股息贴现模型（英文：Dividend Discount Model，缩写：DDM），是现金流折现模型的一种特殊形式，仅用于为公司的股权资产定价。其用于以投资者角度估算公司股票价格的合理值，原理就是把预期将来派发的一系列股息按利率贴现成现值，一系列股息的净现值的总和相加即为该股票的合理价值。这条方程又可称为戈登增长模型。以学者迈伦·J.戈登命名，因为学术界传统认为戈登在1959年首先提出这模型，但实际上其理论基础可追溯至1938年由经济学家约翰·伯尔·威廉姆斯发表的文章《投资价值理论》。

一般来说，股息贴现模型的公式可以表述如下：

The dividend discount model (DDM) is a method of valuing a company's stock price based on the theory that its stock is worth the sum of all of its future dividend payments, discounted back to their present value. In other words, it is used to value stocks based on the net present value of the future dividends. The equation most widely used is called the Gordon growth model. It is named after Myron J. Gordon of the University of Toronto, who originally published it along with Eli Shapiro in 1956 and made reference to it in 1959. Their work borrowed heavily from the theoretical and mathematical ideas found in John Burr Williams 1938 book "The Theory of Investment Value."