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Friday 6 November 2026 Export PINS’s income statement to Excel — free account

Pinterest, Inc.

PINS Communication Services Internet Content & Information

Pinterest, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.2 billion, up 15.8% from fiscal 2024.

Revenue
+11.9%
EPS
−72.9%
Free cash flow
−5.70%

Quarter to September 2026, against a year earlier

19.70 1.52 −7.16%
Market cap
$11.4B
P/E
79.5×
Fwd P/E
49.6×
Dividend yield
—
F-score
6/9
Altman Z
15.70
Beneish M
−3.51
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Pinterest, Inc. (PINS) valuation and DCF model

What the price implies · reverse DCF

At $19.70 the price implies free cash flow after share-based pay growing 21.0% a year for ten years.

Free cash flow after share-based pay grew 131.8% a year over the last five years. The price asks for less than its five-year rate. The industry’s median company is priced for 11.3%.

In December 2021 the price assumed 24.1% a year; Pinterest, Inc. went on to grow free cash flow after share-based pay 3.1% a year to FY2025.

Price implies
21.0%
Last 5 years, reported
131.8%
Industry median implies
11.3%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
21.0% a year for ten years
$19.70
today’s price
Its base case
25.0% a year for five years, then 15.0%
$18.74
4.9% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Pinterest, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 21.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Pinterest, Inc.’s own cost of capital: risk-free 4.3% + beta 0.97 × equity premium 4.5% = 8.7% cost of equity; weighted, 8.7%.

Use 8.7%
Equity value $11.57b ▼ below market cap $12.16b
Base case value per share $18.74 equity value ÷ 617.48m shares
Current price $19.70 market price per share
Below today’s price 4.9% downside at the base case’s assumptions

How we got there$3.56b 10 years of cash to equity+$7.52b terminal value+$487.93m net cash=$11.57b equity value÷617.48m shares=$18.74 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Internet Content & Information).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 79.47× 51.11× 51.11× 55% above 12.38× 542% above
P/FCF 8.85× 23.75× 512.76× 98% below 10.76× 18% below
P/B 3.60× 4.79× 6.63× 46% below 1.24× 191% above
EV/EBITDA 48.97× 63.64× 63.64× 23% below 10.74× 356% above
EV/Sales 2.28× 4.48× 6.47× 65% below 1.20× 90% above
P/E P/FCF P/B EV/EBITDA EV/Sales
(97.63)×962.05×2,021.73×3,081.41×10Y avg 512.76×2020202120222023202420252026

PINS trades at 8.85× P/FCF, against a 10-year average of 512.76× (range 8.85×–3,439.28×). That is cheaper than 100% of the last 6 year-end readings; re-rating to the average implies $1,140.90 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.