BARK, Inc.

BARK

Consumer CyclicalSpecialty RetailNYSE

$8.47

Market Cap: $73.19M

BARK, Inc. (BARK) Valuation Summary

Updated May 11, 2026 22:21

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.04 – $247.12	$6.16	-27.2%
Revenue DCF 10Y	$11.95 – $304.41	$21.57	+154.6%
▸ Trading Multiples
EV/Revenue	$22.94 – $90.56	$33.35	+293.8%

Valuation History

DCF Analysis

BARK, Inc. (BARK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$21.57

Market Price

$8.47

Upside / Downside

+154.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -7.3% to a target of 7.7% over 5 years, discounted at a WACC of 6.1%, BARK, Inc. (BARK) has an intrinsic value of $21.57 per share (range: $11.95 – $304.41).

Key Assumptions

Current Operating Margin

-7.3%

Target Operating Margin

7.7%

WACC

6.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

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	404	-16.5%	-4.3%	-17	-17	7	(12)	-9	-12	-12
2027	414	2.4%	-1.3%	-5	-5	7	(13)	2	-13	-12
2028	444	7.3%	1.7%	8	6	8	(16)	5	-7	-6
2029	487	9.5%	4.7%	23	18	9	(19)	7	1	1
2030	526	8.1%	7.7%	41	32	10	(22)	7	13	10
2031	556	5.8%	7.7%	43	34	10	(26)	5	13	10
2032	585	5.2%	7.7%	45	36	11	(29)	5	12	8
2033	613	4.7%	7.7%	47	37	11	(32)	5	11	7
2034	638	4.1%	7.7%	49	39	12	(36)	4	10	6
2035	661	3.6%	7.7%	51	40	12	(40)	4	9	5

Enterprise Value Bridge

Sum of PV(FCFF)17

Terminal Value (Gordon Growth at 3.0%)287

PV of Terminal Value163

Enterprise Value180

(–) Net Debt-9

Equity Value189

(÷) Shares Outstanding9

Fair Value per Share$21.57

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.1%	$-16	$-6	$65	$185	$304
5.1%	$-15	$-6	$33	$96	$158
6.1%	$-14	$-6	$22	$64	$105
7.1%	$-14	$-5	$16	$47	$78
8.1%	$-13	$-5	$12	$37	$61

Current price: $8.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

BARK, Inc. (BARK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.16

Market Price

$8.47

Upside / Downside

-27.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -7.3% to a target of 7.7% over 5 years, discounted at a WACC of 6.1%, BARK, Inc. (BARK) has an intrinsic value of $6.16 per share (range: $2.04 – $247.12).

Key Assumptions

Current Operating Margin

-7.3%

Target Operating Margin

7.7%

WACC

6.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

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	404	-16.5%	-4.3%	-17	-17	7	(13)	-9	-14	-13
2027	414	2.4%	-1.3%	-5	-5	7	(16)	2	-16	-14
2028	444	7.3%	1.7%	8	6	8	(20)	5	-11	-10
2029	487	9.5%	4.7%	23	18	9	(26)	7	-6	-5
2030	526	8.1%	7.7%	41	32	10	(32)	7	3	3

Enterprise Value Bridge

Sum of PV(FCFF)-40

Terminal Value (Gordon Growth at 3.0%)111

PV of Terminal Value85

Enterprise Value45

(–) Net Debt-9

Equity Value54

(÷) Shares Outstanding9

Fair Value per Share$6.16

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.1%	$-11	$-7	$25	$136	$247
5.1%	$-11	$-7	$11	$69	$127
6.1%	$-10	$-7	$6	$45	$84
7.1%	$-10	$-7	$4	$33	$62
8.1%	$-10	$-7	$2	$25	$48

Current price: $8.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.9% 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

$33.35

Market Price

$8.47

Upside / Downside

+293.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), BARK, Inc. (BARK) has a fair value of $33.35 based on 7 comparable companies in the Specialty Retail industry.

