{"id":30383,"date":"2022-10-24T04:51:49","date_gmt":"2022-10-24T04:51:49","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=30383"},"modified":"2026-04-02T08:36:49","modified_gmt":"2026-04-02T08:36:49","slug":"calculation-and-interpretation-of-wacc","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-issuers\/calculation-and-interpretation-of-wacc\/","title":{"rendered":"Calculation and Interpretation of 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 \u2013 Fundamental Topics (2025 CFA\u00ae Level I \u2013 Corporate Issuers\u2013Module 6)\",\n  \"description\": \"This video lesson covers Topic 4: Corporate Issuers, Module 6: Cost of Capital. It explores WACC calculations, tax impacts, cost of capital estimation for debt, equity, and preferred stock, beta estimation methods, and proper treatment of flotation costs, providing comprehensive insights into capital cost analysis.\",\n  \"uploadDate\": \"2021-11-17T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/Kh3Lq2F_D3Q\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/youtu.be\/HkoJ_nedolg\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/Kh3Lq2F_D3Q\",\n  \"duration\": \"PT40M28S\"\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    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. The weighted average cost of capital is calculated as WACC = w_d r_d (1 \u2212 t) + w_p r_p + w_e r_e. Substituting the given values: (0.50 \u00d7 0.08 \u00d7 (1 \u2212 0.40)) + (0.20 \u00d7 0.09) + (0.30 \u00d7 0.11) = 0.075, or 7.50%.\"\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\/HkoJ_nedolg\"\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 a company&#8217;s management makes. Similarly, it is useful in the valuation of a company by investors and analysts. A company that invests in a project that produces a return greater than its cost of capital has created value. It is imperative to note that a return that is less than the cost of capital destroys value.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cost of Capital<\/strong><\/h2>\n\n\n\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 capital contribution.<\/p>\n\n\n\n<p>Marginal cost is the cost of raising additional funds for a potential investment project. An investment analysis is most concerned with the cost of capital.<\/p>\n\n\n\n<div style=\"margin:20px 0\">\n<a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\"\nstyle=\"display:block;width:100%;text-align:center;padding:10px;border:2px solid #2f5bea;border-radius:40px;font-size:16px;color:#2f5bea;text-decoration:none\">\nPractice WACC questions with our free trial.\n<\/a>\n<\/div>\n\n\n<h3><strong>Weighted Average Cost of Capital<\/strong><\/h3>\n<p>The cost of capital for a company refers to the rate of return that 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 a 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 raising 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<h4><strong>Example: Calculating the WACC<\/strong><\/h4>\n<p>Assume that company XYZ has the following capital structure: 25% equity, 10% preferred stock, and 65% debt. Its marginal cost of equity is 12%, while its marginal cost of preferred stock is 9%. Lastly, 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<h3><strong>Question<\/strong><\/h3>\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 <strong>B<\/strong>.<\/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\n\n<div style=\"text-align:center; margin:30px 0;\">\n\n<a href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"display:inline-block; padding:12px 24px; border-radius:9999px; background:#1e5bd8; color:#ffffff; font-weight:700; text-decoration:none;\">\nStart Free Trial \u2192\n<\/a>\n\n<p style=\"margin-top:12px; font-size:16px; line-height:1.5;\">\nStrengthen your CFA Level I corporate finance skills with exam-style practice on WACC, capital structure, and cost of capital concepts.\n<\/p>\n\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The concept of cost of capital informs the investment decisions that a company&#8217;s management makes. Similarly, it is useful in the valuation of a company by investors and analysts. A company that invests in a project that produces a return&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-30383","post","type-post","status-publish","format-standard","hentry","category-corporate-issuers","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>WACC Calculation and Interpretation | CFA I<\/title>\n<meta name=\"description\" content=\"Learn how to calculate and interpret WACC, including the cost of equity and debt, and how WACC is used in valuation and capital budgeting.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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