NYSE · United States · Software - Infrastructure

Oracle Corporation ORCL

Price $130.67Mkt cap 396,126 USD mnReports in USDData 2 Nov 2026

Value estimate · 50% DCF, 50% peers$103.00-21.2%-21.2% vs $130.67

DCF (base)$50.27-61.5% vs price · WACC 11.1%

Peers$154.936 peers · median EV/EBITDA 18.0x

Price implies23.2%revenue growth a year; your case 7.2%

Chance worth more0%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg 10.6%
EBIT marginFY23–FY26 avg 30.7%
Tax rateFY23–FY26 avg 10.6%
D&A % of revenueFY23–FY26 avg 12.1%
Capex % of revenueFY23–FY26 avg 37.5%
Working capital % of revenue changeFY23–FY26 avg -12.3%

No usable consensus estimate: the first years start from history. The base case fades to 5.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

USD 10-year government bond yield (%)US 10-year Treasury yield, live (^TNX)

Less: country default spread (%)0 when the bond above is default-free

Beta2 years, weekly vs S&P 500: 1.86 (R² 0.24)

Equity risk premium (%)Damodaran country risk table (January 2026), United States, rating Aa1

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 4.93%
Cost of equity: 13.22%
Weight of equity: 71.7%
After-tax cost of debt: 5.72%
WACC: 11.10%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (USD)Yahoo, 30 Oct 2026 (delayed)

Check before you rely on thisYahoo's consensus revenue growth (34%) looks inconsistent with the reported history, so the forecast starts from history instead.

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

Priced for more growth than it has delivered

Caution
At today's price of $130.67, the market is pricing in revenue growth of about 23.2% a year for FY27E–FY31E, holding the rest of your base case. Oracle Corporation's revenue grew 10.5% a year between FY23 and FY26, so the price asks for more than it has delivered.
Caution
Your base case assumes 7.2% revenue growth a year on average, less than the price implies, and values the shares at $50.27, 62% below today's price.
Caution
If your base case comes true, the whole business would return about 7.4% a year at today's price, 3.7 percentage points less than the 11.1% a year the model requires (the WACC).
Caution
About 82% of today's price pays for future growth. The other 18%, $23.96 a share, is what FY26 operating profit after tax is worth if it never grows.
Caution
Across 2,000 simulated futures around your base case, the middle 80% of values runs from $33.21 to $73.51 a share, and 0% of them are worth more than today's price.
Context
Business health grade C (52 out of 100): shows a mixed picture and shows signs of financial distress, with 5 strengths and 3 red flags (top concern: debt is high).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in USD.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	$34.87	$50.27	$67.65
DCF sensitivity (WACC and g ±1 point)	$33.36	$50.27	$78.24
Monte Carlo (middle 80% of 2,000 runs)	$33.21	$50.66	$73.51
EV/EBITDA comps (25th to 75th percentile)	$151	$163	$205
P/E comps (25th to 75th percentile)	$135	$147	$192
Analyst targets (41 analysts, low to high)	$110	$236	$400
52-week share price (trading range)	$115	–	$266

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeC52 / 100

Grade C (52/100): shows a mixed picture and shows signs of financial distress, with 5 strengths and 3 red flags (top concern: debt is high).

Piotroski F-score5 / 9nine tests of strength

Altman Z''0.85Distress zone · safe above 2.60

Beneish M-score−2.56No flag · cut-off −1.78

Red flags 3

Debt is high: net debt is 3.9x EBITDA in FY26.
Balance sheet under strain: Altman Z'' is 0.85, in the distress zone (below 1.10), partly because buybacks have made retained earnings negative.
Heavy stock-based pay: 7.1% of revenue in FY26, a hidden cost to shareholders.

Strengths 5

Profit is backed by cash: operations produced 183% of reported profit over 4 years.
High return for shareholders: ROE was 54.0% in FY26.
Steady growth: revenue rose in each of the last 3 years.
Margins are widening: EBIT margin rose 5.7 points from FY23 to FY26.
The accounts don't match the manipulator pattern: Beneish M-score is −2.56, below the −1.78 cut-off.

Cash conversion Good183%Operating cash flow ÷ net profit, FY23–FY26. 90% or more means profit is backed by cash.

Return on capital (ROCE) Fair10.2%EBIT ÷ (total assets − current liabilities), FY26. 15% or more is strong.

