Biofrontera Inc.

BFRI

HealthcareDrug Manufacturers - Specialty & GenericNASDAQ

$1.15

Market Cap: $13.40M

Biofrontera Inc. (BFRI) Valuation Summary

Updated May 11, 2026 18:55

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.20 – $12.14	$0.20	-82.5%
Revenue DCF 10Y	$0.94 – $25.29	$6.34	+451.6%
▸ Trading Multiples
EV/Revenue	$5.94 – $12.96	$4.78	+315.6%

Valuation History

DCF Analysis

Biofrontera Inc. (BFRI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.34

Market Price

$1.15

Upside / Downside

+451.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -27.2% to a target of 13.2% over 5 years, discounted at a WACC of 8.4%, Biofrontera Inc. (BFRI) has an intrinsic value of $6.34 per share (range: $0.94 – $25.29).

Key Assumptions

Current Operating Margin

-27.2%

Target Operating Margin

13.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

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	47	12.1%	-19.1%	-9	-9	1	(0)	10	-18	-18
2027	55	17.0%	-11.1%	-6	-6	1	(1)	2	-7	-7
2028	63	15.8%	-3.0%	-2	-2	2	(1)	2	-4	-3
2029	80	26.4%	5.1%	4	3	2	(2)	4	-1	-1
2030	97	21.1%	13.2%	13	10	2	(3)	4	5	4
2031	109	12.8%	13.2%	14	11	3	(4)	3	7	5
2032	121	10.8%	13.2%	16	13	3	(5)	3	8	4
2033	132	8.8%	13.2%	17	14	3	(6)	3	8	4
2034	141	6.9%	13.2%	19	15	4	(8)	2	8	4
2035	148	5.0%	13.2%	20	15	4	(9)	2	9	4

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)164

PV of Terminal Value76

Enterprise Value74

(–) Net Debt-0

Equity Value74

(÷) Shares Outstanding12

Fair Value per Share$6.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.4%	$-0	$6	$13	$19	$25
7.4%	$-1	$4	$9	$14	$18
8.4%	$-1	$3	$6	$10	$14
9.4%	$-2	$2	$5	$8	$11
10.4%	$-2	$1	$4	$6	$9

Current price: $1.15. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Biofrontera Inc. (BFRI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.20

Market Price

$1.15

Upside / Downside

-82.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-27.2%

Target Operating Margin

13.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

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	47	12.1%	-19.1%	-9	-9	1	(1)	10	-19	-18
2027	55	17.0%	-11.1%	-6	-6	1	(1)	2	-8	-7
2028	63	15.8%	-3.0%	-2	-2	2	(2)	2	-5	-4
2029	80	26.4%	5.1%	4	3	2	(4)	4	-3	-2
2030	97	21.1%	13.2%	13	10	2	(6)	4	2	2

Enterprise Value Bridge

Sum of PV(FCFF)-29

Terminal Value (Gordon Growth at 3.0%)45

PV of Terminal Value32

Enterprise Value2

(–) Net Debt-0

Equity Value2

(÷) Shares Outstanding12

Fair Value per Share$0.20

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.4%	$-3	$-3	$2	$7	$12
7.4%	$-3	$-3	$1	$5	$9
8.4%	$-3	$-3	$0	$3	$6
9.4%	$-3	$-3	$-0	$2	$5
10.4%	$-3	$-3	$-1	$1	$4

Current price: $1.15. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.2% 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

$4.78

Market Price

$1.15

Upside / Downside

+315.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Biofrontera Inc. (BFRI) has a fair value of $4.78 based on 4 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
Biofrontera Inc.BFRI	13	0.3x	0.3x
Aytu BioPharma, Inc.AYTU	20	0.2x	0.2x
Imunon, Inc.IMNN	7	3.3x	0.2x
Trinity Biotech plcTRIB	6	1.7x	1.4x
ProPhase Labs, Inc.PRPH	1	3.6x	0.2x
Industry Median		2.5x	0.2x
(*) Revenue		42	47
= Enterprise Value		103	8
(-) Net Debt		-0	-0
Equity Value		103	9
(/) Outstanding shares		12	12
Fair Price		$9	$1

Selected Fair Value (avg of trailing + forward)

$4.78

+315.6%

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

$0.20 – $12.14

$0.20

-82.5%

Revenue DCF 10Y

$0.94 – $25.29

$6.34

+451.6%

▸ Trading Multiples

EV/Revenue

$5.94 – $12.96

$4.78

+315.6%

DCF Analysis

Biofrontera Inc. (BFRI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.34

Market Price

$1.15

Upside / Downside

+451.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-27.2%

Target Operating Margin

13.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

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	47	12.1%	-19.1%	-9	-9	1	(0)	10	-18	-18
2027	55	17.0%	-11.1%	-6	-6	1	(1)	2	-7	-7
2028	63	15.8%	-3.0%	-2	-2	2	(1)	2	-4	-3
2029	80	26.4%	5.1%	4	3	2	(2)	4	-1	-1
2030	97	21.1%	13.2%	13	10	2	(3)	4	5	4
2031	109	12.8%	13.2%	14	11	3	(4)	3	7	5
2032	121	10.8%	13.2%	16	13	3	(5)	3	8	4
2033	132	8.8%	13.2%	17	14	3	(6)	3	8	4
2034	141	6.9%	13.2%	19	15	4	(8)	2	8	4
2035	148	5.0%	13.2%	20	15	4	(9)	2	9	4

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)164

PV of Terminal Value76

Enterprise Value74

(–) Net Debt-0

Equity Value74

(÷) Shares Outstanding12

Fair Value per Share$6.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.4%	$-0	$6	$13	$19	$25
7.4%	$-1	$4	$9	$14	$18
8.4%	$-1	$3	$6	$10	$14
9.4%	$-2	$2	$5	$8	$11
10.4%	$-2	$1	$4	$6	$9

Current price: $1.15. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.2% 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

$4.78

Market Price

$1.15

Upside / Downside

+315.6%

Verdict

Undervalued

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
Biofrontera Inc.BFRI	13	0.3x	0.3x
Aytu BioPharma, Inc.AYTU	20	0.2x	0.2x
Imunon, Inc.IMNN	7	3.3x	0.2x
Trinity Biotech plcTRIB	6	1.7x	1.4x
ProPhase Labs, Inc.PRPH	1	3.6x	0.2x
Industry Median		2.5x	0.2x
(*) Revenue		42	47
= Enterprise Value		103	8
(-) Net Debt		-0	-0
Equity Value		103	9
(/) Outstanding shares		12	12
Fair Price		$9	$1

Selected Fair Value (avg of trailing + forward)

$4.78

+315.6%