What is H&R Block Inc worth?
With the base-case assumptions below, a discounted cash flow model on H&R Block Inc's reported free cash flow gives $87.52 per share. The share price was $50.62 on November 10, 2026, 42% 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 | -2.0% | 10.0% | $51.03 | +1% |
| Base | 3.0% | 9.0% | $87.52 | +73% |
| Bull | 8.0% | 8.0% | $155.66 | +207% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $113.29 | $121.09 | $130.62 | $142.53 | $157.85 |
| 8.0% | $94.11 | $99.17 | $105.14 | $112.32 | $121.08 |
| 9.0% | $80.07 | $83.53 | $87.52 | $92.17 | $97.67 |
| 10.0% | $69.35 | $71.81 | $74.60 | $77.78 | $81.46 |
| 11.0% | $60.91 | $62.71 | $64.73 | $66.99 | $69.56 |
Where the presets come from
Base: years 1 to 5 grow at H&R Block Inc's revenue growth rate over the last 5 fiscal years (2.9% 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