Intellinetics, Inc.

INLX

TechnologySoftware - ApplicationAMEX

$6.86

Market Cap: $30.69M

Intellinetics, Inc. (INLX) Valuation Summary

Updated May 11, 2026 03:15

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.03 – $15.80	$4.37	-36.4%
Revenue DCF 10Y	$0.04 – $19.95	$6.31	-8.0%
▸ Trading Multiples
EV/Revenue	$2.69 – $32.97	$3.89	-43.3%

Valuation History

DCF Analysis

Intellinetics, Inc. (INLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.31

Market Price

$6.86

Upside / Downside

-8.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -10.8% to a target of 10.2% over 5 years, discounted at a WACC of 8.8%, Intellinetics, Inc. (INLX) has an intrinsic value of $6.31 per share (range: $0.04 – $19.95).

Key Assumptions

Current Operating Margin

-10.8%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.9%

Target CapEx/Rev

10.5%

D&A/Revenue

7.0%

Tax Rate

0.0%

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	19	14.6%	-6.6%	-1	-1	1	(1)	1	-1	-1
2027	21	9.7%	-2.4%	-0	-0	1	(1)	0	-0	-0
2028	23	9.7%	1.8%	0	0	2	(1)	0	0	0
2029	25	9.7%	6.0%	2	2	2	(2)	0	1	1
2030	27	9.7%	10.2%	3	3	2	(2)	0	2	2
2031	30	8.6%	10.2%	3	3	2	(2)	0	2	2
2032	32	7.4%	10.2%	3	3	2	(3)	0	2	1
2033	34	6.3%	10.2%	3	3	2	(3)	0	2	1
2034	36	5.2%	10.2%	4	4	3	(4)	0	2	1
2035	37	4.1%	10.2%	4	4	3	(4)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)8

Terminal Value (Gordon Growth at 3.0%)41

PV of Terminal Value18

Enterprise Value26

(–) Net Debt-1

Equity Value27

(÷) Shares Outstanding4

Fair Value per Share$6.31

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$0	$5	$10	$15	$20
7.8%	$0	$4	$8	$12	$15
8.8%	$0	$3	$6	$9	$13
9.8%	$0	$3	$5	$8	$10
10.8%	$0	$2	$4	$7	$9

Current price: $6.86. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Intellinetics, Inc. (INLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.37

Market Price

$6.86

Upside / Downside

-36.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.8%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.9%

Target CapEx/Rev

10.5%

D&A/Revenue

7.0%

Tax Rate

0.0%

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	19	14.6%	-6.6%	-1	-1	1	(1)	1	-2	-2
2027	21	9.7%	-2.4%	-0	-0	1	(1)	0	-1	-1
2028	23	9.7%	1.8%	0	0	2	(2)	0	-0	-0
2029	25	9.7%	6.0%	2	2	2	(2)	0	1	0
2030	27	9.7%	10.2%	3	3	2	(3)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-1

Terminal Value (Gordon Growth at 3.0%)27

PV of Terminal Value19

Enterprise Value18

(–) Net Debt-1

Equity Value19

(÷) Shares Outstanding4

Fair Value per Share$4.37

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$-1	$3	$7	$12	$16
7.8%	$-1	$2	$6	$9	$12
8.8%	$-1	$2	$4	$7	$10
9.8%	$-1	$1	$4	$6	$8
10.8%	$-1	$1	$3	$5	$7

Current price: $6.86. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.6% 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

$3.89

Market Price

$6.86

Upside / Downside

-43.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Intellinetics, Inc. (INLX) has a fair value of $3.89 based on 6 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Intellinetics, Inc.INLX	30	1.7x	2.1x
NetSol Technologies, Inc.NTWK	51	0.6x	0.6x
Blackboxstocks Inc.BLBX	34	14.1x	5.7x
LivePerson, Inc.LPSN	30	1.3x	0.6x
Beamr Imaging Ltd.BMR	30	8.5x	8.6x
Aware, Inc.AWRE	28	1.4x	0.5x
SurgePays, Inc.SURG	11	0.4x	0.2x
Industry Median		1.4x	0.6x
(*) Revenue		17	14
= Enterprise Value		23	9
(-) Net Debt		-1	-1
Equity Value		24	10
(/) Outstanding shares		4	4
Fair Price		$6	$2

Selected Fair Value (avg of trailing + forward)

$3.89

-43.3%

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

$1.03 – $15.80

$4.37

-36.4%

Revenue DCF 10Y

$0.04 – $19.95

$6.31

-8.0%

▸ Trading Multiples

EV/Revenue

$2.69 – $32.97

$3.89

-43.3%

DCF Analysis

Intellinetics, Inc. (INLX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.31

Market Price

$6.86

Upside / Downside

-8.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.8%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.9%

Target CapEx/Rev

10.5%

D&A/Revenue

7.0%

Tax Rate

0.0%

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	19	14.6%	-6.6%	-1	-1	1	(1)	1	-1	-1
2027	21	9.7%	-2.4%	-0	-0	1	(1)	0	-0	-0
2028	23	9.7%	1.8%	0	0	2	(1)	0	0	0
2029	25	9.7%	6.0%	2	2	2	(2)	0	1	1
2030	27	9.7%	10.2%	3	3	2	(2)	0	2	2
2031	30	8.6%	10.2%	3	3	2	(2)	0	2	2
2032	32	7.4%	10.2%	3	3	2	(3)	0	2	1
2033	34	6.3%	10.2%	3	3	2	(3)	0	2	1
2034	36	5.2%	10.2%	4	4	3	(4)	0	2	1
2035	37	4.1%	10.2%	4	4	3	(4)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)8

Terminal Value (Gordon Growth at 3.0%)41

PV of Terminal Value18

Enterprise Value26

(–) Net Debt-1

Equity Value27

(÷) Shares Outstanding4

Fair Value per Share$6.31

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$0	$5	$10	$15	$20
7.8%	$0	$4	$8	$12	$15
8.8%	$0	$3	$6	$9	$13
9.8%	$0	$3	$5	$8	$10
10.8%	$0	$2	$4	$7	$9

Current price: $6.86. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.6% 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

$3.89

Market Price

$6.86

Upside / Downside

-43.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Intellinetics, Inc. (INLX) has a fair value of $3.89 based on 6 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Intellinetics, Inc.INLX	30	1.7x	2.1x
NetSol Technologies, Inc.NTWK	51	0.6x	0.6x
Blackboxstocks Inc.BLBX	34	14.1x	5.7x
LivePerson, Inc.LPSN	30	1.3x	0.6x
Beamr Imaging Ltd.BMR	30	8.5x	8.6x
Aware, Inc.AWRE	28	1.4x	0.5x
SurgePays, Inc.SURG	11	0.4x	0.2x
Industry Median		1.4x	0.6x
(*) Revenue		17	14
= Enterprise Value		23	9
(-) Net Debt		-1	-1
Equity Value		24	10
(/) Outstanding shares		4	4
Fair Price		$6	$2

Selected Fair Value (avg of trailing + forward)

$3.89

-43.3%