Cerus Corporation

CERS

HealthcareMedical - DevicesNASDAQ

$2.60

Market Cap: $520.96M

Cerus Corporation (CERS) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.02 – $3.28	$0.51	-72.4%
Revenue DCF 10Y	$0.19 – $4.95	$1.28	-30.8%
▸ Trading Multiples
EV/Revenue	$1.56 – $4.31	$2.73	+47.5%

Valuation History

DCF Analysis

Cerus Corporation (CERS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.28

Market Price

$2.60

Upside / Downside

-50.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -4.2% to a target of 13.3% over 5 years, discounted at a WACC of 8.8%, Cerus Corporation (CERS) has an intrinsic value of $1.28 per share (range: $0.19 – $4.95).

Key Assumptions

Current Operating Margin

-4.2%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.6%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

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	251	22.0%	-0.7%	-2	-2	4	(5)	1	-4	-4
2027	273	8.5%	2.8%	8	6	4	(7)	5	-1	-1
2028	312	14.4%	6.3%	20	16	5	(9)	9	2	2
2029	350	12.0%	9.8%	34	27	5	(12)	9	12	9
2030	392	12.0%	13.3%	52	41	6	(15)	10	23	16
2031	433	10.5%	13.3%	58	46	7	(18)	10	24	15
2032	472	9.0%	13.3%	63	50	7	(22)	9	26	15
2033	507	7.5%	13.3%	68	53	8	(26)	8	27	14
2034	538	6.0%	13.3%	72	57	8	(30)	7	28	14
2035	562	4.5%	13.3%	75	59	9	(34)	6	29	13

Enterprise Value Bridge

Sum of PV(FCFF)93

Terminal Value (Gordon Growth at 3.0%)508

PV of Terminal Value228

Enterprise Value321

(–) Net Debt77

Equity Value244

(÷) Shares Outstanding191

Fair Value per Share$1.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-0	$1	$2	$4	$5
7.8%	$-0	$1	$2	$3	$4
8.8%	$-0	$0	$1	$2	$3
9.8%	$-0	$0	$1	$2	$2
10.8%	$-0	$0	$1	$1	$2

Current price: $2.60. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Cerus Corporation (CERS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.51

Market Price

$2.60

Upside / Downside

-80.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.2%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.6%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

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	251	22.0%	-0.7%	-2	-2	4	(6)	1	-5	-5
2027	273	8.5%	2.8%	8	6	4	(9)	5	-4	-3
2028	312	14.4%	6.3%	20	16	5	(13)	9	-2	-2
2029	350	12.0%	9.8%	34	27	5	(18)	9	6	4
2030	392	12.0%	13.3%	52	41	6	(23)	10	14	10

Enterprise Value Bridge

Sum of PV(FCFF)4

Terminal Value (Gordon Growth at 3.0%)248

PV of Terminal Value170

Enterprise Value174

(–) Net Debt77

Equity Value97

(÷) Shares Outstanding191

Fair Value per Share$0.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-1	$0	$1	$2	$3
7.8%	$-1	$-0	$1	$2	$2
8.8%	$-1	$-0	$1	$1	$2
9.8%	$-1	$-0	$0	$1	$2
10.8%	$-1	$-0	$0	$1	$1

Current price: $2.60. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.6% 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

$2.73

Market Price

$2.60

Upside / Downside

+5.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cerus Corporation (CERS) has a fair value of $2.73 based on 10 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
Cerus CorporationCERS	496	2.8x	2.9x
NeuroPace, Inc.NPCE	492	5.4x	5.5x
RxSight, Inc.RXST	290	2.1x	2.0x
Senseonics Holdings, Inc.SENS	279	7.9x	4.7x
TruBridge, Inc.TBRG	257	1.2x	1.2x
908 Devices Inc.MASS	256	2.8x	2.9x
CVRx, Inc.CVRX	238	3.8x	3.8x
Sight Sciences, Inc.SGHT	192	1.8x	1.8x
Quanterix CorporationQTRX	169	1.3x	1.0x
Alpha Teknova, Inc.TKNO	167	4.4x	4.4x
SANUWAVE Health, Inc.SNWV	147	3.6x	2.4x
Industry Median		3.2x	2.7x
(*) Revenue		206	199
= Enterprise Value		663	532
(-) Net Debt		77	77
Equity Value		586	455
(/) Outstanding shares		191	191
Fair Price		$3	$2

Selected Fair Value (avg of trailing + forward)

$2.73

+5.0%

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

$0.02 – $3.28

$0.51

-72.4%

Revenue DCF 10Y

$0.19 – $4.95

$1.28

-30.8%

▸ Trading Multiples

EV/Revenue

$1.56 – $4.31

$2.73

+47.5%

DCF Analysis

Cerus Corporation (CERS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.28

Market Price

$2.60

Upside / Downside

-50.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.2%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.6%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

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	251	22.0%	-0.7%	-2	-2	4	(5)	1	-4	-4
2027	273	8.5%	2.8%	8	6	4	(7)	5	-1	-1
2028	312	14.4%	6.3%	20	16	5	(9)	9	2	2
2029	350	12.0%	9.8%	34	27	5	(12)	9	12	9
2030	392	12.0%	13.3%	52	41	6	(15)	10	23	16
2031	433	10.5%	13.3%	58	46	7	(18)	10	24	15
2032	472	9.0%	13.3%	63	50	7	(22)	9	26	15
2033	507	7.5%	13.3%	68	53	8	(26)	8	27	14
2034	538	6.0%	13.3%	72	57	8	(30)	7	28	14
2035	562	4.5%	13.3%	75	59	9	(34)	6	29	13

Enterprise Value Bridge

Sum of PV(FCFF)93

Terminal Value (Gordon Growth at 3.0%)508

PV of Terminal Value228

Enterprise Value321

(–) Net Debt77

Equity Value244

(÷) Shares Outstanding191

Fair Value per Share$1.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-0	$1	$2	$4	$5
7.8%	$-0	$1	$2	$3	$4
8.8%	$-0	$0	$1	$2	$3
9.8%	$-0	$0	$1	$2	$2
10.8%	$-0	$0	$1	$1	$2

Current price: $2.60. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.6% 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

$2.73

Market Price

$2.60

Upside / Downside

+5.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cerus Corporation (CERS) has a fair value of $2.73 based on 10 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
Cerus CorporationCERS	496	2.8x	2.9x
NeuroPace, Inc.NPCE	492	5.4x	5.5x
RxSight, Inc.RXST	290	2.1x	2.0x
Senseonics Holdings, Inc.SENS	279	7.9x	4.7x
TruBridge, Inc.TBRG	257	1.2x	1.2x
908 Devices Inc.MASS	256	2.8x	2.9x
CVRx, Inc.CVRX	238	3.8x	3.8x
Sight Sciences, Inc.SGHT	192	1.8x	1.8x
Quanterix CorporationQTRX	169	1.3x	1.0x
Alpha Teknova, Inc.TKNO	167	4.4x	4.4x
SANUWAVE Health, Inc.SNWV	147	3.6x	2.4x
Industry Median		3.2x	2.7x
(*) Revenue		206	199
= Enterprise Value		663	532
(-) Net Debt		77	77
Equity Value		586	455
(/) Outstanding shares		191	191
Fair Price		$3	$2

Selected Fair Value (avg of trailing + forward)

$2.73

+5.0%