Return on equity Good54.0%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong. A very high figure often means buybacks or past losses have shrunk equity.

Interest cover Fair4.9xEBIT ÷ interest cost, FY26. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA Weak3.9x(Borrowings − cash) ÷ (EBIT + D&A), FY26. 1.5x or less is comfortable; above 3.5x is heavy.

Receivable days Fair56 daysReceivables ÷ revenue × 365. Up from 51 days in FY23; a rise of more than 20 days is a warning.

Share count change Fair+1.8% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders Info53.8%Dividends and buybacks ÷ net profit, FY23–FY26. Neither high nor low is good on its own: it depends on how well the company could reinvest.

Stock-based pay Weak7.1%Share-based pay ÷ revenue, FY26. Above 5% is a large hidden cost to owners.

Years of revenue growth Good3 of 3Years in which revenue beat the year before, FY23–FY26.

EBIT margin trend Good+5.7 ptsFrom 27.6% in FY23 to 33.3% in FY26.

Piotroski's tests, one by one (5 passed of 9)

PASS
Made a profit Return on assets 10.1% in FY26
A company that loses money on its assets is using up its owners' capital.
PASS
Operations brought in cash Operating cash flow USD 31,977 mn in FY26
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
PASS
Return on assets improved 10.1% vs FY25's 8.8%
Rising profitability is one of the clearest signs a business is getting stronger.
PASS
Cash from operations beat profit Cash USD 31,977 mn vs profit USD 16,984 mn
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
FAIL
Long-term debt fell relative to assets Long-term debt 56.9% of average assets vs FY25's 55.1%
More debt leaves less room for error when business slows.
PASS
Short-term liquidity improved Current ratio 1.12 vs FY25's 0.75
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
FAIL
No new shares issued Diluted shares +1.7% vs FY25
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
FAIL
Gross margin improved Gross margin 65.8% vs FY25's 70.5%
A higher gross margin points to pricing power or falling costs.
FAIL
Assets worked harder (turnover up) Revenue ÷ assets 0.40x vs FY25's 0.41x
More sales from the same assets means the business uses its capital better.

F-score by year: FY24 6/9 · FY25 7/9

How the Altman and Beneish scores are built

Altman Z'' = 0.85 (distress)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	0.018	6.56	0.12
Retained earnings ÷ total assets	-0.016	3.26	-0.05
Operating profit (EBIT) ÷ total assets	0.086	6.72	0.58
Book equity ÷ total liabilities	0.194	1.05	0.20

FY26 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10. Retained earnings are negative because of large buybacks rather than losses, which pulls the score down more than the risk deserves.

Z'' by year: FY23 -0.07 · FY24 -0.11 · FY25 0.25

Beneish M = -2.56
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	1.034	1.465	1.031
Gross margin slipping (GMI)	1.071	1.193	1.014
More hard-to-value assets (AQI)	0.632	1.254	1.039
Sales growth (SGI)	1.173	1.607	1.134
Depreciation slowing (DEPI)	1.469	1.077	1.001
Overheads vs sales (SGAI)	0.827	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	-0.057	0.031	0.018
Leverage rising (LVGI)	0.895	1.111	1.037

FY26 against FY25. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

41 analysts' average 12-month target is $236, +80.5% against today's $131 (median $225). The range runs from $110 to $400.

Ratings this month: 35 buy, 7 hold, 1 sell; the average works out to "Buy" (1.6 on a 1 to 5 scale, 1 = strong buy).

Your value estimate of $103 is 56% below the analysts' average: a big gap is worth explaining, it usually comes down to growth or margin assumptions.

Targets are usually for 12 months ahead and tend to run optimistic; brokers that cover a company often do business with it. Counts and targets come from different updates, so they may not match exactly.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year23.2%Your base case averages 7.2%. The market expects more growth than you do.

Implied EBIT margin58.7%Your base case averages 33.3%; the last reported year was 33.3%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Caution

If your base case comes true, today's price earns about 7.4% a year, 3.7 percentage points less than the 11.1% the model requires.

