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LifeCycle Returns, Inc. formed in late 2001 after its founders, Rawley Thomas and Terry Heiland, developed the next level in DCF Valuation.

LCRT developed an enhanced framework to fundamental equity valuation that:

Depicts cash economic returns (CER’s) for thousands of U.S. publicly traded companies which incorporate conceptually sound and extensively researched adjustments to GAAP accounting variables.
Employs an empirical discounted cash flow (DCF) model of firm values based on the life cycle of CER’s combined with market derived investor discount rates.
Back-tests modeled DCF values against actual market prices for accurate valuations.
Screens the database to predict superior Shareholder Returns based on the tendency for actual prices to regress toward fundamental DCF values (contrary to instantaneously efficient markets) for buy/sell decisions.

All our analysis is based on conceptually sound research. We are very proud of our accomplishments and research results. Please take the time to view some of the documents that we use for our presentations.

Rawley Thomas serves as VP of Practitioner Services of the Financial Management Association (FMA), Chairman of the FMA Practitioner Research Committee, and Chairman of the FMA PDDARI Meeting Supported by the CFA Society of Chicago. The objective of PDDARI is to facilitate the development of cutting edge research useful to practitioners, their firms, and the profession for practical decision making. Through this research initiative the FMA hopes to encourage academic research that addresses the needs of professional finance and investment associations and to encourage interaction between the practitioner and academic communities. Please check out the web sites: