Discounted Cash Flow

Block, Inc.

XYZ · 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)
2016 $1.7b $-171.6m $-2.3m -10.0% $-0.50
2017 $2.2b (29.6%) $-62.8m (63.4%) $101.6m (4514.2%) -2.8% (71.8%) $-0.17 (66.0%)
2018 $3.2b (44.8%) $-38.5m (38.8%) $233.9m (130.2%) -1.2% (57.7%) $-0.09 (47.1%)
2019 $4.7b (47.0%) $375.4m (1076.4%) $403.2m (72.4%) 8.0% (764.0%) $0.88 (1077.8%)
2020 $9.5b (101.5%) $213.1m (-43.2%) $243.2m (-39.7%) 2.2% (-71.8%) $0.48 (-45.5%)
2021 $17.7b (86.0%) $166.3m (-22.0%) $713.5m (193.4%) 0.9% (-58.0%) $0.36 (-25.0%)
2022 $17.5b (-0.7%) $-540.7m (-425.2%) $5.1m (-99.3%) -3.1% (-427.6%) $-0.93 (-358.3%)
2023 $21.9b (25.0%) $9.8m (101.8%) $-50.2m (-1086.4%) 0.0% (101.4%) $0.02 (102.2%)
2024 $24.1b (10.1%) $2.9b (29546.4%) $1.6b (3195.0%) 12.0% (26835.8%) $4.70 (23400.0%)
2025 $24.2b (0.3%) $1.3b (-54.9%) $2.4b (56.1%) 5.4% (-55.1%) $2.13 (-54.7%)

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