DigitalBridge Group, Inc. earns about 6% on invested capital, below its ~9% cost of capital, but has diluted owners by 43% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $3.93 and $18.01 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $180.8M1 | $172.7M2 | $264.1M3 | $329.7M3 | $374.4M3 |
| Net income | −$310.1M4 | −$321.8M5 | $185.3M6 | $70.5M6 | $141.9M6 |
| Operating cash flow | $248.2M7 | $262.6M8 | $233.6M9 | $60.1M9 | $259.3M9 |
| Capital expenditure | $010 | $011 | $012 | $3.59M12 | $1.35M12 |
| Free cash flow (derived) | $248.2M7,10 | $262.6M8,11 | $233.6M9,12 | $56.5M9,12 | $258M9,12 |
| Total debt | $4.86B13 | $569.4M14 | $371.8M15 | $296.4M16 | $298.8M16 |
| Cash & equivalents | $1.23B17 | $855.6M18 | $345.3M18 | $302.2M18 | $382.5M18 |
| Diluted shares | 122.9M | 154.5M | 169.7M | 168.8M | 175.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $119.91 of net worth that earned you $8.07 and generated $14.68 of cash last year, against $17 of debt.
It earned about 6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 43% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 94% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $3.93 and $18.01 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a conservative ceiling on what a defensive investor should pay, not a target.
assumptions (10)
- Risk-free rate (10Y Treasury)5.21%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth0.0%
- Starting free cash flow$233.6M
assumptions (10)
- Risk-free rate (10Y Treasury)5.21%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth0.0%
- Starting free cash flow$233.6M
assumptions (8)
- Risk-free rate (10Y Treasury)5.21%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$70.5M
- Growth assumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $18.01 |
| Base | 0.0% | $18.01 |
| Bull | 5.0% | $22.21 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
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Connect the MeritValue MCP server to Claude or another MCP client, ask about DigitalBridge Group, Inc., and get these exact figures with their filing receipts — not an improvised DCF.
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See pricing →Follow DBRG-PH and keep your own price beside the value. The same engine, with the same receipts.
MeritValue on the App Store →- 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001679688-24-000021 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001679688-25-000017 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001679688-26-000021 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001679688-24-000021 (NetIncomeLoss)
- 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001679688-25-000017 (NetIncomeLoss)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001679688-26-000021 (NetIncomeLoss)
- 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001679688-24-000021 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001679688-25-000017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001679688-26-000021 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001679688-24-000021 (PaymentsForCapitalImprovements)
- 10-K filed 2025-02-21 · period ending 2022-12-31 · accession 0001679688-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001679688-26-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-02-27 · period ending 2021-12-31 · accession 0001679688-23-000017 (LongTermDebt)
- 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0001679688-24-000021 (LongTermDebt)
- 10-K filed 2025-02-21 · period ending 2023-12-31 · accession 0001679688-25-000017 (LongTermDebt)
- 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001679688-26-000021 (LongTermDebt)
- 10-K filed 2025-02-21 · period ending 2021-12-31 · accession 0001679688-25-000017 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-26 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001679688-26-000021 (CashAndCashEquivalentsAtCarryingValue)