What is Dave Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Dave Inc.'s reported free cash flow gives $675.47 per share. The share price was $324.88 on September 25, 2026, 52% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $416.10 | +28% |
| Base | 15.0% | 9.0% | $675.47 | +108% |
| Bull | 20.0% | 8.0% | $1,158.44 | +257% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $871.85 | $933.08 | $1,007.92 | $1,101.47 | $1,221.74 |
| 8.0% | $724.33 | $764.04 | $810.96 | $867.28 | $936.11 |
| 9.0% | $617.00 | $644.14 | $675.47 | $712.02 | $755.21 |
| 10.0% | $535.61 | $554.92 | $576.80 | $601.80 | $630.66 |
| 11.0% | $471.93 | $486.08 | $501.90 | $519.70 | $539.87 |
Where the presets come from
Base: years 1 to 5 grow at Dave Inc.'s revenue growth rate over the last 4 fiscal years (38.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions