This cash flow reconciliation template will demonstrate the calculations of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Cash Flow (CF), Free Cash Flow (FCF), Free Cash Flow to Firm (FCFF), and Free Cash Flow to Equity (FCFE) using the three statements. Below is a summary of the different types of cash flow:


EBITDA = Net Income + Taxes + Interest + Depreciation & Amortization

2. Cash Flow (From Operations, Levered)

Cash Flow From Operations = Net Income + Depreciation + Non-Cash Items (Stock-Based Compensation) - Change in Accounts Receivable - Change in Inventory + Change in Accounts Payable

3. Free Cash Flow (FCF)

Free Cash Flow = Cash From Operations - Capital Expenditures

4. Free Cash Flow to Firm (FCFF)

FCFF = EBIT - Tax + Depreciation & Amortization - Change in Net Working Capital - Capital Expenditures

5. Free Cash Flow to Equity (FCFE)

FCFE = Cash From Operations - Capital Expenditures + Net Debt Issued  

cash flow comparison fcf fcfe fcff

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