Discounted Cash Flow

Pinterest, Inc.

PINS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $472.9m $-130.0m $-144.1m -27.5%
2018 $755.9m (59.9%) $-63.0m (51.6%) $-82.6m (42.7%) -8.3% (69.7%)
2019 $1.1b (51.2%) $-1.4b (-2061.8%) $-33.1m (59.9%) -119.1% (-1330.0%) $-3.24
2020 $1.7b (48.1%) $-128.3m (90.6%) $11.4m (134.5%) -7.6% (93.6%) $-0.22 (93.2%)
2021 $2.6b (52.3%) $316.4m (346.6%) $743.9m (6410.9%) 12.3% (261.9%) $0.49 (322.7%)
2022 $2.8b (8.7%) $-96.0m (-130.4%) $440.2m (-40.8%) -3.4% (-127.9%) $-0.14 (-128.6%)
2023 $3.1b (9.0%) $-35.6m (62.9%) $-35.6m (-108.1%) -1.2% (66.0%) $-0.05 (62.3%)
2024 $3.6b (19.3%) $1.9b (5329.2%) $940.0m (2739.7%) 51.1% (4481.4%) $2.74 (5296.9%)
2025 $4.2b (15.8%) $416.9m (-77.6%) $1.3b (33.2%) 9.9% (-80.7%) $0.62 (-77.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model