{"product_id":"unlevered-beta","title":"Unlevered Beta Calculator","description":"\u003cstyle\u003e\n.ub-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  container-name: ubcalc;\n  container-type: inline-size;\n  width: 100%;\n  color: var(--ink);\n  background: var(--surface);\n  font-family: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, Helvetica, Arial, sans-serif;\n  font-size: 15px;\n  line-height: 1.6;\n  padding: 24px;\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  box-shadow: 0 1px 2px rgba(15, 23, 42, .06);\n}\n.ub-calculator,\n.ub-calculator *,\n.ub-calculator *::before,\n.ub-calculator *::after {\n  box-sizing: border-box;\n  min-width: 0;\n}\n.ub-calculator h2,\n.ub-calculator h3,\n.ub-calculator p {\n  margin-top: 0;\n}\n.ub-calculator h2 {\n  margin-bottom: 8px;\n  font-size: 24px;\n  line-height: 1.25;\n  font-weight: 700;\n  letter-spacing: -.02em;\n}\n.ub-calculator h3 {\n  margin-bottom: 12px;\n  font-size: 18px;\n  line-height: 1.35;\n  font-weight: 650;\n}\n.ub-calculator a {\n  color: var(--primary);\n  text-decoration-thickness: 1px;\n  text-underline-offset: 2px;\n}\n.ub-calculator a:hover {\n  text-decoration-thickness: 2px;\n}\n.ub-header {\n  display: grid;\n  gap: 16px;\n  padding-bottom: 24px;\n  border-bottom: 1px solid var(--border);\n}\n.ub-header-copy {\n  max-width: 760px;\n}\n.ub-header-copy p {\n  margin-bottom: 0;\n  color: var(--muted);\n}\n.ub-pills {\n  display: flex;\n  flex-wrap: wrap;\n  gap: 8px;\n}\n.ub-pill {\n  display: inline-flex;\n  align-items: center;\n  gap: 6px;\n  min-height: 32px;\n  padding: 4px 10px;\n  border: 1px solid var(--border);\n  border-radius: 999px;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.3;\n}\n.ub-pill strong {\n  color: var(--ink);\n  font-variant-numeric: tabular-nums;\n}\n.ub-toolbar {\n  display: flex;\n  flex-wrap: wrap;\n  align-items: center;\n  gap: 12px;\n  padding: 24px 0;\n}\n.ub-button {\n  display: inline-flex;\n  align-items: center;\n  justify-content: center;\n  gap: 10px;\n  min-height: 44px;\n  padding: 12px 18px;\n  border: 1px solid transparent;\n  border-radius: 6px;\n  font: inherit;\n  font-size: 15px;\n  font-weight: 650;\n  line-height: 1;\n  white-space: nowrap;\n  cursor: pointer;\n  transition: background-color .15s ease, border-color .15s ease, box-shadow .15s ease, transform .15s ease;\n}\n.ub-button:hover {\n  box-shadow: 0 2px 5px rgba(15, 23, 42, .12);\n}\n.ub-button:active {\n  transform: translateY(1px);\n}\n.ub-button:focus-visible,\n.ub-calculator input:focus-visible,\n.ub-calculator button:focus-visible,\n.ub-calculator summary:focus-visible {\n  outline: 3px solid rgba(29, 78, 216, .38);\n  outline-offset: 2px;\n}\n.ub-button-primary {\n  color: #ffffff;\n  background: var(--accent);\n  border-color: var(--accent);\n}\n.ub-button-primary:hover {\n  background: var(--accent-hover);\n  border-color: var(--accent-hover);\n}\n.ub-button-secondary {\n  color: var(--ink);\n  background: var(--surface);\n  border-color: #cbd5e1;\n}\n.ub-button-secondary:hover {\n  background: var(--tint);\n  border-color: #94a3b8;\n}\n.ub-button-icon {\n  width: 18px;\n  height: 18px;\n  flex: 0 0 18px;\n}\n.ub-workspace {\n  display: grid;\n  grid-template-columns: minmax(0, 1fr);\n  gap: 24px;\n  align-items: start;\n}\n.ub-panel,\n.ub-section-card,\n.ub-chart-card,\n.ub-table-card {\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n  box-shadow: 0 1px 2px rgba(15, 23, 42, .06);\n}\n.ub-panel {\n  padding: 20px;\n}\n.ub-section-title {\n  display: flex;\n  align-items: baseline;\n  flex-wrap: wrap;\n  gap: 8px 12px;\n  margin-bottom: 16px;\n}\n.ub-section-title h3 {\n  margin-bottom: 0;\n}\n.ub-section-kicker {\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n}\n.ub-fieldset {\n  margin: 0 0 20px;\n  padding: 0;\n  border: 0;\n}\n.ub-fieldset:last-child {\n  margin-bottom: 0;\n}\n.ub-legend {\n  width: 100%;\n  margin-bottom: 12px;\n  padding: 0;\n  color: var(--ink);\n  font-size: 15px;\n  font-weight: 700;\n}\n.ub-grid {\n  display: grid;\n  grid-template-columns: repeat(auto-fit, minmax(min(100%, 210px), 1fr));\n  gap: 16px;\n  align-items: start;\n}\n.ub-field {\n  display: flex;\n  flex-direction: column;\n  gap: 6px;\n}\n.ub-label {\n  display: block;\n  color: var(--ink);\n  font-size: 14px;\n  font-weight: 600;\n  line-height: 