BioLife Solutions, Inc.

BLFS

HealthcareMedical - Instruments & SuppliesNASDAQ

$22.04

Market Cap: $1.08B

BioLife Solutions, Inc. (BLFS) Valuation Summary

Updated May 10, 2026 14:40

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.04 – $7.70	$1.76	-92.0%
▸ Trading Multiples
EV/Revenue	$4.94 – $11.96	$7.45	-66.2%

Valuation History

DCF Analysis

BioLife Solutions, Inc. (BLFS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.76

Market Price

$22.04

Upside / Downside

-92.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -12.6% to a target of 13.2% over 5 years, discounted at a WACC of 8.7%, BioLife Solutions, Inc. (BLFS) has an intrinsic value of $1.76 per share (range: $0.04 – $7.70).

Key Assumptions

Current Operating Margin

-12.6%

Target Operating Margin

13.2%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.6%

Target CapEx/Rev

16.6%

D&A/Revenue

11.1%

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	113	17.5%	-7.4%	-8	-8	12	(11)	21	-27	-26
2027	133	17.7%	-2.3%	-3	-3	15	(14)	10	-12	-11
2028	165	24.4%	2.9%	5	4	18	(18)	16	-13	-10
2029	199	20.6%	8.0%	16	13	22	(23)	17	-6	-5
2030	239	20.0%	13.2%	32	25	26	(30)	20	1	1
2031	230	-3.8%	13.2%	30	24	25	(31)	-5	23	15
2032	224	-2.5%	13.2%	30	23	25	(32)	-3	19	11
2033	222	-1.1%	13.2%	29	23	25	(33)	-1	16	8
2034	223	0.3%	13.2%	29	23	25	(35)	0	12	6
2035	226	1.6%	13.2%	30	24	25	(38)	2	9	4

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)168

PV of Terminal Value76

Enterprise Value70

(–) Net Debt-15

Equity Value85

(÷) Shares Outstanding49

Fair Value per Share$1.76

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.7%	$-1	$1	$3	$5	$8
7.6%	$-1	$1	$2	$4	$6
8.7%	$-1	$0	$2	$3	$5
9.7%	$-1	$0	$1	$3	$4
10.7%	$-1	$0	$1	$2	$3

Current price: $22.04. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 50.7% 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

$7.45

Market Price

$22.04

Upside / Downside

-66.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), BioLife Solutions, Inc. (BLFS) has a fair value of $7.45 based on 9 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
BioLife Solutions, Inc.BLFS	1,072	11.0x	9.4x
Establishment Labs Holdings Inc.ESTA	2,109	10.9x	8.6x
NovoCure LimitedNVCR	2,072	3.4x	3.2x
Neogen CorporationNEOG	1,970	3.1x	3.2x
Harrow Health, Inc.HROW	1,425	5.9x	4.6x
STAAR Surgical CompanySTAA	1,351	5.2x	4.0x
AtriCure, Inc.ATRC	1,331	2.3x	2.1x
Kestra Medical Technologies, Ltd.KMTS	1,229	17.3x	17.8x
Azenta, Inc.AZTA	885	1.2x	1.2x
Phreesia, Inc.PHR	597	1.3x	1.3x
Industry Median		3.4x	3.2x
(*) Revenue		96	113
= Enterprise Value		332	363
(-) Net Debt		-15	-15
Equity Value		347	378
(/) Outstanding shares		49	49
Fair Price		$7	$8

Selected Fair Value (avg of trailing + forward)

$7.45

-66.2%

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

$0.04 – $7.70

$1.76

-92.0%

▸ Trading Multiples

EV/Revenue

$4.94 – $11.96

$7.45

-66.2%

DCF Analysis

BioLife Solutions, Inc. (BLFS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.76

Market Price

$22.04

Upside / Downside

-92.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-12.6%

Target Operating Margin

13.2%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.6%

Target CapEx/Rev

16.6%

D&A/Revenue

11.1%

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	113	17.5%	-7.4%	-8	-8	12	(11)	21	-27	-26
2027	133	17.7%	-2.3%	-3	-3	15	(14)	10	-12	-11
2028	165	24.4%	2.9%	5	4	18	(18)	16	-13	-10
2029	199	20.6%	8.0%	16	13	22	(23)	17	-6	-5
2030	239	20.0%	13.2%	32	25	26	(30)	20	1	1
2031	230	-3.8%	13.2%	30	24	25	(31)	-5	23	15
2032	224	-2.5%	13.2%	30	23	25	(32)	-3	19	11
2033	222	-1.1%	13.2%	29	23	25	(33)	-1	16	8
2034	223	0.3%	13.2%	29	23	25	(35)	0	12	6
2035	226	1.6%	13.2%	30	24	25	(38)	2	9	4

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)168

PV of Terminal Value76

Enterprise Value70

(–) Net Debt-15

Equity Value85

(÷) Shares Outstanding49

Fair Value per Share$1.76

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.7%	$-1	$1	$3	$5	$8
7.6%	$-1	$1	$2	$4	$6
8.7%	$-1	$0	$2	$3	$5
9.7%	$-1	$0	$1	$3	$4
10.7%	$-1	$0	$1	$2	$3

Current price: $22.04. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 50.7% 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

$7.45

Market Price

$22.04

Upside / Downside

-66.2%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
BioLife Solutions, Inc.BLFS	1,072	11.0x	9.4x
Establishment Labs Holdings Inc.ESTA	2,109	10.9x	8.6x
NovoCure LimitedNVCR	2,072	3.4x	3.2x
Neogen CorporationNEOG	1,970	3.1x	3.2x
Harrow Health, Inc.HROW	1,425	5.9x	4.6x
STAAR Surgical CompanySTAA	1,351	5.2x	4.0x
AtriCure, Inc.ATRC	1,331	2.3x	2.1x
Kestra Medical Technologies, Ltd.KMTS	1,229	17.3x	17.8x
Azenta, Inc.AZTA	885	1.2x	1.2x
Phreesia, Inc.PHR	597	1.3x	1.3x
Industry Median		3.4x	3.2x
(*) Revenue		96	113
= Enterprise Value		332	363
(-) Net Debt		-15	-15
Equity Value		347	378
(/) Outstanding shares		49	49
Fair Price		$7	$8

Selected Fair Value (avg of trailing + forward)

$7.45

-66.2%