Azenta, Inc.

AZTA

HealthcareMedical - Instruments & SuppliesNASDAQ

$18.38

Market Cap: $846.61M

Azenta, Inc. (AZTA) Valuation Summary

Updated Apr 14, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$3.32 – $30.20	$8.24	-66.0%
Revenue DCF 10Y	$5.30 – $40.47	$15.02	-38.1%
▸ Trading Multiples
EV/Revenue	$42.00 – $134.74	$52.51	+116.4%

Valuation History

DCF Analysis

Azenta, Inc. (AZTA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$15.02

Market Price

$18.38

Upside / Downside

-18.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -1.9% to a target of 13.3% over 5 years, discounted at a WACC of 8.4%, Azenta, Inc. (AZTA) has an intrinsic value of $15.02 per share (range: $5.30 – $40.47).

Key Assumptions

Current Operating Margin

-1.9%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.5%

Target CapEx/Rev

18.4%

D&A/Revenue

12.3%

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	623	4.9%	1.1%	7	6	76	(59)	1	22	21
2027	660	6.0%	4.2%	28	22	81	(69)	14	20	18
2028	700	6.0%	7.2%	51	40	86	(80)	14	31	26
2029	684	-2.3%	10.3%	70	56	84	(85)	-6	60	45
2030	743	8.7%	13.3%	99	78	91	(100)	22	48	33
2031	769	3.6%	13.3%	103	81	94	(111)	10	55	35
2032	796	3.5%	13.3%	106	84	98	(123)	10	49	29
2033	823	3.3%	13.3%	110	87	101	(135)	10	43	23
2034	849	3.2%	13.3%	113	89	104	(148)	10	36	18
2035	876	3.1%	13.3%	117	92	108	(161)	10	29	13

Enterprise Value Bridge

Sum of PV(FCFF)263

Terminal Value (Gordon Growth at 3.0%)553

PV of Terminal Value258

Enterprise Value521

(–) Net Debt-169

Equity Value689

(÷) Shares Outstanding46

Fair Value per Share$15.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$5	$11	$21	$31	$40
7.4%	$5	$10	$17	$25	$32
8.4%	$5	$9	$15	$21	$27
9.4%	$5	$8	$14	$19	$24
10.4%	$5	$8	$12	$17	$21

Current price: $18.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 36.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Azenta, Inc. (AZTA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.24

Market Price

$18.38

Upside / Downside

-55.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1.9%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.5%

Target CapEx/Rev

18.4%

D&A/Revenue

12.3%

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	623	4.9%	1.1%	7	6	76	(65)	1	16	15
2027	660	6.0%	4.2%	28	22	81	(82)	14	7	6
2028	700	6.0%	7.2%	51	40	86	(101)	14	10	9
2029	684	-2.3%	10.3%	70	56	84	(112)	-6	33	25
2030	743	8.7%	13.3%	99	78	91	(137)	22	11	8

Enterprise Value Bridge

Sum of PV(FCFF)63

Terminal Value (Gordon Growth at 3.0%)211

PV of Terminal Value147

Enterprise Value209

(–) Net Debt-169

Equity Value378

(÷) Shares Outstanding46

Fair Value per Share$8.24

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$3	$4	$11	$20	$30
7.4%	$3	$4	$9	$17	$24
8.4%	$3	$4	$8	$14	$20
9.4%	$3	$4	$8	$13	$18
10.4%	$3	$4	$7	$11	$16

Current price: $18.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 36.6% 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

$52.54

Market Price

$18.38

Upside / Downside

+185.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Azenta, Inc. (AZTA) has a fair value of $52.54 based on 8 comparable companies in the Medical - Instruments & Supplies industry.

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Azenta, Inc.AZTA	844	1.1x	1.1x
Neogen CorporationNEOG	2,092	3.2x	3.4x
Establishment Labs Holdings Inc.ESTA	1,949	10.1x	8.1x
NovoCure LimitedNVCR	1,286	2.2x	2.1x
STAAR Surgical CompanySTAA	1,210	4.6x	3.6x
Kestra Medical Technologies, Ltd.KMTS	1,152	16.0x	16.5x
BioLife Solutions, Inc.BLFS	979	10.0x	8.5x
Teladoc Health, Inc.TDOC	935	0.5x	0.5x
Schrödinger, Inc.SDGR	879	3.0x	3.0x
Industry Median		3.9x	3.5x
(*) Revenue		594	624
= Enterprise Value		2,312	2,173
(-) Net Debt		-169	-169
Equity Value		2,480	2,342
(/) Outstanding shares		46	46
Fair Price		$54	$51

Selected Fair Value (avg of trailing + forward)

$52.54

+185.8%

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

$3.32 – $30.20

$8.24

-66.0%

Revenue DCF 10Y

$5.30 – $40.47

$15.02

-38.1%

▸ Trading Multiples

EV/Revenue

$42.00 – $134.74

$52.51

+116.4%

DCF Analysis

Azenta, Inc. (AZTA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$15.02

Market Price

$18.38

Upside / Downside

-18.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1.9%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.5%

Target CapEx/Rev

18.4%

D&A/Revenue

12.3%

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	623	4.9%	1.1%	7	6	76	(59)	1	22	21
2027	660	6.0%	4.2%	28	22	81	(69)	14	20	18
2028	700	6.0%	7.2%	51	40	86	(80)	14	31	26
2029	684	-2.3%	10.3%	70	56	84	(85)	-6	60	45
2030	743	8.7%	13.3%	99	78	91	(100)	22	48	33
2031	769	3.6%	13.3%	103	81	94	(111)	10	55	35
2032	796	3.5%	13.3%	106	84	98	(123)	10	49	29
2033	823	3.3%	13.3%	110	87	101	(135)	10	43	23
2034	849	3.2%	13.3%	113	89	104	(148)	10	36	18
2035	876	3.1%	13.3%	117	92	108	(161)	10	29	13

Enterprise Value Bridge

Sum of PV(FCFF)263

Terminal Value (Gordon Growth at 3.0%)553

PV of Terminal Value258

Enterprise Value521

(–) Net Debt-169

Equity Value689

(÷) Shares Outstanding46

Fair Value per Share$15.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$5	$11	$21	$31	$40
7.4%	$5	$10	$17	$25	$32
8.4%	$5	$9	$15	$21	$27
9.4%	$5	$8	$14	$19	$24
10.4%	$5	$8	$12	$17	$21

Current price: $18.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 36.6% 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

$52.54

Market Price

$18.38

Upside / Downside

+185.8%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Azenta, Inc.AZTA	844	1.1x	1.1x
Neogen CorporationNEOG	2,092	3.2x	3.4x
Establishment Labs Holdings Inc.ESTA	1,949	10.1x	8.1x
NovoCure LimitedNVCR	1,286	2.2x	2.1x
STAAR Surgical CompanySTAA	1,210	4.6x	3.6x
Kestra Medical Technologies, Ltd.KMTS	1,152	16.0x	16.5x
BioLife Solutions, Inc.BLFS	979	10.0x	8.5x
Teladoc Health, Inc.TDOC	935	0.5x	0.5x
Schrödinger, Inc.SDGR	879	3.0x	3.0x
Industry Median		3.9x	3.5x
(*) Revenue		594	624
= Enterprise Value		2,312	2,173
(-) Net Debt		-169	-169
Equity Value		2,480	2,342
(/) Outstanding shares		46	46
Fair Price		$54	$51

Selected Fair Value (avg of trailing + forward)

$52.54

+185.8%