1.35;\n}\n.ub-input-wrap {\n  position: relative;\n  display: flex;\n  align-items: center;\n}\n.ub-input {\n  width: 100%;\n  min-height: 44px;\n  padding: 10px 12px;\n  border: 1px solid #cbd5e1;\n  border-radius: 6px;\n  background: var(--surface);\n  color: var(--ink);\n  font: inherit;\n  font-size: 15px;\n  font-variant-numeric: tabular-nums;\n  line-height: 1.35;\n}\n.ub-input:hover {\n  border-color: #94a3b8;\n}\n.ub-input:disabled {\n  color: #334155;\n  background: #f1f5f9;\n  border-color: var(--border);\n  cursor: not-allowed;\n  opacity: 1;\n}\n.ub-helper {\n  min-height: 40px;\n  margin: 0;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.45;\n}\n.ub-error {\n  min-height: 19px;\n  margin: 0;\n  color: #b91c1c;\n  font-size: 13px;\n  font-weight: 600;\n  line-height: 1.4;\n}\n.ub-toggle-row {\n  display: flex;\n  align-items: flex-start;\n  gap: 10px;\n  margin-bottom: 12px;\n  padding: 10px 12px;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--tint);\n}\n.ub-toggle-row input {\n  width: 18px;\n  height: 18px;\n  margin: 2px 0 0;\n  accent-color: var(--primary);\n  flex: 0 0 18px;\n}\n.ub-toggle-copy {\n  display: grid;\n  gap: 2px;\n}\n.ub-toggle-copy label {\n  color: var(--ink);\n  font-size: 14px;\n  font-weight: 650;\n  cursor: pointer;\n}\n.ub-toggle-copy span {\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.4;\n}\n.ub-results {\n  display: grid;\n  gap: 16px;\n}\n.ub-primary-result {\n  padding: 20px;\n  border: 1px solid #bfdbfe;\n  border-radius: 8px;\n  background: #eff6ff;\n}\n.ub-primary-result-label {\n  margin-bottom: 6px;\n  color: #1e3a8a;\n  font-size: 14px;\n  font-weight: 700;\n}\n.ub-primary-result-value {\n  margin-bottom: 6px;\n  color: var(--ink);\n  font-size: 30px;\n  font-weight: 700;\n  line-height: 1.15;\n  letter-spacing: -.02em;\n  font-variant-numeric: tabular-nums;\n  overflow-wrap: anywhere;\n}\n.ub-primary-result-note {\n  margin-bottom: 0;\n  color: #1e3a8a;\n  font-size: 13px;\n  font-weight: 500;\n}\n.ub-result-grid {\n  display: grid;\n  grid-template-columns: repeat(auto-fit, minmax(min(100%, 145px), 1fr));\n  gap: 12px;\n}\n.ub-result-card {\n  padding: 14px;\n  border: 1px solid var(--border);\n  border-radius: 8px;\n  background: var(--surface);\n}\n.ub-result-card span {\n  display: block;\n  margin-bottom: 4px;\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 600;\n  line-height: 1.35;\n}\n.ub-result-card strong {\n  display: block;\n  color: var(--ink);\n  font-size: 20px;\n  font-weight: 700;\n  line-height: 1.25;\n  font-variant-numeric: tabular-nums;\n  overflow-wrap: anywhere;\n}\n.ub-formula-box {\n  padding: 12px;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.5;\n}\n.ub-formula-box strong {\n  color: var(--ink);\n}\n.ub-message {\n  padding: 12px;\n  border: 1px solid #fecaca;\n  border-radius: 6px;\n  background: #fef2f2;\n  color: #991b1b;\n  font-size: 13px;\n  font-weight: 600;\n}\n.ub-hidden {\n  display: none !important;\n}\n.ub-breakdown,\n.ub-table-section,\n.ub-education {\n  margin-top: 24px;\n}\n.ub-chart-card,\n.ub-table-card,\n.ub-section-card {\n  padding: 20px;\n}\n.ub-chart-intro {\n  margin-bottom: 16px;\n  color: var(--muted);\n}\n.ub-chart-cluster {\n  display: grid;\n  justify-items: center;\n  gap: 16px;\n  width: 100%;\n  max-width: 760px;\n  margin: 0 auto;\n}\n.ub-chart-plot {\n  width: 100%;\n  max-width: 720px;\n}\n.ub-chart-svg {\n  display: block;\n  width: 100%;\n  height: auto;\n  min-height: 170px;\n  overflow: visible;\n}\n.ub-chart-empty {\n  width: 100%;\n  max-width: 560px;\n  padding: 16px;\n  border: 1px dashed #94a3b8;\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  text-align: center;\n  font-size: 13px;\n  font-weight: 600;\n}\n.ub-chart-legend {\n  display: grid;\n  gap: 8px;\n  width: fit-content;\n  max-width: 100%;\n  margin: 0 auto;\n}\n.ub-legend-row {\n  display: grid;\n  grid-template-columns: 12px minmax(90px, auto) max-content max-content;\n  align-items: center;\n  gap: 8px 12px;\n  color: var(--ink);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.35;\n}\n.ub-legend-swatch {\n  width: 12px;\n  height: 12px;\n  border-radius: 3px;\n}\n.ub-legend-value,\n.ub-legend-percent {\n  font-variant-numeric: tabular-nums;\n  white-space: nowrap;\n}\n.ub-legend-percent {\n  color: var(--muted);\n}\n.ub-chart-caption,\n.ub-table-note {\n  margin-top: 16px;\n  padding: 10px 12px;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n  background: var(--tint);\n  color: var(--muted);\n  font-size: 13px;\n  font-weight: 500;\n  line-height: 1.5;\n}\n.ub-safe-chart-stack .ub-chart-cluster {\n  grid-template-columns: minmax(0, 1fr) !important;\n  gap: 20px !important;\n  max-width: 720px !important;\n}\n.ub-safe-chart-stack .ub-chart-caption {\n  margin-top: 20px !important;\n}\n.ub-table-overflow {\n  width: 100%;\n  overflow-x: auto;\n  -webkit-overflow-scrolling: touch;\n  border: 1px solid var(--border);\n  border-radius: 6px;\n}\n.ub-table {\n  width: 100%;\n  min-width: 620px;\n  border-collapse: collapse;\n  font-size: 13px;\n  line-height: 1.45;\n  font-variant-numeric: tabular-nums;\n}\n.ub-table th,\n.ub-table td {\n  padding: 10px 12px;\n  border-bottom: 1px solid var(--border);\n  text-align: left;\n  vertical-align: top;\n}\n.ub-table th {\n  color: #ffffff;\n  background: #1e3a5f;\n  font-weight: 700;\n  white-space: nowrap;\n}\n.ub-table tbody tr:last-child td {\n  border-bottom: 0;\n}\n.ub-table tbody tr:hover td {\n  background: #f8fafc;\n}\n.ub-table td.ub-number-cell,\n.ub-table th.ub-number-cell {\n  text-align: right;\n  white-space: nowrap;\n}\n.ub-safe-table-stack .ub-table-note {\n  margin-top: 20px !important;\n}\n.ub-education {\n  display: grid;\n  gap: 20px;\n}\n.ub-education-section {\n  padding-top: 20px;\n  border-top: 1px solid var(--border);\n}\n.ub-education-section:first-child {\n  padding-top: 0;\n  border-top: 0;\n}\n.ub-education p:last-child,\n.ub-education ul:last-child {\n  margin-bottom: 0;\n}\n.ub-education ul {\n  margin: 0 0 16px;\n  padding-left: 22px;\n}\n.ub-education li {\n  margin-bottom: 8px;\n}\n.ub-disclaimer {\n  padding: 12px;\n  border-left: 4px solid var(--primary);\n  background: #eff6ff;\n  color: #1e3a8a;\n  font-size: 13px;\n  font-weight: 500;\n}\n@container ubcalc (min-width: 900px) {\n  .ub-workspace {\n    grid-template-columns: minmax(0, 1.05fr) minmax(0, .95fr);\n  }\n  .ub-results-panel {\n    align-self: start;\n  }\n}\n@container ubcalc (max-width: 639px) {\n  .ub-calculator {\n    padding: 16px;\n  }\n  .ub-panel,\n  .ub-chart-card,\n  .ub-table-card,\n  .ub-section-card {\n    padding: 16px;\n  }\n  .ub-button {\n    width: 100%;\n  }\n  .ub-toolbar {\n    align-items: stretch;\n  }\n  .ub-legend-row {\n    grid-template-columns: 12px minmax(80px, 1fr) max-content;\n  }\n  .ub-legend-percent {\n    grid-column: 2 \/ 4;\n    padding-left: 0;\n  }\n  .ub-chart-caption,\n  .ub-table-note {\n    margin-top: 16px;\n  }\n  .ub-chart-cluster {\n    gap: 16px;\n  }\n  .ub-helper {\n    min-height: 0;\n  }\n}\n@container ubcalc (max-width: 360px) {\n  .ub-chart-caption,\n  .ub-table-note {\n    margin-top: 12px;\n  }\n  .ub-chart-cluster {\n    gap: 12px;\n  }\n}\n@media (max-width: 639px) {\n  .ub-calculator {\n    padding: 16px;\n  }\n}\n\u003c\/style\u003e\n\u003cdiv class=\"ub-calculator\" data-calculator-root\u003e\n  \u003csection class=\"ub-header\" aria-labelledby=\"ub-title\"\u003e\n    \u003cdiv class=\"ub-header-copy\"\u003e\n      \u003ch2 id=\"ub-title\"\u003eUnlevered Beta Calculator\u003c\/h2\u003e\n      \u003cp\u003eStrip out the effect of debt financing to estimate a company’s underlying operating-risk beta.\u003c\/p\u003e\n    \u003c\/div\u003e\n    \u003cdiv class=\"ub-pills\" aria-label=\"Live calculation summary\"\u003e\n      \u003cspan class=\"ub-pill\"\u003eTax rate \u003cstrong data-pill=\"tax\"\u003e20.00%\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"ub-pill\"\u003eD\/E ratio \u003cstrong data-pill=\"de\"\u003e2.0000x\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"ub-pill\"\u003eLeverage factor \u003cstrong data-pill=\"factor\"\u003e2.6000x\u003c\/strong\u003e\u003c\/span\u003e\n      \u003cspan class=\"ub-pill\"\u003eStatus \u003cstrong data-pill=\"status\"\u003eCalculated\u003c\/strong\u003e\u003c\/span\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003cdiv class=\"ub-toolbar\" aria-label=\"Calculator actions\"\u003e\n    \u003cbutton class=\"ub-button ub-button-primary\" type=\"button\" data-action=\"download\"\u003e\n      \u003csvg class=\"ub-button-icon\" viewbox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"\u003e\n        \u003cpath d=\"M5 2.75h10.4L20 