D2L Inc (DTOL) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of D2L Inc C$11.00, price C$10.18, upside +8.1%, quality 62 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
59‑month range C$5.20 – C$20.61 · fair‑value band C$8.25 – C$13.76 · the C$10.18 price screens below the C$11.00 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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D2L Inc. provides cloud-based learning software for higher education institutions, kindergarten to grade 12 schools and districts, and private sector enterprises in Canada, the United States, and internationally. The company provides personalized, flexible and modern learning experiences for people of all ages.
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D2L Inc. provides cloud-based learning software for higher education institutions, kindergarten to grade 12 schools and districts, and private sector enterprises in Canada, the United States, and internationally. The company provides personalized, flexible and modern learning experiences for people of all ages. It offers core cloud-based learning innovation platform, Brightspace, serves three distinct markets, such as kindergarten to grade 12 schools (K-12), higher education, and corporate markets. In addition, the company provides performance+, advanced analytics package, achievement+, and creator+ easy-to-use authoring tools; performance+ advanced analytics package, achievement+, which streamlines achievement reporting on learning outcomes reporting; and Course Merchant, a digital storefront that enables institutions to sell courses directly to learners. Further, it offers Lumi, a human-centered artificial intelligence; and D2L Link that enables seamless connections and streamlined automations with student information systems, customer information management systems, human resource systems and other systems. It sells its platform primarily through direct sales in North America, Europe, and Australia, as well as through direct and indirect channel partners. The company was founded in 1999 and is headquartered in Kitchener, Canada.
Stock analysis
D2L Inc (DTOL) currently trades at C$10.18, while our model-based Fair Value estimate is C$11.00, so the stock looks roughly fairly valued today (gap 7.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of C$14.16 per share, and 11 of the 24 models we run sit above the C$10.18 price.
Bear case: the Asset-Based group reads lowest at C$1.43, and 13 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: C$8.25 (bear) to C$13.76 (bull), the price of C$10.18 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
D2L Inc reported revenue of $222M in FY2026 versus $152M in FY2022, a compound +9.9%/yr. Reported net income was $9.1M in FY2026.
Key figures
Market cap C$571M (≈ $403M) · P/E ratio 57.4 · P/S ratio 2.37 · EPS (TTM) C$0.1800 · Net margin 4.1% · Return on equity 8.7% · Return on assets (EBIT) −9.7% · Operating margin 5.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 46% below its 52-week high and 38% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at 8%, DTOL screens cheaper than that median.
Fair Value models
Bear C$8.25Fair Value C$11.00Bull C$13.76
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 8 months old). Earnings retained since then (C$0.1188 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.9%
Start year 2021 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−5.1% (2020) → 6.1% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−6.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −8.5% a year for the price and +5.0% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 699 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside+8.1% · Above median
Profitability
Return on equity (TTM)8.7% · Above median
Return on assets3.3% · Above median
Net margin (TTM)3.3% · Below median
Operating margin (TTM)5.3% · Above median
Growth and dividend
Revenue growth8.1% · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "D2L Inc Fair Value". https://www.fairvalue-calculator.com/stock/DTOL
Frequently asked questions
Is D2L Inc (DTOL) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of C$11.00 versus a price of C$10.18, about +8% upside (fairly valued).
What is the fair value of DTOL?
Our model-based fair value for D2L Inc is C$11.00 (as of Sep 27, 2026), built from audited fundamentals. The current price: C$10.18.
What is the quality score of DTOL?
D2L Inc has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for D2L Inc (DTOL)?
Our model-based price target is the fair value of C$11.00 (as of Sep 27, 2026) from 24 valuation models. Cautious scenario C$8.25, optimistic scenario C$13.76. It is a calculation from audited fundamentals, not an analyst target.
What is the D2L Inc stock forecast for 2026?
Our models put fair value at C$11.00, about +8% upside versus a price of C$10.18 (fairly valued). Cautious scenario C$8.25, optimistic scenario C$13.76. The calculation is refreshed regularly with new filings.
