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Online and direct to consumer

E-commerce store financial model, built free.

A three-statement Excel model for an online retailer and marketplace, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Sells online only — its own stock, drop-shipped products or third-party sellers' products on a marketplace — earning product margin or commissions after fulfilment and marketing costs.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
E-commerce store sample model.xlsx
The Summary sheet of the sample e-commerce store model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for an e-commerce store.

  1. How it earns revenue2 formulas
    Sales · All store formats
    Online salesOrdersAverage order value
    Concessions, services and other retail income · All store formats
    Concession, services and other retail incomeOnline salesfrom salesOther retail income (% of sales)
  2. What drives its costs3 formulas
    Cost of goods sold · All store formats
    Cost of goods soldLanded cost of product soldShrinkageFreight and logisticsLess supplier rebates
    Store and channel operating costs · All store formats
    Store operating costsStore wagesRentOther store costsVariable store costsPre-opening costs
    Marketing and customer acquisition · All store formats
    Marketing and customer acquisitionCustomer acquisition spendRetention marketing
  3. What it invests in3 formulas
    Store capex and depreciation · All store formats
    Capital expenditureOnline salesfrom salesCapex as % of sales
    Store capex and depreciation · All store formats
    Less depreciationDepreciation (run-off of a mix of vintages)Depreciation
    Store capex and depreciation · All store formats
    Closing net book valueOpening net book valueAdd capital expenditureLess depreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

28 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Budget phasingSeasonal profile of twelve monthly weights
  • Sources and uses of fundsBalanced sources and uses
  • Case selectionStackable stress toggles
  • Discount rate (WACC)CAPM at target gearing
  • Burn and runwayRunway to the forecast cash-out date
  • Seasonal phasing of salesHistorical monthly profileHow annual sales — and the stock and cash that follow them — are spread across months or quarters.
  • InventoryStock per store plus DC stockStock held in stores, distribution centres and in transit, and the cash it ties up.
  • Distribution and logisticsLogistics % of salesDistribution-centre, warehousing and outbound freight costs of moving goods to stores, customers or retail accounts.
  • Store networkScheduled openings and closuresStores trading in each period — openings, closures and selling area — which every per-store driver multiplies.
  • SalesOnline sales from active customers × orders × order valueSales of the format — stores, restaurants, cafés or an online channel — the revenue base of every retailer.
  • Cost of goods soldProduct margin less shrinkage and freightCost of the goods (or food) sold by the format, after supplier terms, freight, markdowns and shrinkage.
  • Store and channel operating costsPer-store wages, rent and other costsCosts of running the format — store wages, rent and occupancy, running costs, or an online channel's fulfilment and platform costs (rent here is the pre-AASB 16 cash view).
  • Store capex and depreciationCapex as % of salesFit-out spend on new stores, refurbishments and maintenance, and the depreciation and book value of store assets.
  • Marketing and customer acquisitionNew customers × CAC plus retentionSpend on acquiring and retaining customers — media, catalogues, paid search and social, affiliates and CRM.
  • Concessions, services and other retail incomeOther income % of salesIncome earned alongside merchandise sales — concession commissions, extended warranties, consumer-finance commissions and delivery or installation services.
  • Store and unit economicsNew-store investment and paybackFour-wall (store) profit and the return on each new store or restaurant — the unit economics that support a roll-out, a franchise system or an online channel; reporting only.
  • Customers and subscribersAcquisition and churn roll-forwardActive customers or subscribers of an online format — how many are acquired, retained and lost — used by customer-based sales and acquisition-cost methods.
Key numbers

The numbers it tracks.

  1. 01active customers
  2. 02revenue per active customer
  3. 03gross margin %
  4. 04contribution margin after marketing and fulfilment
  5. 05EBITDA margin
  6. 06cash conversion
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
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See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.