Expected returnif your base case comes true7.4%
Required return (WACC)what the model discounts at11.1%
Government bondwhat the USD 10-year government bond pays4.9%

What the price pays for

Today's business, no growth18%$23.96 a share: earnings power value

Future growth82%$106.71 a share

Earnings yield4.7%$6.18 trailing EPS ÷ price

Free cash flow yield0.8%FY27E forecast ÷ market value

10-year bond4.9%interest a year

Cost of equity13.2%what shareholders require

Context

Every $100 of share price buys $4.73 of today's profit a year, less than the $4.93 of interest the bond pays: the price counts on profits growing.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY31E growing at 3.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

FY26 operating profit (EBIT), USD mn: 22,444
After tax at 10.6%: 20,065
Held flat for ever: ÷ WACC of 11.1%: 180,719
+ Cash − debt, leases, minorities and dividends since the balance sheet: -108,078
÷ Shares, per share: $23.96

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	7.4%
Required return (WACC)	11.1%
Expected minus required	−3.7 pts
Cost of equity	13.2%
10-year government bond	4.9%
Earnings power value per share	$23.96
Share of price paying for growth	82%
Earnings yield	4.7%
Free cash flow yield	0.8%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%$34.87-73.3% vs price

Base · 50%$50.27-61.5% vs price

Bull · 25%$67.65-48.2% vs price

Probability-weighted$50.77-61.1% vs price

ReportedBearBaseBull

Show as table

Revenue, USD mn	FY23	FY24	FY25	FY26	FY27E	FY28E	FY29E	FY30E	FY31E
Reported	49,954	52,961	57,399	67,357
Bear					72,476	75,955	78,917	81,206	82,830
Base					74,497	80,308	85,849	90,914	95,460
Bull					76,518	84,781	93,175	101,467	109,585

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price0%of runs above $130.67

Median outcome$50.66-61.2% vs price

Downside (10th pct)$33.211 run in 10 is lower

Upside (90th pct)$73.511 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

USD mn	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue	74,497	80,308	85,849	90,914	95,460
EBIT	24,807	26,742	28,588	30,274	31,788
NOPAT = EBIT × (1 − tax)	22,178	23,908	25,557	27,065	28,419
+ D&A	9,014	9,717	10,388	11,001	11,551
− Capex	27,936	25,377	22,063	18,001	13,269
− Increase in working capital	0.00	0.00	0.00	0.00	0.00
Free cash flow	3,256	8,248	13,882	20,065	26,700
Present value	3,064	6,985	10,582	13,767	16,489
Years to year end (t)	0.58	1.58	2.58	3.58	4.58

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: 50,887
Present value of terminal value: 209,597
Enterprise value: 260,484
+ Cash and short-term investments (31 May 2026): 31,894
− Borrowings: 129,541
− Lease liabilities: 26,648
− Minority interests: 548
− Dividends since the balance sheet: -16,765
Equity value: 152,406
÷ Shares outstanding: 3,031.5 mn
Value per share: $50.27

All amounts in USD mn. Dividends with ex-dates after 2026-05-31: 2026-07-10 (0.50 per share), 2026-10-09 (0.50 per share); about 152 million shares issued since then, counted as cash raised at today's price.

Terminal value share of enterprise value80.5%Above 75%: most of the value comes after the forecast years.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	10.10%	10.60%	11.10%	11.60%	12.10%
2.0%	$53.00	$47.22	$42.08	$37.49	$33.36
2.5%	$58.06	$51.62	$45.94	$40.89	$36.38
3.0%	$63.84	$56.61	$50.27	$44.69	$39.73
3.5%	$70.50	$62.29	$55.18	$48.95	$43.46
4.0%	$78.24	$68.84	$60.77	$53.78	$47.66

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Cisco Systems, Inc. CSCO Communication Equipment		22.9x	31.1x	6.7x	8.2x	27.7%	17.6%
International Business Machines Corporation IBM Information Technology Services		18.0x	21.8x	4.3x	6.9x	17.0%	4.7%
Intel Corporation INTC Semiconductors		18.0x	–	5.8x	3.0x	15.6%	20.9%
QUALCOMM Incorporated QCOM Semiconductors		15.2x	19.0x	4.2x	6.3x	18.5%	-4.0%
Dell Technologies Inc. DELL Computer Hardware		16.6x	23.7x	1.9x	–	12.0%	57.7%
Advanced Micro Devices, Inc. AMD Semiconductors		85.3x	127.4x	19.7x	12.3x	17.3%	50.1%
Median of included	6	18.0x	23.7x	5.0x	6.9x
Oracle Corporation	–	15.1x	21.1x	7.3x	8.9x	33.3%	17.3%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	$151 (16.9x)	$163 (18.0x)	$205 (21.7x)
P/E × earnings per share	$135 (21.8x)	$147 (23.7x)	$192 (31.1x)
P/B × book value per share	$92.95 (6.3x)	$101 (6.9x)	$121 (8.2x)
EV/Sales × revenue + net cash (check only)	$57.93 (4.2x)	$77.93 (5.0x)	$113 (6.5x)
Peer value (average of median EV/EBITDA and median P/E prices)		$154.93

