C4 Therapeutics, Inc.

CCCC

HealthcareBiotechnologyNASDAQ

$2.95

Market Cap: $244.34M

C4 Therapeutics, Inc. (CCCC) Valuation Summary

Updated May 10, 2026 07:15

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$47.70 – $182.56	$88.01	+2883.5%
Revenue DCF 10Y	$6.77 – $63.34	$23.54	+698.1%
▸ Trading Multiples
EV/Revenue	$1.91 – $42.32	$5.33	+80.6%

Valuation History

DCF Analysis

C4 Therapeutics, Inc. (CCCC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$23.54

Market Price

$2.95

Upside / Downside

+698.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -290.7% to a target of 13.2% over 5 years, discounted at a WACC of 8.2%, C4 Therapeutics, Inc. (CCCC) has an intrinsic value of $23.54 per share (range: $6.77 – $63.34).

Key Assumptions

Current Operating Margin

-290.7%

Target Operating Margin

13.2%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.2%

Target CapEx/Rev

8.5%

D&A/Revenue

5.7%

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	22	-39.9%	-229.9%	-50	-50	1	(1)	-7	-43	-41
2027	19	-11.6%	-169.1%	-32	-32	1	(1)	1	-33	-29
2028	17	-9.6%	-108.4%	-19	-19	1	(1)	0	-19	-16
2029	601	3377.0%	-47.6%	-286	-286	34	(43)	-156	-139	-105
2030	1,968	227.5%	13.2%	260	205	111	(144)	-364	537	376
2031	1,882	-4.4%	13.2%	248	196	106	(142)	23	137	89
2032	1,827	-2.9%	13.2%	241	190	103	(142)	15	137	82
2033	1,801	-1.4%	13.2%	238	188	102	(144)	7	138	76
2034	1,802	0.0%	13.2%	238	188	102	(149)	-0	141	72
2035	1,829	1.5%	13.2%	241	191	103	(155)	-7	146	69

Enterprise Value Bridge

Sum of PV(FCFF)573

Terminal Value (Gordon Growth at 3.0%)2,888

PV of Terminal Value1,364

Enterprise Value1,937

(–) Net Debt-15

Equity Value1,952

(÷) Shares Outstanding83

Fair Value per Share$23.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.2%	$17	$28	$40	$52	$63
7.2%	$12	$21	$30	$39	$47
8.2%	$10	$17	$24	$30	$37
9.2%	$8	$14	$19	$25	$31
10.2%	$7	$12	$16	$21	$26

Current price: $2.95. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -26.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

C4 Therapeutics, Inc. (CCCC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$88.01

Market Price

$2.95

Upside / Downside

+2883.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-290.7%

Target Operating Margin

13.2%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.2%

Target CapEx/Rev

8.5%

D&A/Revenue

5.7%

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	22	-39.9%	-229.9%	-50	-50	1	(1)	-7	-43	-41
2027	19	-11.6%	-169.1%	-32	-32	1	(1)	1	-33	-30
2028	17	-9.6%	-108.4%	-19	-19	1	(1)	0	-20	-16
2029	601	3377.0%	-47.6%	-286	-286	34	(48)	-156	-145	-110
2030	1,968	227.5%	13.2%	260	205	111	(167)	-364	514	360

Enterprise Value Bridge

Sum of PV(FCFF)164

Terminal Value (Gordon Growth at 3.0%)10,153

PV of Terminal Value7,117

Enterprise Value7,281

(–) Net Debt-15

Equity Value7,296

(÷) Shares Outstanding83

Fair Value per Share$88.01

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.2%	$125	$140	$154	$168	$183
7.2%	$92	$102	$113	$124	$134
8.2%	$71	$80	$88	$96	$105
9.2%	$58	$64	$71	$78	$85
10.2%	$48	$53	$59	$65	$70

