color: var(--primary);\n  text-decoration: underline;\n  text-decoration-thickness: 1px;\n  text-underline-offset: 2px;\n}\n.fcfe-link:hover {\n  color: #1e40af;\n}\n@container (max-width: 899px) {\n  .fcfe-workspace {\n    grid-template-columns: 1fr;\n  }\n}\n@container (max-width: 639px) {\n  .fcfe-header,\n  .fcfe-toolbar,\n  .fcfe-workspace,\n  .fcfe-section,\n  .fcfe-education {\n    padding-left: 16px;\n    padding-right: 16px;\n  }\n  .fcfe-workspace {\n    gap: 16px;\n    padding-top: 16px;\n    padding-bottom: 16px;\n  }\n  .fcfe-panel,\n  .fcfe-section-card {\n    padding: 16px;\n  }\n  .fcfe-field-grid,\n  .fcfe-result-grid,\n  .fcfe-chart-cluster {\n    grid-template-columns: 1fr;\n  }\n  .fcfe-chart-cluster {\n    gap: 20px;\n  }\n  .fcfe-legend-row {\n    grid-template-columns: 12px minmax(0, max-content) minmax(80px, max-content);\n    gap: 8px;\n  }\n  .fcfe-chart-callout,\n  .fcfe-table-note {\n    margin-top: 16px;\n  }\n  .fcfe-plot-wrap,\n  .fcfe-svg {\n    min-height: 270px;\n  }\n}\n@container (max-width: 379px) {\n  .fcfe-header,\n  .fcfe-toolbar,\n  .fcfe-workspace,\n  .fcfe-section,\n  .fcfe-education {\n    padding-left: 12px;\n    padding-right: 12px;\n  }\n  .fcfe-title {\n    font-size: 22px;\n  }\n  .fcfe-primary-value {\n    font-size: 26px;\n  }\n  .fcfe-button {\n    width: 100%;\n    justify-content: center;\n  }\n  .fcfe-legend-row {\n    grid-template-columns: 12px minmax(0, 1fr);\n  }\n  .fcfe-legend-value {\n    grid-column: 2;\n  }\n}\n@media (max-width: 899px) {\n  .fcfe-workspace {\n    grid-template-columns: 1fr;\n  }\n}\n@media (max-width: 639px) {\n  .fcfe-header,\n  .fcfe-toolbar,\n  .fcfe-workspace,\n  .fcfe-section,\n  .fcfe-education {\n    padding-left: 16px;\n    padding-right: 16px;\n  }\n  .fcfe-workspace {\n    gap: 16px;\n    padding-top: 16px;\n    padding-bottom: 16px;\n  }\n  .fcfe-panel,\n  .fcfe-section-card {\n    padding: 16px;\n  }\n  .fcfe-field-grid,\n  .fcfe-result-grid,\n  .fcfe-chart-cluster {\n    grid-template-columns: 1fr;\n  }\n  .fcfe-chart-cluster {\n    gap: 20px;\n  }\n  .fcfe-legend-row {\n    grid-template-columns: 12px minmax(0, max-content) minmax(80px, max-content);\n    gap: 8px;\n  }\n  .fcfe-chart-callout,\n  .fcfe-table-note {\n    margin-top: 16px;\n  }\n  .fcfe-plot-wrap,\n  .fcfe-svg {\n    min-height: 270px;\n  }\n}\n@media (max-width: 379px) {\n  .fcfe-header,\n  .fcfe-toolbar,\n  .fcfe-workspace,\n  .fcfe-section,\n  .fcfe-education {\n    padding-left: 12px;\n    padding-right: 12px;\n  }\n  .fcfe-title {\n    font-size: 22px;\n  }\n  .fcfe-primary-value {\n    font-size: 26px;\n  }\n  .fcfe-button {\n    width: 100%;\n    justify-content: center;\n  }\n  .fcfe-legend-row {\n    grid-template-columns: 12px minmax(0, 1fr);\n  }\n  .fcfe-legend-value {\n    grid-column: 2;\n  }\n}\n@media (prefers-reduced-motion: reduce) {\n  .fcfe-button {\n    transition: none;\n  }\n}\n\u003c\/style\u003e\n\u003cdiv class=\"fcfe-calculator\" data-calculator-root\u003e\n  \u003cheader class=\"fcfe-header\"\u003e\n    \u003ch2 class=\"fcfe-title\"\u003eFree Cash Flow to Equity Calculator\u003c\/h2\u003e\n    \u003cp class=\"fcfe-subtitle\"\u003eEstimate cash available to common shareholders using net income, EBIT, EBITDA, operating cash flow, or free cash flow to the firm.\u003c\/p\u003e\n    \u003cdiv class=\"fcfe-pills\" aria-label=\"Live calculation summary\"\u003e\n      \u003cspan class=\"fcfe-pill\"\u003eMethod \u003cstrong class=\"fcfe-pill-method\"\u003eNet income\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"fcfe-pill\"\u003eNet borrowing \u003cstrong class=\"fcfe-pill-borrowing\"\u003e$24,000,000.00\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"fcfe-pill\"\u003eReinvestment \u003cstrong class=\"fcfe-pill-reinvestment\"\u003e$125,000,000.00\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"fcfe-pill\"\u003eStatus \u003cstrong class=\"fcfe-pill-status\"\u003ePositive FCFE\u003c\/strong\u003e\u003c\/span\u003e\n    \u003c\/div\u003e\n  \u003c\/header\u003e\n  \u003cdiv class=\"fcfe-toolbar\"\u003e\n    \u003cbutton class=\"fcfe-button fcfe-download\" type=\"button\"\u003e\n      \u003csvg class=\"fcfe-download-icon\" viewbox=\"0 0 24 24\" aria-hidden=\"true\"\u003e\u003cpath d=\"M12 3v12m0 0 5-5m-5 5-5-5M5 18v2h14v-2\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\u003e\u003c\/path\u003e\u003c\/svg\u003e\n      \u003cspan\u003eDownload Excel\u003c\/span\u003e\n    \u003c\/button\u003e\n    \u003cbutton class=\"fcfe-button fcfe-reset\" type=\"button\"\u003eReset\u003c\/button\u003e\n  \u003c\/div\u003e\n  \u003cdiv class=\"fcfe-workspace\"\u003e\n    \u003csection class=\"fcfe-panel\" aria-labelledby=\"fcfe-input-heading\"\u003e\n      \u003ch3 class=\"fcfe-panel-title\" id=\"fcfe-input-heading\"\u003eInputs\u003c\/h3\u003e\n      \u003cdiv class=\"fcfe-field-grid\"\u003e\n        \u003cdiv class=\"fcfe-field fcfe-field-wide\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-method\"\u003eCalculate using\u003c\/label\u003e\n          \u003cselect class=\"fcfe-select\" id=\"fcfe-method\" data-field=\"method\"\u003e\n            \u003coption value=\"netIncome\"\u003eNet income\u003c\/option\u003e\n            \u003coption value=\"ebit\"\u003eEBIT\u003c\/option\u003e\n            \u003coption value=\"ebitda\"\u003eEBITDA\u003c\/option\u003e\n            \u003coption value=\"cfo\"\u003eOperating cash flow\u003c\/option\u003e\n            \u003coption value=\"fcff\"\u003eFree cash flow to the firm\u003c\/option\u003e\n          \u003c\/select\u003e\n          \u003cp class=\"fcfe-helper\"\u003eChoose the source metric available in your financial statements.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"method\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\" data-method-field=\"netIncome\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-net-income\"\u003eNet income\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-net-income\" data-field=\"netIncome\" data-format=\"currency\" data-negative=\"true\" inputmode=\"decimal\" value=\"$56,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eProfit attributable after interest and taxes. Losses may be entered as negative.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"netIncome\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field fcfe-hidden\" data-method-field=\"ebit\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-ebit\"\u003eEBIT\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-ebit\" data-field=\"ebit\" data-format=\"currency\" data-negative=\"true\" inputmode=\"decimal\" value=\"$95,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eOperating profit before interest and income tax.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"ebit\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field fcfe-hidden\" data-method-field=\"ebitda\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-ebitda\"\u003eEBITDA\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-ebitda\" data-field=\"ebitda\" data-format=\"currency\" data-negative=\"true\" inputmode=\"decimal\" value=\"$145,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eEarnings before interest, taxes, depreciation, and amortization.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"ebitda\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field fcfe-hidden\" data-method-field=\"cfo\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-cfo\"\u003eOperating cash flow\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-cfo\" data-field=\"cfo\" data-format=\"currency\" data-negative=\"true\" inputmode=\"decimal\" value=\"$81,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eNet cash generated by operating activities.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"cfo\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field fcfe-hidden\" data-method-field=\"fcff\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-fcff\"\u003eFree cash flow to the firm\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-fcff\" data-field=\"fcff\" data-format=\"currency\" data-negative=\"true\" inputmode=\"decimal\" value=\"-$8,500,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eCash available to both debt and equity capital providers.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"fcff\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\" data-shared-field=\"depreciation\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-depreciation\"\u003eDepreciation and amortization\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-depreciation\" data-field=\"depreciation\" data-format=\"currency\" inputmode=\"decimal\" value=\"$50,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eNoncash expense added back in income-based methods.