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins-2 bpsEBIT margin change from the last reported year (33.3%) to FY31E (33.3%)

2 · Valuation vs peers-16.0%Oracle Corporation EV/EBITDA against the peer median; negative means cheaper

3 · Cash0.8%FCF yield: FY27E free cash flow ÷ market value at today's price

Oracle Corporation (ORCL), valuation summary, 2 Nov 2026
Value estimate $103.00 (-21.2% vs today's price of $130.67).

• DCF (base case): $50.27 per share. WACC 11.10%, terminal growth 3.0%; terminal value is 80% of enterprise value.
• Peers: $154.93 per share (average of median EV/EBITDA and median P/E prices; 6 peers).
• Scenarios: bear $34.87, base $50.27, bull $67.65; probability-weighted $50.77.
• What the price implies: 23.2% revenue growth a year for FY27E–FY31E, against 7.2% in this forecast.
• Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% $33.21 to $73.51.
• Key assumptions (base): revenue growth 10.6% → 7.8% → 6.9% → 5.9% → 5.0%; EBIT margin 33.3% to 33.3%; tax 10.6%.
• Checks: all pass.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 2 Nov 2026. Educational model, not investment advice.

Model checks

7 pass, 0 to review.

PASSWACC is above terminal growth g
PASSThe DCF gives a positive value per share
PASSShares × price is within 2% of the reported market cap
PASSScenario values are in order: bear ≤ base ≤ bull
PASSAt least three peers are in the medians
PASSTerminal value is less than 85% of enterprise value
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

USD mn	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth 10.6%
EBIT (operating profit)					margin 30.7%
D&A					12.1%
Profit before tax
Tax					rate 10.6%
Capex					37.5%
Increase in working capital					-12.3% of Δrev

Cash and short-term investments (USD mn)
Borrowings (USD mn)
Lease liabilities (USD mn)
Minority interests (USD mn)
Dividends since the balance sheet (USD mn)

Revenue, trailing 12 months (USD mn)
EBITDA, trailing 12 months (USD mn)
Net income, trailing 12 months (USD mn)
Shares outstanding (mn)

FY labels follow Indian fiscal years ending in March. Shares: 3,031,501,149. Price $130.67 at Fri, 30 Oct 2026 20:03:42 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg 10.6%

EBIT marginFY23–FY26 avg 30.7%

Tax rateFY23–FY26 avg 10.6%

D&A % of revenueFY23–FY26 avg 12.1%

Capex % of revenueFY23–FY26 avg 37.5%

Working capital % of revenue changeFY23–FY26 avg -12.3%

Range

Low

Mid

High

DCF scenarios (bear to bull)

$34.87

$50.27

$67.65

DCF sensitivity (WACC and g ±1 point)

$33.36

$50.27

$78.24

Monte Carlo (middle 80% of 2,000 runs)

$33.21

$50.66

$73.51

EV/EBITDA comps (25th to 75th percentile)

$151

$163

$205

P/E comps (25th to 75th percentile)

$135

$147

$192

Analyst targets (41 analysts, low to high)

$110

$236

$400

52-week share price (trading range)

$115

–

$266

Altman Z'' = 0.85 (distress)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

0.018

6.56

0.12

Retained earnings ÷ total assets

-0.016

3.26

-0.05

Operating profit (EBIT) ÷ total assets

0.086

6.72

0.58

Book equity ÷ total liabilities

0.194

1.05

0.20

Beneish M = -2.56

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

1.034

1.465

1.031

Gross margin slipping (GMI)

1.071

1.193

1.014

More hard-to-value assets (AQI)

0.632

1.254

1.039

Sales growth (SGI)

1.173

1.607

1.134

Depreciation slowing (DEPI)

1.469

1.077

1.001

Overheads vs sales (SGAI)

0.827

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

-0.057

0.031

0.018

Leverage rising (LVGI)

