What is Reddit, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Reddit, Inc.'s reported free cash flow gives $119.20 per share. The share price was $149.84 on September 25, 2026, 26% above 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% | $75.31 | -50% |
| Base | 15.0% | 9.0% | $119.20 | -20% |
| Bull | 20.0% | 8.0% | $200.92 | +34% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $152.43 | $162.79 | $175.45 | $191.28 | $211.63 |
| 8.0% | $127.47 | $134.19 | $142.13 | $151.65 | $163.30 |
| 9.0% | $109.31 | $113.90 | $119.20 | $125.38 | $132.69 |
| 10.0% | $95.53 | $98.80 | $102.50 | $106.74 | $111.62 |
| 11.0% | $84.76 | $87.15 | $89.83 | $92.84 | $96.26 |
Where the presets come from
Base: years 1 to 5 grow at Reddit, Inc.'s revenue growth rate over the last 3 fiscal years (48.9% 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