Free DCF Template (Excel, Simplified)
What's in the DCF template
The workbook has two tabs. Assumptions holds your discount rate and terminal growth rate - the two inputs every other number on the sheet is built from.
Projection takes up to 5 years of free cash flow, one row per year. Discount factor and present value calculate automatically for each year, and the summary below totals the present values, calculates a Gordon-growth terminal value on your final year, and adds both into an enterprise value figure.
DCF model Excel template: what this simplified version does differently
Most DCF templates that rank for this search - CFI, Macabacus, Wall Street Oasis - are built for equity research and M&A recruiting prep: fully-linked 3-statement models, unlevered FCFF, WACC, and Excel's XNPV function, often gated behind a paid certification course.
This template skips the 3-statement build and the WACC derivation. You supply the discount rate and the free cash flow forecast directly, and it calculates present value, terminal value, and enterprise value from those two inputs - suited to a quick small-business valuation estimate, not an investment-banking pitch book.
How the present value and terminal value calculate
Discount factor for year n = 1 / (1 + discount rate) ^ n. Present value for that year = free cash flow x discount factor. The Sum of PV totals every year's present value automatically.
Terminal value uses the Gordon growth formula on your final year's cash flow - FCF x (1 + terminal growth rate) / (discount rate - terminal growth rate) - then discounts that back to today using the final year's discount factor before adding it to enterprise value.
Who this template is for
Small-business owners, consultants, and finance-adjacent professionals who want a quick, defensible present-value estimate of a business or project's cash flows without building a full financial model from scratch.
This is an educational template, not investment advice or a certified valuation - use it to structure your own estimate, and bring in a qualified financial professional before making an investment or purchase decision based on the result.
How to use it
- On the Assumptions sheet, enter your discount rate and terminal growth rate.
- On the Projection sheet, enter the year number and free cash flow for up to 5 years.
- Read enterprise value, sum of present values, and terminal value in the summary below the table.
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Small Business Bookkeeping & Tax Dashboard
If you need ongoing financial tracking beyond a one-time valuation estimate, the paid Bookkeeping template ($19) adds Schedule C categorization, a quarterly tax dashboard, and CPA-ready export.
See the full versionFrequently asked questions
Is this a full 3-statement DCF model?
No. It's a simplified, educational model that takes free cash flow and a discount rate as direct inputs - it doesn't build a linked income statement, balance sheet and cash flow statement.
What formula does it use for the discount factor?
1 / (1 + discount rate) ^ n, where n is the year number. Present value for that year is free cash flow multiplied by the discount factor.
How is terminal value calculated?
Gordon growth formula: final year's free cash flow x (1 + terminal growth rate) / (discount rate - terminal growth rate), then discounted back using the final year's discount factor.
Can I use this in Google Sheets?
Yes. Upload the downloaded file to Google Drive, then open it and choose File > Save as Google Sheets. All formulas keep working.
Is this investment advice?
No. This is an educational template for structuring your own estimate, not investment advice or a certified valuation - confirm any real decision with a qualified financial professional.
What's the usage license?
Personal use or use within one business. It's not meant to be resold or redistributed as a template product.