Free Earnings & Valuation Models
Download your favorite company’s earnings model for free today. We are currently building our inventory of models, so if you do not see the company you want, be sure to check back soon. Please keep in mind that by accessing our models you are deemed to have read and agreed to our Terms of Use. For details of our modeling approach click here to visit our approach summary page.
Note: Our modeling community functions on a volunteer basis. We strive to keep our models up-to-date; However, sometimes our day jobs take priority. As a result some of our earnings models may not reflect the latest available information. Before you download a model, check the date to make sure it includes the last reported results. If it does not, consider joining our mailing list to receive notifications of model updates.
Note: Our modeling community functions on a volunteer basis. We strive to keep our models up-to-date; However, sometimes our day jobs take priority. As a result some of our earnings models may not reflect the latest available information. Before you download a model, check the date to make sure it includes the last reported results. If it does not, consider joining our mailing list to receive notifications of model updates.
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Alphabet Inc (NASDAQ:GOOGL)This model breaks down Alphabet’s results by the company’s primary segments: Google and Other Bets, and disaggregates the Google Segment by Google Websites and Google Network Member Websites, using quarter-over-quarter growth rates to project revenue. Historic paid-clicks and cost per click are included to help inform the estimates of future growth rates. Revenue is show gross and net of Traffic Acquisition Costs (TAC). TAC is projected using the historic TAC-to-ad revenue ratio. Click here to access our Alphabet Earnings Model.
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Alibaba Group (NYSE:BABA)
This model breaks down Alibaba’s results by segment: China Retail, China Wholesale, International Retail, International Wholesale, Cloud Computing, and Other Revenue. The China Retail Segment is the largest contributor of earnings and is further disaggregated into two categories: Mobile and PC. GMV (an estimate of the value of the total potential sales on the Alibaba network) and monetization rate estimates are used to forecast future period revenue. For the remaining segments we apply a basic quarter-over-quarter growth rate. Click here to access our Alibaba Earnings Model.
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Amazon.com Inc (NASDAQ:AMZN)This model breaks down Amazon’s results by the company’s primary segments: North America, International and Amazon Web Services (AWS). We use a quarter-over-quarter growth rate and historic seasonality to project future segment earnings.
Click here to access our Amazon Earnings Model. |
Adobe Systems Inc (NASDAQ:ADBE)
This model projects future earnings based on revenue growth and margin assumptions for the company's three main segments: Digital Media, Digital Marketing, and Print & Publishing. Click here to access our Adobe Systems Earnings Model.
Anadarko Petroleum Corp (NYSE:APC)
This model uses the average selling price per barrel of oil and projections of oil & condensate volume to forecast oil-based earnings, and natural gas prices and volume to project natural gas-based earnings. In addition the model uses ratio analysis to forecast costs and other income statement line items. Click here to access our Anadarko Earnings Model.
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Apple Inc (NASDAQ:AAPL)This model uses iPhone, iPad, Mac, and iWatch unit sales growth rates and average selling price to project future revenue. We forecast gross margin to estimate cost of sales, and use ratios to project the operating expense line items. Historic averages are used to estimate Other Income, and an effective tax rate is applied to the future projected income to forecast the income tax expense. We use operating ratios to project the primary accounts on the Balance Sheet, and Balance Sheet changes and earnings estimates to forecast the Cash Flow Statement. Click here to access our Apple Earnings Model.
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Box Inc (NYSE:BOX)
This model uses revenue growth rates and ratio analysis to project future earnings. Click here to access our Box Inc Earnings Model.
Boeing Co (NYSE:BA)
This model uses revenue growth rates and operating margin estimates to predict future earnings for Boeing's three primary segments: Commercial Airplanes, Defense Space & Security, and Boeing Capital. The Commercial Airplanes segment is further broken down into airplane deliveries and average revenue per delivery. Operating expenses and other income statement line items are projected using ratio analysis. Share valuation is based on a Price-Earnings multiple using the consensus EPS estimate for the next twelve month period.
model. Click here to access our Boeing Earnings Model.
model. Click here to access our Boeing Earnings Model.
Core Laboratories N.V. (NYSE:CLB)
This model uses reservoir description, production enhancement, and reservoir management operating segment growth rates to project future revenue. Click here to access our Core Labs Earnings Model.
Cisco Systems Inc (NASDAQ:CSCO)
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This model disaggregates Cisco's earnings between the company's primary products and segments: Switching, NGN Routing, Collaboration, Service Provider Video, Data Centers, Wireless, and Security. Future period earnings are projected using assumptions for revenue growth rates by segment and ratio analysis for margins and operating expenses. Click here to access our Cisco Earnings Model.
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Electronic Arts (NASDAQ:EA)This model uses growth rate estimates for products and services, and margin assumptions to predict future earnings.
Click here to access our Electronic Arts Earnings Model. |
Etsy Inc (NASDAQ:ETSY)
This model uses GMS to project Marketplace revenue, and active sellers to project Seller Service Revenue. Click to access our Etsy Model.
