Tenurable
My first class
Menu
Finance and Accounting

Intro to Valuation

Value a company from its own filings. Read a multiple. Build a DCF.

Take my first classTen minutes. No account. No card.
Finish it and you earnTenurable Certificate in Valuation
Twelve classes. Ten minutes each12 question final. Pass at 10Free. Verifiable. Ready for LinkedIn

Learn one thing a day for twelve days

Every class teaches one idea, asks you three questions on it and then puts it to work on a real company.

This course assumes Intro to Corporate Finance. Start here anyway if you like.

Day 01

How company valuation works

Valuing a company means estimating what all its future cash is worth today, then checking that estimate against what similar businesses sell for.

Start this class
Day 02

What a P/E ratio tells you

A P/E ratio is the share price divided by earnings per share. It tells you how many dollars buyers pay for each dollar of a company's yearly profit.

Start this class
Day 03

What enterprise value means

Enterprise value is what it would cost to own a whole business: the market value of its shares, plus its debt, minus its cash.

Start this class
Day 04

EV/EBITDA explained

EV/EBITDA divides enterprise value by EBITDA, so it prices the whole business against what its operations earn before interest, taxes, depreciation and amortization.

Start this class
Day 05

How to estimate free cash flow

Free cash flow is the cash a business produces after paying to run and maintain itself: cash from operations minus capital expenditure.

Start this class
Day 06

How to calculate WACC

WACC, the weighted average cost of capital, is the return a company must earn to pay its lenders and shareholders, weighted by how much each funds.

Start this class
Day 07

How a DCF works

A discounted cash flow, or DCF, values a business by forecasting its free cash flow and discounting each year to today at its cost of capital.

Start this class
Day 08

How to calculate terminal value

Terminal value is what a business is worth at the end of your forecast period, capturing all the years after it in one number.

Start this class
Day 09

How comparable company analysis works

Comparable company analysis values a business by applying the multiples that similar listed companies trade at.

Start this class
Day 10

How precedent transactions work

Precedent transaction analysis values a company by the multiples buyers paid to acquire whole businesses like it.

Start this class
Day 11

How startups are valued

A startup's valuation is usually set by its latest funding round: the price per share new investors paid, multiplied by every share the company has.

Start this class
Day 12

Why valuations are wrong

Valuations are wrong because every one rests on a forecast of cash, and the forecast is the part nobody can check until the years arrive.

Start this class

Try a question from the first class

This one comes from How company valuation works.

What does intrinsic valuation estimate?

Intrinsic value comes from the company's own future cash, discounted to today. It doesn't need any other company's price, which is why it can disagree with the market.

Take this class

Pass the final and earn your certificate

The final draws 12 questions from a bank of 30. Get 10 right to pass.

Anyone can check your certificate at its public link. Add it to LinkedIn in one click.

See how certificates work
Tenurable
Certificate inValuation
Awarded toYour name
Twelve classes80 figures cited from company reportsIssued September 2026TNR-aW50cm8tdmFsdWF0aW9ufFlvdXIgbmFtZXwyMDI2LTA5-_8NzTsZKf3XKtyc4

Check every figure against its source

Every figure below was read on Oct 27 2026 from the document named in the check column, on sec.gov unless stated. In millions of US dollars unless stated. Prices are dated prices the company itself disclosed, usually the average it paid buying back its own shares. Rows marked derived show the arithmetic. Rows marked assumption are inputs chosen for the class, not facts, and the class text says so where they're used.

