Unlevered free cash flow calculator
EBIT of 100,000 taxed at 25%, plus 20,000 of depreciation, minus 30,000 of capital spending and a 5,000 rise in working capital, leaves UFCF of 60,000 for all capital providers. Free in your browser.
- Free
- Runs in your browser
- No sign-up
- Your data stays on your device
Run — free
Worked example
- Ebit
- 100,000
- Tax rate
- 25
- Depreciation
- 20,000
- Capital expenditure
- 30,000
- Change in working capital
- 5,000
- Nopat
- 75,000
- Ufcf
- 60,000
Unlevered free cash flow, often shortened to UFCF and also published as free cash flow to the firm or FCFF, is the cash a company produces from operations after cash taxes and reinvestment but before interest and debt principal. Equity DCF models use a different residual; this identity is the cash all capital providers could claim, so analysts discount it at WACC when they build enterprise value. This calculator takes EBIT, a tax rate in percent, depreciation, capital expenditure, and the change in working capital, then applies UFCF equals EBIT times one minus the tax rate plus depreciation minus CapEx minus the working-capital increase.
What unlevered free cash flow means and how the identity is formed
Unlevered free cash flow is the cash generated by the firm's operations after cash taxes and after the reinvestment needed to sustain those operations, but before any interest, debt principal, or equity distribution. Textbooks and valuation desks also call this residual free cash flow to the firm, or FCFF, because every capital provider—lenders and owners—has a claim on it.
The standard identity starts from EBIT, multiplies by one minus the tax rate to obtain NOPAT, adds back non-cash charges such as depreciation and amortization, subtracts capital expenditure, and subtracts the increase in non-cash working capital. Depreciation is added back because it reduced EBIT without using cash in the period. Capital expenditure is subtracted because it is a cash outflow that the income statement does not fully expense in the same year.
An increase in working capital is a use of cash; a decrease is a source. Searchers who type unlevered free cash flow calculator want that firm-level cash figure, not free cash flow to equity, not EBITDA, and not a dividend that management happened to declare. The tax rate is a percent: twenty-one means twenty-one percent.
Negative EBIT is accepted and yields a negative NOPAT; a working-capital release is entered as a negative change and adds cash. The capability does not fetch filings, classify line items, or forecast growth; those estimates belong in your data layer. When UFCF is positive the firm generated cash after reinvestment; when it is negative, operations plus reinvestment consumed cash that capital providers must fund.
Where an unlevered free cash flow calculator earns its keep
Valuation landing pages that rank for unlevered free cash flow calculator need a live form that turns five familiar operating lines into the single firm-level residual a reader compares across names. Corporate-development and equity-research teams take that residual as the cash they discount at WACC in an enterprise DCF, as a check against reported EBITDA after a rough tax and reinvestment haircut, and as the story they tell a board when operating profit looks strong but unlevered cash does not.
Courseware and LMS plugins need a deterministic oracle for problem sets that ask students to compute UFCF equals EBIT times one minus t plus depreciation minus CapEx minus the change in working capital, including the loss-making case where EBIT is negative and the working-capital-release case where the change is negative. Editorial desks contrast UFCF with free cash flow to equity so a reader can see why unlevered and levered cash are different claims, not substitutes for each other.
Automation authors pin the same amount in notebooks, workflow tools, and edge workers whenever a spreadsheet changes the tax rate, depreciation, or the CapEx assumption. Failed validation, including a tax rate that exceeds 100 percent, does not consume balance. The capability never invents a depreciation schedule or a working-capital forecast from prices; those estimates belong in your data layer, and this calculator only applies the identity once you supply them.
What you can do with it
Enterprise DCF and WACC models
Turn EBIT, tax rate, depreciation, CapEx, and the change in working capital into the UFCF amount an enterprise DCF discounts at WACC.
Operating cash versus reported EBIT
Show a board or a class how a strong EBIT can still produce weak unlevered cash after tax, CapEx, and a working-capital build.
Classroom UFCF homework keys
Mark problems that ask students to compute UFCF = EBIT × (1 − t) + D&A − CapEx − ΔNWC, including losses and working-capital releases, with a deterministic amount.
FAQ
How is unlevered free cash flow calculated?
UFCF equals EBIT times one minus the tax rate, plus depreciation, minus capital expenditure, minus the change in working capital. That is also the free-cash-flow-to-the-firm identity. Depreciation is added back as a non-cash charge; CapEx and an increase in working capital are uses of cash.
How is UFCF different from free cash flow to equity (FCFE)?
UFCF is cash available to all capital providers before interest and debt principal, and it is discounted at WACC. FCFE is the residual cash claim of equity holders after net borrowing. This calculator returns UFCF only; do not use it as a substitute for an FCFE model.
Is the tax rate a percent or a decimal fraction?
A percent. Enter 25 for a 25 percent tax rate, not 0.25. Zero is allowed (no tax) and 100 is allowed (NOPAT is zero). A value above 100 is rejected.
What does a negative UFCF mean?
It means operations plus reinvestment consumed more cash than they produced in the period, so lenders or owners had to fund the gap. A positive figure means the firm generated cash after reinvestment.
How do I enter a drop in working capital?
Enter it as a negative change. A release of working capital is a source of cash, so it is added, while an increase is a use of cash and is subtracted from the result.
Related tools
For developers — API access
Everything on this page is available programmatically. This section is for teams who want to wire it into their own systems; everyone else can just use the tool above.
API endpoint
Prefer to automate it? One authenticated POST creates the task; the result comes back by webhook or a signed link. The same capability also runs here on the web, by email and from Telegram — and soon from our app too.
Call it from your stack
curl -X POST https://api.kit.forhosting.com/fin/unlevered-free-cash-flow \
-H "Authorization: Bearer $KIT_KEY" \
-H "Content-Type: application/json" \
-d '{"ebit":100000,"tax_rate":25,"depreciation":20000,"capital_expenditure":30000,"change_in_working_capital":5000}'const res = await fetch("https://api.kit.forhosting.com/fin/unlevered-free-cash-flow", {
method: "POST",
headers: {
"Authorization": `Bearer ${process.env.KIT_KEY}`,
"Content-Type": "application/json"
},
body: JSON.stringify({
"ebit": 100000,
"tax_rate": 25,
"depreciation": 20000,
"capital_expenditure": 30000,
"change_in_working_capital": 5000
})
});
const { task_id } = await res.json();import os, requests
res = requests.post(
"https://api.kit.forhosting.com/fin/unlevered-free-cash-flow",
headers={"Authorization": f"Bearer {os.environ['KIT_KEY']}"},
json={
"ebit": 100000,
"tax_rate": 25,
"depreciation": 20000,
"capital_expenditure": 30000,
"change_in_working_capital": 5000
},
)
task_id = res.json()["task_id"]<?php
$res = file_get_contents("https://api.kit.forhosting.com/fin/unlevered-free-cash-flow", false, stream_context_create([
"http" => [
"method" => "POST",
"header" => "Authorization: Bearer " . getenv("KIT_KEY") . "\r\nContent-Type: application/json",
"content" => '{"ebit":100000,"tax_rate":25,"depreciation":20000,"capital_expenditure":30000,"change_in_working_capital":5000}',
],
]));
$task = json_decode($res, true);body := bytes.NewBufferString(`{"ebit":100000,"tax_rate":25,"depreciation":20000,"capital_expenditure":30000,"change_in_working_capital":5000}`)
req, _ := http.NewRequest("POST", "https://api.kit.forhosting.com/fin/unlevered-free-cash-flow", body)
req.Header.Set("Authorization", "Bearer "+os.Getenv("KIT_KEY"))
req.Header.Set("Content-Type", "application/json")
res, _ := http.DefaultClient.Do(req)Example request
{
"ebit": 100000,
"tax_rate": 25,
"depreciation": 20000,
"capital_expenditure": 30000,
"change_in_working_capital": 5000
}Example response
{
"task_id": "tsk_a1b2c3d4e5f6a1b2c3d4e5f6",
"type": "fin.unlevered_free_cash_flow",
"status": "queued",
"_links": {
"result": "/tasks/tsk_…/result"
}
}The API is asynchronous: the call returns a task_id immediately and the result arrives by webhook. Polling is capped at 1 req/s per task.