7.35V21.25H5z\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.8\" stroke-linejoin=\"round\"\u003e\u003c\/path\u003e\n        \u003cpath d=\"M15 2.75v4.6h5M8 12h8M8 16h8M8 8.5h3\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.8\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\u003e\u003c\/path\u003e\n      \u003c\/svg\u003e\n      \u003cspan\u003eDownload Excel\u003c\/span\u003e\n    \u003c\/button\u003e\n    \u003cbutton class=\"ub-button ub-button-secondary\" type=\"button\" data-action=\"reset\"\u003eReset\u003c\/button\u003e\n  \u003c\/div\u003e\n\n  \u003cdiv class=\"ub-workspace\"\u003e\n    \u003csection class=\"ub-panel ub-inputs-panel\" aria-labelledby=\"ub-inputs-heading\"\u003e\n      \u003cdiv class=\"ub-section-title\"\u003e\n        \u003ch3 id=\"ub-inputs-heading\"\u003eInputs\u003c\/h3\u003e\n        \u003cspan class=\"ub-section-kicker\"\u003eExample values are preloaded\u003c\/span\u003e\n      \u003c\/div\u003e\n\n      \u003cfieldset class=\"ub-fieldset\"\u003e\n        \u003clegend class=\"ub-legend\"\u003eCorporate tax rate\u003c\/legend\u003e\n        \u003cdiv class=\"ub-toggle-row\"\u003e\n          \u003cinput id=\"ub-use-derived-tax\" type=\"checkbox\" data-input=\"useDerivedTax\" checked\u003e\n          \u003cdiv class=\"ub-toggle-copy\"\u003e\n            \u003clabel for=\"ub-use-derived-tax\"\u003eDerive tax rate from income\u003c\/label\u003e\n            \u003cspan\u003eUses 1 − net income ÷ pre-tax income.\u003c\/span\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ub-grid\"\u003e\n          \u003cdiv class=\"ub-field\"\u003e\n            \u003clabel class=\"ub-label\" for=\"ub-net-income\"\u003eNet income\u003c\/label\u003e\n            \u003cdiv class=\"ub-input-wrap\"\u003e\n              \u003cinput class=\"ub-input\" id=\"ub-net-income\" type=\"text\" inputmode=\"decimal\" value=\"$800,000.00\" data-input=\"netIncome\" data-mask=\"currency\" autocomplete=\"off\"\u003e\n            \u003c\/div\u003e\n            \u003cp class=\"ub-helper\"\u003eAfter-tax income for the same reporting period.\u003c\/p\u003e\n            \u003cp class=\"ub-error\" data-error-for=\"netIncome\"\u003e\u003c\/p\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ub-field\"\u003e\n            \u003clabel class=\"ub-label\" for=\"ub-pre-tax-income\"\u003ePre-tax income\u003c\/label\u003e\n            \u003cdiv class=\"ub-input-wrap\"\u003e\n              \u003cinput class=\"ub-input\" id=\"ub-pre-tax-income\" type=\"text\" inputmode=\"decimal\" value=\"$1,000,000.00\" data-input=\"preTaxIncome\" data-mask=\"currency\" autocomplete=\"off\"\u003e\n            \u003c\/div\u003e\n            \u003cp class=\"ub-helper\"\u003eIncome before corporate taxes for that period.\u003c\/p\u003e\n            \u003cp class=\"ub-error\" data-error-for=\"preTaxIncome\"\u003e\u003c\/p\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ub-field\"\u003e\n            \u003clabel class=\"ub-label\" for=\"ub-tax-rate\"\u003eCorporate tax rate\u003c\/label\u003e\n            \u003cdiv class=\"ub-input-wrap\"\u003e\n              \u003cinput class=\"ub-input\" id=\"ub-tax-rate\" type=\"text\" inputmode=\"decimal\" value=\"20.00%\" data-input=\"taxRate\" data-mask=\"percent\" autocomplete=\"off\" disabled\u003e\n            \u003c\/div\u003e\n            \u003cp class=\"ub-helper\"\u003eUncheck the option above to enter a direct rate.\u003c\/p\u003e\n            \u003cp class=\"ub-error\" data-error-for=\"taxRate\"\u003e\u003c\/p\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/fieldset\u003e\n\n      \u003cfieldset class=\"ub-fieldset\"\u003e\n        \u003clegend class=\"ub-legend\"\u003eCapital structure\u003c\/legend\u003e\n        \u003cdiv class=\"ub-toggle-row\"\u003e\n          \u003cinput id=\"ub-use-derived-de\" type=\"checkbox\" data-input=\"useDerivedDE\" checked\u003e\n          \u003cdiv class=\"ub-toggle-copy\"\u003e\n            \u003clabel for=\"ub-use-derived-de\"\u003eDerive debt-to-equity ratio\u003c\/label\u003e\n            \u003cspan\u003eUses total debt ÷ shareholders’ equity.