Assertio Holdings, Inc.

ASRT

HealthcareDrug Manufacturers - Specialty & GenericNASDAQ

$23.32

Market Cap: $150.70M

Assertio Holdings, Inc. (ASRT) Valuation Summary

Updated Apr 6, 2026 22:24

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.80 – $36.15	$4.27	-77.8%
Revenue DCF 10Y	$11.11 – $58.48	$20.58	+6.9%
▸ Trading Multiples
EV/Revenue	$3.68 – $15.39	$6.47	-66.4%

Valuation History

DCF Analysis

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$20.58

Market Price

$23.32

Upside / Downside

-11.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -18.1% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, Assertio Holdings, Inc. (ASRT) has an intrinsic value of $20.58 per share (range: $11.11 – $58.48).

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	114	-4.3%	-11.8%	-13	-13	25	(4)	-68	76	73
2027	130	14.3%	-5.5%	-7	-7	29	(9)	10	3	3
2028	147	13.2%	0.8%	1	1	33	(15)	10	9	7
2029	159	8.1%	7.0%	11	11	36	(21)	7	18	14
2030	167	5.3%	13.3%	22	22	37	(28)	5	27	18
2031	170	1.9%	13.3%	23	23	38	(34)	2	25	16
2032	174	2.1%	13.3%	23	23	39	(41)	2	19	11
2033	178	2.4%	13.3%	24	24	40	(48)	2	13	7
2034	183	2.6%	13.3%	24	24	41	(55)	3	7	4
2035	188	2.8%	13.3%	25	25	42	(63)	3	1	0

Enterprise Value Bridge

Sum of PV(FCFF)153

Terminal Value (Gordon Growth at 3.0%)18

PV of Terminal Value8

Enterprise Value161

(–) Net Debt29

Equity Value132

(÷) Shares Outstanding6

Fair Value per Share$20.58

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$12	$16	$23	$41	$58
7.7%	$12	$16	$22	$35	$49
8.7%	$12	$15	$21	$32	$43
9.7%	$11	$15	$20	$29	$38
10.7%	$11	$15	$19	$27	$35

Current price: $23.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.27

Market Price

$23.32

Upside / Downside

-81.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	114	-4.3%	-11.8%	-13	-13	25	(8)	-68	72	69
2027	130	14.3%	-5.5%	-7	-7	29	(18)	10	-5	-5
2028	147	13.2%	0.8%	1	1	33	(30)	10	-6	-5
2029	159	8.1%	7.0%	11	11	36	(43)	7	-3	-2
2030	167	5.3%	13.3%	22	22	37	(56)	5	-1	-1

Enterprise Value Bridge

Sum of PV(FCFF)56

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value56

(–) Net Debt29

Equity Value27

(÷) Shares Outstanding6

Fair Value per Share$4.27

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$1	$3	$4	$18	$36
7.7%	$1	$3	$4	$15	$29
8.7%	$1	$3	$4	$13	$24
9.7%	$1	$3	$4	$12	$21
10.7%	$1	$3	$4	$11	$19

Current price: $23.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% 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

$5.94

Market Price

$23.32

Upside / Downside

-74.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Assertio Holdings, Inc. (ASRT) has a fair value of $5.94 based on 6 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
Assertio Holdings, Inc.ASRT	149	1.5x	1.7x
Vaxart, Inc.VXRT	150	0.4x	4.9x
Fortress Biotech, Inc.FBIO	78	1.1x	0.8x
TScan Therapeutics, Inc.TCRX	59	0.1x	0.1x
Pulmonx CorporationLUNG	57	0.5x	0.5x
Nutriband Inc.NTRB	45	19.3x	12.5x
Lite Strategy, Inc.LITS	42	0.6x	0.6x
Industry Median		0.5x	0.7x
(*) Revenue		119	104
= Enterprise Value		63	70
(-) Net Debt		29	29
Equity Value		35	41
(/) Outstanding shares		6	6
Fair Price		$5	$6

Selected Fair Value (avg of trailing + forward)

$5.94

-74.5%

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.

Assertio Holdings, Inc. (ASRT) Valuation Summary

Updated Apr 6, 2026 22:24

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.80 – $36.15	$4.27	-77.8%
Revenue DCF 10Y	$11.11 – $58.48	$20.58	+6.9%
▸ Trading Multiples
EV/Revenue	$3.68 – $15.39	$6.47	-66.4%

Valuation History

DCF Analysis

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$20.58

Market Price

$23.32

Upside / Downside

-11.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	114	-4.3%	-11.8%	-13	-13	25	(4)	-68	76	73
2027	130	14.3%	-5.5%	-7	-7	29	(9)	10	3	3
2028	147	13.2%	0.8%	1	1	33	(15)	10	9	7
2029	159	8.1%	7.0%	11	11	36	(21)	7	18	14
2030	167	5.3%	13.3%	22	22	37	(28)	5	27	18
2031	170	1.9%	13.3%	23	23	38	(34)	2	25	16
2032	174	2.1%	13.3%	23	23	39	(41)	2	19	11
2033	178	2.4%	13.3%	24	24	40	(48)	2	13	7
2034	183	2.6%	13.3%	24	24	41	(55)	3	7	4
2035	188	2.8%	13.3%	25	25	42	(63)	3	1	0

Enterprise Value Bridge

Sum of PV(FCFF)153

Terminal Value (Gordon Growth at 3.0%)18

PV of Terminal Value8

Enterprise Value161

(–) Net Debt29

Equity Value132

(÷) Shares Outstanding6

Fair Value per Share$20.58

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$12	$16	$23	$41	$58
7.7%	$12	$16	$22	$35	$49
8.7%	$12	$15	$21	$32	$43
9.7%	$11	$15	$20	$29	$38
10.7%	$11	$15	$19	$27	$35

Current price: $23.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.27

Market Price

$23.32

Upside / Downside

-81.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	114	-4.3%	-11.8%	-13	-13	25	(8)	-68	72	69
2027	130	14.3%	-5.5%	-7	-7	29	(18)	10	-5	-5
2028	147	13.2%	0.8%	1	1	33	(30)	10	-6	-5
2029	159	8.1%	7.0%	11	11	36	(43)	7	-3	-2
2030	167	5.3%	13.3%	22	22	37	(56)	5	-1	-1

Enterprise Value Bridge

Sum of PV(FCFF)56

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value56

(–) Net Debt29

Equity Value27

(÷) Shares Outstanding6

Fair Value per Share$4.27

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$1	$3	$4	$18	$36
7.7%	$1	$3	$4	$15	$29
8.7%	$1	$3	$4	$13	$24
9.7%	$1	$3	$4	$12	$21
10.7%	$1	$3	$4	$11	$19

Current price: $23.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% 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

$5.94

Market Price

$23.32

Upside / Downside

-74.5%

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
Assertio Holdings, Inc.ASRT	149	1.5x	1.7x
Vaxart, Inc.VXRT	150	0.4x	4.9x
Fortress Biotech, Inc.FBIO	78	1.1x	0.8x
TScan Therapeutics, Inc.TCRX	59	0.1x	0.1x
Pulmonx CorporationLUNG	57	0.5x	0.5x
Nutriband Inc.NTRB	45	19.3x	12.5x
Lite Strategy, Inc.LITS	42	0.6x	0.6x
Industry Median		0.5x	0.7x
(*) Revenue		119	104
= Enterprise Value		63	70
(-) Net Debt		29	29
Equity Value		35	41
(/) Outstanding shares		6	6
Fair Price		$5	$6

Selected Fair Value (avg of trailing + forward)

$5.94

-74.5%