Aware, Inc.

AWRE

TechnologySoftware - ApplicationNASDAQ

$1.26

Market Cap: $27.26M

Aware, Inc. (AWRE) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.03 – $1.54	$0.25	-80.5%
Revenue DCF 10Y	$0.02 – $1.44	$0.24	-80.8%
▸ Trading Multiples
EV/Revenue	$0.50 – $7.18	$2.73	+116.3%

Valuation History

DCF Analysis

Aware, Inc. (AWRE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.24

Market Price

$1.26

Upside / Downside

-81.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -37.9% to a target of 10.0% over 5 years, discounted at a WACC of 8.8%, Aware, Inc. (AWRE) has an intrinsic value of $0.24 per share (range: $0.02 – $1.44).

Key Assumptions

Current Operating Margin

-37.9%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.2%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

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	17	0.6%	-28.3%	-5	-5	1	(0)	2	-7	-7
2027	18	0.6%	-18.8%	-3	-3	1	(0)	0	-3	-3
2028	18	0.6%	-9.2%	-2	-2	1	(0)	0	-1	-1
2029	18	0.6%	0.4%	0	0	1	(1)	0	0	0
2030	18	0.6%	10.0%	2	1	1	(1)	0	1	1
2031	18	1.0%	10.0%	2	1	1	(1)	0	1	1
2032	18	1.4%	10.0%	2	1	1	(1)	0	1	1
2033	19	1.8%	10.0%	2	1	1	(1)	0	1	1
2034	19	2.2%	10.0%	2	2	1	(1)	0	1	1
2035	20	2.6%	10.0%	2	2	1	(1)	0	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)18

PV of Terminal Value8

Enterprise Value2

(–) Net Debt-3

Equity Value5

(÷) Shares Outstanding21

Fair Value per Share$0.24

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-0	$0	$1	$1	$1
7.8%	$-0	$0	$0	$1	$1
8.8%	$-0	$-0	$0	$1	$1
9.8%	$-0	$-0	$0	$0	$1
10.8%	$-0	$-0	$0	$0	$1

Current price: $1.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Aware, Inc. (AWRE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.25

Market Price

$1.26

Upside / Downside

-80.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-37.9%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.2%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

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	17	0.6%	-28.3%	-5	-5	1	(0)	2	-7	-7
2027	18	0.6%	-18.8%	-3	-3	1	(1)	0	-3	-3
2028	18	0.6%	-9.2%	-2	-2	1	(1)	0	-2	-1
2029	18	0.6%	0.4%	0	0	1	(1)	0	-0	-0
2030	18	0.6%	10.0%	2	1	1	(1)	0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-10

Terminal Value (Gordon Growth at 3.0%)18

PV of Terminal Value12

Enterprise Value2

(–) Net Debt-3

Equity Value5

(÷) Shares Outstanding21

Fair Value per Share$0.25

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-0	$0	$1	$1	$2
7.8%	$-0	$0	$0	$1	$1
8.8%	$-0	$-0	$0	$1	$1
9.8%	$-0	$-0	$0	$0	$1
10.8%	$-0	$-0	$0	$0	$1

Current price: $1.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.8% 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

$2.73

Market Price

$1.26

Upside / Downside

+116.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Aware, Inc. (AWRE) has a fair value of $2.73 based on 7 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Aware, Inc.AWRE	27	1.4x	0.4x
NetSol Technologies, Inc.NTWK	41	0.5x	0.5x
TransAct Technologies IncorporatedTACT	34	0.3x	0.2x
Knorex Ltd.KNRX	34	3.6x	—
Blackboxstocks Inc.BLBX	34	14.1x	5.7x
Intellinetics, Inc.INLX	33	1.9x	2.3x
Beamr Imaging Ltd.BMR	31	8.6x	8.7x
SurgePays, Inc.SURG	12	0.4x	0.2x
Industry Median		1.9x	1.4x
(*) Revenue		17	53
= Enterprise Value		33	75
(-) Net Debt		-3	-3
Equity Value		37	79
(/) Outstanding shares		21	21
Fair Price		$2	$4

Selected Fair Value (avg of trailing + forward)

$2.73

+116.3%

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

$0.03 – $1.54

$0.25

-80.5%

Revenue DCF 10Y

$0.02 – $1.44

$0.24

-80.8%

▸ Trading Multiples

EV/Revenue

$0.50 – $7.18

$2.73

+116.3%

DCF Analysis

Aware, Inc. (AWRE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.24

Market Price

$1.26

Upside / Downside

-81.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-37.9%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.2%

Target CapEx/Rev

6.0%

D&A/Revenue

3.9%

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	17	0.6%	-28.3%	-5	-5	1	(0)	2	-7	-7
2027	18	0.6%	-18.8%	-3	-3	1	(0)	0	-3	-3
2028	18	0.6%	-9.2%	-2	-2	1	(0)	0	-1	-1
2029	18	0.6%	0.4%	0	0	1	(1)	0	0	0
2030	18	0.6%	10.0%	2	1	1	(1)	0	1	1
2031	18	1.0%	10.0%	2	1	1	(1)	0	1	1
2032	18	1.4%	10.0%	2	1	1	(1)	0	1	1
2033	19	1.8%	10.0%	2	1	1	(1)	0	1	1
2034	19	2.2%	10.0%	2	2	1	(1)	0	1	1
2035	20	2.6%	10.0%	2	2	1	(1)	0	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)18

PV of Terminal Value8

Enterprise Value2

(–) Net Debt-3

Equity Value5

(÷) Shares Outstanding21

Fair Value per Share$0.24

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-0	$0	$1	$1	$1
7.8%	$-0	$0	$0	$1	$1
8.8%	$-0	$-0	$0	$1	$1
9.8%	$-0	$-0	$0	$0	$1
10.8%	$-0	$-0	$0	$0	$1

Current price: $1.26. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.8% 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

$2.73

Market Price

$1.26

Upside / Downside

+116.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Aware, Inc. (AWRE) has a fair value of $2.73 based on 7 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Aware, Inc.AWRE	27	1.4x	0.4x
NetSol Technologies, Inc.NTWK	41	0.5x	0.5x
TransAct Technologies IncorporatedTACT	34	0.3x	0.2x
Knorex Ltd.KNRX	34	3.6x	—
Blackboxstocks Inc.BLBX	34	14.1x	5.7x
Intellinetics, Inc.INLX	33	1.9x	2.3x
Beamr Imaging Ltd.BMR	31	8.6x	8.7x
SurgePays, Inc.SURG	12	0.4x	0.2x
Industry Median		1.9x	1.4x
(*) Revenue		17	53
= Enterprise Value		33	75
(-) Net Debt		-3	-3
Equity Value		37	79
(/) Outstanding shares		21	21
Fair Price		$2	$4

Selected Fair Value (avg of trailing + forward)

$2.73

+116.3%