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Passenger rail operator financial model, built free.

A three-statement Excel model for a passenger rail operator, 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

Runs passenger rail or light-rail services under a franchise, concession or PPP, earning farebox revenue and/or government service payments.

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 and tested

    Discounted cash flow, with scenarios on the key drivers.

  • 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
Passenger rail operator sample model.xlsx
The Summary sheet of the sample passenger rail operator 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 a passenger rail operator.

  1. How it earns revenue1 parts
    Haulage, access and fare revenue
  2. What drives its costs3 formulas
    Rail operating costs · All rail corridors
    Rail operating costsVariable operating costs (NTK × unit cost)Fixed corridor costs
    Lifecycle, major maintenance and handback · Across the business
    Major maintenance expense (works plus provision movement)Major maintenance works paidProvision requiredProvision at period start
    Lifecycle, major maintenance and handback · Across the business
    Provision at period endProvision at period startMajor maintenance expense (works plus provision movement)Major maintenance works paid
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  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

18 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
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • LeasesLease register
  • Lifecycle, major maintenance and handbackComponent replacement schedulePeriodic renewal of concession and PPP assets (resurfacing, mechanical and electrical replacement), reserves and provisions for it, and works needed to hand the asset back.
  • Concession asset and grantor paymentsIntangible amortised to concession endHow the right to operate a concession (toll road, airport, port, PPP) sits on the balance sheet and is used up over the concession life, including fees paid to the grantor.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Terminal valuePerpetuity growth on normalised cash flow
  • Rail volumes and patronageBase volume × growthFreight tonnes (and tonne-km) or passenger journeys on each corridor.
  • Haulage, access and fare revenueVolume × rateRevenue from hauling freight, charging for track access or carrying passengers.
  • Rail operating costsCost per net tonne-km or journeyTrain crew, fuel, rolling-stock maintenance and access charges for train operators, and track maintenance and train control for network owners.
Key numbers

The numbers it tracks.

  1. 01patronage
  2. 02average fare
  3. 03farebox recovery
  4. 04subsidy per journey
  5. 05EBITDA margin
Used for

What it is used for.

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Looking for a passenger rail operator financial model template? Ours arrives built for your business, with your figures in it.

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.