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"depreciation\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\" data-shared-field=\"capex\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-capex\"\u003eFixed capital investment\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-capex\" data-field=\"capex\" data-format=\"currency\" inputmode=\"decimal\" value=\"$100,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eCash spent on property, equipment, and other long-lived assets.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"capex\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\" data-shared-field=\"workingCapital\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-working-capital\"\u003eWorking capital investment\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-working-capital\" data-field=\"workingCapital\" data-format=\"currency\" data-negative=\"true\" inputmode=\"decimal\" value=\"$25,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eIncrease in operating working capital. A release may be entered as negative.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"workingCapital\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\" data-shared-field=\"interest\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-interest\"\u003eInterest expense\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-interest\" data-field=\"interest\" data-format=\"currency\" inputmode=\"decimal\" value=\"$15,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eRequired for EBIT, EBITDA, and FCFF methods.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"interest\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\" data-shared-field=\"taxRate\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-tax-rate\"\u003eCorporate tax rate\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-tax-rate\" data-field=\"taxRate\" data-format=\"percent\" inputmode=\"decimal\" value=\"30.00%\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eUse the effective or normalized cash tax rate, from 0% to 100%.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"taxRate\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-beginning-debt\"\u003eBeginning total debt\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-beginning-debt\" data-field=\"beginningDebt\" data-format=\"currency\" inputmode=\"decimal\" value=\"$110,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eInterest-bearing debt at the start of the period.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"beginningDebt\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"fcfe-field\"\u003e\n          \u003clabel class=\"fcfe-label\" for=\"fcfe-ending-debt\"\u003eEnding total debt\u003c\/label\u003e\n          \u003cdiv class=\"fcfe-control-wrap\"\u003e\u003cinput class=\"fcfe-input\" id=\"fcfe-ending-debt\" data-field=\"endingDebt\" data-format=\"currency\" inputmode=\"decimal\" value=\"$134,000,000.00\"\u003e\u003c\/div\u003e\n          \u003cp class=\"fcfe-helper\"\u003eInterest-bearing debt at the end of the period.\u003c\/p\u003e\n          \u003cdiv class=\"fcfe-error\" data-error=\"endingDebt\"\u003e\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/section\u003e\n    \u003csection class=\"fcfe-panel fcfe-results\" aria-labelledby=\"fcfe-result-heading\"\u003e\n      \u003ch3 class=\"fcfe-panel-title\" id=\"fcfe-result-heading\"\u003eLive results\u003c\/h3\u003e\n      \u003cdiv class=\"fcfe-primary-result\"\u003e\n        \u003cspan class=\"fcfe-primary-label\"\u003eFree cash flow to equity\u003c\/span\u003e\n        \u003cstrong class=\"fcfe-primary-value\"\u003e$5,000,000.00\u003c\/strong\u003e\n        \u003cp class=\"fcfe-primary-note\"\u003ePositive FCFE indicates cash remains after reinvestment and net debt financing.