Reddit, Inc.
NYSE: RDDT·San Francisco, California·CIK 0001713445
- Price
- $149.55
- Base IV
- $71.85
- Your value
- $71.85
- -52.0%
Valuation snapshot
Price is above even the bull case. Price as of Oct 2, 2026 · Valuation Aug 13, 2026.
Track record
Reported financials are not available yet.
Why the gap?
At $149.55 the market is pricing Reddit, Inc. as if revenue grows 49.6% a year. This valuation assumes it grows 27.0% a year. That single disagreement accounts for most of the distance between the two numbers — which makes it the first thing worth auditing.
Implied by price
+49.6%
revenue growth a year, holding everything else researched
Assumed here
+27.0%
researched base case, grounded in filings and guidance
Or, growth held
70.8%
operating margin reproduces the price, vs 34.0% assumed
Many combinations of assumptions reproduce the same price. These are ways to read what the market might expect, not its actual view.
Your valuation
Four judgments stand between the filing and a number. Audit them one at a time and leave with a valuation that is yours.
- 01 Revenue growth42.0%
- 02 Operating margin34.0%
- 03 Risk and beta2.03
- 04 Long-run growth2.8%
About 4 minutes · no account needed
What drives the base case
All three cases →Reddit tripled its sales in two years, from about $804 million in 2023 to $2.2 billion in 2025, and it has just turned decisively profitable — the June quarter earned $253 million, more than double a year earlier, after barely breaking even in early 2025. Management's own guidance points to growth easing to roughly 48% next quarter, so this case assumes the slowdown is real but orderly rather than a cliff. The main reason growth persists is that Reddit's overseas audience, which grew 84% in revenue last quarter, still generates a small fraction of what an American user does, giving the company years of catch-up to sell against an audience it already has. Profitability keeps improving because the company rents its computing rather than owning it, so most extra revenue drops through, though the shift toward cheaper-to-monetize international users keeps margins short of the very best social platforms.
What shapes the assumptions
No structured value drivers are attached to this valuation yet.
How confident is this estimate?
Quality checksSome of any gap to the price is model uncertainty rather than real disagreement. Start with the weakest components.
- Scenario dispersion2.9
- Terminal-value dependency3.1
- Historical stability9.2
- Margin predictability4.3
Why the number moved
No prior valuation bridge is available yet. Future recalculations will explain what moved.
Base estimate
$71.85 -52.0%