Edap Tms S.a.

EDAP

HealthcareMedical - DevicesNASDAQ

$4.17

Market Cap: $156.30M

Edap Tms S.a. (EDAP) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.21 – $7.10	$1.30	-62.5%
Revenue DCF 10Y	$0.26 – $9.60	$2.42	-30.2%
▸ Trading Multiples
EV/Revenue	$1.22 – $7.58	$4.66	+34.6%

Valuation History

DCF Analysis

Edap Tms S.a. (EDAP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.42

Market Price

$4.17

Upside / Downside

-42.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -33.6% to a target of 13.3% over 5 years, discounted at a WACC of 8.8%, Edap Tms S.a. (EDAP) has an intrinsic value of $2.42 per share (range: $0.26 – $9.60).

Key Assumptions

Current Operating Margin

-33.6%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.0%

D&A/Revenue

2.9%

Tax Rate

21.6%

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	65	4.5%	-24.2%	-16	-16	2	(4)	9	-27	-25
2027	65	-0.8%	-14.8%	-10	-10	2	(4)	-0	-11	-10
2028	63	-2.8%	-5.5%	-3	-3	2	(4)	-1	-5	-4
2029	143	126.8%	3.9%	6	4	4	(8)	26	-26	-19
2030	156	9.1%	13.3%	21	16	4	(9)	4	7	5
2031	168	8.1%	13.3%	22	18	5	(10)	4	8	5
2032	180	7.1%	13.3%	24	19	5	(11)	4	9	5
2033	191	6.0%	13.3%	25	20	6	(11)	4	11	6
2034	201	5.0%	13.3%	27	21	6	(12)	3	12	6
2035	209	4.0%	13.3%	28	22	6	(13)	3	13	6

Enterprise Value Bridge

Sum of PV(FCFF)-26

Terminal Value (Gordon Growth at 3.0%)225

PV of Terminal Value101

Enterprise Value75

(–) Net Debt-15

Equity Value90

(÷) Shares Outstanding37

Fair Value per Share$2.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-0	$2	$5	$7	$10
7.8%	$-0	$1	$3	$5	$7
8.8%	$-1	$1	$2	$4	$5
9.8%	$-1	$1	$2	$3	$4
10.8%	$-1	$0	$1	$2	$4

Current price: $4.17. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Edap Tms S.a. (EDAP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.30

Market Price

$4.17

Upside / Downside

-68.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-33.6%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.0%

D&A/Revenue

2.9%

Tax Rate

21.6%

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	65	4.5%	-24.2%	-16	-16	2	(4)	9	-27	-25
2027	65	-0.8%	-14.8%	-10	-10	2	(4)	-0	-11	-10
2028	63	-2.8%	-5.5%	-3	-3	2	(4)	-1	-5	-4
2029	143	126.8%	3.9%	6	4	4	(9)	26	-26	-19
2030	156	9.1%	13.3%	21	16	4	(9)	4	7	5

Enterprise Value Bridge

Sum of PV(FCFF)-54

Terminal Value (Gordon Growth at 3.0%)127

PV of Terminal Value87

Enterprise Value33

(–) Net Debt-15

Equity Value49

(÷) Shares Outstanding37

Fair Value per Share$1.30

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-1	$1	$3	$5	$7
7.8%	$-1	$0	$2	$4	$5
8.8%	$-1	$-0	$1	$3	$4
9.8%	$-1	$-0	$1	$2	$3
10.8%	$-1	$-0	$1	$2	$3

Current price: $4.17. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.8% 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

$4.17

Market Price

$4.17

Upside / Downside

-0.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Edap Tms S.a. (EDAP) has a fair value of $4.17 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
Edap Tms S.a.EDAP	156	2.4x	2.7x
Vaxart, Inc.VXRT	150	0.4x	4.9x
Hyperfine, Inc.HYPR	93	4.3x	4.4x
Fortress Biotech, Inc.FBIO	78	1.1x	0.8x
InspireMD, Inc.NSPR	70	7.0x	9.1x
Pulmonx CorporationLUNG	57	0.5x	0.5x
Spectral AI, Inc.MDAI	53	2.4x	2.5x
Industry Median		1.7x	3.4x
(*) Revenue		71	61
= Enterprise Value		124	209
(-) Net Debt		10	10
Equity Value		113	199
(/) Outstanding shares		37	37
Fair Price		$3	$5

Selected Fair Value (avg of trailing + forward)

$4.17

-0.1%

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 – $7.10

$1.30

-62.5%

Revenue DCF 10Y

$0.26 – $9.60

$2.42

-30.2%

▸ Trading Multiples

EV/Revenue

$1.22 – $7.58

$4.66

+34.6%

DCF Analysis

Edap Tms S.a. (EDAP) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.42

Market Price

$4.17

Upside / Downside

-42.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-33.6%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.0%

D&A/Revenue

2.9%

Tax Rate

21.6%

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	65	4.5%	-24.2%	-16	-16	2	(4)	9	-27	-25
2027	65	-0.8%	-14.8%	-10	-10	2	(4)	-0	-11	-10
2028	63	-2.8%	-5.5%	-3	-3	2	(4)	-1	-5	-4
2029	143	126.8%	3.9%	6	4	4	(8)	26	-26	-19
2030	156	9.1%	13.3%	21	16	4	(9)	4	7	5
2031	168	8.1%	13.3%	22	18	5	(10)	4	8	5
2032	180	7.1%	13.3%	24	19	5	(11)	4	9	5
2033	191	6.0%	13.3%	25	20	6	(11)	4	11	6
2034	201	5.0%	13.3%	27	21	6	(12)	3	12	6
2035	209	4.0%	13.3%	28	22	6	(13)	3	13	6

Enterprise Value Bridge

Sum of PV(FCFF)-26

Terminal Value (Gordon Growth at 3.0%)225

PV of Terminal Value101

Enterprise Value75

(–) Net Debt-15

Equity Value90

(÷) Shares Outstanding37

Fair Value per Share$2.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-0	$2	$5	$7	$10
7.8%	$-0	$1	$3	$5	$7
8.8%	$-1	$1	$2	$4	$5
9.8%	$-1	$1	$2	$3	$4
10.8%	$-1	$0	$1	$2	$4

Current price: $4.17. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.8% 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

$4.17

Market Price

$4.17

Upside / Downside

-0.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Edap Tms S.a. (EDAP) has a fair value of $4.17 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
Edap Tms S.a.EDAP	156	2.4x	2.7x
Vaxart, Inc.VXRT	150	0.4x	4.9x
Hyperfine, Inc.HYPR	93	4.3x	4.4x
Fortress Biotech, Inc.FBIO	78	1.1x	0.8x
InspireMD, Inc.NSPR	70	7.0x	9.1x
Pulmonx CorporationLUNG	57	0.5x	0.5x
Spectral AI, Inc.MDAI	53	2.4x	2.5x
Industry Median		1.7x	3.4x
(*) Revenue		71	61
= Enterprise Value		124	209
(-) Net Debt		10	10
Equity Value		113	199
(/) Outstanding shares		37	37
Fair Price		$3	$5

Selected Fair Value (avg of trailing + forward)

$4.17

-0.1%