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I want to create domain names that target two keywords but I have to add an extra word (or random string?) to get to domains that are still free.

Will adding more keywords to a domain name reduce the SEO value of the other two?

How does Google divide value for keywords in the domain name?

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There is no number. Furthermore, keywords in the domain name have had their impact on search engines rankings reduced in recent years and they aren't nearly as influential as they used to be. Your goal should be to pick a domain name that is easy to remember (and to type). There's a lot more value in that than how it will influence your SEO.

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Further to John Conde's answer, you can read about the EMD (exact match domain) Google algorithm update here. As a standalone ranking factor, there is no benefit to purchasing a domain with keywords any longer. Think about branding and the customer. –  zigojacko Feb 21 at 9:24

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