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Facebook Inc (NASDAQ:FB)This model uses Monthly Active User growth rates and Average Revenue Per User to project future Revenue. To estimate Cost of Revenue we use forecasts of Gross Margin percentage, and use ratios to project the operating expense line items. We use historic averages to estimate Interest & Other Income, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax. Click here to access our Facebook Earnings Model.
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Ferrari N.V. (NYSE:RACE)
This model breaks down Ferrari’s results by the company’s primary segments: Cars & Spare Parts, Engines, Sponsorship, and Other. Since the Cars & Spare Parts Segment is the primary driver of overall earnings, we focus on this section and further break results down into estimates of the number of cars sold and average selling price per car. Click here to access our Ferrari Earnings Model.
Fitbit Inc (NYSE:FIT)
This model uses seasonal adjusted growth rates to project the total number of devices sold each quarter, then applies an average selling price per unit to arrive at total projected revenue. Click here to access our Fitbit Earnings Model.
Foot Locker Inc (NYSE:FL)
This model uses estimates for store counts, square footage, and sales per square foot to forecast revenue for the Athletic Store Division, and applies growth rates with adjustments for historic seasonality to estimate earnings for the Direct-to-Customer Division. Estimates of operating expenses and interest/other expenses are based on ratio analysis. An effective tax rate is applied to the future projected income to forecast the provision for income tax. Click here to access our Foot Locker Inc Earnings Model.
GoPro Inc (NASDAQ:GPRO)
This model uses growth rates to project the total number of GoPro cameras sold each quarter, then applies an average revenue per unit (our proxy for average selling price) to arrive at total projected revenue. Expectation for new product launches are included in both the unit sales expectations and average selling price per unit. Click here to access our GoPro Earnings Model.
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Home Depot Inc (NYSE:HD)This model uses customer transactions, average ticket value, and ratio analysis to project future earnings. Click to access our HD Model.
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Host Hotels & Resorts Inc (NYSE:HST)This model projects future earnings using assumptions for hotel rooms, average room rates, occupancy rates and RevPAR. Share valuation is based on consensus FFO per share. Click here to access our Host Hotels Earnings Model.
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iRobot Corporation (NASDAQ:IRBT)
This model projects future earnings using product unit growth and gross margin assumptions. Click here to access our iRobert Model.
Jazz Pharma PLC (NASDAQ:JAZZ)
This model predicts revenue by drug, and then uses ratio analysis to build the income statement and project future earnings. Click here to access our Jazz Pharma Model.
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Macy's Inc (NYSE:M)This model projects future earnings using an estimate of store counts, and same store sales growth. Click here to access our Macy's Earnings Model.
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Marriott Intl Inc (NASDAQ:MAR)
This model projects future earnings using assumptions for hotel rooms, average room rates, occupancy rates and RevPAR. Click here to access our Macy's Earnings Model.
McDonald's Corp (NYSE:MCD)
This model breaks-down McDonald’s results into Company Operated and Franchised Restaurants. We estimate the number of each type of restaurant and apply an estimate of Revenue per restaurant to determine future revenue.
We use operating margin estimates for each restaurant type to back into the four primary operating expense line items, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax. Click here to access our McDonald's Earnings Model.
We use operating margin estimates for each restaurant type to back into the four primary operating expense line items, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax. Click here to access our McDonald's Earnings Model.
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Microsoft Corp (NASDAQ:MSFT)To forecast revenue this model applies growth rates to the four reportable segments: Productivity & Business Processes, Intelligent Cloud, More Personal Computing, and Corporate & Other.
We include Non-GAAP adjustments for Unearned Revenue and Windows Bundle Deferrals, and estimate future non-GAAP items based on ratios comparing each to the relevant segment revenue. Click here to access our Microsoft Earnings Model. |
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Monster Beverage Corp (NASDAQ:MNST)This model uses the unit case sales and average revenue per case to forecast Monster’s future period revenue. Ratio analysis is applied to the revenue estimate to forecast costs and other Income Statement line items. Click here to access our Monster Beverage Earnings Model.
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Netflix Inc (NASDAQ:NFLX)This model breaks-down Netflix’ earnings into three segments: Domestic Streaming, International Streaming, and DVD. For each segment we estimate the growth in users and Revenue per user, and multiply these two metrics to arrive at total Revenue.
We utilize two valuation methods: A Market Multiple-based approach, and a Discounted Cash Flow (DCF) valuation. Click here to access our Netflix Earnings Model. |
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Nike Inc (NYSE:NKE)This model uses growth rates for Footwear, Apparel, and Equipment for each segment to project future Revenue. We use EBIT Margin estimates for each segment to back into the operating expense line items: Demand Creation and Operating Overhead, using the prior quarter’s allocation. We use historic averages to estimate Interest and Other Expenses, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax. Click here to access our Nike Earnings Model.
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Pandora Media Inc (NYSE:P)This model uses Listener Hours and Revenue Per Thousand Listener Hours (RMP) to project future Pandora-Core earnings, and applies growth rates for the Ticket Service and New On-Demand segments.
We use a Price-EBITDA multiple for valuation with an acquisition premium adjustment. Click here to access our Pandora Media Earnings Model. |
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PepsiCo Inc (NYSE:PEP)This model uses revenue growth rates and operating margin by segment to project future earnings. Click here to access our PepsiCo Earnings Model.