CompanyPeriodFigureValueConcept checked
CostcoAug 4 to Aug 31 2025Average price paid per share in buybacks$966.2210-K FY2025 Item 5 issuer purchases table
CostcoMay 12 to Jun 8 2025Average price paid per share in buybacks$1,022.7010-K FY2025 Item 5 issuer purchases table
CostcoSep 30 2025Shares outstanding443,179,17610-K FY2025 cover page
CostcoAug 31 2025Market value at $966.22428,209derived: 966.22 x 443,179,176
CostcoFY2025Net sales / membership fees269,912 / 5,3238-K results release Sep 25 2025, income statement
CostcoFY2025Operating income10,3838-K results release, income statement
CostcoFY2025Net income / FY2024 net income8,099 / 7,3678-K results release, income statement
CostcoFY2025Diluted earnings per share$18.218-K results release, income statement
CostcoFY2025Depreciation and amortization2,4268-K results release, cash flow statement
CostcoFY2025Net cash provided by operating activities13,3358-K results release, cash flow statement. Matches 10-K MD&A
CostcoFY2025Additions to property and equipment5,4988-K results release, cash flow statement. Matches 10-K MD&A
CostcoFY2025Free cash flow7,837derived: 13,335 - 5,498
CostcoAug 31 2025Cash and equivalents / short-term investments14,161 / 1,1238-K results release, balance sheet
CostcoAug 31 2025Long-term debt excluding current portion5,7138-K results release, balance sheet. Current portion not shown separately
CostcoAug 31 2025Total equity29,1648-K results release, balance sheet
CostcoAug 31 2025Enterprise value / EBITDA / EV to EBITDA418,638 / 12,809 / 32.7derived: 428,209 + 5,713 - 14,161 - 1,123. 10,383 + 2,426
CostcoFY2025P/E53.1derived: 966.22 / 18.21
CostcoDCFGrowth 6% for five years, rate 8%, terminal growth 3%assumptionassumptions stated in days 7 and 8
CostcoDCFPresent value of years 1 to 5 / terminal value / PV of terminal value37,061 / 216,046 / 147,037derived: 7,837 x 1.06^n / 1.08^n. 10,488 x 1.03 / 0.05. x 0.6806
CostcoDCFValue per share at 2% / 3% / 4% terminal growth$379.02 / $437.00 / $523.97derived: (EV + net cash 9,571) / 443,179,176
CostcoDCFGrowth implied by $966.22about 26% a year for five yearsderived: solved for growth at 8% and 3%
AppleAug 31 to Sep 27 2025Average price paid per share in buybacks$238.5610-K FY2025 Item 5 issuer purchases table
AppleOct 17 2025Shares outstanding14,776,353,00010-K FY2025 cover page
AppleSep 27 2025Equity value at $238.563,525,047derived: 238.56 x 14,776,353,000
AppleFY2025Operating income / D&A / EBITDA133,050 / 11,698 / 144,7488-K results release Oct 30 2025. EBITDA derived
AppleFY2025Diluted earnings per share / P/E$7.46 / 32.08-K results release. P/E derived: 238.56 / 7.46
AppleFY2025Provision for income taxes / income before taxes20,719 / 132,7298-K results release. Tax rate derived: 15.6%
AppleFY2025Payments for property, plant and equipment12,7158-K results release, cash flow statement
AppleSep 27 2025Commercial paper / term debt current / term debt non-current7,979 / 12,350 / 78,3288-K results release, balance sheet. Total 98,657 derived
AppleSep 27 2025Cash / marketable securities current / non-current35,934 / 18,763 / 77,7238-K results release, balance sheet. Total 132,420 derived
AppleSep 27 2025Total shareholders' equity73,7338-K results release, balance sheet
AppleSep 27 2025Enterprise value / EV to EBITDA3,491,284 / 24.1derived: 3,525,047 + 98,657 - 132,420
AppleWACCBeta 1.2, equity risk premium 5.0%, pre-tax cost of debt 5.0%assumptionassumptions stated in day 6
AppleWACCCost of equity / after-tax cost of debt / WACC10.96% / 4.22% / 10.78%derived: 4.96 + 1.2 x 5.0. 5.0 x (1 - 0.156). 97.3% and 2.7% weights
US TreasuryOct 22 202610-year Treasury constant maturity yield4.96%Federal Reserve H.15 release dated Oct 23 2026, federalreserve.gov. Read Oct 27 2026. Recheck before reuse
MetaFY2025 / FY2024Revenue200,966 / 164,5018-K results release Jan 28 2026
MetaFY2025 / FY2024Income from operations83,276 / 69,3808-K results release
MetaFY2025Income before provision for income taxes85,9328-K results release
MetaFY2025 / FY2024Diluted earnings per share$23.49 / $23.868-K results release
MetaFY2025 / FY2024Diluted shares2,574 million / 2,614 million8-K results release
MetaFY2025Tax rate reported / without valuation allowance charge30% / 13%8-K results release, footnote on the One Big Beautiful Bill Act
MetaFY2025Size of the tax chargeabout 14,600derived and approximate: 17 points x 85,932. Meta does not state the dollar amount in the release
MetaFY2025 / FY2024Net cash provided by operating activities115,800 / 91,3288-K results release, cash flow statement
