Datadog (DDOG) - Graham-Dodd SaaS growth-multiplier valuation

Assumptions as of 2026-07-19

USD

Updated Jul 19, 2026

as of 2026-07-19

Max justified price per share

$63.61

Upside vs market

-75.4%

Decayed 7-yr CAGR

17.8%

Justified multiple of normalized FCF

26.04

Relative growth decay per year

15.0%

Discount rate

10.0%

Entry revenue growth (FY2025 YoY)

27.7%

Mature FCF margin (AFTER charging SBC in full)

22.0%

Net cash incl. marketable securities ($M)

3,491$M

Market price ($)

$258.69

FY2025 revenue ($M)

3,427$M

Diluted shares (M)

363.5M

	FY2025A
FY2025 revenue	3,427
Decayed 7-yr CAGR	17.8%
Yr-7 revenue multiple	3.14
Terminal multiple	16.15
Justified mult. of normalized FCF	26.04
Normalized FCF	754
Enterprise value	19,630
+ Net cash	3,491
= Equity value	23,121
Implied EV/revenue	5.73

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