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<!doctype html>
<html lang="en">
<head>
<!-- Global site tag (gtag.js) - Google Analytics -->
<script async src="https://www.googletagmanager.com/gtag/js?id=UA-4601421-3"></script>
<script>
window.dataLayer = window.dataLayer || [];
function gtag() {
dataLayer.push(arguments);
}
gtag('js', new Date());
gtag('config', 'UA-4601421-3');
</script>
<title>equity.cool - Stock Option Calculator</title>
<link href="https://fonts.googleapis.com/css2?family=Aldrich&family=Mulish&display=swap"
rel="stylesheet">
<link rel="icon" type="image/png" href="icons8-magic-crystal-ball-48.png">
<!-- Required meta tags -->
<meta charset="utf-8">
<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
<!-- Bootstrap CSS -->
<link rel="stylesheet" href="https://stackpath.bootstrapcdn.com/bootstrap/4.5.0/css/bootstrap.min.css"
integrity="sha384-9aIt2nRpC12Uk9gS9baDl411NQApFmC26EwAOH8WgZl5MYYxFfc+NcPb1dKGj7Sk" crossorigin="anonymous">
<style>
label.col-form-label {
font-weight: bold;
font-size: 1.5rem;
}
input.form-control, select.form-control {
font-size: 1.25rem;
}
input.form-control::placeholder {
color: #777;
}
.btn-primary, .btn-primary:visited, .btn-primary:focus {
background-color: #28a745;
border-color: #28a745;
font-weight: bold;
}
.btn-primary:hover, .btn-primary:active {
background-color: #4AD36A !important;
border-color: #4AD36A !important;
}
body {
font-family: 'Mulish', sans-serif;
}
h1, #ipoValueDollars {
font-family: 'Aldrich', sans-serif;
}
h2, h3, h4, h5, h6 {
font-family: 'Mulish', sans-serif;
font-weight: bolder;
}
p {
font-size: 18px;
font-family: 'Mulish', sans-serif;;
}
table {
font-size: 1.5rem;
}
</style>
</head>
<body>
<div class="container">
<br>
<h1 class="display-3 mt-4 mb-2 text-success">equity.cool</h1>
<p class="lead font-weight-bold">
No-bullshit stock option calculator.
Questions? <a href="https://www.umbrant.com/startup-equity-calculator-faq/">See the FAQ</a>.
</p>
<br>
<br>
<form id="calculator">
<div class="row form-group">
<div class="col form-group">
<h2>Company Info</h2>
<hr>
<div class="form-group row">
<div class="col">
<label class="col-form-label" for="fundingRound">Current funding round</label>
<p class="font-italic">Company's most recent funding round. Get this from Crunchbase or the
recruiter.</p>
</div>
<div class="col">
<select class="form-control" name="fundingRound" id="fundingRound" required>
<option disabled="" selected="" value="" hidden=""> -- select --</option>
<option value="0">Seed</option>
<option value="1">Series A</option>
<option value="2">Series B</option>
<option value="3">Series C</option>
<option value="4">Series D</option>
<option value="5">Series E</option>
<option value="6">Series F</option>
</select>
</div>
</div>
<div class="form-group row">
<div class="col">
<label class="col-form-label"
for="companyValuation">Current valuation</label>
<p class="font-italic">Company valuation as of most recent funding round. Get this from
Crunchbase or the recruiter.</p>
</div>
<div class="col">
<div class="input-group">
<div class="input-group-prepend">
<span class="input-group-text">$</span>
</div>
<input type="text" required class="form-control" id="companyValuation"
name="companyValuation"
placeholder="100,000,000">
</div>
</div>
</div>
<div class="form-group row">
<div class="col">
<label class="col-form-label"
for="totalNumShares"># of outstanding shares</label>
<p class="font-italic">Total number of shares issued by the company.
