Beam Global

BEEM

EnergySolarNASDAQ

$1.80

Market Cap: $30.27M

Beam Global (BEEM) Valuation Summary

Updated Apr 27, 2026 22:21

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.53 – $35.92	$6.96	+274.4%
▸ Trading Multiples
EV/Revenue	$2.61 – $28.01	$4.10	+120.5%

Valuation History

DCF Analysis

Beam Global (BEEM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.96

Market Price

$1.80

Upside / Downside

+286.7%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -59.3% to a target of 15.7% over 5 years, discounted at a WACC of 7.1%, Beam Global (BEEM) has an intrinsic value of $6.96 per share (range: $0.53 – $35.92).

Key Assumptions

Current Operating Margin

-59.3%

Target Operating Margin

15.7%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

10.3%

D&A/Revenue

6.9%

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	40	41.2%	-44.3%	-18	-18	3	(1)	4	-20	-20
2027	51	28.9%	-29.3%	-15	-15	4	(2)	5	-18	-17
2028	64	24.9%	-14.3%	-9	-9	4	(3)	5	-13	-11
2029	61	-4.7%	0.7%	0	0	4	(4)	-1	2	2
2030	80	30.0%	15.7%	12	10	5	(5)	7	3	2
2031	102	28.1%	15.7%	16	13	7	(8)	9	3	2
2032	125	23.1%	15.7%	20	16	9	(10)	9	5	3
2033	148	18.0%	15.7%	23	18	10	(13)	9	6	4
2034	167	13.0%	15.7%	26	21	12	(16)	8	9	5
2035	181	8.0%	15.7%	28	22	12	(19)	5	11	6

Enterprise Value Bridge

Sum of PV(FCFF)-24

Terminal Value (Gordon Growth at 3.0%)272

PV of Terminal Value142

Enterprise Value118

(–) Net Debt1

Equity Value117

(÷) Shares Outstanding17

Fair Value per Share$6.96

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.1%	$1	$10	$18	$27	$36
6.1%	$-1	$5	$11	$17	$22
7.1%	$-1	$3	$7	$11	$15
8.1%	$-2	$1	$5	$8	$11
9.1%	$-2	$1	$3	$6	$8

Current price: $1.80. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 39.8% 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

$4.10

Market Price

$1.80

Upside / Downside

+127.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Beam Global (BEEM) has a fair value of $4.10 based on 8 comparable companies in the Solar industry.

EV/Revenue Valuation — Solar

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Beam GlobalBEEM	30	1.1x	1.2x
Dawson Geophysical CompanyDWSN	112	1.6x	0.8x
PEDEVCO Corp.PED	77	1.9x	2.4x
Spruce Power Holding CorporationSPRU	65	6.2x	54.2x
Zeo Energy Corp.ZEO	56	1.0x	—
Indonesia Energy Corporation LimitedINDO	48	16.7x	9.5x
U.S. Energy Corp.USEG	36	5.2x	1.5x
Solarmax Technology Inc. Common StockSMXT	34	96.4x	—
Maxeon Solar Technologies, Ltd.MAXN	19	0.6x	0.3x
Industry Median		3.5x	1.9x
(*) Revenue		28	26
= Enterprise Value		100	39
(-) Net Debt		1	1
Equity Value		99	38
(/) Outstanding shares		17	17
Fair Price		$6	$2

Selected Fair Value (avg of trailing + forward)

$4.10

+127.8%

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

—

N/A

—

Revenue DCF 10Y

$0.53 – $35.92

$6.96

+274.4%

▸ Trading Multiples

EV/Revenue

$2.61 – $28.01

$4.10

+120.5%

DCF Analysis

Beam Global (BEEM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.96

Market Price

$1.80

Upside / Downside

+286.7%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-59.3%

Target Operating Margin

15.7%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

10.3%

D&A/Revenue

6.9%

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	40	41.2%	-44.3%	-18	-18	3	(1)	4	-20	-20
2027	51	28.9%	-29.3%	-15	-15	4	(2)	5	-18	-17
2028	64	24.9%	-14.3%	-9	-9	4	(3)	5	-13	-11
2029	61	-4.7%	0.7%	0	0	4	(4)	-1	2	2
2030	80	30.0%	15.7%	12	10	5	(5)	7	3	2
2031	102	28.1%	15.7%	16	13	7	(8)	9	3	2
2032	125	23.1%	15.7%	20	16	9	(10)	9	5	3
2033	148	18.0%	15.7%	23	18	10	(13)	9	6	4
2034	167	13.0%	15.7%	26	21	12	(16)	8	9	5
2035	181	8.0%	15.7%	28	22	12	(19)	5	11	6

Enterprise Value Bridge

Sum of PV(FCFF)-24

Terminal Value (Gordon Growth at 3.0%)272

PV of Terminal Value142

Enterprise Value118

(–) Net Debt1

Equity Value117

(÷) Shares Outstanding17

Fair Value per Share$6.96

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
5.1%	$1	$10	$18	$27	$36
6.1%	$-1	$5	$11	$17	$22
7.1%	$-1	$3	$7	$11	$15
8.1%	$-2	$1	$5	$8	$11
9.1%	$-2	$1	$3	$6	$8

Current price: $1.80. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 39.8% 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

$4.10

Market Price

$1.80

Upside / Downside

+127.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Beam Global (BEEM) has a fair value of $4.10 based on 8 comparable companies in the Solar industry.

EV/Revenue Valuation — Solar

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Beam GlobalBEEM	30	1.1x	1.2x
Dawson Geophysical CompanyDWSN	112	1.6x	0.8x
PEDEVCO Corp.PED	77	1.9x	2.4x
Spruce Power Holding CorporationSPRU	65	6.2x	54.2x
Zeo Energy Corp.ZEO	56	1.0x	—
Indonesia Energy Corporation LimitedINDO	48	16.7x	9.5x
U.S. Energy Corp.USEG	36	5.2x	1.5x
Solarmax Technology Inc. Common StockSMXT	34	96.4x	—
Maxeon Solar Technologies, Ltd.MAXN	19	0.6x	0.3x
Industry Median		3.5x	1.9x
(*) Revenue		28	26
= Enterprise Value		100	39
(-) Net Debt		1	1
Equity Value		99	38
(/) Outstanding shares		17	17
Fair Price		$6	$2

Selected Fair Value (avg of trailing + forward)

$4.10

+127.8%