Free cash flow made visible. UFCF to equity.
Project the cash your business actually frees up: NOPAT, depreciation, CAPEX and working-capital movements build to unlevered free cash flow, then debt service takes it to levered FCF — automated, fully formula-linked Excel, with tax and loss carryforward applied.
⚡ Build My FCF Forecast Free — free (requires JavaScript)
Pricing
Build, preview and download free up to 3 years. Models from 5 to 25 years are a one-time $19.98 Excel download — no subscription.
Frequently asked questions
What is free cash flow (FCF)?
Free cash flow is the cash a business generates after operating costs, tax and the investment needed to sustain it (CAPEX and working capital) — the cash genuinely available to lenders and shareholders. This tool forecasts it period by period in a linked Excel model.
How do I calculate free cash flow from EBITDA?
EBITDA − cash taxes − CAPEX − increase in working capital ≈ unlevered free cash flow. The model runs the precise version — NOPAT + D&A − CAPEX − ΔWC — with every step visible as an Excel formula you can audit.
What is the difference between unlevered and levered free cash flow?
Unlevered FCF (UFCF) is before any debt service — cash to all capital providers. Levered FCF is what's left for shareholders after interest and principal repayments. The forecast shows the bridge from one to the other via the debt schedule.
Why does free cash flow matter more than profit?
Profit is an opinion shaped by accruals; cash pays salaries and debt. A profitable company that ties up cash in receivables, stock and CAPEX can still run dry — the FCF forecast exposes exactly when and why.
Is this free cash flow template really free?
Yes — a full 3-year FCF forecasting model downloads free with no sign-up. Longer horizons (5 to 25 years, monthly, quarterly or annual) are a one-time $19.98 unlock, no subscription.
How does working capital affect free cash flow?
Every extra day customers take to pay, or stock sits unsold, consumes cash before it appears in profit. Enter receivable, inventory and payable days (DSO/DIO/DPO) and the model deducts the working-capital increase from FCF automatically each period.
What is FCF conversion and what's a good rate?
FCF conversion is free cash flow as a share of EBITDA — how much of your earnings turn into cash. Software businesses often convert 60–80%; capital-intensive ones far less. The forecast lets you read conversion straight off the linked statements.
Can I forecast free cash flow monthly?
Yes — Monthly, Quarterly or Annual for 3 to 25 years. Monthly FCF is ideal for runway and covenant monitoring; annual growth converts geometrically so periods compound to exactly your stated annual rate.
How do I forecast CAPEX for a free cash flow model?
Split it into growth CAPEX (new capacity, entered per item with useful life) and maintenance CAPEX (a % of the asset base). The model depreciates each correctly and charges both against free cash flow when spent, not when depreciated.
Does the model include tax and loss carryforwards?
Yes. Tax auto-fills from your country, stays editable, and a dedicated schedule applies NOL carryforward — so early losses shelter later profits and your FCF isn't overtaxed in recovery years.
What's the difference between free cash flow and operating cash flow?
Operating cash flow stops after working capital; free cash flow also deducts CAPEX — the investment needed to keep operating. FCF is the stricter, investor-preferred measure, and the model reports the full bridge.
How is free cash flow used in valuation?
Unlevered FCF is the input to DCF valuation — discount it at WACC and add a terminal value. Build your FCF forecast here, and if you need the valuation layer, our DCF Valuation Model runs the same engine with WACC, terminal value and sensitivity tables.
Can startups use a free cash flow forecast?
Absolutely — for startups FCF is runway: it shows the burn after real cash costs and working capital, and when cumulative cash turns positive. Pick the Startup template and stress-test collections and hiring against the closing-cash line.
What does negative free cash flow mean?
It means the business consumed more cash than it generated — normal for growth phases, dangerous if unplanned. The forecast shows the peak funding need so you can raise or borrow before the gap, not after.
How do lenders use free cash flow?
Debt capacity is priced off FCF: interest coverage and repayment ability both derive from it. The model's debt schedule and levered FCF rows show exactly how much service your cash flow supports.
What drives free cash flow growth?
Revenue growth, margin expansion, CAPEX discipline and working-capital efficiency — the four levers this model parameterises. Change any of them on the Assumptions sheet and watch FCF, cumulative cash and funding need respond.
Is free cash flow the same as net cash movement?
No. Net cash movement includes financing — equity raised, debt drawn and repaid, dividends. FCF deliberately excludes financing to show what the business itself frees up; the model reports both, reconciled.
How many years should an FCF forecast cover?
Three to five years for operating decisions and fundraising; 10–25 for asset-heavy businesses where CAPEX cycles matter. Free tier covers 3 years; premium extends to 25 at $19.98 one-time.
Can I edit the FCF model in Excel after downloading?
Yes — it's a standard unlocked .xlsx, fully formula-linked. Adjust growth, margins, CAPEX or working-capital days and the whole cascade — UFCF, levered FCF, closing cash — recalculates instantly.
What's included in the downloaded workbook?
Cover with key cash metrics, Assumptions, revenue and cost schedules, CAPEX & depreciation, debt, tax with NOL, P&L, cash flow, a dedicated working-capital schedule, balance sheet, cash KPI dashboard with charts, and a live integrity check — every sheet linked.
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