Company valuation
Explore company DCF models and the cash-flow assumptions, valuation methods and company analysis behind each model.
50 company DCF models · Page 3 of 5
Company DCF analysis
An Intel DCF must show how manufacturing capacity becomes profitable output and which investors fund it. Positive FY2025 operating cash coexisted with an operating loss and equipment payments larger than operating cash. Customer demand, factory ramp and partner or government funding need separate schedules.
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Company DCF analysis
Johnson & Johnson’s DCF must separate the cash generated by medicines and medical technology from acquisition funding and litigation accounting. A large increase in reported profit does not establish an equally large increase in recurring cash. Start with a comparable sales-and-cost base, reconcile cash, then specify the operating and legal-payment assumptions.
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Company DCF analysis
Lockheed Martin’s DCF depends on the cash timing and cost to complete government programs. Backlog, recognized sales and customer collections are different quantities. Use the annual cost base and segment economics below, then reconcile program-loss accounting, advances, investment and pension cash before projecting investor cash.
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Company DCF analysis
Mastercard’s DCF should translate net network revenue and value-added services into cash after customer incentives and software investment. Transaction activity is not revenue, and reported operating profit is not cash available to shareholders. The cost base and reconciliations below expose the assumptions needed between those measures.
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Company DCF analysis
McDonald’s DCF must value corporate receipts after the costs and investment supporting its ownership mix. Systemwide restaurant sales are not corporate revenue. Separate franchised income, operated-store contribution and parent overhead, then reconcile cash and property obligations before discounting an assumed investor cash stream.
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Company DCF analysis
U.S. Merck’s DCF needs a product-renewal case as well as a margin case. Cash generated after physical capex can fund research, acquisitions and other claims, so that residual is not interchangeable with cash available to shareholders. The figures below concern Merck & Co., Inc., the U.S. issuer, with Keytruda-family concentration kept explicit.
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Company DCF analysis
Meta’s DCF needs an advertising-economics case and an infrastructure-funding case. Reported operating income can rise while cash after property and lease payments falls. Keep annual economics separate from later legal charges, and reconcile the investment and tax schedules before turning either earnings or operating cash into a valuation stream.
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Company DCF analysis
Microsoft’s DCF needs cloud and productivity contribution to be reconciled with the cash cost of capacity. Higher operating profit does not guarantee higher cash after investment. Use the latest complete fiscal-year comparison, keep quarter-only figures separate, and schedule the collection and investment consequences of the capacity case.
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Company DCF analysis
Netflix’s DCF must connect subscription and advertising economics to the cash spent on content. Property capex is only one investment line. Content amortization enters earnings while content acquisition and liability movements enter operating cash, so a useful valuation must preserve both the accounting allocation and the payment schedule.
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Company DCF analysis
NIKE’s DCF needs a funded channel-recovery case, rather than a margin extrapolation from a nearly unchanged revenue total. Wholesale and Direct have different collection and cost patterns. Product costs, demand creation, inventory and tariff-refund timing must be reconciled before treating accounting profit as recurring investor cash.
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Company DCF analysis
NVIDIA’s DCF needs a supply-funded product case, not only a Data Center revenue growth rate. Product costs, research, inventory and receivable funding can move differently from reported earnings. The complete fiscal-year figures below connect those operating economics to cash before any forecast or discount-rate assumption is introduced.
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Company DCF analysis
Oracle’s DCF must explain how new cloud capacity is funded before it assumes the cash return from that capacity. Accounting profit, customer prepayments and external financing are different sources of information. The annual cost and cash bridges below make the funding gap and the risk of counting a customer prepayment twice visible.
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Company analyses