Free Cash Flow  (FCF) Calculator Notes
EBIT This is Earning Before Interest and Tax, or operating income
Tax Rate (%)  Average tax rate, such as 30(%)
Depreciation
Changes in Net Fixed Asset (NFA) Use current NFA subtract NFA in prior year to get chages in NFA
Changes in Net Working Capital (NWC) Use current year's net working capital subtract NWC in prior year to get chages in NWC. NWC = CA-CL
Free Cash Flow (FCF) --

Notes:

 

Capital expenditure =  - (changes in NFA + depreciation)

T: tax rate

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