Fathom Holdings Inc.

FTHM

Real EstateReal Estate - ServicesNASDAQ

$0.83

Market Cap: $27.17M

Fathom Holdings Inc. (FTHM) Valuation Summary

Updated May 11, 2026 17:11

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$106.65 – $1,178.86	$258.51	+31087.4%
Revenue DCF 10Y	$146.34 – $1,637.89	$355.51	+42788.8%
▸ Trading Multiples
EV/Revenue	$42.54 – $111.90	$125.97	+15097.7%

Valuation History

DCF Analysis

Fathom Holdings Inc. (FTHM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$355.51

Market Price

$0.83

Upside / Downside

+42788.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -7.0% to a target of 28.4% over 5 years, discounted at a WACC of 5.8%, Fathom Holdings Inc. (FTHM) has an intrinsic value of $355.51 per share (range: $146.34 – $1,637.89).

Key Assumptions

Current Operating Margin

-7.0%

Target Operating Margin

28.4%

WACC

5.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

1.1%

Tax Rate

0.2%

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)
2025	427	27.5%	0.1%	0	0	5	(6)	-2	2	2
2026	460	7.7%	7.1%	33	33	5	(8)	0	29	27
2027	540	17.3%	14.2%	77	77	6	(13)	0	70	61
2028	634	17.3%	21.3%	135	135	7	(18)	0	123	101
2029	744	17.3%	28.4%	211	210	8	(25)	0	193	150
2030	855	14.9%	28.4%	242	242	10	(33)	0	218	160
2031	962	12.6%	28.4%	273	272	11	(43)	0	240	166
2032	1,060	10.2%	28.4%	301	300	12	(53)	0	259	170
2033	1,143	7.8%	28.4%	324	323	13	(63)	0	273	169
2034	1,204	5.4%	28.4%	341	341	13	(72)	0	282	165

Enterprise Value Bridge

Sum of PV(FCFF)1,170

Terminal Value (Gordon Growth at 3.0%)10,327

PV of Terminal Value6,038

Enterprise Value7,209

(–) Net Debt12

Equity Value7,197

(÷) Shares Outstanding20

Fair Value per Share$355.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
3.8%	$971	$1137	$1304	$1471	$1638
4.8%	$422	$495	$568	$640	$713
5.8%	$265	$310	$356	$401	$446
6.8%	$190	$222	$255	$288	$320
7.8%	$146	$171	$197	$222	$247

Current price: $0.83. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 0.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Fathom Holdings Inc. (FTHM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$258.51

Market Price

$0.83

Upside / Downside

+31087.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-7.0%

Target Operating Margin

28.4%

WACC

5.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

1.1%

Tax Rate

0.2%

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)
2025	427	27.5%	0.1%	0	0	5	(8)	-2	-0	-0
2026	460	7.7%	7.1%	33	33	5	(13)	0	25	23
2027	540	17.3%	14.2%	77	77	6	(21)	0	61	53
2028	634	17.3%	21.3%	135	135	7	(31)	0	110	90
2029	744	17.3%	28.4%	211	210	8	(45)	0	174	135

Enterprise Value Bridge

Sum of PV(FCFF)301

Terminal Value (Gordon Growth at 3.0%)6,375

PV of Terminal Value4,944

Enterprise Value5,245

(–) Net Debt12

Equity Value5,233

(÷) Shares Outstanding20

Fair Value per Share$258.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
3.8%	$697	$817	$938	$1058	$1179
4.8%	$305	$357	$410	$463	$516
5.8%	$191	$225	$259	$292	$326
6.8%	$138	$162	$186	$211	$235
7.8%	$107	$126	$144	$163	$182

Current price: $0.83. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 0.1% 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

$125.97

Market Price

$0.83

Upside / Downside

+15097.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Fathom Holdings Inc. (FTHM) has a fair value of $125.97 based on 5 comparable companies in the Real Estate - Services industry.

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Fathom Holdings Inc.FTHM	17	0.1x	0.1x
Sachem Capital Corp. 8.00% NoteSCCG	1,138	40.0x	22.0x
Sachem Capital Corp.SACH	53	6.8x	15.0x
Bluerock Homes Trust, Inc.BHM	45	4.4x	—
Ashford Hospitality Trust, Inc.AHT	20	2.6x	2.3x
reAlpha Tech Corp. Common StockAIRE	12	1.0x	0.9x
Industry Median		4.4x	8.7x
(*) Revenue		335	420
= Enterprise Value		1,481	3,642
(-) Net Debt		12	12
Equity Value		1,470	3,631
(/) Outstanding shares		20	20
Fair Price		$73	$179

Selected Fair Value (avg of trailing + forward)

$125.97

+15097.7%

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

$106.65 – $1,178.86

$258.51

+31087.4%

Revenue DCF 10Y

$146.34 – $1,637.89

$355.51

+42788.8%

▸ Trading Multiples

EV/Revenue

$42.54 – $111.90

$125.97

+15097.7%

DCF Analysis

Fathom Holdings Inc. (FTHM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$355.51

Market Price

$0.83

Upside / Downside

+42788.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-7.0%

Target Operating Margin

28.4%

WACC

5.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

1.1%

Tax Rate

0.2%

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)
2025	427	27.5%	0.1%	0	0	5	(6)	-2	2	2
2026	460	7.7%	7.1%	33	33	5	(8)	0	29	27
2027	540	17.3%	14.2%	77	77	6	(13)	0	70	61
2028	634	17.3%	21.3%	135	135	7	(18)	0	123	101
2029	744	17.3%	28.4%	211	210	8	(25)	0	193	150
2030	855	14.9%	28.4%	242	242	10	(33)	0	218	160
2031	962	12.6%	28.4%	273	272	11	(43)	0	240	166
2032	1,060	10.2%	28.4%	301	300	12	(53)	0	259	170
2033	1,143	7.8%	28.4%	324	323	13	(63)	0	273	169
2034	1,204	5.4%	28.4%	341	341	13	(72)	0	282	165

Enterprise Value Bridge

Sum of PV(FCFF)1,170

Terminal Value (Gordon Growth at 3.0%)10,327

PV of Terminal Value6,038

Enterprise Value7,209

(–) Net Debt12

Equity Value7,197

(÷) Shares Outstanding20

Fair Value per Share$355.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
3.8%	$971	$1137	$1304	$1471	$1638
4.8%	$422	$495	$568	$640	$713
5.8%	$265	$310	$356	$401	$446
6.8%	$190	$222	$255	$288	$320
7.8%	$146	$171	$197	$222	$247

Current price: $0.83. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 0.1% 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

$125.97

Market Price

$0.83

Upside / Downside

+15097.7%

Verdict

Undervalued

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Fathom Holdings Inc.FTHM	17	0.1x	0.1x
Sachem Capital Corp. 8.00% NoteSCCG	1,138	40.0x	22.0x
Sachem Capital Corp.SACH	53	6.8x	15.0x
Bluerock Homes Trust, Inc.BHM	45	4.4x	—
Ashford Hospitality Trust, Inc.AHT	20	2.6x	2.3x
reAlpha Tech Corp. Common StockAIRE	12	1.0x	0.9x
Industry Median		4.4x	8.7x
(*) Revenue		335	420
= Enterprise Value		1,481	3,642
(-) Net Debt		12	12
Equity Value		1,470	3,631
(/) Outstanding shares		20	20
Fair Price		$73	$179

Selected Fair Value (avg of trailing + forward)

$125.97

+15097.7%