Current price: $2.95. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$5.33

Market Price

$2.95

Upside / Downside

+80.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), C4 Therapeutics, Inc. (CCCC) has a fair value of $5.33 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
C4 Therapeutics, Inc.CCCC	245	6.4x	10.6x
Armata Pharmaceuticals, Inc.ARMP	304	119.0x	114.8x
Codexis, Inc.CDXS	259	4.0x	3.8x
OmniAb, Inc.OABI	189	9.8x	6.3x
Milestone Pharmaceuticals Inc.MIST	165	97.2x	4.5x
Insight Molecular Diagnostics Inc.IMDX	134	31.2x	89.0x
Sangamo Therapeutics, Inc.SGMO	42	0.5x	0.5x
Industry Median		20.5x	5.4x
(*) Revenue		36	22
= Enterprise Value		737	117
(-) Net Debt		-15	-15
Equity Value		752	132
(/) Outstanding shares		83	83
Fair Price		$9	$2

Selected Fair Value (avg of trailing + forward)

$5.33

+80.6%

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

$47.70 – $182.56

$88.01

+2883.5%

Revenue DCF 10Y

$6.77 – $63.34

$23.54

+698.1%

▸ Trading Multiples

EV/Revenue

$1.91 – $42.32

$5.33

+80.6%

DCF Analysis

C4 Therapeutics, Inc. (CCCC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$23.54

Market Price

$2.95

Upside / Downside

+698.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-290.7%

Target Operating Margin

13.2%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.2%

Target CapEx/Rev

8.5%

D&A/Revenue

5.7%

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	22	-39.9%	-229.9%	-50	-50	1	(1)	-7	-43	-41
2027	19	-11.6%	-169.1%	-32	-32	1	(1)	1	-33	-29
2028	17	-9.6%	-108.4%	-19	-19	1	(1)	0	-19	-16
2029	601	3377.0%	-47.6%	-286	-286	34	(43)	-156	-139	-105
2030	1,968	227.5%	13.2%	260	205	111	(144)	-364	537	376
2031	1,882	-4.4%	13.2%	248	196	106	(142)	23	137	89
2032	1,827	-2.9%	13.2%	241	190	103	(142)	15	137	82
2033	1,801	-1.4%	13.2%	238	188	102	(144)	7	138	76
2034	1,802	0.0%	13.2%	238	188	102	(149)	-0	141	72
2035	1,829	1.5%	13.2%	241	191	103	(155)	-7	146	69

Enterprise Value Bridge

Sum of PV(FCFF)573

Terminal Value (Gordon Growth at 3.0%)2,888

PV of Terminal Value1,364

Enterprise Value1,937

(–) Net Debt-15

Equity Value1,952

(÷) Shares Outstanding83

Fair Value per Share$23.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.2%	$17	$28	$40	$52	$63
7.2%	$12	$21	$30	$39	$47
8.2%	$10	$17	$24	$30	$37
9.2%	$8	$14	$19	$25	$31
10.2%	$7	$12	$16	$21	$26

Current price: $2.95. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$5.33

Market Price

$2.95

Upside / Downside

+80.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), C4 Therapeutics, Inc. (CCCC) has a fair value of $5.33 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
C4 Therapeutics, Inc.CCCC	245	6.4x	10.6x
Armata Pharmaceuticals, Inc.ARMP	304	119.0x	114.8x
Codexis, Inc.CDXS	259	4.0x	3.8x
OmniAb, Inc.OABI	189	9.8x	6.3x
Milestone Pharmaceuticals Inc.MIST	165	97.2x	4.5x
Insight Molecular Diagnostics Inc.IMDX	134	31.2x	89.0x
Sangamo Therapeutics, Inc.SGMO	42	0.5x	0.5x
Industry Median		20.5x	5.4x
(*) Revenue		36	22
= Enterprise Value		737	117
(-) Net Debt		-15	-15
Equity Value		752	132
(/) Outstanding shares		83	83
Fair Price		$9	$2

Selected Fair Value (avg of trailing + forward)

$5.33

+80.6%