CeriBell, Inc.

CBLL

HealthcareMedical - DevicesNASDAQ

$20.20

Market Cap: $765.02M

CeriBell, Inc. (CBLL) Valuation Summary

Updated May 10, 2026 06:38

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.01 – $28.79	$2.22	-89.0%
▸ Trading Multiples
EV/Revenue	$3.17 – $24.43	$5.79	-71.3%

Valuation History

DCF Analysis

CeriBell, Inc. (CBLL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.22

Market Price

$20.20

Upside / Downside

-89.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -65.6% to a target of 13.2% over 5 years, discounted at a WACC of 8.6%, CeriBell, Inc. (CBLL) has an intrinsic value of $2.22 per share (range: $0.01 – $28.79).

Key Assumptions

Current Operating Margin

-65.6%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

6.0%

D&A/Revenue

1.2%

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	27.0%	-49.8%	-56	-56	1	(2)	12	-69	-67
2027	145	27.8%	-34.1%	-49	-49	2	(4)	9	-60	-53
2028	185	28.1%	-18.3%	-34	-34	2	(6)	11	-49	-40
2029	241	30.0%	-2.6%	-6	-6	3	(8)	15	-27	-20
2030	313	30.0%	13.2%	41	33	4	(12)	20	4	3
2031	407	30.0%	13.2%	54	42	5	(18)	26	4	2
2032	529	30.0%	13.2%	70	55	6	(25)	34	3	2
2033	671	27.0%	13.2%	89	70	8	(35)	39	4	2
2034	799	19.0%	13.2%	105	83	10	(45)	35	13	6
2035	887	11.0%	13.2%	117	92	11	(53)	24	25	12

Enterprise Value Bridge

Sum of PV(FCFF)-152

Terminal Value (Gordon Growth at 3.0%)471

PV of Terminal Value215

Enterprise Value63

(–) Net Debt-18

Equity Value81

(÷) Shares Outstanding37

Fair Value per Share$2.22

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$-7	$-4	$7	$18	$29
7.6%	$-7	$-4	$4	$12	$20
8.6%	$-7	$-4	$2	$9	$15
9.6%	$-7	$-4	$1	$6	$11
10.6%	$-6	$-4	$0	$4	$9

Current price: $20.20. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.7% 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

$5.79

Market Price

$20.20

Upside / Downside

-71.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CeriBell, Inc. (CBLL) has a fair value of $5.79 based on 8 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CeriBell, Inc.CBLL	738	8.1x	11.2x
Butterfly Network, Inc.BFLY	1,088	9.8x	8.1x
Enhabit, Inc.EHAB	706	1.1x	1.1x
Varex Imaging CorporationVREX	496	0.9x	0.9x
OrthoPediatrics Corp.KIDS	457	2.3x	2.0x
Autolus Therapeutics plcAUTL	418	8.8x	5.1x
Standard BioTools Inc.LAB	398	3.6x	1.8x
Quantum-Si incorporatedQSI	193	71.9x	167.4x
Treace Medical Concepts, Inc.TMCI	124	0.6x	0.6x
Industry Median		3.0x	1.9x
(*) Revenue		89	64
= Enterprise Value		264	124
(-) Net Debt		-18	-18
Equity Value		282	142
(/) Outstanding shares		37	37
Fair Price		$8	$4

Selected Fair Value (avg of trailing + forward)

$5.79

-71.3%

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

—

N/A

—

Revenue DCF 10Y

$0.01 – $28.79

$2.22

-89.0%

▸ Trading Multiples

EV/Revenue

$3.17 – $24.43

$5.79

-71.3%

DCF Analysis

CeriBell, Inc. (CBLL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.22

Market Price

$20.20

Upside / Downside

-89.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-65.6%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

6.0%

D&A/Revenue

1.2%

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	27.0%	-49.8%	-56	-56	1	(2)	12	-69	-67
2027	145	27.8%	-34.1%	-49	-49	2	(4)	9	-60	-53
2028	185	28.1%	-18.3%	-34	-34	2	(6)	11	-49	-40
2029	241	30.0%	-2.6%	-6	-6	3	(8)	15	-27	-20
2030	313	30.0%	13.2%	41	33	4	(12)	20	4	3
2031	407	30.0%	13.2%	54	42	5	(18)	26	4	2
2032	529	30.0%	13.2%	70	55	6	(25)	34	3	2
2033	671	27.0%	13.2%	89	70	8	(35)	39	4	2
2034	799	19.0%	13.2%	105	83	10	(45)	35	13	6
2035	887	11.0%	13.2%	117	92	11	(53)	24	25	12

Enterprise Value Bridge

Sum of PV(FCFF)-152

Terminal Value (Gordon Growth at 3.0%)471

PV of Terminal Value215

Enterprise Value63

(–) Net Debt-18

Equity Value81

(÷) Shares Outstanding37

Fair Value per Share$2.22

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$-7	$-4	$7	$18	$29
7.6%	$-7	$-4	$4	$12	$20
8.6%	$-7	$-4	$2	$9	$15
9.6%	$-7	$-4	$1	$6	$11
10.6%	$-6	$-4	$0	$4	$9

Current price: $20.20. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.7% 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

$5.79

Market Price

$20.20

Upside / Downside

-71.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CeriBell, Inc. (CBLL) has a fair value of $5.79 based on 8 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CeriBell, Inc.CBLL	738	8.1x	11.2x
Butterfly Network, Inc.BFLY	1,088	9.8x	8.1x
Enhabit, Inc.EHAB	706	1.1x	1.1x
Varex Imaging CorporationVREX	496	0.9x	0.9x
OrthoPediatrics Corp.KIDS	457	2.3x	2.0x
Autolus Therapeutics plcAUTL	418	8.8x	5.1x
Standard BioTools Inc.LAB	398	3.6x	1.8x
Quantum-Si incorporatedQSI	193	71.9x	167.4x
Treace Medical Concepts, Inc.TMCI	124	0.6x	0.6x
Industry Median		3.0x	1.9x
(*) Revenue		89	64
= Enterprise Value		264	124
(-) Net Debt		-18	-18
Equity Value		282	142
(/) Outstanding shares		37	37
Fair Price		$8	$4

Selected Fair Value (avg of trailing + forward)

$5.79

-71.3%