CytomX Therapeutics, Inc.

CTMX

HealthcareBiotechnologyNASDAQ

$3.98

Market Cap: $677.60M

CytomX Therapeutics, Inc. (CTMX) Valuation Summary

Updated May 11, 2026 03:30

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.18 – $3.89	$1.29	-67.5%
▸ Trading Multiples
EV/Revenue	$2.53 – $6.38	$1.79	-54.9%

Valuation History

DCF Analysis

CytomX Therapeutics, Inc. (CTMX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.29

Market Price

$3.98

Upside / Downside

-67.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -29.4% to a target of 13.2% over 5 years, discounted at a WACC of 8.6%, CytomX Therapeutics, Inc. (CTMX) has an intrinsic value of $1.29 per share (range: $0.18 – $3.89).

Key Assumptions

Current Operating Margin

-29.4%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

7.0%

D&A/Revenue

4.7%

Tax Rate

40.0%

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	-71.0%	-20.8%	-5	-5	1	(1)	2	-6	-6
2027	19	-15.4%	-12.3%	-2	-2	1	(1)	-0	-2	-1
2028	38	104.9%	-3.8%	-1	-1	2	(1)	2	-3	-3
2029	56	46.4%	4.7%	3	2	3	(2)	2	-0	-0
2030	197	250.9%	13.2%	26	16	9	(9)	17	-1	-1
2031	230	16.8%	13.2%	30	18	11	(11)	4	14	9
2032	262	14.0%	13.2%	35	21	12	(14)	4	15	9
2033	292	11.3%	13.2%	38	23	14	(18)	4	16	8
2034	317	8.5%	13.2%	42	25	15	(21)	3	16	8
2035	335	5.8%	13.2%	44	27	16	(24)	2	16	8

Enterprise Value Bridge

Sum of PV(FCFF)31

Terminal Value (Gordon Growth at 3.0%)304

PV of Terminal Value139

Enterprise Value170

(–) Net Debt-8

Equity Value178

(÷) Shares Outstanding138

Fair Value per Share$1.29

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$1	$2	$3	$4
7.6%	$0	$1	$2	$2	$3
8.6%	$0	$1	$1	$2	$2
9.6%	$0	$1	$1	$1	$2
10.6%	$0	$1	$1	$1	$2

Current price: $3.98. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.3% 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

$1.79

Market Price

$3.98

Upside / Downside

-54.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CytomX Therapeutics, Inc. (CTMX) has a fair value of $1.79 based on 3 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
CytomX Therapeutics, Inc.CTMX	549	7.1x	24.4x
Iovance Biotherapeutics, Inc.IOVA	1,294	4.5x	3.2x
MeiraGTx Holdings plcMGTX	909	11.4x	18.5x
Ginkgo Bioworks Holdings, Inc.DNA	582	4.9x	4.8x
Industry Median		4.9x	4.8x
(*) Revenue		76	22
= Enterprise Value		372	106
(-) Net Debt		-8	-8
Equity Value		381	114
(/) Outstanding shares		138	138
Fair Price		$3	$1

Selected Fair Value (avg of trailing + forward)

$1.79

-54.9%

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

$0.18 – $3.89

$1.29

-67.5%

▸ Trading Multiples

EV/Revenue

$2.53 – $6.38

$1.79

-54.9%

DCF Analysis

CytomX Therapeutics, Inc. (CTMX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.29

Market Price

$3.98

Upside / Downside

-67.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-29.4%

Target Operating Margin

13.2%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

7.0%

D&A/Revenue

4.7%

Tax Rate

40.0%

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	-71.0%	-20.8%	-5	-5	1	(1)	2	-6	-6
2027	19	-15.4%	-12.3%	-2	-2	1	(1)	-0	-2	-1
2028	38	104.9%	-3.8%	-1	-1	2	(1)	2	-3	-3
2029	56	46.4%	4.7%	3	2	3	(2)	2	-0	-0
2030	197	250.9%	13.2%	26	16	9	(9)	17	-1	-1
2031	230	16.8%	13.2%	30	18	11	(11)	4	14	9
2032	262	14.0%	13.2%	35	21	12	(14)	4	15	9
2033	292	11.3%	13.2%	38	23	14	(18)	4	16	8
2034	317	8.5%	13.2%	42	25	15	(21)	3	16	8
2035	335	5.8%	13.2%	44	27	16	(24)	2	16	8

Enterprise Value Bridge

Sum of PV(FCFF)31

Terminal Value (Gordon Growth at 3.0%)304

PV of Terminal Value139

Enterprise Value170

(–) Net Debt-8

Equity Value178

(÷) Shares Outstanding138

Fair Value per Share$1.29

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.6%	$1	$1	$2	$3	$4
7.6%	$0	$1	$2	$2	$3
8.6%	$0	$1	$1	$2	$2
9.6%	$0	$1	$1	$1	$2
10.6%	$0	$1	$1	$1	$2

Current price: $3.98. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.3% 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

$1.79

Market Price

$3.98

Upside / Downside

-54.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CytomX Therapeutics, Inc. (CTMX) has a fair value of $1.79 based on 3 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
CytomX Therapeutics, Inc.CTMX	549	7.1x	24.4x
Iovance Biotherapeutics, Inc.IOVA	1,294	4.5x	3.2x
MeiraGTx Holdings plcMGTX	909	11.4x	18.5x
Ginkgo Bioworks Holdings, Inc.DNA	582	4.9x	4.8x
Industry Median		4.9x	4.8x
(*) Revenue		76	22
= Enterprise Value		372	106
(-) Net Debt		-8	-8
Equity Value		381	114
(/) Outstanding shares		138	138
Fair Price		$3	$1

Selected Fair Value (avg of trailing + forward)

$1.79

-54.9%