Puzzles
Puzzles
Visualize how the money moves.
Tax rate: 0%
Max tax rate capped at 45%
Default: None
Three-Statement Flow
Drag every dollar delta onto the right line across the Income Statement, Cash Flow Statement, and Balance Sheet. Ten categories deep, from a single cash expense to multi-step puzzles that chain several transactions together.
10 Categories IS · CFS · BS Multi-Step Chains
Concept
Income Statement
Cash Flow Statement
Balance Sheet
Drag a chip onto the line item it belongs to — or tap the chip, then tap the slot
Fill every slot to grade
Solved.
All steps
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This puzzle is a Pro feature
Free accounts get the first category of Three-Statement puzzles. Upgrade to Pro or the Recruiting Pass to unlock every puzzle across Three-Statement, Valuation, and DCF.
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Choose your mode
Guided
Items that don't change are already marked "No change" — you just work out what actually moves.
Income Statement
RevenueNo change
COGSNo change
Operating Expenses?
Net Income?
Full Statement
Nothing is revealed ahead of time — every line on all three statements is yours to decide, including which don't move at all.
Income Statement
Revenue?
COGS?
Operating Expenses?
Net Income?
Choose your mode
Signed Chips
Every chip already shows whether it adds or subtracts — just drag it onto the right rung of the bridge.
Bridge
Debt+$150M
Cash & Equivalents−$30M
Enterprise Value?
Select the Sign
Chips only show the dollar amount — you decide whether each one adds or subtracts by picking + or − yourself before you grade.
Bridge
Debt+−$150M
Cash & Equivalents+−$30M
Enterprise Value?
Set up your DCF
FCF Type
Unlevered FCF
Build UFCF = NOPAT + D&A +/- Change in Net Working Capital − CapEx.
Levered FCF
Build LFCF = Net Income + D&A +/- Change in Net Working Capital − CapEx − Mandatory Debt Repayment.
Terminal Value Method
Perpetuity Growth (Gordon Growth)
TV = Year 5 FCF × (1+g) / (Rate − g), with g picked from a book of real assumptions.
Exit Multiple
TV = Year 5 EBITDA (built from the statements) × a given EV/EBITDA multiple.
Pick up where you left off?