EV/Revenue Valuation — Specialty Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
BARK, Inc.BARK	74	0.1x	0.2x
1stdibs.Com, Inc.DIBS	150	1.6x	1.7x
a.k.a. Brands Holding Corp.AKA	120	0.5x	0.5x
Lakeland Industries, Inc.LAKE	106	0.7x	1.0x
The Children's Place, Inc.PLCE	75	0.5x	0.4x
Sportsman's Warehouse Holdings, Inc.SPWH	55	0.4x	0.4x
Texxon Holding Limited Ordinary sharesNPT	31	0.1x	—
Robo.ai Inc.AIIO	17	3.1x	—
Industry Median		0.5x	0.5x
(*) Revenue		484	404
= Enterprise Value		251	316
(-) Net Debt		-9	-9
Equity Value		260	325
(/) Outstanding shares		9	9
Fair Price		$30	$37

Selected Fair Value (avg of trailing + forward)

$33.35

+293.8%

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

$2.04 – $247.12

$6.16

-27.2%

Revenue DCF 10Y

$11.95 – $304.41

$21.57

+154.6%

▸ Trading Multiples

EV/Revenue

$22.94 – $90.56

$33.35

+293.8%

DCF Analysis

BARK, Inc. (BARK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$21.57

Market Price

$8.47

Upside / Downside

+154.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-7.3%

Target Operating Margin

7.7%

WACC

6.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.5%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

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	404	-16.5%	-4.3%	-17	-17	7	(12)	-9	-12	-12
2027	414	2.4%	-1.3%	-5	-5	7	(13)	2	-13	-12
2028	444	7.3%	1.7%	8	6	8	(16)	5	-7	-6
2029	487	9.5%	4.7%	23	18	9	(19)	7	1	1
2030	526	8.1%	7.7%	41	32	10	(22)	7	13	10
2031	556	5.8%	7.7%	43	34	10	(26)	5	13	10
2032	585	5.2%	7.7%	45	36	11	(29)	5	12	8
2033	613	4.7%	7.7%	47	37	11	(32)	5	11	7
2034	638	4.1%	7.7%	49	39	12	(36)	4	10	6
2035	661	3.6%	7.7%	51	40	12	(40)	4	9	5

Enterprise Value Bridge

Sum of PV(FCFF)17

Terminal Value (Gordon Growth at 3.0%)287

PV of Terminal Value163

Enterprise Value180

(–) Net Debt-9

Equity Value189

(÷) Shares Outstanding9

Fair Value per Share$21.57

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
4.1%	$-16	$-6	$65	$185	$304
5.1%	$-15	$-6	$33	$96	$158
6.1%	$-14	$-6	$22	$64	$105
7.1%	$-14	$-5	$16	$47	$78
8.1%	$-13	$-5	$12	$37	$61

Current price: $8.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.9% 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

$33.35

Market Price

$8.47

Upside / Downside

+293.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), BARK, Inc. (BARK) has a fair value of $33.35 based on 7 comparable companies in the Specialty Retail industry.

EV/Revenue Valuation — Specialty Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
BARK, Inc.BARK	74	0.1x	0.2x
1stdibs.Com, Inc.DIBS	150	1.6x	1.7x
a.k.a. Brands Holding Corp.AKA	120	0.5x	0.5x
Lakeland Industries, Inc.LAKE	106	0.7x	1.0x
The Children's Place, Inc.PLCE	75	0.5x	0.4x
Sportsman's Warehouse Holdings, Inc.SPWH	55	0.4x	0.4x
Texxon Holding Limited Ordinary sharesNPT	31	0.1x	—
Robo.ai Inc.AIIO	17	3.1x	—
Industry Median		0.5x	0.5x
(*) Revenue		484	404
= Enterprise Value		251	316
(-) Net Debt		-9	-9
Equity Value		260	325
(/) Outstanding shares		9	9
Fair Price		$30	$37

Selected Fair Value (avg of trailing + forward)

$33.35

+293.8%