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NPV & IRR Calculator

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Year-by-Year Cash Flow Table

NPV Sensitivity Analysis

How NPV changes across different discount rates.

Cash Flow Timeline

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NPV & IRR Calculator

Evaluate an investment opportunity the way finance professionals do. This calculator turns a stream of yearly cash flows into the four numbers that matter most for any capital-budgeting decision: Net Present Value (NPV), Internal Rate of Return (IRR), Modified IRR (MIRR), and the Profitability Index. It also reports the simple and discounted payback periods and shows how sensitive your NPV is to small changes in the discount rate.

Cómo Usar

Presentamos initial investment as a positive dollar amount — the tool treats it as the year-zero outflow automatically.
Pega tu cash flows (one value per line) into the textarea. Use negative numbers to represent additional outflows or losses in any year.
Ajusta el discount rate slider to match your cost of capital or required rate of return.
Configura el reinvestment rate used for Modified IRR — typically equal to your firm’s long-term return on reinvested capital.
The summary, year-by-year present-value table, sensitivity table, and cash-flow timeline all update in real time as you tweak inputs.

Características

Exact NPV — discounts every year’s cash flow back to year zero using the rate you choose.
Robust IRR engine — uses bisection with bracket expansion so it can locate rates far outside the usual 0–30% band without diverging.
Modified IRR (MIRR) — separates the finance rate from the reinvestment rate for a more realistic annualised return.
Profitability Index — the bang-for-buck ratio used in capital-rationing decisions.
Simple and discounted payback periods — reported in years plus fractional months via linear interpolation.
Year-by-year discount table — shows each year’s cash flow, discount factor, present value, and cumulative present value (which equals NPV at the final row).
NPV sensitivity analysis — recomputes NPV at ten common discount rates so you can spot the project’s break-even hurdle at a glance.
ASCII cash flow timeline — a copy-paste-friendly chart that visualises outflows and inflows by year, scaled to the largest flow in the series.
Verdict line — accepts or rejects the project at the chosen rate and flags whether IRR clears or fails the hurdle.

 Preguntas frecuentes

What is the Net Present Value (NPV) of a project?

Net Present Value is the sum of every future cash flow discounted back to today, minus the up-front investment. It measures how much wealth a project is expected to add (or destroy) in today's dollars. A positive NPV means the project is forecast to earn more than the required rate of return; a negative NPV means it underperforms that hurdle.
What does the Internal Rate of Return (IRR) represent?

IRR is the discount rate that makes NPV exactly zero. Conceptually it is the annualised effective return a project is expected to generate. If IRR is greater than the cost of capital, the project creates value; if it is below, the project destroys value. IRR can be unreliable when cash flows change sign more than once, which is why analysts also look at NPV and MIRR.
How does the Modified IRR (MIRR) differ from the standard IRR?

Standard IRR implicitly assumes that interim positive cash flows are reinvested at the IRR itself, which is often unrealistic. MIRR fixes this by separating two rates: a finance rate that discounts negative cash flows back to today, and a reinvestment rate that compounds positive cash flows forward to the end of the project. The result is a single rate that more accurately reflects real-world capital allocation.
What is the Profitability Index (PI) and when is it most useful?

Profitability Index is the present value of future cash flows divided by the absolute value of the initial outlay. A PI greater than 1.0 means the project generates more discounted value than it consumes. PI is particularly useful when capital is rationed: ranking projects by PI tends to maximise the total NPV obtainable from a fixed budget, whereas ranking purely by NPV can favour large projects that crowd out several smaller, more efficient ones.
Why does the choice of discount rate matter so much?

The discount rate captures opportunity cost — what investors could earn elsewhere at comparable risk. Because NPV compounds the rate through every year of the project, even a one-percentage-point change can swing NPV by a large amount, especially for projects with long horizons. Sensitivity analysis (testing several rates around the expected cost of capital) is therefore standard practice in capital budgeting.