Antidilution Calculator Excel Template
Antidilution Calculator Excel Template
Interactive Excel Financial Model
Download, customize, and integrate into your own analysis
What's Included
- Interactive financial model with live Excel formulas
- All formulas visible and fully editable
- Professional formatting with color-coded inputs & outputs
- Formula reference sheet with variable definitions
- Step-by-step instructions sheet
- Compatible with Microsoft Excel 2016 and later
Download Template
Price range: $0.00 through $20.00
Compare full ratchet vs weighted average antidilution protection. Model conversion price adjustments and ownership impact in down rounds.
Online Calculator vs Excel Template
| Feature | Online | Excel |
|---|---|---|
| Instant use — no download | ✓ | — |
| Works offline | — | ✓ |
| Customize formulas & layout | — | ✓ |
| Save & share with colleagues | — | ✓ |
| Integrate into your own models | — | ✓ |
| Print-ready formatting | — | ✓ |
About This Template
Model full ratchet vs weighted average antidilution protection in Excel with this ready-to-use Antidilution Calculator template. Perfect for founders negotiating term sheets, investors evaluating protection mechanisms, or finance students learning venture capital deal structures.
What You Can Calculate
This template compares three scenarios side-by-side:
- No Protection (Baseline) - See ownership dilution without any antidilution provisions
- Full Ratchet - Calculate the maximum investor-friendly adjustment that resets conversion price to the down round price
- Broad-Based Weighted Average - Model the founder-friendly approach using the standard NVCA formula: CP2 = CP1 x (A+B)/(A+C)
- Protection Ratio - Quantify exactly how many times harsher full ratchet is compared to weighted average
Required Inputs
Enter five values to run the analysis:
- Original Investment & Price - Your Series A round details (investment in $M, price per share)
- Down Round Investment & Price - The new financing terms triggering antidilution
- Pre-Round Fully Diluted Shares - Total cap table shares before the down round
Methodology
The template implements the standard broad-based weighted average formula used in NVCA model documents. For full ratchet, conversion price simply resets to the down round price. Additional shares are calculated as: Original Shares x (Original Price / New Price - 1). All ownership percentages are computed on a fully diluted, as-converted basis.
Assumptions & Limitations
- Single protected Series A round with 1:1 initial conversion ratio
- Broad-based denominator uses fully diluted shares (common, preferred, options, pool)
- Does not model pay-to-play provisions, carve-outs, or liquidation preferences
- For educational purposes - always consult legal counsel for actual transactions
Frequently Asked Questions
This template calculates and compares three antidilution scenarios side-by-side: No Protection (baseline), Full Ratchet (investor-friendly), and Broad-Based Weighted Average (founder-friendly). You can see exactly how each method affects conversion price, share count, and ownership.
The Protection Ratio shows how many times more shares Full Ratchet grants compared to Weighted Average. A ratio of 7.7x means Full Ratchet gives 7.7 times as many additional shares. Higher ratios indicate Full Ratchet is significantly harsher on founders.
Antidilution protection only triggers when the down round price is LOWER than the original price. If you enter a down round price equal to or higher than the original, no adjustment is needed and the calculator displays this message.
A fully interactive financial model with live Excel formulas, an Instructions sheet with usage guide, and a Formula Reference sheet with variable definitions and model assumptions. All formulas are visible and editable.
Microsoft Excel 2016 or later. The template uses standard Excel formulas only — no macros, VBA, or add-ins required.
Yes. All cells are fully editable. You can modify any formula, add your own calculations, change formatting, or integrate the model into your existing spreadsheets.
The online calculator runs in your browser for quick calculations. This Excel template gives you a portable, offline financial model you can customize, save, share with colleagues, and integrate into your own analysis.
This template is provided for educational and personal use. You may use it in your own professional analysis and presentations. Redistribution or resale of the template itself is not permitted.
You can re-download the latest version from your account or by requesting a new download link. Free downloads are limited to 5 per email address per month.