<a href="https://www.umbrant.com/startup-equity-calculator-faq/#totalnumberofshares">Get
this from
the recruiter, corporate lawyer, or finance team.</a></p>
</div>
<div class="col">
<input type="text" required class="form-control" name="totalNumShares" id="totalNumShares"
placeholder="1,000,000">
</div>
</div>
</div>
</div>
<div class="row form-group">
<div class="col-md form-group">
<h2>Your Stock Grant</h2>
<hr>
<div class="form-group row">
<div class="col">
<label class="col-form-label"># of stock options</label>
<p class="font-italic">Number of stock options in your stock grant.<br/><a
href="https://www.umbrant.com/startup-equity-calculator-faq/#rsus">If you have RSUs, see
the FAQ</a>.</p>
</div>
<div class="input-group col">
<input type="text" required class="form-control" name="userNumShares" placeholder="1,000">
</div>
</div>
<div class="form-group row">
<div class="col">
<label class="col-form-label">Strike price</label>
<p class="font-italic">What you pay to exercise a single stock option.</p>
</div>
<div class="col">
<div class="input-group">
<div class="input-group-prepend">
<span class="input-group-text">$</span>
</div>
<input type="text" required class="form-control" name="userStrikePrice" id="userStrikePrice"
placeholder="1.00">
</div>
</div>
</div>
<div class="form-group row">
<div class="col">
<label class="col-form-label" for="vestingPeriodYears">Vesting period</label>
<p class="font-italic">Usually 4 years.</p>
</div>
<div class="col">
<div class="input-group">
<input type="text" required class="form-control" id="vestingPeriodYears"
name="vestingPeriodYears" value="4">
<div class="input-group-append">
<span class="input-group-text">years</span>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="row form-group">
<div class="col form-group">
<h2>Projection</h2>
<hr>
<p>If you're not sure, try out different values and make your best guess!</p>
<div class="form-group row">
<label class="col col-form-label" for="userCashCompensation">Annual cash compensation</label>
<div class="col">
<div class="input-group">
<div class="input-group-prepend">
<span class="input-group-text">$</span>
</div>
<input type="text" required class="form-control" id="userCashCompensation"
name="userCashCompensation"
placeholder="100,000">
</div>
</div>
</div>
<div class="form-group row">
<div class="col">
<label class="col-form-label" for="numberOfRoundsToIPO">
Additional funding rounds through IPO</label>
<p class="font-italic">Example: The company is currently Series D. You expect a Series E (1),
Series F (2), then IPO (3). This is 3 rounds through IPO.
<br>
<a href="https://www.umbrant.com/startup-equity-calculator-faq/#estimateIPO">See this FAQ answer for more on this topic</a>.
</p>
</div>
</label>
<div class="col">
<div class="input-group">
<input type="text" required class="form-control" name="numberOfRoundsToIPO"
id="numberOfRoundsToIPO"
placeholder="3">
<div class="input-group-append">
<span class="input-group-text">rounds</span>
</div>
</div>
</div>
</div>
<div class="form-group row">
<div class="col">
<label class="col-form-label"
for="ipoValuation"
title="">IPO valuation</label>
<p class="font-italic">Typically, a company needs to be worth ≥$1B to IPO.</p>
</div>
<div class="col">
<div class="input-group">
<div class="input-group-prepend">
<span class="input-group-text">$</span>
</div>
<input type="text" required class="form-control" id="ipoValuation" name="ipoValuation"
placeholder="1,000,000,000">
</div>
</div>
</div>
</div>
</div>
<div class="row form-group">
<div class="col form-group">
<h2>Projection</h2>
<hr>
<div class="row form-group">
<div class="col-8">
<h3 class="font-weight-bold">If the company IPOs, your options will be worth:</h3>
</div>
<div class="col">
<h3 class="font-weight-bold" id="ipoValueDollars">???</h3>
</div>
</div>
</div>
</div>
<div class="row align-items-center">
<div class="col"></div>
<div class="col-5 pb-4">
<button type="submit" class="btn btn-primary btn-lg btn-block">Calculate</button>
<br>
</div>
<div class="col"></div>
</div>
</form>
<div class="row text-center">
<table id="results" class="table">
<thead>
<tr>
<th scope="col" class="text-center">Funding round</th>
<th scope="col" class="text-center">Valuation</th>
<th scope="col" class="text-center">Total equity ($)</th>
<th scope="col" class="text-center">Annual equity ($)</th>
<th scope="col" class="text-center">Annual total comp ($)</th>
</tr>
</thead>
<tbody>
<tr>
<td>-</td>
<td>-</td>
<td>-</td>
<td>-</td>
<td>-</td>
</tr>
</tbody>
</table>
</div>
<div class="row pt-4 pb-4">
<div class="col text-center">
<p>
<br>
Made by <a href="https://umbrant.com">umbrant</a>.
