electroCore, Inc.

ECOR

HealthcareMedical - DevicesNASDAQ

$6.70

Market Cap: $55.54M

electroCore, Inc. (ECOR) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.75 – $26.74	$6.62	+7.6%
Revenue DCF 10Y	$2.39 – $71.16	$22.20	+260.9%
▸ Trading Multiples
EV/Revenue	$3.12 – $108.02	$46.36	+653.8%

Valuation History

DCF Analysis

electroCore, Inc. (ECOR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$22.20

Market Price

$6.70

Upside / Downside

+231.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -41.1% to a target of 13.3% over 5 years, discounted at a WACC of 8.2%, electroCore, Inc. (ECOR) has an intrinsic value of $22.20 per share (range: $2.39 – $71.16).

Key Assumptions

Current Operating Margin

-41.1%

Target Operating Margin

13.3%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

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	42	31.0%	-30.2%	-13	-13	3	(0)	2	-13	-13
2027	54	29.7%	-19.3%	-11	-11	3	(1)	1	-9	-8
2028	67	22.9%	-8.4%	-6	-6	4	(2)	1	-4	-3
2029	75	11.8%	2.5%	2	1	4	(3)	0	3	2
2030	87	16.4%	13.3%	12	9	5	(4)	1	10	7
2031	113	30.0%	13.3%	15	12	7	(6)	1	11	7
2032	147	30.0%	13.3%	20	16	9	(9)	2	13	8
2033	190	29.4%	13.3%	25	20	11	(14)	2	15	8
2034	229	20.6%	13.3%	31	24	14	(19)	2	17	9
2035	256	11.8%	13.3%	34	27	15	(23)	2	18	8

Enterprise Value Bridge

Sum of PV(FCFF)25

Terminal Value (Gordon Growth at 3.0%)351

PV of Terminal Value165

Enterprise Value191

(–) Net Debt2

Equity Value188

(÷) Shares Outstanding8

Fair Value per Share$22.20

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.2%	$11	$26	$41	$56	$71
7.2%	$7	$18	$29	$40	$51
8.2%	$5	$14	$22	$31	$39
9.2%	$3	$10	$17	$24	$31
10.2%	$2	$8	$14	$20	$25

Current price: $6.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

electroCore, Inc. (ECOR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.62

Market Price

$6.70

Upside / Downside

-1.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-41.1%

Target Operating Margin

13.3%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

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	42	31.0%	-30.2%	-13	-13	3	(1)	2	-13	-13
2027	54	29.7%	-19.3%	-11	-11	3	(2)	1	-10	-9
2028	67	22.9%	-8.4%	-6	-6	4	(4)	1	-6	-5
2029	75	11.8%	2.5%	2	1	4	(5)	0	0	0
2030	87	16.4%	13.3%	12	9	5	(8)	1	6	4

Enterprise Value Bridge

Sum of PV(FCFF)-22

Terminal Value (Gordon Growth at 3.0%)116

PV of Terminal Value81

Enterprise Value59

(–) Net Debt2

Equity Value56

(÷) Shares Outstanding8

Fair Value per Share$6.62

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.2%	$1	$7	$14	$20	$27
7.2%	$-0	$5	$9	$14	$19
8.2%	$-1	$3	$7	$10	$14
9.2%	$-2	$2	$5	$8	$11
10.2%	$-2	$1	$3	$6	$9

Current price: $6.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.6% 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

$46.61

Market Price

$6.70

Upside / Downside

+596.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), electroCore, Inc. (ECOR) has a fair value of $46.61 based on 6 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
electroCore, Inc.ECOR	57	1.8x	1.4x
NeuroOne Medical Technologies CorporationNMTC	40	2.8x	3.0x
Myomo, Inc.MYO	32	0.9x	0.8x
RenovoRx, Inc.RNXT	29	20.1x	17.3x
BioXcel Therapeutics, Inc.BTAI	29	171.1x	73.5x
Hyperion DeFi, Inc.HYPD	21	28.7x	22.5x
Zynex, Inc.ZYXI	4	0.2x	0.4x
Industry Median		11.4x	10.1x
(*) Revenue		32	42
= Enterprise Value		367	429
(-) Net Debt		2	2
Equity Value		364	427
(/) Outstanding shares		8	8
Fair Price		$43	$50

Selected Fair Value (avg of trailing + forward)

$46.61

+596.2%

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

$0.75 – $26.74

$6.62

+7.6%

Revenue DCF 10Y

$2.39 – $71.16

$22.20

+260.9%

▸ Trading Multiples

EV/Revenue

$3.12 – $108.02

$46.36

+653.8%

DCF Analysis

electroCore, Inc. (ECOR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$22.20

Market Price

$6.70

Upside / Downside

+231.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-41.1%

Target Operating Margin

13.3%

WACC

8.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

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	42	31.0%	-30.2%	-13	-13	3	(0)	2	-13	-13
2027	54	29.7%	-19.3%	-11	-11	3	(1)	1	-9	-8
2028	67	22.9%	-8.4%	-6	-6	4	(2)	1	-4	-3
2029	75	11.8%	2.5%	2	1	4	(3)	0	3	2
2030	87	16.4%	13.3%	12	9	5	(4)	1	10	7
2031	113	30.0%	13.3%	15	12	7	(6)	1	11	7
2032	147	30.0%	13.3%	20	16	9	(9)	2	13	8
2033	190	29.4%	13.3%	25	20	11	(14)	2	15	8
2034	229	20.6%	13.3%	31	24	14	(19)	2	17	9
2035	256	11.8%	13.3%	34	27	15	(23)	2	18	8

Enterprise Value Bridge

Sum of PV(FCFF)25

Terminal Value (Gordon Growth at 3.0%)351

PV of Terminal Value165

Enterprise Value191

(–) Net Debt2

Equity Value188

(÷) Shares Outstanding8

Fair Value per Share$22.20

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.2%	$11	$26	$41	$56	$71
7.2%	$7	$18	$29	$40	$51
8.2%	$5	$14	$22	$31	$39
9.2%	$3	$10	$17	$24	$31
10.2%	$2	$8	$14	$20	$25

Current price: $6.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.6% 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

$46.61

Market Price

$6.70

Upside / Downside

+596.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), electroCore, Inc. (ECOR) has a fair value of $46.61 based on 6 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
electroCore, Inc.ECOR	57	1.8x	1.4x
NeuroOne Medical Technologies CorporationNMTC	40	2.8x	3.0x
Myomo, Inc.MYO	32	0.9x	0.8x
RenovoRx, Inc.RNXT	29	20.1x	17.3x
BioXcel Therapeutics, Inc.BTAI	29	171.1x	73.5x
Hyperion DeFi, Inc.HYPD	21	28.7x	22.5x
Zynex, Inc.ZYXI	4	0.2x	0.4x
Industry Median		11.4x	10.1x
(*) Revenue		32	42
= Enterprise Value		367	429
(-) Net Debt		2	2
Equity Value		364	427
(/) Outstanding shares		8	8
Fair Price		$43	$50

Selected Fair Value (avg of trailing + forward)

$46.61

+596.2%