\u003c\/p\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"fcfe-result-grid\"\u003e\n        \u003cdiv class=\"fcfe-result-card\"\u003e\n\u003cspan class=\"fcfe-result-label\"\u003eNet borrowing\u003c\/span\u003e\u003cstrong class=\"fcfe-result-value\" data-result=\"netBorrowing\"\u003e$24,000,000.00\u003c\/strong\u003e\n\u003c\/div\u003e\n        \u003cdiv class=\"fcfe-result-card\"\u003e\n\u003cspan class=\"fcfe-result-label\"\u003eFixed + working capital\u003c\/span\u003e\u003cstrong class=\"fcfe-result-value\" data-result=\"reinvestment\"\u003e$125,000,000.00\u003c\/strong\u003e\n\u003c\/div\u003e\n        \u003cdiv class=\"fcfe-result-card\"\u003e\n\u003cspan class=\"fcfe-result-label\"\u003eAfter-tax interest\u003c\/span\u003e\u003cstrong class=\"fcfe-result-value\" data-result=\"afterTaxInterest\"\u003e$10,500,000.00\u003c\/strong\u003e\n\u003c\/div\u003e\n        \u003cdiv class=\"fcfe-result-card\"\u003e\n\u003cspan class=\"fcfe-result-label\"\u003eDebt change\u003c\/span\u003e\u003cstrong class=\"fcfe-result-value\" data-result=\"debtDirection\"\u003eIncrease\u003c\/strong\u003e\n\u003c\/div\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"fcfe-live\" aria-live=\"polite\" aria-atomic=\"true\"\u003eFCFE is $5,000,000.00 using the net income method.\u003c\/div\u003e\n    \u003c\/section\u003e\n  \u003c\/div\u003e\n  \u003csection class=\"fcfe-section\"\u003e\n    \u003cdiv class=\"fcfe-section-card fcfe-chart-card\" data-chart-card\u003e\n      \u003ch3 class=\"fcfe-section-heading\"\u003eCash flow contribution chart\u003c\/h3\u003e\n      \u003cp class=\"fcfe-section-copy\"\u003ePositive bars add to equity cash flow; negative bars reduce it. The zero line separates sources from uses.\u003c\/p\u003e\n      \u003cdiv class=\"fcfe-chart-cluster\"\u003e\n        \u003cdiv class=\"fcfe-plot-wrap\"\u003e\n          \u003csvg class=\"fcfe-svg\" role=\"img\" aria-labelledby=\"fcfe-chart-title fcfe-chart-desc\" viewbox=\"0 0 520 320\" preserveaspectratio=\"xMidYMid meet\"\u003e\n            \u003ctitle id=\"fcfe-chart-title\"\u003eFCFE cash flow contribution chart\u003c\/title\u003e\n            \u003cdesc id=\"fcfe-chart-desc\"\u003eThe chart updates from the current calculation inputs.\u003c\/desc\u003e\n          \u003c\/svg\u003e\n          \u003cdiv class=\"fcfe-chart-empty fcfe-hidden\"\u003eEnter values above to see the contribution chart.\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv\u003e\n          \u003cdiv class=\"fcfe-legend\" aria-label=\"Chart legend\"\u003e\u003c\/div\u003e\n          \u003cdiv class=\"fcfe-chart-callout\"\u003eThe selected method produces positive free cash flow to equity after capital investment, working capital needs, and debt financing.\u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"fcfe-chart-summary fcfe-hidden\" aria-label=\"Accessible chart data summary\"\u003e\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n  \u003csection class=\"fcfe-section\"\u003e\n    \u003cdiv class=\"fcfe-section-card fcfe-table-card\" data-table-card\u003e\n      \u003ch3 class=\"fcfe-section-heading\"\u003eFCFE bridge\u003c\/h3\u003e\n      \u003cp class=\"fcfe-section-copy\"\u003eEach row follows the selected formula and carries the running total through to FCFE.\u003c\/p\u003e\n      \u003cdiv class=\"fcfe-table-wrap\"\u003e\n        \u003ctable class=\"fcfe-table\"\u003e\n          \u003cthead\u003e\u003ctr\u003e\n\u003cth scope=\"col\"\u003eComponent\u003c\/th\u003e\n\u003cth scope=\"col\"\u003eTreatment\u003c\/th\u003e\n\u003cth scope=\"col\" class=\"fcfe-number\"\u003eAmount\u003c\/th\u003e\n\u003cth scope=\"col\" class=\"fcfe-number\"\u003eRunning total\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n          \u003ctbody class=\"fcfe-table-body\"\u003e\u003c\/tbody\u003e\n        \u003c\/table\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"fcfe-table-note\"\u003eAmounts are shown at full calculator precision before display rounding. A negative working capital investment represents a release of cash and therefore increases FCFE.\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n  \u003csection class=\"fcfe-education\"\u003e\n    \u003cdiv class=\"fcfe-education-inner\"\u003e\n      \u003ch2\u003eWhat does this FCFE calculator estimate?\u003c\/h2\u003e\n      \u003cp\u003eFree cash flow to equity, or FCFE, estimates the cash generated for common shareholders after operating costs, taxes, reinvestment, and net debt financing. It is an equity-level cash flow measure: capital spending and working capital needs reduce the amount available, while new borrowing can increase it and debt repayment can reduce it. The calculator supports five equivalent starting points because companies and analysts often organize their financial statements differently.