Unlevered Free Cash Flow

Measure operating cash flow before debt service to get a capital-structure-neutral view of a company's cash generation.

Cash Flow Details

EBIT ($)

Tax Rate (%)

Depreciation & Amortization ($)

Change in Working Capital ($)

Capital Expenditures ($)

NOPAT

Unlevered FCF

Tax Shield

EBIT

Less: Taxes on EBIT

NOPAT

Plus: D&A

Less: Changes in Working Capital

Less: CapEx

Unlevered Free Cash Flow

UFCF = EBIT(1 - t) + D&A - Changes in WC - CapEx

UFCF represents cash available to all capital providers (debt and equity holders).

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