DigitalOcean Holdings, Inc. (DOCN) intrinsic value & 10-year financials
DigitalOcean Holdings, Inc. (DOCN) has a Graham intrinsic value of $83.70 per share. At $98.69 on Oct 17, 2026, the stock trades 18% above that value. Over the last 8 fiscal years revenue grew 23.4% a year to $901.4M, with an average return on invested capital of 6.1%.
- Graham intrinsic value
- $83.70
- Share price (Oct 17, 2026)
- $98.69
- Price vs Graham value
- 18% above
- Market cap
- $10.4B
- Revenue (FY2025)
- $901.4M
- Revenue growth (8-yr CAGR)
- 23.4%
- ROIC (10-yr avg)
- 6.1%
- Free cash flow (FY2025)
- $180.5M
DOCN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $901.4M | $259.3M | $2.52 | $180.5M | 17.4% | 13.9% |
| FY2024 | $780.6M | $84.5M | $0.89 | $104.6M | 11.7% | 8.2% |
| FY2023 | $692.9M | $19.4M | $0.20 | $115.6M | 1.7% | 0.7% |
| FY2022 | $576.3M | -$24.3M | -$0.24 | $88.8M | -4.5% | -2.9% |
| FY2021 | $428.6M | -$19.5M | -$0.21 | $36.0M | -2.6% | -5.4% |
| FY2020 | $318.4M | -$43.6M | -$1.05 | -$40.1M | -5.0% | -18.1% |
| FY2019 | $254.8M | -$40.4M | -$1.06 | -$13.6M | -11.7% | 46.3% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
DigitalOcean Holdings, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
DigitalOcean Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -0.6% ROIC.
DigitalOcean Holdings, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, DigitalOcean Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $83.70 per share.