The finance modeling lab
Learn finance by doing finance.
Analyse real statements, build linked three-statement models and value companies in a professional workspace. Every formula is graded, every mistake explained, and your skills are proven with assessed projects.
113 interactive lessons today, from fundamentals to valuation · free lessons in every track · no card required
Live — no account needed
A workspace that behaves like professional software
This is a real exercise from Structuring a model. Fill the yellow cells with formulas and press Check — the result is graded on our server exactly as it is for members.
Linked, multi-tab models
Inputs, statements and checks on separate tabs, joined with cross-tab formulas — the way real models are built.
Spreadsheet ergonomics
Range selection, copy and fill that shift references, F4 anchors, function hints, undo and redo.
Graded like a reviewer would
We re-run your model with shifted assumptions: hard-coded numbers and broken links are caught and explained.
Take it to Excel
Export any model as an .xlsx file with working formulas and formatting.
Ctrl+` shows formulas · Ctrl+Z undoes · F4 cycles $ anchors
Challenge: Structure Rawdah's operating forecast
Build a three-tab model of Rawdah Home Retail Co.'s operating forecast (SAR millions). All assumptions are on Inputs.
- Calculations: link FY2025A revenue (B2) from Inputs, then forecast revenue, gross profit, operating expenses and EBITDA for FY2026E–FY2028E (columns C–E). Each year reads its own column on Inputs.
- Outputs: revenue CAGR from FY2025A to FY2028E (use the forecast-years cell on Inputs), the FY2028E EBITDA margin and cumulative EBITDA for the three forecast years.
No typed numbers outside Inputs: after you submit, every assumption is shifted to check the model is live.
Inputs only: hard-coded numbers in blue, one place each.
| A | B | C | D | E | |
|---|---|---|---|---|---|
| 1 | Inputs (SAR millions) | FY2025A | FY2026E | FY2027E | FY2028E |
| 2 | Revenue | 1,497.0 | |||
| 3 | Revenue growth | 8.3% | 6.7% | 6.0% | |
| 4 | Gross margin | 40.5% | 40.8% | 41.0% | |
| 5 | Operating expenses (% of revenue) | 27.9% | 27.9% | 28.0% | |
| 6 | |||||
| 7 | Forecast years (for the CAGR) | 3 |
See the numbers move
Why analysts present a range, not a number
Drag the assumptions. The DCF recalculates with the same engine our lessons grade with — and shows how much of a valuation rests on two inputs.
- Enterprise value
- SAR 1,673m
- Value per share
- SAR 12.13
Illustrative five-year DCF of the fictional retailer used in our lessons. Not investment advice.
Data
| WACC | g = 1.5% | g = 2.5% | g = 3.5% |
|---|---|---|---|
| 7.5% | 2.0k | 2.4k | 2.9k |
| 8.0% | 1.9k | 2.1k | 2.5k |
| 8.5% | 1.7k | 2.0k | 2.3k |
| 9.0% | 1.6k | 1.8k | 2.1k |
| 9.5% | 1.5k | 1.7k | 1.9k |
| 10.0% | 1.4k | 1.6k | 1.7k |
| 10.5% | 1.3k | 1.5k | 1.6k |
| 11.0% | 1.3k | 1.4k | 1.5k |
| 11.5% | 1.2k | 1.3k | 1.4k |
Value per share — WACC × terminal growth
| WACC \ g | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.5% | 12.62 | 13.51 | 14.55 | 15.78 | 17.26 |
| 9.0% | 11.61 | 12.37 | 13.25 | 14.27 | 15.48 |
| 9.5% | 10.73 | 11.39 | 12.13 | 12.99 | 14.00 |
| 10.0% | 9.96 | 10.52 | 11.17 | 11.90 | 12.74 |
| 10.5% | 9.27 | 9.77 | 10.32 | 10.95 | 11.67 |
How you learn
Practice that teaches, assessment that proves
01
Learn the idea
A short explanation, a worked example computed from real figures, and the mistake people usually make.
02
Build it
Write the formulas yourself: a discount schedule, a working-capital forecast, a three-statement model.
03
Get explained feedback
Each cell is graded on our servers. Hard-coded values, unlinked assumptions and classic traps are named, not just marked wrong.
04
Prove it
Timed assessments and capstone projects — no hints — earn a verified certificate.
Curriculum
From your first income statement to a full DCF
11 tracks and 113 lessons are live, part of a 206-lesson curriculum across 14 areas of finance. We publish a track only when it's complete.
See every track- Finance FundamentalsfoundationThe ideas every finance role builds on, learned by working with real numbers.13 lessons · 13 builds
- Time Value of MoneyfoundationThe foundation of every valuation, loan and investment decision.14 lessons · 14 builds
- Financial Statement AnalysisintermediateTurn published statements into a clear view of performance and risk.16 lessons · 16 builds
- Financial ModelingintermediateBuild linked, checkable models in a multi-tab workspace.13 lessons · 15 builds
- Company ValuationintermediateValue a company the way analysts do: DCF, the equity bridge and trading multiples.15 lessons · 13 builds
- Corporate FinanceintermediateDecide which projects to fund, how to fund them and how much cash to keep.12 lessons · 12 builds
- Financial Planning and AnalysisintermediateBuild budgets, explain variances and re-forecast like an FP&A analyst.8 lessons · 8 builds
- Investment AnalysisintermediateMeasure return and risk, build an earnings model and value a share like an equity analyst.5 lessons · 5 builds
- Banking and TreasuryintermediateSee how a bank earns its margin, prices a loan and measures credit risk.7 lessons · 7 builds
- Fixed IncomeintermediatePrice bonds, solve for yield and measure interest-rate risk — step by step in a live worksheet.5 lessons · 5 builds
- Finance Interview PreparationadvancedAnswer technical finance questions out loud, prove them with numbers, and pass the modeling test.5 lessons · 5 builds
Assessed work
Certificates that mean something
Certificates are issued only when every lesson in a track is passed and its assessed work — timed technical screens and capstone models — is passed on our servers, with no hints. Anyone can verify one with its code.
- Finance Fundamentals: knowledge checkTimed · 20 min · 10 questions
- Time Value of Money: technical screenTimed · 25 min · 10 questions
- Company Valuation: technical screenTimed · 30 min · 12 questions
- Corporate Finance: technical screenTimed · 40 min · 14 questions
- Corporate Finance case: fund a new lineTimed · 45 min · 11 questions