<br/>
Questions? <a href="https://www.umbrant.com/startup-equity-calculator-faq/">See the FAQ</a>.
<br/>
Feedback? <a href="mailto:andrew@umbrant.com">Send me an email</a>.
</p>
</div>
</div>
</div>
<!-- Optional JavaScript -->
<!-- jQuery first, then Popper.js, then Bootstrap JS -->
<script src="https://code.jquery.com/jquery-3.5.1.slim.min.js"
integrity="sha384-DfXdz2htPH0lsSSs5nCTpuj/zy4C+OGpamoFVy38MVBnE+IbbVYUew+OrCXaRkfj"
crossorigin="anonymous"></script>
<script src="https://cdn.jsdelivr.net/npm/popper.js@1.16.0/dist/umd/popper.min.js"
integrity="sha384-Q6E9RHvbIyZFJoft+2mJbHaEWldlvI9IOYy5n3zV9zzTtmI3UksdQRVvoxMfooAo"
crossorigin="anonymous"></script>
<script src="https://stackpath.bootstrapcdn.com/bootstrap/4.5.0/js/bootstrap.min.js"
integrity="sha384-OgVRvuATP1z7JjHLkuOU7Xw704+h835Lr+6QL9UvYjZE3Ipu6Tp75j7Bh/kR0JKI"
crossorigin="anonymous"></script>
<script>
$("form#calculator select#fundingRound").on("change", (event) => {
// auto-fill the numberOfRoundsToIPO based on this
const element = $("form#calculator #numberOfRoundsToIPO");
if (element.val() === '') {
const fundingRound = Number(event.target.value);
// 0 1 2 3 4 5 6 7
// S A B C D E F I
const expectedIPORound = Math.max(7, fundingRound + 1);
element.val(expectedIPORound - fundingRound);
}
});
$("form#calculator input[type=text]").on("change", isValidNumber).on("keyup", isValidNumber).on("load", isValidNumber);
function isValidNumber(event) {
const text = event.target.value;
if (!text.match(/^[0-9,]+\.?[0-9]*$/)) {
event.target.setCustomValidity('Must be valid number')
return;
}
if (text.match(/\.\d*$/)) {
event.target.setCustomValidity("");
return;
}
const noCommas = text.replace(/,/g, '');
const number = Number(noCommas);
if (isNaN(number)) {
event.target.setCustomValidity("Must be valid number");
return;
}
if (number <= 0) {
event.target.setCustomValidity("Must be greater than zero");
return;
}
if (event.target.id === 'numberOfRoundsToIPO') {
if (!Number.isInteger(number)) {
event.target.setCustomValidity("Must be an integer value");
return;
}
}
if (event.target.id === 'ipoValuation') {
if (number > 1000 * 1000 * 1000 * 1000) {
event.target.setCustomValidity("Let's be realistic, shall we?")