What is the revenue of D2L Inc (DTOL)?
D2L Inc reported trailing-twelve-month revenue of about $222M (latest available figure, as of Sep 27, 2026).
What growth is priced into D2L Inc (DTOL)?
For today's price to be fair in a discounted-cash-flow model, D2L Inc would have to grow free cash flow by -6.3 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.9 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of DTOL use?
Our models discount D2L Inc at 12.0 %: a base by market capitalisation (small), damped by beta 1.36, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For D2L Inc that is -6.3 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has D2L Inc (DTOL) delivered so far?
Over the past 5 years revenue at D2L Inc grew +11.9 % a year. The price currently implies -6.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of D2L Inc (DTOL) growing?
The median revenue growth in the sector is +8.7 % a year. That is the yardstick for the growth priced into D2L Inc (-6.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of D2L Inc (DTOL)?
The free-cash-flow yield on the price is 10.69 %: that much free cash flow D2L Inc produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of D2L Inc (DTOL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For D2L Inc it is C$11.00 per share (as of Sep 27, 2026), against a price of C$10.18. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is D2L Inc stock overvalued or undervalued in 2026?
As of Sep 27, 2026, DTOL trades below its calculated fair value: price C$10.18, fair value C$11.00, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DTOL?
No. The price is what the market pays today (C$10.18); the fair value is what the company's own numbers justify (C$11.00). For D2L Inc the two are C$0.8200 per share apart. That gap is exactly why we show both numbers side by side.
How much is D2L Inc worth?
The market values D2L Inc at about C$571M (market capitalisation, as of Sep 27, 2026). Per share that is C$10.18; our models calculate a fair value of C$11.00 per share.
What do the bullish and bearish scenarios say about DTOL?
Our models span a range for D2L Inc: cautious scenario C$8.25, base C$11.00, optimistic C$13.76 per share (as of Sep 27, 2026, price C$10.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DTOL?
D2L Inc trades at a price-to-earnings ratio of 57.4 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$11.00 is built from several models across several years. Other multiples: P/B 4.8, P/S 1.8, EV/EBITDA 17.9.
How solid is the balance sheet of D2L Inc (DTOL)?
Balance-sheet figures for D2L Inc (as of Sep 27, 2026): return on equity 8.7%. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is DTOL from its 52-week high?
D2L Inc trades at C$10.18, about 46% below its 52-week high of C$18.94 and 38% above the low of C$7.40 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of C$11.00 is for.
Which stocks are comparable to D2L Inc?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is D2L Inc stock attractive at the current price?
The data as of Sep 27, 2026: price C$10.18, calculated fair value C$11.00 (+8%), Quality Score 62/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DTOL calculated?
We run D2L Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$11.00, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.9 % above its aggregate fair value. D2L Inc currently trades 8 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of D2L Inc (DTOL)?
The closing price on Sep 28, 2026 was C$10.18. Our model-based fair value is C$11.00, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with D2L Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of D2L Inc
How large is the market capitalisation of D2L Inc (DTOL)?
The market capitalisation of D2L Inc is C$571M (≈ $403M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of D2L Inc (DTOL)?
The price-to-sales ratio of D2L Inc is 2.37 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of D2L Inc (DTOL)?
Earnings per share at D2L Inc are C$0.1800 (price ÷ EPS = P/E 57.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of D2L Inc (DTOL)?
The net margin of D2L Inc is 4.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of D2L Inc (DTOL)?
The return on equity (ROE) of D2L Inc is 8.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of D2L Inc (DTOL)?
On an EBIT basis the return on assets of D2L Inc is −9.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of D2L Inc (DTOL)?
The operating margin of D2L Inc is 5.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at D2L Inc (DTOL)?
Revenue at D2L Inc is growing +8.1% versus a year earlier (3y avg +9.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at D2L Inc (DTOL)?
Earnings per share at D2L Inc are growing −49.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does D2L Inc (DTOL) hold?
D2L Inc holds more cash than debt, $107M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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