You can use
xlCompare for this. The primary function of the product is spreadsheet comparison. But it also has formula evaluation tool, that allows you to drill down into the calculations on your Excel worksheet.
The command you need is
Tools | Evaluate Formula
Also,
Evaluate Formula command is present in the Right Click menu on every cell.
This software has own Spreadsheet Calculation Engine and allows to evaluate all formulas including array formulas, defined names, etc.
Display Errors command shows all cells in your file that has error values. Double click on the cell in this list and xlCompare will open you a full calculation tree and point you to the source of the error, by expanding all branches.
On the screenshot below is a result of the formula evaluation for the cell, that contains VLOOKUP function:
Useful tip: xlCompare window is divided into two panels to open 2 Excel files for comparison.
For formula debugging you need only one panel. Hide the right panel on the View tab on the ribbon:
I need to note - the software is not free. But this is true only for spreadsheet comparison commands!
FORMULA DEBUGGING FUNCTIONS ARE FREE!
This is important.