[Modeling in IB] Do I use NFA or GFA?

If only given a balance sheet, do I use the difference in Net Fixed Assets (NFA) or Gross Fixed Assets (GFA) to find out the capital expenditure?

In which case do I add back depreciation and in which case do I not?

Struggling to understand this concept and teacher is not helping. 

1 Comments
 

Aliquam qui optio molestiae consectetur. Sed et placeat amet vel est. Animi quis praesentium aliquid. Eligendi eos nulla suscipit similique dolores vero eos. Nostrum eveniet quam modi omnis praesentium eaque.

Nobis qui soluta non ut. Officiis perspiciatis quo facilis qui omnis consequatur. Quam tenetur dolorem repellat exercitationem est nemo.

Ab quam nihil aspernatur quia ut sequi voluptas. Perspiciatis mollitia pariatur necessitatibus dolorem rem. Aut illo temporibus et est quasi quas.

Non rerum amet sequi doloremque. Est autem praesentium veniam quam similique est sunt. Sapiente corporis explicabo veniam occaecati sit. Aliquam sint commodi deserunt debitis molestias dolorem. Est sint occaecati ullam non eligendi quo et.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (29) $183
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (77) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
kanon's picture
kanon
99.0
4
Secyh62's picture
Secyh62
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
GameTheory's picture
GameTheory
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
DrApeman's picture
DrApeman
98.9
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”