Welcome to our collection of free value investing Excel spreadsheets and checklists. These tools are designed to help you analyze stocks, calculate intrinsic value, track your portfolio, and improve your decision-making as a long-term investor.
⚠️ Remember: All intrinsic value calculators provide estimates only. Always do your own research before investing and never rely solely on one model.
👉 Many of the spreadsheets listed below are included in the premium Warren Buffett Spreadsheet – an automated tool that instantly fetches 10 years of financial data, applies Buffett-style valuation models, and saves you hours of manual work.
Compounding Annual Growth Calculator
Albert Einstein called compound interest the “eighth wonder of the world.” This calculator shows you the power of compounding over time and how small changes in annual return rates can dramatically affect long-term wealth.
Example:
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$1,000 invested at 8% annually for 50 years = $43,427
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$1,000 invested at 10% annually for 50 years = $106,719
📥 Download the Compounding Annual Growth Calculator (Dropbox)
Total Portfolio Value Tracker
Instead of obsessing over individual stock performance, this spreadsheet helps you track your overall portfolio value. By focusing on the big picture, you’ll avoid unnecessary trading and keep perspective on your long-term goals.
Tip: Update your portfolio value once a month at most. Anything more is just noise.
📥 Download the Total Portfolio Value Tracker (Dropbox)
Stock Portfolio Tracker
A simple tool for tracking your total returns on U.S.-listed stocks (excluding dividends). Includes clear visuals for performance monitoring.
📊 Access here: Stock Portfolio Tracker (Google Sheets)
Make a copy to your own Google Drive via “File > Make a copy” before editing.
Free Stock Watchlist
Save and track interesting stocks you’ve analyzed. Compare current prices against estimated intrinsic value and margin of safety. Updated automatically with Google Finance data.
📊 Access here: Free Stock Watchlist (Google Sheets)
Buy & Sell Log for Stocks
Keep a record of all your trades, review dates, and intrinsic value notes in one place. Helps you stay disciplined and document your investment process.
📥 Download Buy & Sell Log (Dropbox)
Reverse DCF Calculator
Instead of projecting future cash flows, the Reverse Discounted Cash Flow (DCF) calculator works backwards: it shows the growth rate implied by the current stock price. You can then judge whether those market expectations are realistic.
📥 Download Reverse DCF Calculator (Dropbox)
📚 Portfolio Strategy for Value Investors
A 20-point framework for portfolio construction, based on advice from the best long-term investors.
👉 Download Portfolio Strategy for Value Investors (Dropbox)
🧾 Net-Net Stock Checklist
A comprehensive checklist for finding classic Ben Graham-style net-net opportunities. Sources include books, articles, and interviews with investors like Jeroen Bos.
👉 Download the Net-Net Stock Checklist (Dropbox)
⭐ Simple Checklist for High-Quality Stocks
Covers the essentials: moat, management, profitability, financial strength, valuation, and sentiment.
👉 Download the Quality Stock Checklist (Dropbox)
🏭 Bruce Greenwald’s Maintenance CapEx Calculator
Separates capital expenditures into maintenance vs growth. Great for mature companies with steady cash flows.
👉 Download Bruce Greenwald’s CapEx Calculator (Dropbox)
💰 EV/EBIT Valuation Spreadsheet
A straightforward valuation tool based on the Enterprise Value to EBIT multiple. Useful for comparing companies with stable earnings.
👉 Download the EV/EBIT Spreadsheet (Dropbox)
Book Value & Dividend Growth Valuation Model
Calculates intrinsic value using a combination of book value and dividend growth assumptions. Suitable for dividend-paying companies with stable financials.
📥 Download Book Value & Dividend Growth Calculator (Dropbox)
DCF Intrinsic Value Calculator
This calculator estimates a stock’s intrinsic value based on projected future free cash flows (FCF) and their expected growth.
✔ Works best for: Mature companies with stable positive FCF over the past 10 years.
⚠ Less suitable for: High-growth companies with volatile or negative FCF.
📥 Download DCF Intrinsic Value Calculator (Dropbox)
Katsenelson’s Absolute P/E Model
A flexible P/E-based valuation model that adjusts for growth, risk, and dividend yield – developed by Vitaliy Katsenelson.
📥 Download Katsenelson P/E Model (Dropbox)
P/E Intrinsic Valuation Model
A simple price-to-earnings-based intrinsic value model, suitable for companies with steady earnings and predictable growth.
📥 Download P/E Valuation Model (Dropbox)
Benjamin Graham Growth Valuation Model
Based on the classic formula from Benjamin Graham, the father of value investing. Provides a conservative framework for estimating intrinsic value.