\u003c\/span\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ub-grid\"\u003e\n          \u003cdiv class=\"ub-field\"\u003e\n            \u003clabel class=\"ub-label\" for=\"ub-total-debt\"\u003eTotal debt\u003c\/label\u003e\n            \u003cdiv class=\"ub-input-wrap\"\u003e\n              \u003cinput class=\"ub-input\" id=\"ub-total-debt\" type=\"text\" inputmode=\"decimal\" value=\"$12,000,000.00\" data-input=\"totalDebt\" data-mask=\"currency\" autocomplete=\"off\"\u003e\n            \u003c\/div\u003e\n            \u003cp class=\"ub-helper\"\u003eUse interest-bearing debt measured consistently.\u003c\/p\u003e\n            \u003cp class=\"ub-error\" data-error-for=\"totalDebt\"\u003e\u003c\/p\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ub-field\"\u003e\n            \u003clabel class=\"ub-label\" for=\"ub-equity\"\u003eShareholders’ equity\u003c\/label\u003e\n            \u003cdiv class=\"ub-input-wrap\"\u003e\n              \u003cinput class=\"ub-input\" id=\"ub-equity\" type=\"text\" inputmode=\"decimal\" value=\"$6,000,000.00\" data-input=\"equity\" data-mask=\"currency\" autocomplete=\"off\"\u003e\n            \u003c\/div\u003e\n            \u003cp class=\"ub-helper\"\u003eUse the equity measure paired with the debt figure.\u003c\/p\u003e\n            \u003cp class=\"ub-error\" data-error-for=\"equity\"\u003e\u003c\/p\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ub-field\"\u003e\n            \u003clabel class=\"ub-label\" for=\"ub-de-ratio\"\u003eDebt-to-equity ratio\u003c\/label\u003e\n            \u003cdiv class=\"ub-input-wrap\"\u003e\n              \u003cinput class=\"ub-input\" id=\"ub-de-ratio\" type=\"text\" inputmode=\"decimal\" value=\"2.0000\" data-input=\"deRatio\" data-mask=\"ratio\" autocomplete=\"off\" disabled\u003e\n            \u003c\/div\u003e\n            \u003cp class=\"ub-helper\"\u003eEnter debt divided by equity, not debt as a percent of capital.\u003c\/p\u003e\n            \u003cp class=\"ub-error\" data-error-for=\"deRatio\"\u003e\u003c\/p\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/fieldset\u003e\n\n      \u003cfieldset class=\"ub-fieldset\"\u003e\n        \u003clegend class=\"ub-legend\"\u003eMarket beta\u003c\/legend\u003e\n        \u003cdiv class=\"ub-grid\"\u003e\n          \u003cdiv class=\"ub-field\"\u003e\n            \u003clabel class=\"ub-label\" for=\"ub-levered-beta\"\u003eLevered beta (equity beta)\u003c\/label\u003e\n            \u003cdiv class=\"ub-input-wrap\"\u003e\n              \u003cinput class=\"ub-input\" id=\"ub-levered-beta\" type=\"text\" inputmode=\"decimal\" value=\"1.2000\" data-input=\"leveredBeta\" data-mask=\"beta\" autocomplete=\"off\"\u003e\n            \u003c\/div\u003e\n            \u003cp class=\"ub-helper\"\u003eThe observed equity beta before removing leverage.\u003c\/p\u003e\n            \u003cp class=\"ub-error\" data-error-for=\"leveredBeta\"\u003e\u003c\/p\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n      \u003c\/fieldset\u003e\n    \u003c\/section\u003e\n\n    \u003csection class=\"ub-panel ub-results-panel\" aria-labelledby=\"ub-results-heading\"\u003e\n      \u003cdiv class=\"ub-section-title\"\u003e\n        \u003ch3 id=\"ub-results-heading\"\u003eLive results\u003c\/h3\u003e\n        \u003cspan class=\"ub-section-kicker\"\u003eUpdates as assumptions change\u003c\/span\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"ub-results\"\u003e\n        \u003cdiv class=\"ub-primary-result\"\u003e\n          \u003cdiv class=\"ub-primary-result-label\"\u003eUnlevered beta\u003c\/div\u003e\n          \u003cdiv class=\"ub-primary-result-value\" data-output=\"unleveredBeta\"\u003e0.4615\u003c\/div\u003e\n          \u003cp class=\"ub-primary-result-note\" data-output=\"interpretation\"\u003eDebt financing explains a substantial share of the observed equity beta.\u003c\/p\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ub-result-grid\"\u003e\n          \u003cdiv class=\"ub-result-card\"\u003e\n            \u003cspan\u003eLevered beta\u003c\/span\u003e\n            \u003cstrong data-output=\"leveredBeta\"\u003e1.2000\u003c\/strong\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ub-result-card\"\u003e\n            \u003cspan\u003eLeverage factor\u003c\/span\u003e\n            \u003cstrong data-output=\"leverageFactor\"\u003e2.6000x\u003c\/strong\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ub-result-card\"\u003e\n            \u003cspan\u003eAfter-tax D\/E\u003c\/span\u003e\n            \u003cstrong data-output=\"afterTaxDE\"\u003e1.6000x\u003c\/strong\u003e\n          \u003c\/div\u003e\n          \u003cdiv class=\"ub-result-card\"\u003e\n            \u003cspan\u003eLeverage premium\u003c\/span\u003e\n            \u003cstrong data-output=\"leveragePremium\"\u003e0.7385\u003c\/strong\u003e\n          \u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ub-formula-box\" data-output=\"formula\"\u003e\n          \u003cstrong\u003eFormula:\u003c\/strong\u003e 1.2000 ÷ [1 + (1 − 20.00%) × 2.0000] = 0.4615\n        \u003c\/div\u003e\n        \u003cdiv class=\"ub-message ub-hidden\" data-output=\"message\" role=\"status\"\u003e\u003c\/div\u003e\n        \u003cdiv class=\"ub-hidden\" data-output=\"live\" aria-live=\"polite\"\u003e\u003c\/div\u003e\n      \u003c\/div\u003e\n    \u003c\/section\u003e\n  \u003c\/div\u003e\n\n  \u003csection class=\"ub-breakdown\" aria-labelledby=\"ub-chart-heading\"\u003e\n    \u003cdiv class=\"ub-chart-card\" data-chart-card\u003e\n      \u003cdiv class=\"ub-section-title\"\u003e\n        \u003ch3 id=\"ub-chart-heading\"\u003eBeta composition\u003c\/h3\u003e\n        \u003cspan class=\"ub-section-kicker\"\u003eOperating component plus leverage effect\u003c\/span\u003e\n      \u003c\/div\u003e\n      \u003cp class=\"ub-chart-intro\" data-chart-intro\u003eThe stacked bar reconciles the estimated operating-risk beta to the observed equity beta.\u003c\/p\u003e\n      \u003cdiv class=\"ub-chart-cluster\"\u003e\n        \u003cdiv class=\"ub-chart-plot\" data-chart-plot\u003e\n          \u003csvg class=\"ub-chart-svg\" data-chart-svg viewbox=\"0 0 720 190\" role=\"img\" aria-label=\"Beta composition chart\"\u003e\u003c\/svg\u003e\n          \u003cdiv class=\"ub-chart-empty ub-hidden\" data-chart-empty\u003eEnter valid positive beta values to see the composition.\u003c\/div\u003e\n        \u003c\/div\u003e\n        \u003cdiv class=\"ub-chart-legend\" data-chart-legend aria-label=\"Chart legend\"\u003e\u003c\/div\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"ub-chart-caption\" data-chart-caption\u003eAt the current assumptions, 38.46% of observed beta is attributed to the unlevered operating component.\u003c\/div\u003e\n      \u003cdiv class=\"ub-table-overflow\" data-chart-table-wrap\u003e\n        \u003ctable class=\"ub-table\" aria-label=\"Beta composition data\"\u003e\n          \u003cthead\u003e\n            \u003ctr\u003e\n              \u003cth scope=\"col\"\u003eComponent\u003c\/th\u003e\n              \u003cth scope=\"col\" class=\"ub-number-cell\"\u003eBeta value\u003c\/th\u003e\n              \u003cth scope=\"col\" class=\"ub-number-cell\"\u003eShare of levered beta\u003c\/th\u003e\n            \u003c\/tr\u003e\n          \u003c\/thead\u003e\n          \u003ctbody data-chart-table-body\u003e\u003c\/tbody\u003e\n        \u003c\/table\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"ub-table-note\" data-chart-table-note\u003eThe chart and table use the same current-state values. A negative or zero levered beta remains calculable, but the positive composition visual is replaced with an empty state.\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003csection class=\"ub-table-section\" aria-labelledby=\"ub-table-heading\"\u003e\n    \u003cdiv class=\"ub-table-card\" data-table-card\u003e\n      \u003cdiv class=\"ub-section-title\"\u003e\n        \u003ch3 id=\"ub-table-heading\"\u003eCalculation trail\u003c\/h3\u003e\n        \u003cspan class=\"ub-section-kicker\"\u003eInputs, intermediate values, and final output\u003c\/span\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"ub-table-overflow\" data-table-wrap\u003e\n        \u003ctable class=\"ub-table\" aria-label=\"Unlevered beta calculation trail\"\u003e\n          \u003cthead\u003e\n            \u003ctr\u003e\n              \u003cth scope=\"col\"\u003eStep\u003c\/th\u003e\n              \u003cth scope=\"col\"\u003eCalculation\u003c\/th\u003e\n              \u003cth scope=\"col\" class=\"ub-number-cell\"\u003eResult\u003c\/th\u003e\n            \u003c\/tr\u003e\n          \u003c\/thead\u003e\n          \u003ctbody data-calculation-table-body\u003e\u003c\/tbody\u003e\n        \u003c\/table\u003e\n      \u003c\/div\u003e\n      \u003cdiv class=\"ub-table-note\" data-table-note\u003eValues retain full precision for calculation. Displayed figures are rounded consistently, and the Excel export stores numeric percentages as decimal fractions.