A

Glossary

Net Operating Profit Less Adjusted Taxes

Also: NOPLAT

Essential — core valuation theory

What it measures

Strips out financing effects. Used in ROIC + DCF numerator.

Formula

EBIT × (1 - Tax Rate)

Related metrics

ROICWACCOperating Margin

Source

McKinsey, Valuation (7th ed.) ch. 7

Previous

Net Margin

Next

Operating Cash Flow