Value Creation (EVA)
EVA answers the question the owner most wants to know: "does my business really create value?" Positive accounting profit isn't enough — value is only created when the return exceeds the cost of ALL invested capital.
What you find on this screen
A portrait of the screen, read from the screen itself — it changes when the screen changes.
Available actions
Calculate
Form fields
EBIT dos últimos 12 mesesLucro operacional de 12 meses usado como base do cálculo do EVA.
Taxa livre de risco (Rf)Taxa livre de risco usada no custo do capital próprio.
Custo da dívida (Kd)Taxa de juros média paga pela empresa sobre a dívida onerosa.
Capital próprioCapital dos sócios empregado no negócio, premissa do capital investido.
Dívida onerosaDívida que paga juros, somada ao capital próprio para formar o capital empregado.
EVA — valor econômicoLucro que sobra depois de remunerar todo o capital investido ao custo do WACC.
ROICRetorno percentual gerado sobre o capital investido no negócio.
WACCCusto médio ponderado do capital próprio e de terceiros.
NOPATLucro operacional após impostos, antes do custo do capital.
Custo do capitalValor em reais que o capital empregado custa no período, WACC aplicado ao capital.
EVA pelo spread do ROICMesmo EVA calculado pelo spread entre ROIC e WACC multiplicado pelo capital.
EVA pelo índice de criaçãoMesmo EVA calculado pelo índice de criação de valor entre ROIC e WACC.
Start here
The core idea
Profit isn't free: the shareholders' capital also has a cost (the return they could have gotten elsewhere). EVA deducts that cost. Positive EVA = wealth was created; negative = it was destroyed, even with accounting profit.
Rules
NOPAT
Net operating profit after tax = EBIT × (1 − income tax rate). The EBIT comes automatically from your 12-month DRE. It's the return that the OPERATION generated, before the capital structure (interest).
Employed capital and WACC
Employed capital = equity + interest-bearing debt (you enter it). The WACC is the weighted average cost of that capital, calculated using CAPM (Ke) and the cost of debt (Kd) — the same engine as the Investment Analysis.
EVA and ROIC
EVA = NOPAT − (WACC × capital). ROIC (NOPAT ÷ capital) is the return on capital: if ROIC > WACC, it creates value; if ROIC < WACC, it destroys value. The panel shows both side by side.
Tax shield only in Lucro Real
Check "debt reduces tax" only in Lucro Real, where interest is deductible and lowers the cost of debt. In Simples and Presumido, leave it unchecked.
Frequently asked questions
Why 3 methods?
Residual income, the ROIC spread and the value creation index reach the SAME number through different paths — that's the proof the calculation is sound. The "reconcile" badge confirms it (a difference ≤ R$0.01 is just rounding).
Management view
Here the capital is whatever you enter. Once the accounting (Balance Sheet) is active, the employed capital will come from the actual balance sheet and the EVA becomes canonical. The phrase "created/destroyed R$X" also appears in the CFO letter.
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