WACC Calculator — Weighted Average Cost of Capital
Enter the market values of equity and debt, the cost of equity (from CAPM or a dividend model), the pre-tax cost of debt, and the corporate tax rate to calculate WACC — the blended minimum return required by all of a firm's capital providers.
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Weighted average cost of capital — the minimum return all capital providers require
7,58%
WACCEquity (E)
60%
Debt (D)
40%
- 1
Total capital (V = E + D)
600 + 400 = 1 000 - 2
Equity weight (E/V)
600 ÷ 1 000 = 0,6 - 3
After-tax cost of debt
5 × (1 − 21 ÷ 100) = 3,95Interest is tax-deductible; the effective debt cost is Rd × (1 − Tc). - 4
WACC
0,6 × 10 + 0,4 × 3,95 = 7,58
Comment fonctionne cette calculatrice ?
WACC = (E/V × Re) + (D/V × Rd × (1 − Tc)). Weight each capital component by its share of total capital (E+D), use market values for E and D, estimate Re via CAPM (Rf + β × equity premium), and apply the interest tax shield by multiplying Rd by (1 − Tc). WACC is the discount rate in DCF models — projects with IRR > WACC create value. Default tax rate: 21% US federal corporate rate (2025), editable.
Formule
How this is calculated
The weighted average cost of capital (WACC) is the rate a firm must earn on its existing assets to satisfy its creditors and shareholders. It blends the cost of each capital component — equity and debt — weighted by each component's share of the total capital structure. The formula is WACC = (E/V × Re) + (D/V × Rd × (1 − Tc)), where E is the market value of equity, D is the market value of debt, V = E + D is total capital, Re is the cost of equity, Rd is the pre-tax cost of debt, and Tc is the marginal corporate tax rate.
Debt is cheaper than equity for two reasons: lenders accept lower returns because they have priority claims in bankruptcy, and interest payments are tax-deductible (the "interest tax shield"), so the effective after-tax cost of debt is Rd × (1 − Tc). Equity is more expensive because shareholders bear residual risk and require a higher expected return — typically estimated using the Capital Asset Pricing Model (CAPM): Re = Rf + β × (Rm − Rf), where Rf is the risk-free rate, β is the stock's systematic risk, and Rm is the expected market return.
WACC is the most common discount rate in discounted cash flow (DCF) valuation. A project or acquisition is value-creating if its expected internal rate of return (IRR) exceeds WACC. Several caveats apply: WACC assumes a constant capital structure; the market values of debt and equity should be used (not book values); and the tax rate should be the marginal effective rate, not the statutory rate. This calculator uses 2025 US corporate tax rates as defaults, which are editable for other jurisdictions.
Questions fréquentes
A higher WACC means a higher discount rate is applied to future cash flows in a DCF model, which lowers their present value and reduces the firm's estimated intrinsic value. Companies with higher risk, more equity-heavy capital structures, or operating in industries with high required returns will have a higher WACC. Lowering WACC — for example by increasing the proportion of cheaper, tax-shielded debt — can increase value up to the point where financial distress costs offset the benefit.
Finance theory requires market values: the market capitalisation (shares outstanding × current share price) for equity, and the present value of debt obligations (often approximated by book value for investment-grade debt at current market rates) for debt. Using book value for equity can significantly distort weights if the stock trades far from its accounting value.
For private companies, a common approach is to use the beta of publicly traded comparable firms, re-lever it to the private company's capital structure, and apply CAPM. Alternatively, build-up models add a base risk-free rate plus industry risk, company-size premium and company-specific risk premium. These require judgment and the result is inherently uncertain — use a range of estimates.
Aussi appelé
TG we-Calculate Editorial Team. (2026). WACC Calculator — Weighted Average Cost of Capital [Online calculator]. TG we-Calculate. https://we-calculate.com/fr/calculator/wacc-calculator
TG we-Calculate Editorial Team. "WACC Calculator — Weighted Average Cost of Capital." TG we-Calculate. 2026. https://we-calculate.com/fr/calculator/wacc-calculator.
TG we-Calculate Editorial Team, "WACC Calculator — Weighted Average Cost of Capital," TG we-Calculate, 2026. [Online]. Available: https://we-calculate.com/fr/calculator/wacc-calculator
@misc{wecalculate_wacc_calculator, title = {WACC Calculator — Weighted Average Cost of Capital}, author = {{TG we-Calculate Editorial Team}}, howpublished = {\url{https://we-calculate.com/fr/calculator/wacc-calculator}}, year = {2026}, note = {TG we-Calculate} }
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