Modeldrill

All 45 financial modeling exercises

Modeldrill is financial modeling practice in your browser. Every exercise is a real piece of a model in a live spreadsheet grid: a revenue build, a depreciation schedule, a revolver, a DCF. You write the formula, fill it across, and the model is recalculated with changed inputs, so only formulas that hold up pass. The exercises are listed here level by level. 5 are free without an account; Pro unlocks the rest.

Start practicing free

Level 1: Model basics

Assumption blocks, price times volume, costs as a share of revenue, gross margin, growth rows and the absolute and mixed references that make a row fill cleanly.

  1. Grow revenue from one assumptionFree
  2. Price times volumeFree
  3. Cost as a share of revenueFree
  4. Gross profit and gross marginFree
  5. Year over year growthFree
  6. One formula for a whole blockPro
  7. Payroll from headcount and raisesPro
  8. Twelve months of subscribersPro
  9. Revenue mix by productPro

Level 2: Income statement and schedules

Operating costs, EBITDA, straight-line depreciation by asset and by purchase year, fixed asset roll-forwards, interest on debt, taxes with a floor and loss carryforwards.

  1. Fixed and variable operating costsPro
  2. EBITDA and EBITDA marginPro
  3. Straight-line depreciation by assetPro
  4. Depreciation from the year of purchasePro
  5. Fixed asset roll-forwardPro
  6. Interest on the opening debt balancePro
  7. Tax only when there is a profitPro
  8. Tax losses carried forwardPro
  9. From EBITDA to net incomePro

Level 3: Debt and cash

Loan payments, full amortization tables, IPMT and PPMT, revolver draw and repayment rules, working capital from days, cash flow from operations and coverage tests.

  1. Monthly payment for three loansPro
  2. Quarterly amortization tablePro
  3. Split payments with IPMT and PPMTPro
  4. Revolver draw and repayment rulePro
  5. Cash and revolver, fully linkedPro
  6. Cash flow from operationsPro
  7. Working capital from daysPro
  8. Cash roll-forwardPro
  9. Debt service coverage testPro

Level 4: Valuation

Unlevered free cash flow, discount factors, the mid-year switch, NPV and IRR, terminal value by growth and by exit multiple, the equity bridge, XNPV and XIRR.

  1. Unlevered free cash flowPro
  2. Discount factors and present valuesPro
  3. Mid-year convention switchPro
  4. NPV, IRR and profitability indexPro
  5. Terminal value by perpetual growthPro
  6. Terminal value by exit multiplePro
  7. Enterprise value to equity valuePro
  8. Dated cash flows with XNPV and XIRRPro
  9. Return on an investment with irregular datesPro

Level 5: Analysis

Scenario switches with CHOOSE and INDEX MATCH, break-even, one-way and two-way sensitivities, payback, CAC payback and lifetime value.

  1. Scenario switch with CHOOSEPro
  2. Scenario lookup by namePro
  3. Break-even by productPro
  4. NPV across discount ratesPro
  5. Profit grid by price and volumePro
  6. Terminal value grid by rate and growthPro
  7. Payback periodPro
  8. CAC payback and lifetime valuePro
  9. Cohort payback by monthPro

Try the first five pieces free.

No sign-up needed for the first five. If it works for you, Pro unlocks all 45, and a free account saves your progress across devices.

Start practicing free