Boxlight Corporation

BOXL

TechnologyConsumer ElectronicsNASDAQ

$0.94

Market Cap: $897,235

Boxlight Corporation (BOXL) Valuation Summary

Updated May 9, 2026 16:36

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.40 – $117.70	$14.68	+1457.3%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	$35.72 – $1,272.58	$46.60	+4844.3%

Valuation History

DCF Analysis

Boxlight Corporation (BOXL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.68

Market Price

$0.94

Upside / Downside

+1457.3%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -15.0% to a target of 10.2% over 5 years, discounted at a WACC of 14.1%, Boxlight Corporation (BOXL) has an intrinsic value of $14.68 per share (range: $0.40 – $117.70).

Key Assumptions

Current Operating Margin

-15.0%

Target Operating Margin

10.2%

WACC

14.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

8.4%

D&A/Revenue

5.6%

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	110	0.7%	-9.9%	-11	-11	6	(2)	3	-10	-9
2027	110	0.0%	-4.9%	-5	-5	6	(4)	0	-3	-3
2028	121	10.3%	0.1%	0	0	7	(6)	3	-2	-2
2029	127	5.0%	5.2%	7	5	7	(9)	2	2	1
2030	115	-10.0%	10.2%	12	9	6	(10)	-3	10	5

Enterprise Value Bridge

Sum of PV(FCFF)-7

Terminal Value (Gordon Growth at 3.0%)88

PV of Terminal Value49

Enterprise Value41

(–) Net Debt32

Equity Value9

(÷) Shares Outstanding1

Fair Value per Share$14.68

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
12.1%	$-39	$0	$40	$79	$118
13.1%	$-45	$-9	$26	$61	$96
14.1%	$-49	$-17	$15	$46	$78
15.1%	$-53	$-24	$5	$34	$63
16.1%	$-56	$-29	$-2	$24	$50

Current price: $0.94. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.4% 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

$46.60

Market Price

$0.94

Upside / Downside

+4844.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Boxlight Corporation (BOXL) has a fair value of $46.60 based on 4 comparable companies in the Consumer Electronics industry.

EV/Revenue Valuation — Consumer Electronics

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Boxlight CorporationBOXL	1	0.3x	0.3x
Waldencast plcWALD	166	1.0x	1.2x
Treasure Global Inc.TGL	18	7.6x	0.3x
Urgent.ly Inc. Common StockULY	7	0.5x	0.5x
The OLB Group, Inc.OLB	1	0.1x	0.0x
Industry Median		0.8x	0.4x
(*) Revenue		109	109
= Enterprise Value		84	39
(-) Net Debt		32	32
Equity Value		52	7
(/) Outstanding shares		1	1
Fair Price		$82	$11

Selected Fair Value (avg of trailing + forward)

$46.60

+4844.3%

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

$0.40 – $117.70

$14.68

+1457.3%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

$35.72 – $1,272.58

$46.60

+4844.3%

DCF Analysis

Boxlight Corporation (BOXL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$14.68

Market Price

$0.94

Upside / Downside

+1457.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-15.0%

Target Operating Margin

10.2%

WACC

14.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

8.4%

D&A/Revenue

5.6%

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	110	0.7%	-9.9%	-11	-11	6	(2)	3	-10	-9
2027	110	0.0%	-4.9%	-5	-5	6	(4)	0	-3	-3
2028	121	10.3%	0.1%	0	0	7	(6)	3	-2	-2
2029	127	5.0%	5.2%	7	5	7	(9)	2	2	1
2030	115	-10.0%	10.2%	12	9	6	(10)	-3	10	5

Enterprise Value Bridge

Sum of PV(FCFF)-7

Terminal Value (Gordon Growth at 3.0%)88

PV of Terminal Value49

Enterprise Value41

(–) Net Debt32

Equity Value9

(÷) Shares Outstanding1

Fair Value per Share$14.68

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
12.1%	$-39	$0	$40	$79	$118
13.1%	$-45	$-9	$26	$61	$96
14.1%	$-49	$-17	$15	$46	$78
15.1%	$-53	$-24	$5	$34	$63
16.1%	$-56	$-29	$-2	$24	$50

Current price: $0.94. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.4% 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

$46.60

Market Price

$0.94

Upside / Downside

+4844.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Boxlight Corporation (BOXL) has a fair value of $46.60 based on 4 comparable companies in the Consumer Electronics industry.

EV/Revenue Valuation — Consumer Electronics

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Boxlight CorporationBOXL	1	0.3x	0.3x
Waldencast plcWALD	166	1.0x	1.2x
Treasure Global Inc.TGL	18	7.6x	0.3x
Urgent.ly Inc. Common StockULY	7	0.5x	0.5x
The OLB Group, Inc.OLB	1	0.1x	0.0x
Industry Median		0.8x	0.4x
(*) Revenue		109	109
= Enterprise Value		84	39
(-) Net Debt		32	32
Equity Value		52	7
(/) Outstanding shares		1	1
Fair Price		$82	$11

Selected Fair Value (avg of trailing + forward)

$46.60

+4844.3%