Dolphin Entertainment, Inc.

DLPN

Communication ServicesEntertainmentNASDAQ

$1.43

Market Cap: $17.76M

Dolphin Entertainment, Inc. (DLPN) Valuation Summary

Updated May 10, 2026 17:43

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.29 – $23.56	$4.47	+212.3%
Revenue DCF 10Y	$0.12 – $34.47	$8.74	+510.9%

Valuation History

DCF Analysis

Dolphin Entertainment, Inc. (DLPN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.74

Market Price

$1.43

Upside / Downside

+510.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.7% to a target of 10.4% over 5 years, discounted at a WACC of 7.5%, Dolphin Entertainment, Inc. (DLPN) has an intrinsic value of $8.74 per share (range: $0.12 – $34.47).

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

10.4%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	64	12.5%	1.6%	1	1	2	(0)	3	-0	-0
2027	69	7.4%	3.8%	3	2	3	(1)	1	3	3
2028	77	12.2%	6.0%	5	4	3	(1)	2	3	3
2029	86	12.2%	8.2%	7	6	3	(2)	2	5	4
2030	97	12.2%	10.4%	10	8	4	(3)	2	7	5
2031	107	10.7%	10.4%	11	9	4	(4)	2	7	5
2032	117	9.2%	10.4%	12	10	5	(5)	2	7	5
2033	126	7.6%	10.4%	13	10	5	(6)	2	7	4
2034	134	6.1%	10.4%	14	11	5	(7)	2	7	4
2035	140	4.5%	10.4%	15	12	5	(8)	1	7	4

Enterprise Value Bridge

Sum of PV(FCFF)35

Terminal Value (Gordon Growth at 3.0%)168

PV of Terminal Value85

Enterprise Value120

(–) Net Debt19

Equity Value101

(÷) Shares Outstanding12

Fair Value per Share$8.74

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.5%	$1	$9	$18	$26	$34
6.5%	$0	$6	$12	$18	$24
7.5%	$-0	$4	$9	$13	$18
8.5%	$-0	$3	$7	$10	$14
9.5%	$-1	$2	$5	$8	$11

Current price: $1.43. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Dolphin Entertainment, Inc. (DLPN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.47

Market Price

$1.43

Upside / Downside

+212.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

10.4%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	64	12.5%	1.6%	1	1	2	(1)	3	-1	-1
2027	69	7.4%	3.8%	3	2	3	(2)	1	2	2
2028	77	12.2%	6.0%	5	4	3	(3)	2	2	2
2029	86	12.2%	8.2%	7	6	3	(4)	2	3	2
2030	97	12.2%	10.4%	10	8	4	(6)	2	4	3

Enterprise Value Bridge

Sum of PV(FCFF)8

Terminal Value (Gordon Growth at 3.0%)86

PV of Terminal Value63

Enterprise Value70

(–) Net Debt19

Equity Value52

(÷) Shares Outstanding12

Fair Value per Share$4.47

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.5%	$-2	$3	$10	$17	$24
6.5%	$-2	$1	$6	$11	$16
7.5%	$-2	$1	$4	$8	$12
8.5%	$-2	$0	$3	$6	$9
9.5%	$-2	$-0	$2	$5	$7

Current price: $1.43. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.29 – $23.56

$4.47

+212.3%

Revenue DCF 10Y

$0.12 – $34.47

$8.74

+510.9%

DCF Analysis

Dolphin Entertainment, Inc. (DLPN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.74

Market Price

$1.43

Upside / Downside

+510.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

10.4%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	64	12.5%	1.6%	1	1	2	(0)	3	-0	-0
2027	69	7.4%	3.8%	3	2	3	(1)	1	3	3
2028	77	12.2%	6.0%	5	4	3	(1)	2	3	3
2029	86	12.2%	8.2%	7	6	3	(2)	2	5	4
2030	97	12.2%	10.4%	10	8	4	(3)	2	7	5
2031	107	10.7%	10.4%	11	9	4	(4)	2	7	5
2032	117	9.2%	10.4%	12	10	5	(5)	2	7	5
2033	126	7.6%	10.4%	13	10	5	(6)	2	7	4
2034	134	6.1%	10.4%	14	11	5	(7)	2	7	4
2035	140	4.5%	10.4%	15	12	5	(8)	1	7	4

Enterprise Value Bridge

Sum of PV(FCFF)35

Terminal Value (Gordon Growth at 3.0%)168

PV of Terminal Value85

Enterprise Value120

(–) Net Debt19

Equity Value101

(÷) Shares Outstanding12

Fair Value per Share$8.74

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.5%	$1	$9	$18	$26	$34
6.5%	$0	$6	$12	$18	$24
7.5%	$-0	$4	$9	$13	$18
8.5%	$-0	$3	$7	$10	$14
9.5%	$-1	$2	$5	$8	$11

Current price: $1.43. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.