\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\n  \u003csection class=\"ub-education\" aria-labelledby=\"ub-education-heading\"\u003e\n    \u003cdiv class=\"ub-education-section\"\u003e\n      \u003ch3 id=\"ub-education-heading\"\u003eWhat does this calculator estimate?\u003c\/h3\u003e\n      \u003cp\u003eUnlevered beta, also called asset beta, estimates the market sensitivity of a company’s operations after removing the additional equity risk associated with debt financing. Levered beta reflects both operating risk and capital-structure risk. Unlevering makes companies with different debt levels more comparable, which is why the measure is commonly used in comparable-company analysis, private-company valuation, and cost-of-capital work.\u003c\/p\u003e\n      \u003cp\u003eA beta of 1.00 generally indicates market-level sensitivity. A positive unlevered beta below 1.00 suggests that the underlying business has historically been less market-sensitive than the broad market, while a value above 1.00 suggests greater sensitivity. A negative beta is mathematically possible and indicates movement opposite the market in the data used to estimate beta, but it should be reviewed carefully because beta estimates can be noisy and period-dependent. Investor.gov provides a concise overview of \u003ca href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/glossary\/beta\" target=\"_blank\" rel=\"noopener noreferrer\"\u003ewhat beta represents\u003c\/a\u003e.\u003c\/p\u003e\n    \u003c\/div\u003e\n\n    \u003cdiv class=\"ub-education-section\"\u003e\n      \u003ch3\u003eHow should each input be used?\u003c\/h3\u003e\n      \u003cp\u003e\u003cstrong\u003eNet income\u003c\/strong\u003e is after-tax income for a reporting period. It is required only when the “derive tax rate from income” option is selected. Use the same period and accounting basis as pre-tax income. A higher net-income figure relative to pre-tax income produces a lower implied tax rate, which increases the after-tax effect of leverage and generally lowers the calculated unlevered beta.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003ePre-tax income\u003c\/strong\u003e is income before corporate taxes for the matching period. It must be greater than zero when used to derive the tax rate. Unusual tax benefits, losses, discontinued operations, or one-time items can make an income-derived tax rate unrepresentative. In those cases, uncheck the derivation option and enter a normalized corporate tax rate directly.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eCorporate tax rate\u003c\/strong\u003e is entered as a percentage when direct mode is used. It must be between 0% and 100%. A higher tax rate reduces the after-tax leverage adjustment because interest tax shields offset part of debt’s effect. The result therefore moves closer to levered beta as the tax rate rises. Do not enter 0.21 when you mean 21%; this field is displayed and interpreted in percentage units.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eTotal debt\u003c\/strong\u003e should represent interest-bearing debt measured on a consistent basis. Analysts often use market-value debt when available, but book debt may be a practical approximation. It is required only when the debt-to-equity ratio is derived. Higher debt increases the leverage factor and reduces unlevered beta relative to levered beta.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eShareholders’ equity\u003c\/strong\u003e is the equity denominator paired with total debt. For valuation applications, market capitalization is often more appropriate than book equity because observed beta is a market-based measure. Equity must be greater than zero in derived mode. You can obtain current capital-structure information from company filings through the SEC’s \u003ca href=\"https:\/\/www.sec.gov\/edgar\/search\/\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eEDGAR search system\u003c\/a\u003e.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eDebt-to-equity ratio\u003c\/strong\u003e is debt divided by equity, expressed as a multiple. A value of 0.50 means debt equals half of equity, while 2.00 means debt is twice equity. It is not the same as debt divided by total capital. Enter a nonnegative multiple when direct mode is used.