{"id":1532,"date":"2019-09-12T13:33:00","date_gmt":"2019-09-12T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1532"},"modified":"2026-03-27T15:30:58","modified_gmt":"2026-03-27T15:30:58","slug":"weighted-average-cost-capital-wacc","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/weighted-average-cost-capital-wacc\/","title":{"rendered":"Weighted Average Cost of Capital (WACC)"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Cost of Capital (2021 Level I CFA\u00ae Exam \u2013 Reading 33)\",\n  \"description\": \"This CFA Level 1 module on Corporate Finance explores the concept of the weighted average cost of capital (WACC), its calculation, and implications. Topics include cost of debt, equity, and preferred stock, target capital structure, marginal cost of capital, and techniques for estimating costs in various scenarios, including flotation costs and country-specific adjustments.\",\n  \"uploadDate\": \"2018-10-21T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/I_SgGrDv1YM\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/I_SgGrDv1YM\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM\",\n  \"duration\": \"PT33M52S\",\n  \"publisher\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"logo\": {\n      \"@type\": \"ImageObject\",\n      \"url\": \"https:\/\/analystprep.com\/wp-content\/uploads\/2023\/01\/analystprep-logo.png\",\n      \"width\": 250,\n      \"height\": 50\n    }\n  }\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What is the weighted average cost of capital for a company if it has the following capital structure: 30% equity, 20% preferred stock, and 50% debt. Its marginal cost of equity is 11%, its marginal cost of preferred stock is 9%, its before-tax cost of debt is 8%, and its marginal tax rate is 40%?\",\n    \"text\": \"What is the weighted average cost of capital for a company if it has the following capital structure: 30% equity, 20% preferred stock, and 50% debt. Its marginal cost of equity is 11%, its marginal cost of preferred stock is 9%, its before-tax cost of debt is 8%, and its marginal tax rate is 40%?\\n\\nA. 7.84%\\nB. 7.50%\\nC. 8.00%\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. Using the WACC formula:\\n\\nWACC = (wd)(1 - t) + (wp)(rp) + (we)(re)\\nWACC = (0.50)(0.08)(1 - 0.40) + (0.20)(0.09) + (0.30)(0.11) = 7.5%\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\"\n  width=\"611\"\n  height=\"344\"\n  src=\"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM\"\n  title=\"YouTube video player\"\n  frameborder=\"0\"\n  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\"\n  referrerpolicy=\"strict-origin-when-cross-origin\"\n  allowfullscreen>\n<\/iframe>\n\n\n\n<p>The concept of cost of capital informs the investment decisions that the management of a company makes. Similarly, it is useful in the valuation of a company by investors and analysts. A company that invests in a project which produces a return that is greater than its cost of capital has created value. It is imperative to note that if the return is less than the cost of capital, then the value has been destroyed.<\/p>\n\n\n\n<div style=\"text-align: center; margin: 24px 0;\">\n  <div style=\"max-width: 680px; margin: 0 auto;\">\n    <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n       style=\"display: flex; align-items: center; justify-content: center;\n       width: 100%; padding: 8px 16px;\n       border: 2px solid #2f6fed; border-radius: 999px;\n       color: #2f6fed; text-decoration: none;\n       font-size: 15px; font-weight: 500;\n       line-height: 1.2; white-space: nowrap;\">\n      Practice WACC calculations with our free trial.\n    <\/a>\n  <\/div>\n<\/div>\n\n\n<h2><strong>Cost of Capital<\/strong><\/h2>\n<p>The cost of capital is not observable but must be estimated using assumptions. It is the rate of return which suppliers of capital, i.e., bondholders and owners require as compensation for their contribution of capital.<\/p>\n<p>Marginal cost is the cost of raising additional funds for a potential investment project. This is the cost of capital that an investment analyst is most concerned with.<\/p>\n<h3>Weighted Average Cost of Capital<\/h3>\n<p>The cost of capital for a company refers to the required rate of return which investors demand. It is the average-risk investment of a company. It is usually estimated by computing the marginal cost of each of the various sources of capital for the company and then taking a weighted average of these costs. This is referred to as the weighted average cost of capital (WACC). Given that it is the cost that a company incurs to raise additional capital, the WACC may also be referred to as the marginal cost of capital (MCC).