Dolby Laboratories, Inc. (DLB)

Patent Owners & Lessors

Latest Price

$60.36

TTM P/E

25.79

Normalized P/E

25.74

Div Yield

2.34%

Book Value

27.41

P/B Ratio

2.20

Valuation metrics

EPS: $2.62

Book value / share: $26.90

Formula: √(22.5 × EPS × BVPS)

Graham Number

$39.82

34% downside

Norm. op. income: $257M (median of 7yr)

Tax rate: 15%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$29.74

51% downside

Base FCF: $337M (median of recent 5yr)

Growth: 22%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$216.78

+259% upside

EPS: $2.62

Target P/E: 26×

Formula: EPS × P/E

P/E Fair Value

$68.12

+13% upside

61.8% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	6.68M	$351.0M	7.08%	+138.5K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	4.95M	$260.0M	5.25%	-20.1K	2026-06-30
Bank of New York Mellon Corp	4.82M	$253.0M	5.11%	+317.4K	2026-06-30
MORGAN STANLEY	4.60M	$241.0M	4.88%	-540.4K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	2.72M	$143.0M	2.89%	-4.5K	2026-06-30
FIRST TRUST ADVISORS LP	2.71M	$142.0M	2.87%	+450.6K	2026-06-30
STATE STREET CORP	2.32M	$121.0M	2.46%	+26.8K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.84M	$96.0M	1.95%	+77.1K	2026-06-30
FMR LLC	1.59M	$83.0M	1.68%	+573.1K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	1.56M	$81.0M	1.65%	+236.8K	2026-06-30