\u003c\/p\u003e\n      \u003cp\u003eThe initial example is internally consistent across all five methods. It produces $5 million of FCFE, but the live result changes immediately when any assumption changes. The tool is designed for analytical comparison and education, not as personalized investment, tax, accounting, or legal advice.\u003c\/p\u003e\n      \u003ch2\u003eHow should each input be used?\u003c\/h2\u003e\n      \u003ch3\u003eCalculation method and source metric\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eCalculate using\u003c\/strong\u003e selects the formula. Choose net income when bottom-line earnings are the cleanest starting point. Choose EBIT or EBITDA when operating performance is more useful, operating cash flow when a cash-flow statement figure is available, or FCFF when firm-level free cash flow has already been calculated. The selected source metric is required for its method, while values stored for other methods are retained so switching methods is quick.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eNet income\u003c\/strong\u003e, \u003cstrong\u003eEBIT\u003c\/strong\u003e, \u003cstrong\u003eEBITDA\u003c\/strong\u003e, \u003cstrong\u003eoperating cash flow\u003c\/strong\u003e, and \u003cstrong\u003eFCFF\u003c\/strong\u003e accept positive or negative values. Use the amount for the same reporting period as every other input. Mixing annual earnings with quarterly capital spending is a common error that can materially distort FCFE.\u003c\/p\u003e\n      \u003ch3\u003eReinvestment, tax, and financing inputs\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eDepreciation and amortization\u003c\/strong\u003e is a noncash charge. It is added back under the net-income method and handled through tax adjustments under the EBITDA method. Enter a nonnegative amount. It is not used directly when calculating from operating cash flow or FCFF because those starting measures already reflect the relevant cash or firm-level treatment.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eFixed capital investment\u003c\/strong\u003e is the period's cash investment in long-lived operating assets. It is normally derived from capital expenditures and should be entered as a positive cash outflow. Higher capital investment lowers FCFE. \u003cstrong\u003eWorking capital investment\u003c\/strong\u003e measures the increase in operating working capital. A positive amount lowers FCFE, while a negative amount represents a release of working capital and raises FCFE.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eInterest expense\u003c\/strong\u003e and the \u003cstrong\u003ecorporate tax rate\u003c\/strong\u003e are required for EBIT, EBITDA, and FCFF methods. The calculator converts interest to an after-tax amount using interest expense multiplied by one minus the tax rate. The tax rate must be between 0% and 100%. A normalized effective cash tax rate is often more useful than a statutory rate when temporary tax items are large.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eBeginning total debt\u003c\/strong\u003e and \u003cstrong\u003eending total debt\u003c\/strong\u003e determine net borrowing. Ending debt minus beginning debt is positive when the company raises net debt and negative when it repays debt. Use interest-bearing debt consistently at both dates. The \u003ca class=\"fcfe-link\" href=\"https:\/\/www.sec.gov\/edgar\/search\/\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eSEC EDGAR database\u003c\/a\u003e is a primary source for public-company filings, and \u003ca class=\"fcfe-link\" href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/how-read-10-k10-q\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eInvestor.gov's 10-K and 10-Q guide\u003c\/a\u003e explains where major financial statements appear.\u003c\/p\u003e\n      \u003ch2\u003eHow is free cash flow to equity calculated?\u003c\/h2\u003e\n      \u003cp\u003eFrom net income, FCFE equals net income plus depreciation and amortization, minus fixed capital investment, minus working capital investment, plus net borrowing. From EBIT, the operating profit is first converted to after-tax profit, then depreciation is added, reinvestment is deducted, after-tax interest is deducted, and net borrowing is added. The EBITDA method similarly taxes EBITDA, adds the depreciation tax shield, deducts reinvestment and after-tax interest, and adds net borrowing.