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DCF valuation

What is Dine Brands Global, Inc. worth?

With the base-case assumptions below, a discounted cash flow model on Dine Brands Global, Inc.'s reported free cash flow gives -$27.08 per share. The share price was $28.17 on September 25, 2026, 204% below that value.

Inputs from the filings

Free cash flow, fiscal 2025
$53.4M
Average free cash flow, last 5 years
$77.9M
Cash
$97.5M
balance sheet of June 28, 2026
Debt
$1.19B
balance sheet of June 28, 2026
Diluted shares, fiscal 2025
14,300,000
Revenue growth per year, last 4 years
-0.5%

Three sets of assumptions

CaseGrowth yrs 1-5Growth yrs 6-10After year 10Discount rateValue per shareValue vs price
Bear-5.5%-2.0%2.0%10.0%-$45.48-261%
Base-0.5%1.0%2.5%9.0%-$27.08-196%
Bull4.5%4.0%3.0%8.0%$8.75-69%

Sensitivity: base case value per share

Discount rate down the side, growth after year 10 across the top. Everything else as in the base case.

1.5%2.0%2.5%3.0%3.5%
7.0%-$14.41-$10.62-$5.99-$0.21$7.22
8.0%-$23.80-$21.34-$18.44-$14.96-$10.71
9.0%-$30.69-$29.01-$27.08-$24.82-$22.15
10.0%-$35.97-$34.77-$33.42-$31.88-$30.09
11.0%-$40.14-$39.26-$38.28-$37.18-$35.94

Where the presets come from

Base: years 1 to 5 grow at Dine Brands Global, Inc.'s revenue growth rate over the last 4 fiscal years (-0.5% 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

Dine Brands Global, Inc. company page