CuriosityStream Inc.

CURI

Communication ServicesBroadcastingNASDAQ

$3.08

Market Cap: $182.61M

CuriosityStream Inc. (CURI) Valuation Summary

Updated May 10, 2026 07:18

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.13 – $0.56	$0.35	-88.6%
Revenue DCF 10Y	$1.09 – $2.11	$1.55	-49.6%
▸ Trading Multiples
EV/Revenue	$1.98 – $5.08	$1.73	-43.8%

Valuation History

DCF Analysis

CuriosityStream Inc. (CURI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.55

Market Price

$3.08

Upside / Downside

-49.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -10.2% to a target of 10.4% over 5 years, discounted at a WACC of 7.5%, CuriosityStream Inc. (CURI) has an intrinsic value of $1.55 per share (range: $1.09 – $2.11).

Key Assumptions

Current Operating Margin

-10.2%

Target Operating Margin

10.4%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.2%

Target CapEx/Rev

57.2%

D&A/Revenue

38.1%

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	81	12.7%	-6.1%	-5	-5	31	(5)	6	15	14
2027	91	12.9%	-1.9%	-2	-2	35	(11)	1	22	19
2028	99	8.6%	2.2%	2	2	38	(17)	1	22	18
2029	99	0.1%	6.3%	6	5	38	(23)	0	20	15
2030	99	0.1%	10.4%	10	8	38	(28)	0	18	13
2031	100	0.6%	10.4%	10	8	38	(34)	0	12	8
2032	101	1.1%	10.4%	11	8	39	(40)	0	6	4
2033	103	1.6%	10.4%	11	8	39	(47)	0	0	0
2034	105	2.0%	10.4%	11	9	40	(54)	0	-6	-3
2035	107	2.5%	10.4%	11	9	41	(61)	0	-12	-6

Enterprise Value Bridge

Sum of PV(FCFF)84

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value84

(–) Net Debt-6

Equity Value90

(÷) Shares Outstanding58

Fair Value per Share$1.55

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.5%	$1	$1	$2	$2	$2
6.5%	$1	$1	$2	$2	$2
7.5%	$1	$1	$2	$2	$2
8.5%	$1	$1	$2	$2	$2
9.5%	$1	$1	$2	$2	$2

Current price: $3.08. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

CuriosityStream Inc. (CURI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.35

Market Price

$3.08

Upside / Downside

-88.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.2%

Target Operating Margin

10.4%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.2%

Target CapEx/Rev

57.2%

D&A/Revenue

38.1%

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	81	12.7%	-6.1%	-5	-5	31	(9)	6	10	10
2027	91	12.9%	-1.9%	-2	-2	35	(21)	1	11	10
2028	99	8.6%	2.2%	2	2	38	(34)	1	5	4
2029	99	0.1%	6.3%	6	5	38	(45)	0	-3	-2
2030	99	0.1%	10.4%	10	8	38	(57)	0	-11	-8

Enterprise Value Bridge

Sum of PV(FCFF)14

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value14

(–) Net Debt-6

Equity Value20

(÷) Shares Outstanding58

Fair Value per Share$0.35

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.5%	$0	$0	$0	$0	$1
6.5%	$0	$0	$0	$0	$1
7.5%	$0	$0	$0	$0	$1
8.5%	$0	$0	$0	$0	$1
9.5%	$0	$0	$0	$0	$1

Current price: $3.08. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.9% 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

$1.73

Market Price

$3.08

Upside / Downside

-43.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CuriosityStream Inc. (CURI) has a fair value of $1.73 based on 8 comparable companies in the Broadcasting industry.

EV/Revenue Valuation — Broadcasting

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CuriosityStream Inc.CURI	178	2.4x	3.4x
Entravision Communications CorporationEVC	659	1.8x	1.1x
The E.W. Scripps CompanySSP	552	1.5x	1.3x
Nexxen International Ltd.NEXN	428	0.9x	0.9x
ATN International, Inc.ATNI	408	1.4x	1.3x
Crexendo, Inc.CXDO	303	4.0x	4.0x
RADCOM Ltd.RDCM	265	3.3x	4.7x
The Arena Group Holdings, Inc.AREN	127	1.6x	0.9x
Upexi, Inc.UPXI	93	7.4x	1.3x
Industry Median		1.7x	1.3x
(*) Revenue		72	50
= Enterprise Value		123	65
(-) Net Debt		-6	-6
Equity Value		128	71
(/) Outstanding shares		58	58
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.73

-43.8%

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.

