What is a football field chart, and how do you use it?

Define it as a bar chart lining up the value range from each method on one scale. Say where the ends of each bar come from, then read it three ways: the overlap, the outlier and an offer price against every bar.

Updated October 20, 2026

The numbers, step by step

Invented ranges per share: comps $18 to $24, precedents $22 to $30, DCF $20 to $28, LBO $17 to $23, against an offer of $25.

Middle of the comps range($18 + $24) ÷ 2

$21

Offer against the comps middle$25 ÷ $21 − 1

about 19% above

Middle of the precedents range($22 + $30) ÷ 2

$26

Offer against the precedents middle$25 ÷ $26 − 1

about 3.8% below

What the interviewer listens for

• Do you describe ranges from several methods on one scale?
• Do you know where the ends of each bar come from?
• Do you use the overlap rather than an average?
• Can you read an offer price against the chart?
• Do you separate reference points from valuations?

Common mistakes

• Calling it a chart of the final valuation.It shows ranges from several methods so they can be compared.
• Treating the 52-week range or analyst price targets as valuation methods.
• Averaging all the bars into one number instead of reading the overlap and explaining the outlier.
• Not knowing where the ends of each bar come from, which is the usual follow-up.

Likely follow-ups

• Why is the LBO bar often the lowest?A sponsor has to earn its target return with the debt the company can carry and usually no synergies, so that caps what it can pay.
• Would you show it in enterprise value or per share?For a public company, usually per share, so the board can compare it with the offer and the share price. For a private company, enterprise value is common.

More finance technicals

• The discount rate goes up by a point. What happens to the DCF, and which hurts more: that, or terminal growth falling by a point?
• What long-term growth rate would you pick for a DCF, and why not 6%?
• Do unfunded pensions or leases belong in enterprise value?
• What multiples would you use for a bank, a REIT, an oil producer and a software company?
• How does valuing a private company differ from valuing a public one?

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