MetaFY2025 / FY2024Purchases of property and equipment69,691 / 37,2568-K results release, cash flow statement
MetaFY2025 / FY2024Principal payments on finance leases2,524 / 1,9698-K results release, cash flow statement
MetaFY2025 / FY2024Free cash flow43,585 / 52,1038-K results release. Reconciles: 115,800 - 69,691 - 2,524
MetaFY2025Depreciation and amortization18,6168-K results release, cash flow statement
MetaFY2025Net income60,4588-K results release
MetaJun 30 2022Market value of shares held by non-affiliates$378 billion10-K FY2022 cover page, filed Feb 2 2023
MetaJun 30 2023Market value of shares held by non-affiliates$637 billion10-K FY2023 cover page, filed Feb 2 2024
MetaFY2023 / FY2022Net income39,098 / 23,2008-K results release Feb 1 2024
MetaFY2023 / FY2022Free cash flow43,010 / 18,4398-K results release Feb 1 2024
Meta2022 and 2023Value over net income16.3 both yearsderived: 378,000 / 23,200 and 637,000 / 39,098
AlphabetFY2025Net income132,1708-K results release Feb 4 2026
AlphabetFY2025Net cash provided by operating activities164,7138-K results release, cash flow statement
AlphabetFY2025Purchases of property and equipment91,4478-K results release, cash flow statement
AlphabetFY2025Free cash flow73,2668-K results release. Reconciles: 164,713 - 91,447
AlphabetFY2025Depreciation of property and equipment21,1368-K results release
WalmartFY ended Jan 31 2026Shares repurchased / amount85.0 million / $8.1 billion8-K results release Feb 19 2026
WalmartFY2026Average repurchase priceabout $95.29derived: 8,100 / 85.0. A full-year average, not a single date
WalmartMar 11 2026Shares outstanding7,972,402,50110-K FY2026 cover page
WalmartFY2026Operating income / D&A / EBITDA29,825 / 14,203 / 44,0288-K results release. EBITDA derived
WalmartFY2026Diluted earnings per share / P/E$2.73 / 34.98-K results release. P/E derived: 95.29 / 2.73
WalmartJan 31 2026Cash / short-term borrowings / long-term debt due within a year / long-term debt10,727 / 6,596 / 3,542 / 34,6248-K results release, balance sheet
WalmartJan 31 2026Enterprise value / EV to EBITDA793,725 / 18.0derived: 95.29 x 7,972,402,501 = 759,690. + 44,762 debt - 10,727 cash
Costcoat Walmart multipleValue per shareabout $542derived: 18.0 x 12,809 = 230,562. + 9,571 net cash, / 443,179,176
Activision BlizzardJan 2022Deal price per share$95.00DEFM14A dated Mar 21 2022, letter to stockholders
Activision BlizzardJan 14 2022Premium to closing priceabout 45.3%DEFM14A, letter to stockholders
Activision BlizzardJan 14 2022Unaffected priceabout $65.38derived: 95.00 / 1.453
Activision BlizzardMar 14 2022Shares outstanding on the record date780,922,900DEFM14A, proxy summary
Activision BlizzardDealEquity value / enterprise value74,188 / 67,373derived: 95.00 x 780,922,900. + 3,608 - 10,423
Activision BlizzardFY2021Operating income / D&A / EBITDA3,259 / 116 / 3,3758-K results release Feb 3 2022. EBITDA derived
Activision BlizzardFY2021Diluted earnings per share$3.448-K results release Feb 3 2022
Activision BlizzardDec 31 2021Cash and equivalents / long-term debt10,423 / 3,6088-K results release, balance sheet
Activision BlizzardDealEV to EBITDA / P/E at deal / P/E unaffected20.0 / 27.6 / 19.0derived
Instacart2021New funding / stated valuation$265 million / $39 billioncompany news post, company.instacart.com, last updated Apr 16 2021. Does not say pre- or post-money
Instacart2021Pre-money if $39 billion is post-money38,735derived and assumption: 39,000 - 265
Maplebear (Instacart)Sep 18 2023IPO price per share$30.00424B4 prospectus dated Sep 18 2023
Maplebear (Instacart)Sep 2023Shares outstanding after the offering / as of Jun 30 2023276,653,464 / 262,553,464424B4 prospectus
Maplebear (Instacart)Sep 2023Value at the IPO priceabout 8,300derived: 30.00 x 276,653,464. Excludes options and unvested stock

Keep going in Finance and Accounting

See every course
Intro to AccountingRead a P&L and a balance sheet. Know cash from profit.Intro to Corporate FinanceValue a decision. Read a cost of capital. Follow the cash a company returns.Intro to Company FilingsFind what a company had to tell the public. Read a 10-K and an S-1.Intro to Equity CompensationKnow what your offer is worth. Read vesting and dilution.Intro to Mergers and AcquisitionsKnow what a deal pays you. Read a merger agreement and the goodwill it leaves behind.

Assign Intro to Valuation to your whole team

Teams gives every seat every Tenurable course and its certificate. Set a due date and see who finished. Teams starts at $15 a seat a month.

See Teams

Start Intro to Valuation today

Ten minutes. No account. No card.

Take my first class