Equity ValuationValuationL1
Gordon Growth Model
Value a stock that pays dividends growing at a constant rate forever.
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Reference
Interactive formula sheet
Every CFA formula as a live study card. Tap a variable to see its meaning, solve for any unknown, and study from substitution steps and common-trap notes: not from a static PDF.
The libraryLevel I
- Formulas143every Level I formula, one card each
- Free preview cards5fully interactive without an account
- Solve for any variableYeswith full substitution steps
- Common-trap notesYesthe mistakes made on the real exam
- Focus modeYesfull-screen card, built for mobile revision
Counted directly from the formula library, so this figure moves when the library does.
What a card does
§ 01A formula you can work, not just read.
Each card carries the algebra, the substitution and the traps, so revision happens on the card rather than on paper beside it.
- Solve for any variablePick the unknown, plug in the rest, and see the answer with full substitution steps.
- Common CFA trapsEach card lists the mistakes students make on the actual exam: not just the formula.
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The library
§ 02Browse the library.
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Showing 143 of 143 formulas · 138 locked in preview
Quantitative MethodsReturnsL1
Holding Period Return
Total return on an asset held for one period, including dividends.
Time Value of MoneyTime ValueL1
Future Value (Single Sum)
Future value of a single amount compounded at rate r for n periods.
Time Value of MoneyTime ValueL1
Present Value (Single Sum)
Discount a future cash flow back to its value today.
Quantitative MethodsTime ValueL1
Effective Annual Rate (EAR)
Portfolio ManagementRiskL1
CAPM — Required Return
Required return on a security given its systematic risk relative to the market.
Corporate IssuersCapital StructureL1
Weighted Average Cost of Capital
Equity ValuationValuationL1
Sustainable Growth Rate
Fixed IncomeFixed IncomeL1
Bond Price (Annual Coupons)
Portfolio ManagementRiskL1
Sharpe Ratio
Financial Statement AnalysisRatiosL1
Current Ratio
Financial Statement AnalysisRatiosL1
Quick (Acid-Test) Ratio
Quantitative MethodsProbabilityL1
Mean of a Binomial Random Variable
Quantitative MethodsProbabilityL1
Variance of a Binomial Random Variable
Quantitative MethodsProbabilityL1
Continuous Uniform Probability
Quantitative MethodsStatisticsL1
z-Score
Quantitative MethodsReturnsL1
Continuously Compounded Return
Quantitative MethodsStatisticsL1
Standard Error of the Mean (σ known)
Quantitative MethodsStatisticsL1
Standard Error of the Mean (σ unknown)
Quantitative MethodsStatisticsL1
Confidence Interval for the Mean (z)
Quantitative MethodsStatisticsL1
Arithmetic Mean
Quantitative MethodsStatisticsL1
Weighted Mean (2 components)
Quantitative MethodsReturnsL1
Geometric Mean Return
Quantitative MethodsStatisticsL1
Harmonic Mean (3 values)
Quantitative MethodsReturnsL1
Holding Period Return — Multiple Periods
Quantitative MethodsReturnsL1
Time-Weighted Rate of Return (3-year)
Quantitative MethodsReturnsL1
Annualised Return
Time Value of MoneyTime ValueL1
Present Value of a Perpetuity
Time Value of MoneyTime ValueL1
PV of an Ordinary Annuity
Time Value of MoneyTime ValueL1
FV of an Ordinary Annuity
Time Value of MoneyTime ValueL1
PV of an Annuity Due
Time Value of MoneyTime ValueL1
FV of an Annuity Due
Time Value of MoneyTime ValueL1
Future Value — Continuous Compounding
Time Value of MoneyTime ValueL1
Amortising Loan Payment
Equity ValuationValuationL1
Equity with Constant Dividend
Fixed IncomeFixed IncomeL1
Bond Implied Return
Equity ValuationValuationL1
Equity Implied Return (Gordon)
Equity ValuationValuationL1
Equity Implied Growth (Gordon)
Quantitative MethodsStatisticsL1
Mean Absolute Deviation (3 obs)
Quantitative MethodsStatisticsL1
Sample Variance (3 obs)
Quantitative MethodsStatisticsL1
Coefficient of Variation
Quantitative MethodsRiskL1
Target Downside Deviation (3 obs)
Quantitative MethodsStatisticsL1
Correlation Coefficient
Quantitative MethodsProbabilityL1
Probability from Odds (For)
Quantitative MethodsProbabilityL1
Conditional Probability
Quantitative MethodsProbabilityL1
Multiplication Rule
Quantitative MethodsProbabilityL1
Addition Rule
Quantitative MethodsProbabilityL1
Bayes' Formula
Portfolio ManagementPortfolioL1
Portfolio Return (2 assets)
Portfolio ManagementPortfolioL1
Portfolio Variance (2 assets)
Portfolio ManagementRiskL1
Roy's Safety-First Ratio
Hypothesis TestingHypothesis TestingL1
t-Statistic (mean, σ unknown)
Hypothesis TestingHypothesis TestingL1
z-Statistic (mean, σ known)
Hypothesis TestingHypothesis TestingL1
Chi-Square Test (Variance)
Hypothesis TestingHypothesis TestingL1
F-Statistic (Variance Equality)
