What is Unity Software Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Unity Software Inc.'s reported free cash flow gives $37.29 per share. The share price was $41.55 on September 25, 2026, 11% 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% | $24.85 | -40% |
| Base | 15.0% | 9.0% | $37.29 | -10% |
| Bull | 20.0% | 8.0% | $60.46 | +46% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $46.71 | $49.65 | $53.24 | $57.73 | $63.50 |
| 8.0% | $39.64 | $41.54 | $43.79 | $46.49 | $49.80 |
| 9.0% | $34.49 | $35.79 | $37.29 | $39.05 | $41.12 |
| 10.0% | $30.59 | $31.51 | $32.56 | $33.76 | $35.14 |
| 11.0% | $27.53 | $28.21 | $28.97 | $29.82 | $30.79 |
Where the presets come from
Base: years 1 to 5 grow at Unity Software Inc.'s revenue growth rate over the last 5 fiscal years (19.1% 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