📥 Download Graham Growth Model (Dropbox)
Full Stock Checklist (106 Items)
A comprehensive 106-point checklist for stock analysis, covering everything from financial strength to qualitative factors. Designed to help investors think broadly before buying.
📥 Download Full Stock Checklist (Dropbox)
2-Stage Gordon’s Dividend Growth Model
Valuates companies with a long history of stable dividend payments using a two-stage dividend growth approach.
📥 Download Gordon’s 2-Stage Dividend Model (Dropbox)
Residual Income Model
Taken from the book Strategic Value Investing, this model estimates valuation under scenarios of both rising and declining ROE (Return on Equity).
📥 Download Residual Income Model (Dropbox)
Expected Returns Valuation Model
This model helps estimate a stock’s expected return based on current price, fundamentals, and long-term assumptions.
📥 Download Expected Returns Model (Dropbox)
Owner’s Earnings Calculator
Warren Buffett’s preferred metric for true shareholder earnings, adjusting reported net income for depreciation, amortization, and maintenance CapEx.
📥 Download Owner’s Earnings Calculator (Dropbox)
Final Note
These free value investing spreadsheets and checklists are useful starting points for serious investors.
👉 For faster, more reliable analysis with automated data imports, try the Warren Buffett Spreadsheet – the all-in-one investing tool built on Buffett’s principles.
wow, thanks for the tools 🙂
Enjoy!
You are welcome
Exactly what I need, thanks for giving us a perspective and tools to look through, I’m glad that I found out your website. Keep up the good work.
Thanks!
Been thinking about making a checklist for a long time. Yours is massive! With the right questions. Thank you, and looking forward to receiving the
Intrinsic calculator
😍😍😍
All very useful and well structured resources, thanks very much Jan!!!!
Manual input only ?
On the free sheets it’s only manual input. On the Warren Buffett Spreadsheet there is automatic import of financial data after typing in the stock ticker.
Hi Jan. Thanks for these spreadsheets, they are an amazing resource and you’ve obviously put a lot of work into them!
One thing i’m interested in is a way of calculating the probability of stock going to a set price (say it’s intrinsic value price). A stock is likely to go to its intrinsic value price but what I think is important is how long will it take to reach that value i.e is there a 80% probability it will reach the IV price in the next 6 months.
Would love to hear your opinion on this and if you think you can get that info out of some of the spreadsheets above.
Cheers
C
Thanks. I don’t think its possible to know for sure when a stock will reach it’s intrinsic value. It can take 1 week or even 3-4 years. If the stock has not reached its intrinsic value in 3 years I will admid my mistake and probably sell the stock. I think in 3 years the market should have at some point priced the stock correctly. Also yes anything can happen, so it’s about probablitites. Not all stocks that are undervalued will be worth more and reach the calculated intrinsic value. However I think every investors at least should try to estimate an intrinsic value for each stock. If not its just pure speculation. And I think the spreadsheets that I have made is useful tools to estimate the intrinsic value. So to conclude you can never be 100% sure that the stock will reach its intrinsic value and you will not know when this will happen
Hey, a question regarding the Reverse DCF calculator. Is it useful calculating the 5y average of operating CF instead of 5y average FCF?
I think there is no 100% correct way to do it. I have even seen gurufocus use EPS in the DCF. The most common one is FCF.
Hey, In your P/E intrinsic sheet the EPS CAGR formula is =(L9/B9)^(1/(10-1))-1. Shouldnt it be 11 instead of 10 since its 10y+TTM cells –> =(L9/B9)^(1/(11-1))-1 or have i missed anything? 🙂
Hi Oscar. The correct is 10. Because is 10 years of growth before the last nr (TTM) So its the numbers before the last the last value you count.
Hi Oscar, Thank you for these spreadsheets they are very useful. One question on the DCF Intrinsic Value Calculator file. Why is the Buyprice (cell B61) calculated off the current price (cell B9) and not the Intrinsic Value (cell B57)?
My understanding is we want to discover the true value of the company (Intrinsic value) and then buy at some margin of safety below that value. So if our IV is $419/sh and we want to but at a 20% margin of safety from the true company value, the maximum Buyprice would be $293 ( 80% x 419)? Thank you.
Hi Eric. You are of course correct!. That is me going to fast when making the spreadsheet. The margin of safety should be calculated of the estimated intrinsic value. I will correct the spreadsheet now.
