The net present value of growth opportunities (NPVGO) is a calculation of the net present value per share of all future cash flows involved with growth opportunities such as new projects or potential acquisitions. The net present value of growth opportunities is used to determine the intrinsic value per share of these growth opportunities in order to determine how much of the firm's current per-share value is determined by them.

NPVGO is calculated by taking the projected cash inflow, discounted at the firm's cost of capital, less the initial investment or purchase price of the project or asset.