Series 2

Financial Statements to Free Cash Flow

A short, practical path from income statement and balance sheet basics to ratios, DuPont, FCF, and a small valuation capstone.

Start with S2-00 PDF lecture notes Open quizzes
00

Start here

How Series 2 works

This short introduction explains how MiniCo, the workbook, and the videos fit together.

S2-00

Introduction to Financial Statements to FCF

Start here before the statement and free cash flow lessons. This video sets up the accounting-to-valuation bridge.

S2-00Coming soon.
A

S2-01 through S2-03

Statements, ratios, and DuPont

Learn what the statements measure, compute a few useful ratios, and turn ROE into a story.

Quiz S2-A

S2-01

Income Statement, Balance Sheet, and Why We Care

Use MiniCo to see how operating profit, working capital, and balance sheet changes become valuation inputs.

Spreadsheet detail: use fullscreen and set YouTube quality to 2160p if numbers look blurry.

S2-01Coming soon.

S2-02

Ratios We Will Use

Compute margin, turnover, ROA, ROE, and leverage, then translate each ratio into plain English.

Spreadsheet detail: use fullscreen and set YouTube quality to 2160p if numbers look blurry.

S2-02Coming soon.

S2-03

DuPont

Break ROE into margin, turnover, and leverage so the number becomes a business story.

Spreadsheet detail: use fullscreen and set YouTube quality to 2160p if numbers look blurry.

S2-03Coming soon.

Checkpoint

Quiz S2-A: Statements, Ratios, and DuPont

Practice statement roles, ratio calculations, ratio interpretation, and DuPont.

Practice S2-A
B

S2-04 through S2-05

Free cash flow build

Define FCF, learn the signs, and build MiniCo historical free cash flow from statements.

Quiz S2-B

S2-04

FCF Definition and Core Formula

Use the FCF formula as a story: after-tax operating profit, add back non-cash expense, subtract reinvestment.

Spreadsheet detail: use fullscreen and set YouTube quality to 2160p if numbers look blurry.

S2-04Coming soon.

S2-05

FCF From Historical Financial Statements

Compute NOPAT, Change in Net PP&E, Δ NWC, and historical FCF for MiniCo.

Spreadsheet detail: use fullscreen and set YouTube quality to 2160p if numbers look blurry.

S2-05Coming soon.

Workbook

MiniCo workbook

Use the same workbook throughout Series 2 to review statements, ratios, FCF, and the capstone forecast.

Download workbook

Checkpoint

Quiz S2-B: FCF Formula and Historical Build

Practice the FCF formula, Change in Net PP&E, Δ NWC, signs, and historical FCF.

Practice S2-B
C

S2-06

Forecast FCF to NPV

See how companies project FCF, discount it, and decide whether an investment creates value.

Quiz S2-C

S2-06

Capstone: Pro Forma FCF to NPV

Connect the capital budgeting chain: forecast FCF, discount it, and ask whether the project creates value.

Spreadsheet detail: use fullscreen and set YouTube quality to 2160p if numbers look blurry.

S2-06Coming soon.

Checkpoint

Quiz S2-C: Capstone FCF to NPV

Practice forecast FCF, discounting, NPV timing, and project interpretation.

Practice S2-C
Q

All quizzes

Practice checkpoints

Each checkpoint now draws from a 200-question bank. Use standard mode for a quick check, or challenge mode for a shorter set of hard questions.

S2-01 to S2-03 · 200 questionsQuiz S2-AStatements, ratios, and DuPont S2-04 to S2-05 · 200 questionsQuiz S2-BFCF formula and historical build S2-06 · 200 questionsQuiz S2-CCapstone FCF to NPV
W

Downloads

Series 2 notes and workbook

Use the notes for a concise written companion, then use the MiniCo workbook to practice the spreadsheet workflow.

Series 2Financial Statements to FCF Companion Notespdf Series 2MiniCo Financial Statements to FCFxlsx