Pricing
Published price — no tokens, no invented credits. A failed task is never charged.
Errors
| HTTP | Code | Meaning |
|---|---|---|
401 | unauthorized | Missing or invalid API key. |
402 | insufficient_balance | Your balance doesn't cover the task price. |
404 | unknown_type | That task type doesn't exist. |
429 | rate_limited | Too many requests. Use the webhook instead of polling. |
Technical notes
The response is a deterministic JSON cash-flow figure with the echoed inputs and NOPAT. A tax rate that exceeds 100 percent fails with invalid_input instead of inventing a NOPAT.
What unlevered free cash flow means and how the identity is formed
A rate that exceeds 100 percent is not a well-posed tax assumption, so this endpoint fails with invalid_input instead of applying a negative one-minus-t factor that would invent a cash flow.
Input contract, response shape, and error behaviour
The distinctive failure this landing exists to catch is a tax rate that exceeds 100 percent: that input is rejected instead of silently producing a negative tax shield. On success the body echoes the five inputs, returns nopat as EBIT times one minus the tax rate, returns ufcf as the rounded unlevered cash flow, and includes a formula string restating the identity. Example: EBIT of one hundred thousand, a tax rate of twenty-five percent, depreciation of twenty thousand, capital expenditure of thirty thousand, and a working-capital increase of five thousand yields NOPAT of seventy-five thousand and UFCF of sixty thousand. POST a JSON body with five required finite numbers. ebit is period earnings before interest and tax in a single currency unit, with aliases operating_income, ebit_amount, and operating_profit; an operating loss is a negative number and is accepted. tax_rate is the corporate tax rate as a percent, so twenty-five means twenty-five percent and not a decimal fraction of 0.25, with aliases tax, tax_percent, tc, and rate. depreciation is the period non-cash charge added back, typically depreciation and amortization, with aliases da, dep, depreciation_and_amortization, ncc, non_cash_charges, and amortization. capital_expenditure is cash spent on fixed capital in the same currency and period, entered as a positive amount when the firm invests, with aliases capex, cap_ex, fcinv, and fixed_capital_investment; net proceeds from asset sales can be entered as a negative capital expenditure. change_in_working_capital is the increase in non-cash working capital; a positive value is a use of cash and is subtracted, a negative value is a release of cash and is added, with aliases delta_nwc, nwc_change, wcinv, working_capital_change, change_in_nwc, delta_working_capital, and wc_change. Each field may arrive as a JSON number or as a numeric string. Missing, empty, boolean, NaN, or infinite values fail with invalid_input naming the field, and the call is not billed. Pair the amount with your own WACC and growth path; this endpoint measures the identity only and does not discount, annualize, or currency-convert.
Where an unlevered free cash flow calculator earns its keep
Portfolio scripts can call the same module in a loop over many periods; each item is one request, the unit is item, and the free browser path remains byte-for-byte identical to the API so a landing-page preview never lies about the figure that will be stored after a save.
Technical questions
What happens if the tax rate exceeds 100 percent?
The task fails with invalid_input. A tax rate above 100 percent is not a well-posed percent (enter 21 for 21%, not 150), so no NOPAT or UFCF is invented and the call is not billed.
What does the unlevered free cash flow calculator cost?
The browser tool is free. API requests use prepaid KIT balance at $0.002 per successful call; invalid input, including a tax rate that exceeds 100 percent, is not billed.