Fully Diluted Market Cap Calculator

Find the fully diluted market cap (FDV): what an asset would be worth if every share or token existed at today’s price. The Crypto tab computes FDV from token price and max supply, compares it with the circulating market cap, and reads the unlock-overhang signal; the Stocks tab adds options, RSUs, and convertibles to shares outstanding.

Quick Answer

How to use the calculator

Pick the tab that matches your asset, enter the pre-filled worked-example figures or your own, and click Calculate. Results stay hidden until then, and Copy my results and Share results sit under every result.

Crypto tab: enter token price and max or total supply. Add circulating supply if you want the market cap comparison, the circulating ratio, and the overhang verdict. Add a target FDV if you want the reverse calculation: the token price that target would require at full supply.

Stocks tab: enter share price and shares outstanding, then any options, RSUs, and convertible shares. The tool returns the fully diluted market cap, the basic market cap, the fully diluted share count, and the dilution percentage.

The formulas, stated plainly

Crypto FDV equals token price times max supply. Circulating market cap equals token price times circulating supply. The circulating ratio equals circulating supply divided by max supply, times 100. The reverse calculation equals target FDV divided by max supply, giving the implied token price.

For stocks, fully diluted shares equal shares outstanding plus options plus RSUs plus convertibles, and fully diluted market cap equals share price times fully diluted shares. The dilution percentage in this tool equals dilutive shares divided by fully diluted shares, times 100. Read it exactly that way: in the worked example, 2 million dilutive shares out of 12 million fully diluted shares is 16.7% of the fully diluted count, not a 20% uplift on the basic count. That distinction matters when you compare this tool with a source that quotes dilution against basic shares.

Worked examples, checked against the tool

Crypto. A token at $2 with 1 billion max supply and 100 million circulating: enter the three figures on the Crypto tab and the tool returns an FDV of $2.00 billion, a circulating market cap of $200.00 million, and a circulating ratio of 10.0% with the high-unlock-overhang verdict. Add a $1 billion target FDV and the reverse calculation gives an implied token price of $1.0000.

Stocks. A $50 share price with 10 million shares outstanding plus 1 million options, 0.5 million RSUs, and 0.5 million convertibles gives a fully diluted market cap of $600.00 million against a basic market cap of $500.00 million, on 12 million fully diluted shares, at 16.7% dilution. Both examples were verified against the calculator above, and both sets of figures are pre-filled in the tool.

FDV versus market cap: the gap that matters

Market cap equals price times circulating supply: what trades today. FDV equals price times max supply: what everything would be worth at today's price. The gap between them is locked supply waiting to unlock. A token with a $200 million market cap and a $2 billion FDV has 90% of its supply still to come; unless demand grows proportionally when those tokens unlock, the price must fall to restore equilibrium. Research on 2024 token launches reported an average market-cap-to-FDV ratio of just 12.3%, meaning nearly 88% of supply sat locked: the gap is the norm, not the exception.

Reading the circulating ratio

The tool's verdict follows the circulating ratio, and the bands are fixed in the code. Treat the verdict as a screening signal, then check the unlock schedule before acting on it: linear unlocks bleed slowly, while cliff unlocks hit at once.

The price-target reality check

FDV turns hype into arithmetic. A meme coin shouting for $10 with a 1 trillion token supply implies a $10 trillion FDV, larger than most stock markets: the target is impossible without global adoption. The reverse calculation in this tool does the same work in the other direction: enter any target FDV and see the token price it requires at full supply.

Unit bias: why a cheap-looking coin is not cheap

A coin priced at $0.01 looks inexpensive next to a $50,000 coin, but price per token means nothing without supply. $0.01 times 100 billion tokens is a $1 billion valuation. Always compare FDV to FDV, never price to price. If you only need the undiluted conversion between market cap and price, the market cap to price calculator does that job, and it says plainly not to use a diluted count there. This page is the diluted counterpart: dilution is the whole point here.

Stocks: where dilution comes from, and where this tool stops

For equities, the dilutive items are employee stock options, restricted stock units (RSUs), and convertible notes or preferred shares that convert to common stock. Fully diluted shares equal outstanding plus options plus RSUs plus convertibles; multiply by the share price for the fully diluted market cap. A company can look reasonably valued on basic shares and expensive once 15 to 20% dilution is counted.

Be clear about one limit. This tool adds the full count of every dilutive item, which gives a conservative ceiling. Formal diluted earnings-per-share accounting is subtler: options are typically counted net of the shares the exercise proceeds could buy back, under the treasury stock method, and only instruments that would actually reduce earnings per share are included. A reported diluted share count can therefore come in lower than this tool's simple sum. Use this tool to size the maximum dilution exposure, and use the filed diluted share count for reported earnings. Dilution also cuts per-share earnings, which the diluted loss per share calculator examines from the earnings side.

Supply traps: max, total, and no cap at all

Max supply and total supply are not always the same number. Max supply is the hard ceiling that will ever exist. Total supply is what has been issued so far, including locked and reserved tokens. This tool takes one supply figure and labels it max or total, so enter the figure that matches the question you are asking, and check the project's whitepaper or tokenomics documents for which one you have. If a token has no hard cap, FDV has no fixed answer: any FDV you compute is only as good as the supply assumption you feed it, and an unbounded supply schedule deserves more skepticism, not less. For a single holding rather than a whole supply, the token value calculator values your coins alone, and before placing an equity order, the stock purchase calculator works through the cost of the trade itself.

What competing calculators miss

Crypto FDV guides explain the concept well but offer no tool; the few market-cap tools that exist compute FDV without the circulating comparison, the ratio, or the overhang read. Stock dilution calculators do the share math but ignore crypto entirely, and most of them gloss over the treasury stock method difference without telling you. This page is both: crypto FDV with the circulating-cap comparison, the overhang verdict, and the reverse price-from-target calculation, plus the stock dilution mode, in one place, with its definitions and limits stated rather than smoothed over.

Frequently asked questions