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Phillips 66 (NYSE:PSX)
This model breaks down Phillips' operations between Midstream, Chemicals, Refining, and Marketing operations and uses various statistics and assumptions to project future earnings. Click here to access our Phillips 66 Earnings Model.
Six Flags Entertainment Corp (NYSE:SIX)
This model uses growth rates for Six Flags four primary segments: Theme Park Admissions, Theme Park Food & Merchandise, Sponsorship, and Accommodations. Estimates of Opex, SG&A, and Costs of Products Sold are based on a percentage of Revenue ratio, and historic averages are used to estimate Interest & Other Income. An effective tax rate is applied to the future projected income to forecast the Provision for Income Tax. Click here to access our Six Flags Earnings Model.
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Sketchers USA Inc (NYSE:SKX)This model uses growth rates and margin assumptions for the Domestic and International Wholesale Segments, and uses store counts and sales per store to forecast Retail Segment earnings. Click here to access our Sketchers Earnings Model.
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Snap Inc (NYSE:SNAP)Contributor Model Developed By: Christian M. Barron
This model uses a market multiple and DCF to estimate the intrinsic value of the share price of Snap, Inc.'s stock. Further, the model also uses a scenario analysis, which entails a best case, base case, and worst case scenario, as well as a M&A scenario. Click here to access Christian Barron's Snap Inc Model |
Square Inc (NYSE:SQ)
This model projects future earnings based on Gross Payment Volume (GPV) estimates and segment margin forecasts. Click here to access our Square Inc Earnings Model.
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Starbucks Corp (NASDAQ:SBUX)This model uses estimates of new stores and revenue per store by geographic region to project future revenue. We use Operating Margin estimates for each region to back into the operating expense line items: Store Operating Expense, Other Operating Expense, and general & Admin Expense using the prior quarter’s allocation. We use historic averages to estimate Interest & Other Income, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax. Click here to access our Starbucks Earnings Model.
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Tesla Motors Inc (NASDAQ:TSLA)This model uses estimates of vehicle deliveries and average selling price per vehicle, for the Model S, Model X, and Model 3 to project future Revenue. In addition, we estimate Revenue contributions from Tesla Energy products, Services, and Zero Emission Vehicle (ZEV) credits. We include Non-GAAP adjustments for lease accounting deferrals, Stock-Based Comp (SBC), and Non-Interest Expense.
We use operating ratios to project the primary accounts on the Balance Sheet, and Balance Sheet changes and earnings estimates to forecast the Cash Flow Statement. Click here to access our Tesla Earnings Model. |
Twitter Inc (NYSE:TWTR)
This model breaks down Twitter’s earnings into two segments: United States and International, and forecasts user growth rates and average Revenue per user for each segment. To estimate Cost of Revenue we use forecasts of Gross Margin percentage, including Traffic Acquisition Costs (TAC). We use ratios to project the three primary operating expense line items: Research & Development, Sales & Marketing, and General & Administrative expense. We use historic averages to estimate Interest & Other Income, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax. Click here to access our Twitter Earnings Model.
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Under Armour Inc (NYSE:UA)This model breaks-down Under Armour’s results by segment: North America, International and Connected Fitness. We use a quarter-over-quarter growth rate and historic seasonality to project future segment revenue. We utilize a market multiple based valuation approach, specifically a Price-Earnings Multiple which we apply to the Next Twelve Month consensus EPS estimate, on an exDebt basis. Click here to access our Under Armour Earnings Model.
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United Continental Holdings (NYSE:UAL)
This model uses Revenue passenger miles, Available Seat Miles (ASM), passenger load factors, Passenger Revenue per ASM (PRASM), and Cost per Average Seat Mile (CASM) to project future earnings. Click here to access our United Continental Earnings Model.
Visa Inc (NYSE:V)
This model uses estimates for payment volume and transaction estimates to forecast revenue, and ratio analysis is applied to the revenue estimate to forecast costs and other Income Statement line items. Click here to access our Visa Inc Earnings Model.
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Walt Disney Co (NYSE:DIS)This model applies growth rates to each segment (Cable Networks, Broadcasting, Parks, Studio, Consumer, and Interactive) to arrive at total Revenue. We use Operating Margin and Depreciation & Amortization by segment to back into the Cost of Revenue and Operating Expense line items. We use historic averages to estimate Interest & Other Income, and apply an effective tax rate to the future projected income to forecast the Provision for Income Tax.
We use operating ratios to project the primary accounts on the Balance Sheet, and Balance Sheet changes and earnings estimates to forecast the Cash Flow Statement. Click here to access our Disney Earnings Model. |
Zendesk Inc (NYSE:ZEN)
This model model uses revenue growth rates and ratio analysis to project future earnings. Click here to access our Zendesk Model.
Equity Risk Premium Estimate
Summary: In this file we estimate the market Equity Risk Premium (ERP) using the Constant Sharpe approach. This Excel worksheet includes our data sources and estimates so you can recreate the results. Click here for details.