I fixed it now
Hi sir, I see there are 3 kinds of intrinsic value calculators, should we use all of them or just one of them, or maybe you can combine all of the intrinsic value calculator. Because, as long as my study I just know one type of intrinsic value calculator
In the WB spreadsheet there are 8 different intrinsic value calculators. It’s usually a good idea to look at many different valuation methods to see what kind of results they give. If all shows undervaluation it’s usually a good sign. Also you should focus more on the IV calculator that is most suited to the type of stock you analyze. For example a stock with very stable free cash flow and stable growth and margins, then the DCF calculator works well
Hi Oskar,
Thanks for the Spreadsheets, looking forward to using them.
Hi Keith this is Jan. Thanks!
this is amazing, THANK YOU for all the effort you put into this and thanks a million for sharing it!
Thanks Amit
Great info very Valuable and organized. I am beginning to start my new chapter in life is investing in IPO’s I have been reading studying IPO’s but need a formula or sheet i may use anytime i get a list for potential ipos, so when i place my order i did my due diligence. ThanksI need Documents to best use to give me a blue print when evaluating a potential business going public. is there a check list you have your treasure chest? also i need an excel document to input what the prospectus gives us if see if it is a potential investment for me. Thanks again for your time:) rmroueh08@yahoo.com
Hi Ray. Thanks! From the books I have read investing in IPO’s is generally not recommended. Statistically IPO’s shows an underperformance the first 6-12 months or so after IPO. There might be a couple of reasons for that. 1. The company wants to sell the stock at the highest possible price on IPO day so that they can raise the maximum amount of capital. This is not good for us investors who want to buy. 2. Fear of missing out. Usually IPO’s gets hyped up and its in new and exciting industries. This makes many wants to participate in the IPO and thus creating a “crowded bet” that we investors generally don’t want from the beginning. So the research say that it’s probably best to wait at least 12 months after the IPO to increase the chance of a high returns investing in IPO’s. Remember that IPOS are jokingly nicknamed “It’s probably overpriced” However I am sure there are some IPO’s that are fantastic buys if you are able to determine the quality and price of these IPO’s. Just be aware that you have your odds against you when investing in IPO’s. Just my thoughts. I am no expert in IPO’s. Good luck! 🙂
Thanks for Sharing. Very nice of you
Thanks!
Am I missing how to download the complete file? How much does it cost? Also is it more automated then the free versions
The Warren Buffett Spreadsheet can be found here: https://warrenbuffettspreadsheet.wordpress.com/the-warren-buffett-spreadsheet/
It cost 20 USD.
JUst ordered it please send as soon as possible I cant wait top start using it. Also please make sure it is the newest version because the comments here all state the file needed to be updated to account for morning stars update
Of course
Why does the calculations for the Benjamin Graham formula always differ vastly from what is posted on gurufocus?
Hi Robert. Sorry for the late reply. But the Graham valuation method that is used in the spreadsheet is something different than the Graham Number that Gurufocus uses. As I am aware of gurufocus does not use the Graham valuation method.
JUst ordered it please send as soon as possible I cant wait top start using it. Also please make sure it is the newest version because the comments here all state the file needed to be updated to account for morning stars update
I always send out my newest version of the spreadsheet 🙂
I purchased the calculator and it stopped working soon after. I used it for a couple of weeks. Is there any way to get an uppdated copy. Thanks.
I that must be the automatic version? Yes it stopped working. You can email me and I will send you the latest updated manual version of the spreadsheet.
I have purchased your WB spreadsheet but I do not have a Grufocus or Morningstar account. So what should I do?
Hi Trinh
You only need a free registration with gurufocus. Morningstar you don’t need to register anything. I have also included a Morningstar only input spreadsheet in the mail I just sent you.
Hey Jan,
Amazing stuff you provided. Extremely helpful! i was wondering if you have any other resources like videos on how to use the intrinsic value calculator book value and dividend growth. i seem to be putting my numbers in correctly i believe but my numbers don’t seem correct. i know its most likely user error but i wanted to see if there was a step by step tutorial on how this is done correctly.
Thank you.
Hi Martin. I think this video explains the logic and how to do the book value+dividend valation: https://www.youtube.com/watch?v=S1wbCieoHs4&list=PLD3EB06EC4A19BFB8&index=10
And thank you very much for you kind words!
Hello, thank you very much for all the free material on Value Investing. I was just wondering where you get the ‘Required Discount Rate %’ for a given security. Is this the companies WACC?
Thanks. I don’t use or are familiar with WACC. Required discount rate is the annual return you “require” from you stock. So a higher rate means a higher hurdle before a stock gets attractive.
I Can’t open the download spreadsheet, what can I do for open it.
Which spreadsheet?
Dear Sir. I tried all the download links and none of them works. Could you please update the download link
Works fine on my computer. Do you get any error message?
