Aquestive Therapeutics, Inc.

AQST

HealthcareDrug Manufacturers - Specialty & GenericNASDAQ

$4.13

Market Cap: $410.14M

Aquestive Therapeutics, Inc. (AQST) Valuation Summary

Updated Apr 7, 2026 22:15

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.07 – $3.36	$0.36	-91.3%
▸ Trading Multiples
EV/Revenue	$0.30 – $0.74	$0.69	-83.3%

Valuation History

DCF Analysis

Aquestive Therapeutics, Inc. (AQST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.36

Market Price

$4.13

Upside / Downside

-91.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -159.5% to a target of 13.3% over 5 years, discounted at a WACC of 9.7%, Aquestive Therapeutics, Inc. (AQST) has an intrinsic value of $0.36 per share (range: $0.07 – $3.36).

Key Assumptions

Current Operating Margin

-159.5%

Target Operating Margin

13.3%

WACC

9.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.1%

Target CapEx/Rev

6.0%

D&A/Revenue

3.2%

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	48	7.9%	-124.9%	-60	-60	2	(1)	8	-68	-65
2027	72	49.5%	-90.4%	-65	-65	2	(2)	1	-66	-57
2028	110	52.5%	-55.8%	-61	-61	4	(4)	2	-63	-50
2029	186	69.6%	-21.2%	-39	-39	6	(7)	3	-44	-31
2030	347	86.6%	13.3%	46	37	11	(14)	7	27	18
2031	339	-2.2%	13.3%	45	36	11	(15)	-0	32	19
2032	335	-1.2%	13.3%	45	35	11	(16)	-0	30	16
2033	335	-0.1%	13.3%	45	35	11	(17)	-0	29	14
2034	338	0.9%	13.3%	45	36	11	(19)	0	27	12
2035	345	2.0%	13.3%	46	36	11	(21)	0	26	11

Enterprise Value Bridge

Sum of PV(FCFF)-112

Terminal Value (Gordon Growth at 3.0%)403

PV of Terminal Value167

Enterprise Value54

(–) Net Debt10

Equity Value44

(÷) Shares Outstanding122

Fair Value per Share$0.36

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.7%	$-1	$0	$1	$2	$3
8.7%	$-1	$-0	$1	$2	$2
9.7%	$-1	$-0	$0	$1	$2
10.7%	$-1	$-1	$0	$1	$1
11.7%	$-1	$-1	$-0	$0	$1

Current price: $4.13. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 4.2% 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

$0.69

Market Price

$4.13

Upside / Downside

-83.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Aquestive Therapeutics, Inc. (AQST) has a fair value of $0.69 based on 5 comparable companies in the Drug Manufacturers - Specialty & Generic industry.

EV/Revenue Valuation — Drug Manufacturers - Specialty & Generic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Aquestive Therapeutics, Inc.AQST	504	11.5x	10.7x
Arvinas, Inc.ARVN	730	2.3x	6.4x
Esperion Therapeutics, Inc.ESPR	480	2.1x	2.1x
Orthofix Medical Inc.OFIX	470	0.8x	0.7x
Emergent BioSolutions Inc.EBS	406	1.0x	1.0x
DarioHealth Corp.DRIO	47	2.3x	2.0x
Industry Median		2.1x	2.0x
(*) Revenue		45	48
= Enterprise Value		95	94
(-) Net Debt		10	10
Equity Value		85	84
(/) Outstanding shares		122	122
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.69

-83.3%

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

$0.07 – $3.36

$0.36

-91.3%

▸ Trading Multiples

EV/Revenue

$0.30 – $0.74

$0.69

-83.3%

DCF Analysis

Aquestive Therapeutics, Inc. (AQST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.36

Market Price

$4.13

Upside / Downside

-91.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-159.5%

Target Operating Margin

13.3%

WACC

9.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.1%

Target CapEx/Rev

6.0%

D&A/Revenue

3.2%

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	48	7.9%	-124.9%	-60	-60	2	(1)	8	-68	-65
2027	72	49.5%	-90.4%	-65	-65	2	(2)	1	-66	-57
2028	110	52.5%	-55.8%	-61	-61	4	(4)	2	-63	-50
2029	186	69.6%	-21.2%	-39	-39	6	(7)	3	-44	-31
2030	347	86.6%	13.3%	46	37	11	(14)	7	27	18
2031	339	-2.2%	13.3%	45	36	11	(15)	-0	32	19
2032	335	-1.2%	13.3%	45	35	11	(16)	-0	30	16
2033	335	-0.1%	13.3%	45	35	11	(17)	-0	29	14
2034	338	0.9%	13.3%	45	36	11	(19)	0	27	12
2035	345	2.0%	13.3%	46	36	11	(21)	0	26	11

Enterprise Value Bridge

Sum of PV(FCFF)-112

Terminal Value (Gordon Growth at 3.0%)403

PV of Terminal Value167

Enterprise Value54

(–) Net Debt10

Equity Value44

(÷) Shares Outstanding122

Fair Value per Share$0.36

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.7%	$-1	$0	$1	$2	$3
8.7%	$-1	$-0	$1	$2	$2
9.7%	$-1	$-0	$0	$1	$2
10.7%	$-1	$-1	$0	$1	$1
11.7%	$-1	$-1	$-0	$0	$1

Current price: $4.13. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 4.2% 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

$0.69

Market Price

$4.13

Upside / Downside

-83.3%

Verdict

Overvalued

EV/Revenue Valuation — Drug Manufacturers - Specialty & Generic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Aquestive Therapeutics, Inc.AQST	504	11.5x	10.7x
Arvinas, Inc.ARVN	730	2.3x	6.4x
Esperion Therapeutics, Inc.ESPR	480	2.1x	2.1x
Orthofix Medical Inc.OFIX	470	0.8x	0.7x
Emergent BioSolutions Inc.EBS	406	1.0x	1.0x
DarioHealth Corp.DRIO	47	2.3x	2.0x
Industry Median		2.1x	2.0x
(*) Revenue		45	48
= Enterprise Value		95	94
(-) Net Debt		10	10
Equity Value		85	84
(/) Outstanding shares		122	122
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.69

-83.3%