<\/p>\n<p>The formula for the WACC is:<\/p>\n<p>$$ \\text{WACC}={ w }_{ d }{ r }_{ d }\\left( 1-t \\right) +{ w }_{ p }{ r }_{ p }+{ w }_{ e }{ r }_{ e } $$<\/p>\n<p>Where:<\/p>\n<p><em>w<sub>d<\/sub><\/em> = the proportion of debt that a company uses whenever it raises new funds<\/p>\n<p><em>r<sub>d<\/sub><\/em> = the before-tax marginal cost of debt<\/p>\n<p><em>t<\/em> = the company\u2019s marginal tax rate<\/p>\n<p><em>w<sub>p<\/sub><\/em> = the proportion of preferred stock that the company uses when it raises new funds<\/p>\n<p><em>r<sub>p<\/sub><\/em> = the marginal cost of preferred stock<\/p>\n<p><em>w<sub>e<\/sub><\/em> = the proportion of equity that the company uses when it raises new funds<\/p>\n<p><em>r<sub>e<\/sub><\/em> = the marginal cost of equity<\/p>\n<h3>Example: Calculating the WACC<\/h3>\n<p>Suppose company XYZ has the following capital structure: 25% equity, 10% preferred stock, and 65% debt. Its marginal cost of equity is 12%, its marginal cost of preferred stock is 9%, and its before-tax cost of debt is 7%. If the marginal tax rate is 35%, what is the WACC of company XYZ?<\/p>\n<p>In this example, <em>w<sub>d<\/sub><\/em> = 65%, <em>r<sub>d<\/sub><\/em> = 7%, <em>t<\/em> = 35%, <em>w<sub>p<\/sub><\/em> = 10%, <em>r<sub>p<\/sub><\/em> = 9%, <em>w<sub>e<\/sub><\/em> = 25%, and <em>r<sub>e<\/sub><\/em> = 12%.<\/p>\n<p>And we know that,<\/p>\n<p>$$ \\text{WACC}={ w }_{ d }{ r }_{ d }\\left( 1-t \\right) +{ w }_{ p }{ r }_{ p }+{ w }_{ e }{ r }_{ e } $$<\/p>\n<p>Therefore,<\/p>\n<p>$$ \\begin{align*}<br \/>{\\text{company XYZ\u2019s WACC}} &amp; = (0.65)(0.07)(1-0.35) + (0.1)(0.09) + (0.25)(0.12) \\\\<br \/>&amp; = 0.02958 + 0.009 + 0.03 \\\\<br \/>&amp; = 0.06858 = 6.858\\% \\\\<br \/>\\end{align*} $$<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>What is the weighted average cost of capital for a company if it has the following capital structure: 30% equity, 20% preferred stock, and 50% debt. Its marginal cost of equity is 11%, its marginal cost of preferred stock is 9%, its before-tax cost of debt is 8%, and its marginal tax rate is 40%?<\/p>\n<p>A. 7.84%<\/p>\n<p>B. 7.50%<\/p>\n<p>C. 8.00%<\/p>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is B.<\/p>\n<p>\\(\\text{WACC}={ w }_{ d }{ r }_{ d }\\left( 1-t \\right) +{ w }_{ p }{ r }_{ p }+{ w }_{ e }{ r }_{ e }\\)<\/p>\n<p>\\(\\text{WACC} = (0.50)(0.08)(1-0.40) + (0.2)(0.09) + (0.30)(0.11) = 7.5\\%\\)<\/p>\n<\/blockquote>\n<p><em>Reading 33 LOS 33a:<\/em><\/p>\n<p><em>Calculate and interpret the weighted average cost of capital (WACC) of a company<\/em><\/p>\n<div class=\"notes_inv\">\n<hr \/>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/learning-sessions-curriculum-corporate-finance\/\"><em>Corporate Finance &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>\n\n\n<div style=\"text-align: center; margin: 40px 0 10px;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"\n     style=\"display: inline-flex; align-items: center; justify-content: center;\n     padding: 10px 24px; border-radius: 999px;\n     font-size: 15px; font-weight: 600;\n     background-color: #4a72c9; color: #ffffff;\n     text-decoration: none; line-height: 1.2; white-space: nowrap;\">\n    Start Free Trial \u2192\n  <\/a>\n\n  <p style=\"margin: 14px auto 0; max-width: 680px; font-size: 15px; line-height: 1.6; color: #333333;\">\n    Strengthen your understanding of cost of capital, capital structure weighting, and WACC-based valuation with structured CFA Level I practice.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The concept of cost of capital informs the investment decisions that the management of a company makes. Similarly, it is useful in the valuation of a company by investors and analysts. A company that invests in a project which produces&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1532","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Weighted Average Cost of Capital (WACC) | CFA Level 1<\/title>\n<meta name=\"description\" content=\"WACC combines equity and debt costs, guiding investment decisions and company valuation. 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