THanks for your excel spreadheet, they are really useful
Hi Fabrizio. You are welcome!
Hi Jan,
thank you for posting these useful spreadsheets and sharing your knowledge with everyone.
I noticed in the links to the free spreadsheets the Copyright is dated 2017.
Does that mean the free spreadsheets are old versions, and that we will only get the latest version/s if we make a purchase?
Thank you,
Jo
Hi Jo. There are no new/old actually. It’s just that with the automated Google sheet spreadsheet get all the data automatically imported and calculated. More manual work with the manual input sheets
hi do you have spreadsheet to estimate future price target? thanks in advance.
Yes I have. https://warrenbuffettspreadsheet.wordpress.com/the-warren-buffett-spreadsheet/
Amazing that you make these available for others! Thank you so much! 🙂 I just started investing 8 months ago so still have a lot to learn, but it is great to see all these calculations so I can understand it all better. Will definately check out the Warren Buffet spreadsheet too!
Thank you Lisa!
Than you so much
Stupendo, Fntabeoulously, Fantastic, Masmagoric work done by you.
Thanks
Thanks my friend
Great stuff
Thanks !
Happy to help
Hi, I just ordered the automated version. When can I expect a link to the spreadsheet? Is there a warrenbuffetspreadsheet community? Thank you beforehand, Laurent
As written on the webpage. I will manually send you the links within 24 hours after purchase 🙂
Hi Jan! Thanks for the content. I have a question on the “DCF Intrinsic Value Calculator” spreadsheet on cell B57, “Terminal Value”: Why do you calculate the PV of TV using a Gordons Growth Formula but then you add the equity value at the end of the formula “+ B28”. From my understanding the sum of the PV of FCFs + PV of TV would result in the EV, which then must be subtracted the Net Debt to reach the Intrinsic Equity Value (divided by #Shares = Intrinsic Share Price). I don’t understand why the “+B28” at the end of the Terminal Value
Hi Gancalo. You are correct. Seems like I did a mistake there. I have corrected it now.
Goncalo. I guess its 2 options it seems like. Levered DCF and Unlevered DCF. Levered DCF subtracting net debt from total present value of cash flows?
Hi Jan. Could you give us the corrected formula and the cell so we can update our spreadsheets. Thanks.
The DCF excel sheet should have been updated now
So in your model we should plug in free cash flow to equity (FCFE) rather than FCFF. This way we directly get to the Equity Value instead of Enterprise Value and no need to subtract Net Debt
These terms are new to me. Could you give a simple example? (Fcfe)
FCFE is the firm’s free cash flow after debt and claims of debtholders are paid. The debtholders receive their payments first, and what’s left of it goes to the shareholders (equity holders). That’s why it is called free cash flow to equity instead of free cash flow to firm. My question is: in your model, since you disregard net debt, do you use as inputs FCFE or FCFF?
Quite sure that is FCFF. I have used the free cash flow numbers from morningstar.com
Right, then the discounted FCF’s + Terminal Value should result in the Enterprise Value of the firm. Which then you must subtract the Net Debt, resulting in Equity Value (Mkt Cap). At least that’s how I learned in Uni. Not sure if it applies in practise.
Without that, I think you are comparing your model’s resultant EV to the actual Market Cap (YahooFinance) of the company to understand if its undervalued or not, which isn’t consistent
I understand. Thanks for you inputs. I see online that there are DCF that does not include net debt in the calculations and some that does. I believe that substracting the net debt can in some cases severely reduce the intrinsic value of a company using the dcf model. I will think about that 🤔
Thank you for the prompt reply after my order ! best regards Gerard-Jan
You’re welcome
I was wanting to purchase but note the Morningstar formatting of information on the website has changed. For example there is no “valuation history”, no “key ratios”, no “profitability”. I am only interested in Australian shares at the moment, and see that the Morningstar website for Australia has differences to the US format. Any thoughts how this can be resolved?
Regards, Ian
Hi Ian
Unfortunately the spreadsheet broke just recently because Morningstar made some major changes to their site. Trying to find a solution now together with a programmer. If you subscribed to the spreadsheet updates, you will be notified when it’s fixed with a link to a working version. We have in the past always found a solution, but I can’t say how long it could take.
Sorry about this.
I Am From India. Thanks, Because you provide all EXCEL for free. (01/05/2021 to 23/07/2022) 249 Days I continue to study about stock market and value Investing. Today Morning i find your website, Now i am going on 3 Stage of my leaning After i download your Free Excel Sheet, I jump 5th Stage Of my learning. Thank You very Much. I am really Happy.
Thanks. Nice to hear!
does this spreadsheet still work?