FFIV — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($278.00)
DCF	$298.42	+7.3%
Graham Number	$130.02	-53.2%
Reverse DCF	—	implied g: 8.6%
DDM	—	—
EV/EBITDA	$271.36	-2.4%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $681.56M

Near-term growth (yrs 1–5)(%)Rev: 7.3% / EPS: 9.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.68%

Computed WACC: 9.68%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)98.33%

Debt weight (D/V)1.67%

Results

Intrinsic Value / share$270.50

Current Price$278.00

Upside / Downside-2.7%

Net Debt (used)-$932.02M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	1.9%	5.9%	9.9%	13.9%	17.9%
7.0%	$309.14	$366.44	$432.73	$509.03	$596.47
8.0%	$254.74	$300.58	$353.54	$414.45	$484.17
9.0%	$217.15	$255.10	$298.89	$349.19	$406.72
10.0%	$189.65	$221.84	$258.95	$301.52	$350.17
11.0%	$168.67	$196.49	$228.51	$265.22	$307.12

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $12.08

Book Value / share($)Yahoo: $62.20

Results

Graham Number$130.02

Current Price$278.00

Margin of Safety-53.2%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.68%

Terminal growth rate(%)

Computed WACC: 9.68%

Cost of equity (Re)9.84%(Rf 4.30% + β 1.01 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)98.33%

Debt weight (D/V)1.67%

Results

Current Price$278.00

Implied Near-term FCF Growth10.4%

Historical Revenue Growth7.3%

Historical Earnings Growth9.9%

Base FCF (TTM)$681.56M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$278.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $883.52M

Target EV/EBITDA multipleCurrent: 16.3×

Net Debt($B)Default: -$932.02M

Results

Implied Equity Value / share$271.36

Current Price$278.00

Upside / Downside-2.4%

Implied EV$14.40B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$2.93B	-$1.93B	-$932.02M	$67.98M	$1.07B
12.3x	$244.21	$226.52	$208.83	$191.14	$173.44
14.3x	$275.48	$257.79	$240.09	$222.40	$204.71
16.3x	$306.74	$289.05	$271.36	$253.66	$235.97
18.3x	$338.01	$320.31	$302.62	$284.93	$267.24
20.3x	$369.27	$351.58	$333.89	$316.19	$298.50

← Overview Financial Statements ← Companies