\u003c\/p\u003e\n      \u003cp\u003e\u003cstrong\u003eLevered beta\u003c\/strong\u003e is the observed equity beta. It is usually sourced from a market-data provider or estimated with a return regression. Beta depends on the selected index, return frequency, lookback period, and adjustments made by the provider, so peer comparisons should use estimates built on a consistent methodology.\u003c\/p\u003e\n    \u003c\/div\u003e\n\n    \u003cdiv class=\"ub-education-section\"\u003e\n      \u003ch3\u003eHow does the formula work?\u003c\/h3\u003e\n      \u003cp\u003eThe calculator applies the standard Hamada-style relationship: unlevered beta equals levered beta divided by one plus the after-tax debt-to-equity ratio. In symbols, βu = βl ÷ [1 + (1 − T) × D\/E]. The term (1 − T) × D\/E is the after-tax leverage adjustment, and adding 1 creates the leverage factor. With a levered beta of 1.20, a 20% tax rate, and a 2.00 debt-to-equity ratio, the leverage factor is 2.60 and the unlevered beta is approximately 0.4615.\u003c\/p\u003e\n      \u003cp\u003eThe output card labeled \u003cstrong\u003eafter-tax D\/E\u003c\/strong\u003e shows the leverage adjustment before adding 1. \u003cstrong\u003eLeverage factor\u003c\/strong\u003e is the full denominator. \u003cstrong\u003eLeverage premium\u003c\/strong\u003e is the difference between levered and unlevered beta; it is a reconciliation measure, not a separate market statistic. The formula assumes debt beta is effectively zero. More advanced analyses may account for risky debt or use sector-specific conventions. Professor Aswath Damodaran’s NYU Stern materials provide broader context and \u003ca href=\"https:\/\/pages.stern.nyu.edu\/~adamodar\/New_Home_Page\/datafile\/Betas.htm\" target=\"_blank\" rel=\"noopener noreferrer\"\u003eindustry beta data\u003c\/a\u003e.\u003c\/p\u003e\n    \u003c\/div\u003e\n\n    \u003cdiv class=\"ub-education-section\"\u003e\n      \u003ch3\u003eHow should the chart and table be interpreted?\u003c\/h3\u003e\n      \u003cp\u003eThe beta-composition bar divides positive levered beta into the estimated operating component and the leverage premium. The legend and chart-data table show the exact current values and percentages. When debt is zero, or when the tax rate is 100%, the leverage premium becomes zero and the operating component accounts for 100% of levered beta. For a zero or negative beta, the calculation remains available but the positive stacked composition is intentionally not drawn.\u003c\/p\u003e\n      \u003cp\u003eThe calculation trail shows each intermediate formula so that assumptions can be audited. If the tax or debt-to-equity derivation switches are selected, the first two rows show the derived values. The third row shows the denominator, and the final row shows the unlevered beta. The downloaded workbook reflects the current inputs and includes Summary, Inputs, Breakdown, and Calculation sheets.\u003c\/p\u003e\n    \u003c\/div\u003e\n\n    \u003cdiv class=\"ub-education-section\"\u003e\n      \u003ch3\u003eCommon mistakes and practical limitations\u003c\/h3\u003e\n      \u003cul\u003e\n        \u003cli\u003eMixing book debt with market equity without considering whether the mismatch is material.\u003c\/li\u003e\n        \u003cli\u003eUsing a one-time effective tax rate that is distorted by losses, credits, or unusual items.\u003c\/li\u003e\n        \u003cli\u003eEntering debt-to-capital instead of debt-to-equity.\u003c\/li\u003e\n        \u003cli\u003eComparing betas estimated with different market indices, time windows, or return frequencies.\u003c\/li\u003e\n        \u003cli\u003eTreating unlevered beta as a complete risk assessment; it captures systematic market sensitivity, not every operating, liquidity, regulatory, or execution risk.\u003c\/li\u003e\n      \u003c\/ul\u003e\n      \u003cdiv class=\"ub-disclaimer\"\u003eThis calculator is an educational analytical tool. It does not provide personalized investment, legal, accounting, or tax advice.\u003c\/div\u003e\n    \u003c\/div\u003e\n  \u003c\/section\u003e\n\u003c\/div\u003e","brand":"FinancialModelsLab","offers":[{"title":"Default Title","offer_id":49909484060915,"sku":"unlevered-beta","price":0.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0522\/6191\/2762\/files\/unlevered-beta.webp?v=1783935432","url":"https:\/\/financialmodelslab.com\/products\/unlevered-beta","provider":"Financial Models Lab","version":"1.0","type":"link"}