PowerFleet, Inc.

AIOT

TechnologyCommunication EquipmentNASDAQ

$3.41

Market Cap: $457.44M

PowerFleet, Inc. (AIOT) Valuation Summary

Updated May 11, 2026 19:38

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.14 – $21.81	$2.76	-19.0%
▸ Trading Multiples
EV/Revenue	$2.38 – $7.36	$1.78	-47.9%

Valuation History

DCF Analysis

PowerFleet, Inc. (AIOT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.76

Market Price

$3.41

Upside / Downside

-19.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -7.1% to a target of 10.2% over 5 years, discounted at a WACC of 8.6%, PowerFleet, Inc. (AIOT) has an intrinsic value of $2.76 per share (range: $1.14 – $21.81).

Key Assumptions

Current Operating Margin

-7.1%

Target Operating Margin

10.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.3%

Target CapEx/Rev

11.6%

D&A/Revenue

7.7%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	442	22.0%	-3.7%	-16	-16	34	(22)	37	-42	-40
2027	482	9.1%	-0.2%	-1	-1	37	(28)	8	0	0
2028	531	10.1%	3.3%	17	14	41	(34)	10	10	8
2029	690	30.0%	6.8%	47	37	53	(50)	33	7	5
2030	897	30.0%	10.2%	92	73	69	(71)	43	27	19
2031	1,153	28.6%	10.2%	118	93	89	(100)	54	29	18
2032	1,424	23.4%	10.2%	146	115	110	(133)	57	35	20
2033	1,685	18.3%	10.2%	173	136	130	(170)	55	41	22
2034	1,907	13.2%	10.2%	195	154	147	(206)	47	48	24
2035	2,062	8.1%	10.2%	211	167	159	(238)	32	55	25

Enterprise Value Bridge

Sum of PV(FCFF)103

Terminal Value (Gordon Growth at 3.0%)1,017

PV of Terminal Value466

Enterprise Value569

(–) Net Debt238

Equity Value331

(÷) Shares Outstanding120

Fair Value per Share$2.76

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.6%	$-4	$-2	$6	$14	$22
7.6%	$-4	$-2	$4	$10	$16
8.6%	$-4	$-2	$3	$7	$12
9.6%	$-3	$-2	$2	$6	$9
10.6%	$-3	$-2	$1	$4	$8

Current price: $3.41. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 21.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.78

Market Price

$3.41

Upside / Downside

-47.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), PowerFleet, Inc. (AIOT) has a fair value of $1.78 based on 8 comparable companies in the Communication Equipment industry.

EV/Revenue Valuation — Communication Equipment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PowerFleet, Inc.AIOT	409	1.8x	4.9x
BlackSky Technology Inc.BKSY	1,464	13.5x	10.8x
Ituran Location and Control Ltd.ITRN	1,212	3.1x	3.3x
ADTRAN Holdings, Inc.ADTN	1,210	1.3x	1.5x
Gilat Satellite Networks Ltd.GILT	1,152	2.2x	3.2x
LSI Industries Inc.LYTS	765	1.4x	1.2x
Riskified Ltd.RSKD	760	1.8x	1.9x
Paysafe LimitedPSFE	486	1.1x	1.1x
Digital Turbine, Inc.APPS	484	1.8x	1.3x
Industry Median		1.8x	1.7x
(*) Revenue		363	133
= Enterprise Value		647	256
(-) Net Debt		238	238
Equity Value		408	17
(/) Outstanding shares		120	120
Fair Price		$3	$0

Selected Fair Value (avg of trailing + forward)

$1.78

-47.9%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$1.14 – $21.81

$2.76

-19.0%

▸ Trading Multiples

EV/Revenue

$2.38 – $7.36

$1.78

-47.9%

DCF Analysis

PowerFleet, Inc. (AIOT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.76

Market Price

$3.41

Upside / Downside

-19.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.1%

Target Operating Margin

10.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.3%

Target CapEx/Rev

11.6%

D&A/Revenue

7.7%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	442	22.0%	-3.7%	-16	-16	34	(22)	37	-42	-40
2027	482	9.1%	-0.2%	-1	-1	37	(28)	8	0	0
2028	531	10.1%	3.3%	17	14	41	(34)	10	10	8
2029	690	30.0%	6.8%	47	37	53	(50)	33	7	5
2030	897	30.0%	10.2%	92	73	69	(71)	43	27	19
2031	1,153	28.6%	10.2%	118	93	89	(100)	54	29	18
2032	1,424	23.4%	10.2%	146	115	110	(133)	57	35	20
2033	1,685	18.3%	10.2%	173	136	130	(170)	55	41	22
2034	1,907	13.2%	10.2%	195	154	147	(206)	47	48	24
2035	2,062	8.1%	10.2%	211	167	159	(238)	32	55	25

Enterprise Value Bridge

Sum of PV(FCFF)103

Terminal Value (Gordon Growth at 3.0%)1,017

PV of Terminal Value466

Enterprise Value569

(–) Net Debt238

Equity Value331

(÷) Shares Outstanding120

Fair Value per Share$2.76

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.6%	$-4	$-2	$6	$14	$22
7.6%	$-4	$-2	$4	$10	$16
8.6%	$-4	$-2	$3	$7	$12
9.6%	$-3	$-2	$2	$6	$9
10.6%	$-3	$-2	$1	$4	$8

Current price: $3.41. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 21.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.78

Market Price

$3.41

Upside / Downside

-47.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), PowerFleet, Inc. (AIOT) has a fair value of $1.78 based on 8 comparable companies in the Communication Equipment industry.

EV/Revenue Valuation — Communication Equipment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PowerFleet, Inc.AIOT	409	1.8x	4.9x
BlackSky Technology Inc.BKSY	1,464	13.5x	10.8x
Ituran Location and Control Ltd.ITRN	1,212	3.1x	3.3x
ADTRAN Holdings, Inc.ADTN	1,210	1.3x	1.5x
Gilat Satellite Networks Ltd.GILT	1,152	2.2x	3.2x
LSI Industries Inc.LYTS	765	1.4x	1.2x
Riskified Ltd.RSKD	760	1.8x	1.9x
Paysafe LimitedPSFE	486	1.1x	1.1x
Digital Turbine, Inc.APPS	484	1.8x	1.3x
Industry Median		1.8x	1.7x
(*) Revenue		363	133
= Enterprise Value		647	256
(-) Net Debt		238	238
Equity Value		408	17
(/) Outstanding shares		120	120
Fair Price		$3	$0

Selected Fair Value (avg of trailing + forward)

$1.78

-47.9%