CVD Equipment Corporation

CVV

IndustrialsIndustrial - MachineryNASDAQ

$7.09

Market Cap: $49.19M

CVD Equipment Corporation (CVV) Valuation Summary

Updated May 11, 2026 05:59

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.21 – $17.64	$5.62	-20.8%
Revenue DCF 10Y	$0.75 – $22.13	$7.33	+3.4%
▸ Trading Multiples
EV/Revenue	$5.11 – $131.18	$9.19	+29.7%

Valuation History

DCF Analysis

CVD Equipment Corporation (CVV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.33

Market Price

$7.09

Upside / Downside

+3.4%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -6.8% to a target of 10.3% over 5 years, discounted at a WACC of 8.5%, CVD Equipment Corporation (CVV) has an intrinsic value of $7.33 per share (range: $0.75 – $22.13).

Key Assumptions

Current Operating Margin

-6.8%

Target Operating Margin

10.3%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

0.6%

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	30	14.4%	-3.4%	-1	-1	1	(1)	5	-6	-5
2027	33	11.9%	0.1%	0	0	1	(1)	1	-0	-0
2028	37	10.9%	3.5%	1	1	1	(1)	1	1	1
2029	40	9.9%	6.9%	3	3	1	(1)	1	2	1
2030	44	8.9%	10.3%	5	4	1	(2)	1	4	2
2031	47	7.9%	10.3%	5	5	2	(2)	1	4	2
2032	51	7.0%	10.3%	5	5	2	(2)	1	4	2
2033	54	6.0%	10.3%	6	5	2	(3)	1	4	2
2034	56	5.0%	10.3%	6	6	2	(3)	1	4	2
2035	59	4.0%	10.3%	6	6	2	(4)	1	4	2

Enterprise Value Bridge

Sum of PV(FCFF)9

Terminal Value (Gordon Growth at 3.0%)72

PV of Terminal Value33

Enterprise Value42

(–) Net Debt-8

Equity Value50

(÷) Shares Outstanding7

Fair Value per Share$7.33

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
6.5%	$1	$7	$12	$17	$22
7.5%	$1	$5	$9	$13	$17
8.5%	$1	$4	$7	$11	$14
9.5%	$1	$3	$6	$9	$11
10.5%	$1	$3	$5	$8	$10

Current price: $7.09. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 22.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

CVD Equipment Corporation (CVV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.62

Market Price

$7.09

Upside / Downside

-20.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-6.8%

Target Operating Margin

10.3%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

0.6%

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	30	14.4%	-3.4%	-1	-1	1	(1)	5	-6	-5
2027	33	11.9%	0.1%	0	0	1	(1)	1	-1	-1
2028	36	9.7%	3.5%	1	1	1	(1)	1	0	0
2029	39	7.4%	6.9%	3	3	1	(2)	1	1	1
2030	41	5.2%	10.3%	4	4	1	(2)	0	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)49

PV of Terminal Value34

Enterprise Value31

(–) Net Debt-8

Equity Value39

(÷) Shares Outstanding7

Fair Value per Share$5.62

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
6.5%	$1	$5	$9	$13	$18
7.5%	$0	$4	$7	$10	$14
8.5%	$0	$3	$6	$8	$11
9.5%	$0	$2	$5	$7	$9
10.5%	$0	$2	$4	$6	$8

Current price: $7.09. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 22.5% 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

$9.19

Market Price

$7.09

Upside / Downside

+29.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), CVD Equipment Corporation (CVV) has a fair value of $9.19 based on 8 comparable companies in the Industrial - Machinery industry.

EV/Revenue Valuation — Industrial - Machinery

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CVD Equipment CorporationCVV	49	1.6x	1.6x
Sidus Space, Inc.SIDU	104	34.7x	9.9x
Pyxis Tankers Inc.PXS	46	2.5x	2.5x
XTI Aerospace, Inc.XTIA	30	1.1x	0.1x
Vantage CorpVNTG	25	1.0x	—
Performance Shipping Inc.PSHG	23	0.3x	0.2x
ParaZero Technologies Ltd.PRZO	14	43.6x	—
Top Ships Inc.TOPS	10	2.9x	4.5x
Intercont (Cayman) Limited Ordinary sharesNCT	3	1.0x	—
Industry Median		1.8x	2.5x
(*) Revenue		26	26
= Enterprise Value		46	64
(-) Net Debt		-8	-8
Equity Value		54	72
(/) Outstanding shares		7	7
Fair Price		$8	$11

Selected Fair Value (avg of trailing + forward)

$9.19

+29.7%

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

$0.21 – $17.64

$5.62

-20.8%

Revenue DCF 10Y

$0.75 – $22.13

$7.33

+3.4%

▸ Trading Multiples

EV/Revenue

$5.11 – $131.18

$9.19

+29.7%

DCF Analysis

CVD Equipment Corporation (CVV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.33

Market Price

$7.09

Upside / Downside

+3.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6.8%

Target Operating Margin

10.3%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

0.6%

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	30	14.4%	-3.4%	-1	-1	1	(1)	5	-6	-5
2027	33	11.9%	0.1%	0	0	1	(1)	1	-0	-0
2028	37	10.9%	3.5%	1	1	1	(1)	1	1	1
2029	40	9.9%	6.9%	3	3	1	(1)	1	2	1
2030	44	8.9%	10.3%	5	4	1	(2)	1	4	2
2031	47	7.9%	10.3%	5	5	2	(2)	1	4	2
2032	51	7.0%	10.3%	5	5	2	(2)	1	4	2
2033	54	6.0%	10.3%	6	5	2	(3)	1	4	2
2034	56	5.0%	10.3%	6	6	2	(3)	1	4	2
2035	59	4.0%	10.3%	6	6	2	(4)	1	4	2

Enterprise Value Bridge

Sum of PV(FCFF)9

Terminal Value (Gordon Growth at 3.0%)72

PV of Terminal Value33

Enterprise Value42

(–) Net Debt-8

Equity Value50

(÷) Shares Outstanding7

Fair Value per Share$7.33

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
6.5%	$1	$7	$12	$17	$22
7.5%	$1	$5	$9	$13	$17
8.5%	$1	$4	$7	$11	$14
9.5%	$1	$3	$6	$9	$11
10.5%	$1	$3	$5	$8	$10

Current price: $7.09. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 22.5% 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

$9.19

Market Price

$7.09

Upside / Downside

+29.7%

Verdict

Undervalued

EV/Revenue Valuation — Industrial - Machinery

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
CVD Equipment CorporationCVV	49	1.6x	1.6x
Sidus Space, Inc.SIDU	104	34.7x	9.9x
Pyxis Tankers Inc.PXS	46	2.5x	2.5x
XTI Aerospace, Inc.XTIA	30	1.1x	0.1x
Vantage CorpVNTG	25	1.0x	—
Performance Shipping Inc.PSHG	23	0.3x	0.2x
ParaZero Technologies Ltd.PRZO	14	43.6x	—
Top Ships Inc.TOPS	10	2.9x	4.5x
Intercont (Cayman) Limited Ordinary sharesNCT	3	1.0x	—
Industry Median		1.8x	2.5x
(*) Revenue		26	26
= Enterprise Value		46	64
(-) Net Debt		-8	-8
Equity Value		54	72
(/) Outstanding shares		7	7
Fair Price		$8	$11

Selected Fair Value (avg of trailing + forward)

$9.19

+29.7%