Hypothesis TestingHypothesis TestingL1
Correlation Test Statistic
Quantitative MethodsRegressionL1
Coefficient of Determination (R²)
Quantitative MethodsRegressionL1
Standard Error of Estimate (SEE)
Quantitative MethodsRegressionL1
F-Statistic (Regression Significance)
EconomicsEconomicsL1
Own-Price Elasticity of Demand
EconomicsEconomicsL1
Income Elasticity of Demand
EconomicsEconomicsL1
Cross-Price Elasticity of Demand
EconomicsEconomicsL1
GDP Deflator
EconomicsEconomicsL1
Quantity Theory of Money
EconomicsEconomicsL1
Unit Labour Cost
EconomicsEconomicsL1
Money Multiplier
EconomicsEconomicsL1
Fiscal Multiplier (Ignoring Taxes)
EconomicsEconomicsL1
Fiscal Multiplier (With Taxes)
EconomicsEconomicsL1
Fischer Effect
EconomicsEconomicsL1
Real Exchange Rate
EconomicsEconomicsL1
Forward Rate (Currency)
Portfolio ManagementPortfolioL1
Investor Utility Function
Portfolio ManagementRiskL1
Treynor Ratio
Portfolio ManagementRiskL1
Jensen's Alpha
Portfolio ManagementRiskL1
M² (Modigliani Risk-Adjusted Performance)
Portfolio ManagementRiskL1
Beta (Calculation)
Corporate IssuersRatiosL1
Cash Conversion Cycle
Corporate IssuersTime ValueL1
EAR of Supplier Financing
Corporate IssuersValuationL1
Net Present Value (4 periods)
Corporate IssuersRatiosL1
Return on Invested Capital (ROIC)
Corporate IssuersCapital StructureL1
MM Proposition I (With Taxes)
Corporate IssuersCapital StructureL1
MM Proposition II (With Taxes)
Corporate IssuersCapital StructureL1
Static Trade-Off Theory of Capital Structure
Financial Statement AnalysisRatiosL1
Basic EPS
Financial Statement AnalysisRatiosL1
Cash Ratio
Financial Statement AnalysisRatiosL1
Debt-to-Equity
Financial Statement AnalysisRatiosL1
Debt-to-Assets
Financial Statement AnalysisRatiosL1
Financial Leverage Ratio
Financial Statement AnalysisValuationL1
FCFF from Net Income
Financial Statement AnalysisValuationL1
FCFF from CFO
Financial Statement AnalysisValuationL1
Free Cash Flow to Equity (FCFE)
Financial Statement AnalysisRatiosL1
Effective Tax Rate
Financial Statement AnalysisRatiosL1
Inventory Turnover
Financial Statement AnalysisRatiosL1
Days of Inventory on Hand
Financial Statement AnalysisRatiosL1
Receivables Turnover
Financial Statement AnalysisRatiosL1
Days of Sales Outstanding
Financial Statement AnalysisRatiosL1
Payables Turnover
Financial Statement AnalysisRatiosL1
Total Asset Turnover
Financial Statement AnalysisRatiosL1
Interest Coverage Ratio
Financial Statement AnalysisRatiosL1
Gross Profit Margin
Financial Statement AnalysisRatiosL1
Operating Profit Margin
Financial Statement AnalysisRatiosL1
Net Profit Margin
Financial Statement AnalysisRatiosL1
Return on Assets (ROA)
Financial Statement AnalysisRatiosL1
Return on Equity (ROE)
Financial Statement AnalysisRatiosL1
DuPont — Three-Way ROE Decomposition
Financial Statement AnalysisRatiosL1
DuPont — Five-Way ROE Decomposition
Equity ValuationValuationL1
Price-to-Earnings (P/E)
Equity ValuationValuationL1
Price-to-Book (P/BV)
Financial Statement AnalysisRatiosL1
Dividend Payout Ratio
Financial Statement AnalysisRatiosL1
Straight-Line Depreciation
Financial Statement AnalysisRatiosL1
Double-Declining-Balance Depreciation (Year X)
Equity InvestmentsLeverageL1
Leverage Ratio (Margin Account)
Equity InvestmentsLeverageL1
Margin Call Price
Equity InvestmentsLeverageL1
Degree of Operating Leverage (DOL)
Equity InvestmentsLeverageL1
Degree of Financial Leverage (DFL)
Equity InvestmentsLeverageL1
Degree of Total Leverage (DTL)
Equity InvestmentsLeverageL1
Breakeven Quantity
Equity InvestmentsLeverageL1
Operating Breakeven Quantity
Equity ValuationValuationL1
EV / EBITDA
Fixed IncomeFixed IncomeL1
Floating-Rate Coupon
Fixed IncomeFixed IncomeL1
Inverse Floater Coupon
Fixed IncomeFixed IncomeL1
Value of a Callable Bond
Fixed IncomeFixed IncomeL1
Value of a Putable Bond
Fixed IncomeFixed IncomeL1
Current Yield (Bond)
Fixed IncomeRiskL1
Modified Duration
Fixed IncomeRiskL1
Money Duration
Fixed IncomeRiskL1
Price Value of a Basis Point (PVBP)
Fixed IncomeRiskL1
Expected Loss (Credit)
Fixed IncomeFixed IncomeL1
Yield on a Corporate Bond
Fixed IncomeRiskL1
Return Impact of a Yield-Spread Change
Fixed IncomeRiskL1
Duration Gap
DerivativesDerivativesL1
Forward Contract Payoff (Long)
DerivativesOptionsL1
Call Option Profit (Long)
DerivativesOptionsL1
Put Option Profit (Long)
DerivativesDerivativesL1
Forward Price — No Costs/Benefits (Discrete)
DerivativesDerivativesL1
Forward Price — Continuous Compounding
DerivativesDerivativesL1
Currency Forward Price
DerivativesDerivativesL1
Short-Term Interest-Rate Future Price
DerivativesOptionsL1
Risk-Neutral Probability (Binomial)
DerivativesOptionsL1
One-Period Binomial Call Price
DerivativesOptionsL1
Hedge Ratio (Binomial)
DerivativesOptionsL1
Put-Call Parity (European)
DerivativesOptionsL1