DCF Tool


National Instruments Corp. – Electromedical and Electrotherapeutic Apparatus Manufacturing
since 1976, ni has made it possible for engineers and scientists to solve the world’s greatest engineering challenges with powerful, flexible technology solutions that accelerate productivity and drive rapid innovation. customers from a wide variety of industries—from healthcare to automotive and from consumer electronics to particle physics—use ni’s integrated hardware and software platform to improve the world we live in. ni empowers customers with off-the-shelf software such as labview and modular cost-effective hardware while selling to a broad base of more than 35,000 companies worldwide. not one industry represents more than 15 percent of revenue. headquartered in austin, texas, ni has approximately 6,400 employees and direct operations in more than 40 countries.
Analysis Results
Intrinsic Value $98.57
Latest Price $59.58
Relative Value 40% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 22.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 22.4%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 399 371
2024 488 422
2025 598 481
2026 732 547
2027 896 623
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 16500 million. This corresponds to a present value of 10600 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2440 million. Adding in the terminal value gives a total present value of 13100 million.

There are presently 133.0 million outstanding shares, so the intrinsic value per share is 98.57.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,088,919,000
Current Cash 139,799,000
Current Liabilities 522,875,000
Current Debt 25,000,000
Non-Cash Working Capital (NCWC) 451,245,000
Change in NCWC 176,016,000
EBIT 158,270,000
Tax Provision 32,232,000
Depreciation and Amortization 90,707,000
Capital Expenditure -52,139,000
Unlevered Free Cash Flow 343,173,540
Current Assets 931,549,000
Current Cash 211,106,000
Current Liabilities 445,214,000
Current Debt 0
Non-Cash Working Capital (NCWC) 275,229,000
Change in NCWC 122,729,000
EBIT 112,446,000
Tax Provision 14,260,000
Depreciation and Amortization 99,402,000
Capital Expenditure -45,189,000
Unlevered Free Cash Flow 273,906,658
Current Assets 849,506,000
Current Cash 320,155,000
Current Liabilities 381,851,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 152,500,000
Change in NCWC -56,136,000
EBIT 36,855,000
Tax Provision 55,103,000
Depreciation and Amortization 87,064,000
Capital Expenditure -55,147,000
Unlevered Free Cash Flow 2,418,649
Current Assets 947,358,000
Current Cash 432,599,000
Current Liabilities 306,123,000
Current Debt 0
Non-Cash Working Capital (NCWC) 208,636,000
Change in NCWC 182,000
EBIT 147,712,000
Tax Provision 18,393,000
Depreciation and Amortization 73,541,000
Capital Expenditure -71,131,000
Unlevered Free Cash Flow 135,255,774
Current Assets 1,022,220,000
Current Cash 530,782,000
Current Liabilities 282,984,000
Current Debt 0
Non-Cash Working Capital (NCWC) 208,454,000
Change in NCWC -4,329,000
EBIT 172,879,000
Tax Provision 21,396,000
Depreciation and Amortization 70,667,000
Capital Expenditure -54,266,000
Unlevered Free Cash Flow 163,988,369
Current Assets 894,090,000
Current Cash 412,052,000
Current Liabilities 269,255,000
Current Debt 0
Non-Cash Working Capital (NCWC) 212,783,000
Change in NCWC -3,389,000
EBIT 145,778,000
Tax Provision 94,969,000
Depreciation and Amortization 72,695,000
Capital Expenditure -74,302,000
Unlevered Free Cash Flow 46,845,299
Current Assets 834,647,000
Current Cash 358,400,000
Current Liabilities 260,075,000
Current Debt 0
Non-Cash Working Capital (NCWC) 216,172,000
Change in NCWC -10,435,000
EBIT 119,726,000
Tax Provision 31,901,000
Depreciation and Amortization 73,390,000
Capital Expenditure -78,626,000
Unlevered Free Cash Flow 70,737,259
Current Assets 799,740,000
Current Cash 332,918,000
Current Liabilities 240,215,000
Current Debt 0
Non-Cash Working Capital (NCWC) 226,607,000
Change in NCWC -2,363,000
EBIT 137,172,000
Tax Provision 36,017,000
Depreciation and Amortization 73,329,000
Capital Expenditure -68,154,000
Unlevered Free Cash Flow 102,350,228
Current Assets 947,820,000
Current Cash 471,193,000
Current Liabilities 247,657,000
Current Debt 0
Non-Cash Working Capital (NCWC) 228,970,000
Change in NCWC 19,142,000
EBIT 145,187,000
Tax Provision 17,668,000
Depreciation and Amortization 70,206,000
Capital Expenditure -73,559,000
Unlevered Free Cash Flow 143,162,485
Current Assets 828,595,000
Current Cash 393,412,000
Current Liabilities 225,355,000
Current Debt 0
Non-Cash Working Capital (NCWC) 209,828,000
Change in NCWC 22,246,000
EBIT 97,301,000
Tax Provision 16,655,000
Depreciation and Amortization 67,974,000
Capital Expenditure -67,861,000
Unlevered Free Cash Flow 102,982,203
Current Assets 767,700,000
Current Cash 335,162,000
Current Liabilities 244,956,000
Current Debt 0
Non-Cash Working Capital (NCWC) 187,582,000
Change in NCWC 57,065,000
EBIT 123,717,000
Tax Provision 24,700,000
Depreciation and Amortization 58,686,000
Capital Expenditure -102,684,000
Unlevered Free Cash Flow 110,174,023

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