What is DraftKings Inc. worth?
With the base-case assumptions below, a discounted cash flow model on DraftKings Inc.'s reported free cash flow gives $45.12 per share. The share price was $22.02 on September 25, 2026, 51% 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% | $28.20 | +28% |
| Base | 15.0% | 9.0% | $45.12 | +105% |
| Bull | 20.0% | 8.0% | $76.64 | +248% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $57.94 | $61.94 | $66.82 | $72.93 | $80.78 |
| 8.0% | $48.31 | $50.90 | $53.97 | $57.64 | $62.13 |
| 9.0% | $41.31 | $43.08 | $45.12 | $47.51 | $50.33 |
| 10.0% | $36.00 | $37.26 | $38.68 | $40.32 | $42.20 |
| 11.0% | $31.84 | $32.76 | $33.80 | $34.96 | $36.27 |
Where the presets come from
Base: years 1 to 5 grow at DraftKings Inc.'s revenue growth rate over the last 5 fiscal years (58.0% 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