return;
}
}
const oldValue = event.target.value;
event.target.setCustomValidity("");
const start = event.target.selectionStart;
event.target.value = number.toLocaleString('en-US', {maximumFractionDigits: 8});
const newValue = event.target.value;
const oldNumCommas = oldValue.substring(0, start).split(',').length;
const newNumCommas = newValue.substring(0, start).split(',').length;
const newPos = start + newNumCommas - oldNumCommas
event.target.setSelectionRange(newPos, newPos);
// Stash value for next time
event.oldValue = newValue;
}
function toCurrencyString(number, sigFigs) {
return number.toLocaleString('en-US', {
style: 'currency',
currency: 'USD',
maximumSignificantDigits: sigFigs,
minimumFractionDigits: 0,
maximumFractionDigits: 0
});
}
function toRoundedCurrencyString(number) {
const suffixes = ['', 'K', 'M', 'B', 'T'];
let suffixIdx = 0;
for (; suffixIdx < suffixes.length, number >= 1000; suffixIdx++, number /= 1000) {
}
return toCurrencyString(number, 3) + suffixes[suffixIdx];
}
function getRoundName(totalNumRounds, roundNumber) {
if (roundNumber === 0) {
return "Seed";
}
if (roundNumber === totalNumRounds - 1) {
return "IPO";
}
const offset = roundNumber - 1;
return "Series " + String.fromCharCode("A".charCodeAt(0) + offset);
}
function makeRow(round, comp) {
if (comp) {
return "<tr>" +
`<td>${round}</td>` +
`<td class='text-right'>${toRoundedCurrencyString(comp.companyValuation, 4)}</td>` +
`<td class='text-right'>${toCurrencyString(comp.equityDollars)}</td>` +
`<td class='text-right'>${toCurrencyString(comp.yearlyEquityDollars)}</td>` +
`<td class='text-right'>${toCurrencyString(comp.yearlyTotalCompDollars)}</td>` +
"</tr>";
}
return "";
}
function displayCompensation(numberOfRounds, compensationPerRound) {
$("table#results tbody").empty();
const rounds = Array(...compensationPerRound.keys());
for (const round of rounds) {
$("table#results tbody").append(makeRow(getRoundName(numberOfRounds, round), compensationPerRound.get(round)));
}
}
$("form#calculator").submit(handleSubmit);
function handleSubmit(event) {
event.preventDefault();
const array = $(this).serializeArray();
const values = {}
for (const item of array) {
values[item['name']] = Number(item['value'].replace(/,/g, ''));
}
const {companyValuation, totalNumShares, fundingRound, userNumShares, userStrikePrice, vestingPeriodYears, userCashCompensation, numberOfRoundsToIPO, ipoValuation} = values;
const numberOfRounds = 1 + fundingRound + numberOfRoundsToIPO
// Assume dilution decreases over time
const dilutionAfterRound = [];
{
let i = 0;
for (let k = 0; i < numberOfRounds, k < 1; i++, k++) {
dilutionAfterRound.push(0.25);
}
for (let k = 0; i < numberOfRounds, k < 3; i++, k++) {
dilutionAfterRound.push(0.20);
}
for (let k = 0; i < numberOfRounds, k < 3; i++, k++) {
dilutionAfterRound.push(0.15);
}
for (; i < numberOfRounds; i++) {
dilutionAfterRound.push(0.10);
}
}
// Linear model for valuation change
const valuationPerRound = [];
{
for (let i = 0; i < fundingRound; i++) {
valuationPerRound.push(0);
}
const totalSteps = numberOfRounds - fundingRound - 1;
const valuationChange = ipoValuation - companyValuation;
const slope = valuationChange / totalSteps;
for (let i = 0; i < numberOfRounds - fundingRound; i++) {
valuationPerRound.push(companyValuation + (i * slope));
}
}
const costToStrikeDollars = userStrikePrice * userNumShares;
const compensationPerRound = new Map();
let runningDilution = 1;
for (let i = 0; i < numberOfRounds; i++) {
if (i < fundingRound) {
compensationPerRound.set(i, null);
continue;
}
const comp = {}
comp.companyValuation = valuationPerRound[i];
comp.equityPercentage = userNumShares / (totalNumShares * runningDilution);
comp.equityDollars = comp.companyValuation * userNumShares / (totalNumShares * runningDilution) - costToStrikeDollars;
comp.yearlyEquityDollars = comp.equityDollars / vestingPeriodYears;
comp.yearlyTotalCompDollars = comp.yearlyEquityDollars + userCashCompensation;
compensationPerRound.set(i, comp);
runningDilution *= (1 + dilutionAfterRound[i]);
}
displayCompensation(numberOfRounds, compensationPerRound);
$("#ipoValueDollars").addClass("text-success").text(toCurrencyString(compensationPerRound.get(numberOfRounds - 1).equityDollars));
}
$(function () {
$('[data-toggle="popover"]').popover()
})
</script>
</body>
</html>