0.895

1.111

1.037

Measure

Value

Expected return (IRR), base case

7.4%

Required return (WACC)

11.1%

Expected minus required

−3.7 pts

Cost of equity

13.2%

10-year government bond

4.9%

Earnings power value per share

$23.96

Share of price paying for growth

82%

Earnings yield

4.7%

Free cash flow yield

0.8%

Revenue, USD mn

FY23

FY24

FY25

FY26

FY27E

FY28E

FY29E

FY30E

FY31E

Reported

49,954

52,961

57,399

67,357

Bear

72,476

75,955

78,917

81,206

82,830

Base

74,497

80,308

85,849

90,914

95,460

Bull

76,518

84,781

93,175

101,467

109,585

USD mn

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue

74,497

80,308

85,849

90,914

95,460

EBIT

24,807

26,742

28,588

30,274

31,788

NOPAT = EBIT × (1 − tax)

22,178

23,908

25,557

27,065

28,419

+ D&A

9,014

9,717

10,388

11,001

11,551

− Capex

27,936

25,377

22,063

18,001

13,269

− Increase in working capital

0.00

Free cash flow

3,256

8,248

13,882

20,065

26,700

Present value

3,064

6,985

10,582

13,767

16,489

Years to year end (t)

0.58

1.58

2.58

3.58

4.58

g ↓ · WACC →

10.10%

10.60%

11.10%

11.60%

12.10%

2.0%

$53.00

$47.22

$42.08

$37.49

$33.36

2.5%

$58.06

$51.62

$45.94

$40.89

$36.38

3.0%

$63.84

$56.61

$50.27

$44.69

$39.73

3.5%

$70.50

$62.29

$55.18

$48.95

$43.46

4.0%

$78.24

$68.84

$60.77

$53.78

$47.66

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Cisco Systems, Inc. CSCO

Communication Equipment

22.9x

31.1x

6.7x

8.2x

27.7%

17.6%

International Business Machines Corporation IBM

Information Technology Services

18.0x

21.8x

4.3x

6.9x

17.0%

4.7%

Intel Corporation INTC

Semiconductors

18.0x

–

5.8x

3.0x

15.6%

20.9%

QUALCOMM Incorporated QCOM

Semiconductors

15.2x

19.0x

4.2x

6.3x

18.5%

-4.0%

Dell Technologies Inc. DELL

Computer Hardware

16.6x

23.7x

1.9x

–

12.0%

57.7%

Advanced Micro Devices, Inc. AMD

Semiconductors

85.3x

127.4x

19.7x

12.3x

17.3%

50.1%

Median of included

18.0x

23.7x

5.0x

6.9x

Oracle Corporation

–

15.1x

21.1x

7.3x

8.9x

33.3%

17.3%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

$151 (16.9x)

$163 (18.0x)

$205 (21.7x)

P/E × earnings per share

$135 (21.8x)

$147 (23.7x)

$192 (31.1x)

P/B × book value per share

$92.95 (6.3x)

$101 (6.9x)

$121 (8.2x)

EV/Sales × revenue + net cash (check only)

$57.93 (4.2x)

$77.93 (5.0x)

$113 (6.5x)

Peer value (average of median EV/EBITDA and median P/E prices)

$154.93

Oracle Corporation (ORCL), valuation summary, 2 Nov 2026 Value estimate $103.00 (-21.2% vs today's price of $130.67). • DCF (base case): $50.27 per share. WACC 11.10%, terminal growth 3.0%; terminal value is 80% of enterprise value. • Peers: $154.93 per share (average of median EV/EBITDA and median P/E prices; 6 peers). • Scenarios: bear $34.87, base $50.27, bull $67.65; probability-weighted $50.77. • What the price implies: 23.2% revenue growth a year for FY27E–FY31E, against 7.2% in this forecast. • Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% $33.21 to $73.51. • Key assumptions (base): revenue growth 10.6% → 7.8% → 6.9% → 5.9% → 5.0%; EBIT margin 33.3% to 33.3%; tax 10.6%. • Checks: all pass. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 2 Nov 2026. Educational model, not investment advice.

USD mn

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth 10.6%

EBIT (operating profit)

margin 30.7%

D&A

12.1%

Profit before tax

Tax

rate 10.6%

Capex

37.5%

Increase in working capital

-12.3% of Δrev