\u003c\/p\u003e\n      \u003cp\u003eFrom operating cash flow, the formula is shorter because operating cash flow already includes earnings, noncash adjustments, and working capital effects: FCFE equals operating cash flow minus fixed capital investment plus net borrowing. From FCFF, subtract after-tax interest and add net borrowing. The bridge table exposes the exact treatment of every component and shows the running total, making it easier to identify which assumption creates a difference.\u003c\/p\u003e\n      \u003ch2\u003eHow should the results be interpreted?\u003c\/h2\u003e\n      \u003cp\u003e\u003cstrong\u003eFree cash flow to equity\u003c\/strong\u003e is the primary result. Positive FCFE means the period generated residual cash for common equity after the modeled reinvestment and debt changes. Zero means the components exactly offset. Negative FCFE means the company required equity funding or retained cash to cover investment, operations, or debt repayment. Negative FCFE is not automatically bad; rapidly expanding businesses may deliberately invest more than current operations produce.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eNet borrowing\u003c\/strong\u003e shows how debt financing affects equity cash flow. A debt increase raises current-period FCFE, while net repayment lowers it. \u003cstrong\u003eFixed plus working capital\u003c\/strong\u003e summarizes the two reinvestment uses in the selected period. \u003cstrong\u003eAfter-tax interest\u003c\/strong\u003e is displayed for comparison even when the chosen method does not use it directly. \u003cstrong\u003eDebt change\u003c\/strong\u003e labels the financing direction as an increase, repayment, or unchanged balance.\u003c\/p\u003e\n      \u003cp\u003eThe contribution chart visualizes each signed formula component. Bars to the right of zero are sources of FCFE; bars to the left are uses. The legend and bridge table use the same live model data, so every amount is traceable. Large capital investment or working capital build usually shifts the chart left, while stronger earnings, noncash add-backs, or higher net borrowing shift it right.\u003c\/p\u003e\n      \u003ch2\u003eWhat are the main analytical tradeoffs and common mistakes?\u003c\/h2\u003e\n      \u003cp\u003eFCFE is useful when capital structure is reasonably stable and equity cash flows can be normalized. It becomes harder to interpret when borrowing changes sharply from year to year, when the company is in distress, or when one-time working capital movements dominate. In those cases, analysts often compare multiple years and reconcile FCFE with FCFF rather than relying on a single period.\u003c\/p\u003e\n      \u003cp\u003eCommon mistakes include using total balance-sheet debt inconsistently, treating capital expenditures as a negative input and then subtracting them again, confusing working capital balance with the change in working capital, mixing reporting periods, and using EBITDA without deducting after-tax interest. Reviewing the statement of cash flows and debt footnotes helps avoid these errors. The \u003ca class=\"fcfe-link\" href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/financial-statements\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eInvestor.gov financial statements overview\u003c\/a\u003e provides a concise orientation, while the \u003ca class=\"fcfe-link\" href=\"https:\/\/asc.fasb.org\/\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eFASB Accounting Standards Codification\u003c\/a\u003e is the authoritative U.S. accounting refere\nnce.\u003c\/p\u003e\n      \u003cp\u003eUse the Excel export after setting assumptions to preserve the current inputs, formula bridge, results, and notes in a valid workbook. For valuation work, FCFE normally feeds an equity discounting model with explicit forecasts and a terminal value; this calculator focuses on deriving the current-period cash flow base.\u003c\/p\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\u003c\/div\u003e","brand":"FinancialModelsLab","offers":[{"title":"Default Title","offer_id":49909490450675,"sku":"free-cash-flow-to-equity","price":0.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/6191\/2762\/files\/free-cash-flow-to-equity.webp?v=1783935597","url":"https:\/\/financialmodelslab.com\/products\/free-cash-flow-to-equity","provider":"Financial Models Lab","version":"1.0","type":"link"}