Stock valuation
What is this company worth, and what is the price assuming?
Try:
To match the price you need 53.3% growth in years 2–5 or a 59.3% target margin. The sheet uses 44.5% and 38.1%.
Damodaran, June 2026: US$97.83 · this sheet at his 4.56% rate: US$99.58
SpaceX
Data as of 16 Oct 2026Values the whole business by the cash it generates after reinvesting for growth, then subtracts debt.
SpaceX grows revenue 108% next year and 45% a year through year 5, then slows to the economy's pace. Its operating margin goes from −14% to 38% by year 10. Each dollar of new investment brings in $1.97 of revenue.
The story you tell
Defaults are filled in from the company's figures and industry averages. Type over any box to change the story; clear a box to go back to the default.
Company figures
Fine-tuning
| Now | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (US$m) | 18,674 | 38,767 | 56,019 | 80,947 | 116,968 | 169,019 | 230,911 | 297,265 | 359,257 | 405,860 | 426,518 | 448,228 |
| Growth | 107.6% | 44.5% | 44.5% | 44.5% | 44.5% | 36.6% | 28.7% | 20.9% | 13.0% | 5.1% | 5.1% | |
| Operating margin | −13.9% | 8.5% | 11.8% | 15.0% | 18.3% | 21.6% | 24.9% | 28.2% | 31.5% | 34.8% | 38.1% | 38.1% |
| Operating profit | −2,600 | 3,280 | 6,584 | 12,180 | 21,452 | 36,564 | 57,558 | 83,888 | 113,214 | 141,266 | 162,503 | 170,775 |
| Tax rate | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% | 13.0% | 16.0% | 19.0% | 22.0% | 25.0% | 25.0% |
| After-tax profit | 2,952 | 5,926 | 10,962 | 19,307 | 32,908 | 50,076 | 70,466 | 91,703 | 110,188 | 121,877 | 128,081 | |
| − Reinvestment | 10,184 | 8,744 | 12,635 | 18,257 | 26,382 | 16,957 | 18,179 | 16,984 | 12,768 | 5,660 | 43,462 | |
| = Free cash flow | −7,232 | −2,818 | −1,673 | 1,050 | 6,526 | 33,119 | 52,287 | 74,719 | 97,420 | 116,218 | 84,619 | |
| Discount rate | 8.9% | 8.9% | 8.9% | 8.9% | 8.9% | 8.9% | 8.9% | 8.8% | 8.8% | 8.8% | 8.8% | |
| In today's money | −6,641 | −2,376 | −1,295 | 746 | 4,261 | 19,861 | 28,806 | 37,825 | 45,327 | 49,708 |
How to read the result
Technical
The free cash flow view follows Damodaran's FCFF Ginzu sheet: revenue growth, a target operating margin and sales-to-capital reinvestment drive ten years of free cash flow to the firm, discounted at a cost of capital that moves to a mature company's by year 10, plus a terminal value.
Plain English
The value is what the company's future cash is worth today. Change the story (growth, margin, how much it must reinvest) and the value moves with it.
Technical
The dividend view follows his dividend discount sheet: growth is ROE × retention (or a rate you type), inputs glide to their stable values over the second half of the high-growth phase, and the value splits into assets in place, stable growth and extraordinary growth. It opens by default for banks and insurers.
Plain English
For a bank, borrowing is the raw material, not just funding, so a bank is valued by the dividends it can pay. The split shows how much of the value needs the fast years to come true.
Technical
The implied figures solve for the growth in years 2–5, the target margin or (for dividends) the ROE that makes value per share equal the share price, holding everything else at the page's inputs.
Plain English
Instead of only asking what a stock is worth, it asks what the price already assumes, so you can judge whether that's believable.
A worked example
Open Apple. Note the growth the price implies for years 2–5, then type a lower rate into the years 2–5 box and watch the value per share and the gap to the price change. Flip to the dividend view to see the same company through its payouts, and press Reset to defaults to go back.
What it can't tell you
- It is one story told with numbers, not a forecast. Small changes to growth, margin or the cost of capital move the value a lot.
- Industry averages come from Damodaran's US data, used as a proxy for Singapore companies.
- Company figures are a snapshot dated on the page. Check them against the latest results before relying on them.
- Most of the value often comes after year 10, which no one can see clearly.
Source: Industry averages, cost of capital and equity risk premium: Aswath Damodaran, January 2026 data and his October 2026 implied premium. Checked 19 Oct 2026.
Source: Company figures: each company's latest results, with the source and period shown under the sheet. Checked 19 Oct 2026.
Disclosure: The page follows the spreadsheets Aswath Damodaran publishes. It is not affiliated with or endorsed by him.
For education only. Not financial advice.