CuriosityStream Inc. (CURI) Valuation Summary

Updated May 10, 2026 07:18

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.13 – $0.56	$0.35	-88.6%
Revenue DCF 10Y	$1.09 – $2.11	$1.55	-49.6%
▸ Trading Multiples
EV/Revenue	$1.98 – $5.08	$1.73	-43.8%

Valuation History

DCF Analysis

CuriosityStream Inc. (CURI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.55

Market Price

$3.08

Upside / Downside

-49.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.2%

Target Operating Margin

10.4%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.2%

Target CapEx/Rev

57.2%

D&A/Revenue

38.1%

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	81	12.7%	-6.1%	-5	-5	31	(5)	6	15	14
2027	91	12.9%	-1.9%	-2	-2	35	(11)	1	22	19
2028	99	8.6%	2.2%	2	2	38	(17)	1	22	18
2029	99	0.1%	6.3%	6	5	38	(23)	0	20	15
2030	99	0.1%	10.4%	10	8	38	(28)	0	18	13
2031	100	0.6%	10.4%	10	8	38	(34)	0	12	8
2032	101	1.1%	10.4%	11	8	39	(40)	0	6	4
2033	103	1.6%	10.4%	11	8	39	(47)	0	0	0
2034	105	2.0%	10.4%	11	9	40	(54)	0	-6	-3
2035	107	2.5%	10.4%	11	9	41	(61)	0	-12	-6

Enterprise Value Bridge

Sum of PV(FCFF)84

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value84

(–) Net Debt-6

Equity Value90

(÷) Shares Outstanding58

Fair Value per Share$1.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.5%	$1	$1	$2	$2	$2
6.5%	$1	$1	$2	$2	$2
7.5%	$1	$1	$2	$2	$2
8.5%	$1	$1	$2	$2	$2
9.5%	$1	$1	$2	$2	$2

Current price: $3.08. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

CuriosityStream Inc. (CURI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.35

Market Price

$3.08

Upside / Downside

-88.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.2%

Target Operating Margin

10.4%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.2%

Target CapEx/Rev

57.2%

D&A/Revenue

38.1%

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	81	12.7%	-6.1%	-5	-5	31	(9)	6	10	10
2027	91	12.9%	-1.9%	-2	-2	35	(21)	1	11	10
2028	99	8.6%	2.2%	2	2	38	(34)	1	5	4
2029	99	0.1%	6.3%	6	5	38	(45)	0	-3	-2
2030	99	0.1%	10.4%	10	8	38	(57)	0	-11	-8

Enterprise Value Bridge

Sum of PV(FCFF)14

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value14

(–) Net Debt-6

Equity Value20

(÷) Shares Outstanding58

Fair Value per Share$0.35

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.5%	$0	$0	$0	$0	$1
6.5%	$0	$0	$0	$0	$1
7.5%	$0	$0	$0	$0	$1
8.5%	$0	$0	$0	$0	$1
9.5%	$0	$0	$0	$0	$1

Current price: $3.08. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.9% 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

$1.73

Market Price

$3.08

Upside / Downside

-43.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CuriosityStream Inc. (CURI) has a fair value of $1.73 based on 8 comparable companies in the Broadcasting industry.

EV/Revenue Valuation — Broadcasting

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CuriosityStream Inc.CURI	178	2.4x	3.4x
Entravision Communications CorporationEVC	659	1.8x	1.1x
The E.W. Scripps CompanySSP	552	1.5x	1.3x
Nexxen International Ltd.NEXN	428	0.9x	0.9x
ATN International, Inc.ATNI	408	1.4x	1.3x
Crexendo, Inc.CXDO	303	4.0x	4.0x
RADCOM Ltd.RDCM	265	3.3x	4.7x
The Arena Group Holdings, Inc.AREN	127	1.6x	0.9x
Upexi, Inc.UPXI	93	7.4x	1.3x
Industry Median		1.7x	1.3x
(*) Revenue		72	50
= Enterprise Value		123	65
(-) Net Debt		-6	-6
Equity Value		128	71
(/) Outstanding shares		58	58
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.73

-43.8%