Kaltura, Inc.

KLTR

TechnologySoftware - InfrastructureNASDAQ

$1.36

Market Cap: $202.28M

Kaltura, Inc. (KLTR) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.03 – $2.98	$0.64	-42.3%
Revenue DCF 10Y	$0.08 – $3.03	$0.72	-34.9%
▸ Trading Multiples
EV/Revenue	$2.40 – $55.76	$2.81	+153.2%

Valuation History

DCF Analysis

Kaltura, Inc. (KLTR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.72

Market Price

$1.36

Upside / Downside

-47.1%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -4.3% to a target of 10.0% over 5 years, discounted at a WACC of 8.5%, Kaltura, Inc. (KLTR) has an intrinsic value of $0.72 per share (range: $0.08 – $3.03).

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

10.0%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

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	183	0.9%	-1.4%	-3	-3	4	(4)	6	-9	-9
2027	192	5.0%	1.4%	3	2	4	(5)	1	0	0
2028	222	16.1%	4.3%	9	8	5	(7)	3	2	2
2029	228	2.3%	7.1%	16	13	5	(8)	1	9	7
2030	233	2.3%	10.0%	23	18	5	(9)	1	14	9
2031	238	2.4%	10.0%	24	19	5	(11)	1	13	8
2032	245	2.5%	10.0%	24	19	5	(12)	1	12	7
2033	251	2.7%	10.0%	25	20	6	(13)	1	12	6
2034	258	2.8%	10.0%	26	20	6	(14)	1	11	5
2035	265	2.9%	10.0%	26	21	6	(16)	1	10	5

Enterprise Value Bridge

Sum of PV(FCFF)41

Terminal Value (Gordon Growth at 3.0%)191

PV of Terminal Value88

Enterprise Value129

(–) Net Debt19

Equity Value110

(÷) Shares Outstanding153

Fair Value per Share$0.72

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.5%	$-0	$0	$1	$2	$3
7.5%	$-0	$0	$1	$2	$2
8.5%	$-0	$0	$1	$1	$2
9.5%	$-0	$0	$1	$1	$1
10.5%	$-0	$0	$0	$1	$1

Current price: $1.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Kaltura, Inc. (KLTR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.64

Market Price

$1.36

Upside / Downside

-52.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

10.0%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

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	183	0.9%	-1.4%	-3	-3	4	(5)	6	-10	-9
2027	192	5.0%	1.4%	3	2	4	(7)	1	-1	-1
2028	222	16.1%	4.3%	9	8	5	(10)	3	-1	-0
2029	228	2.3%	7.1%	16	13	5	(12)	1	5	4
2030	233	2.3%	10.0%	23	18	5	(14)	1	9	6

Enterprise Value Bridge

Sum of PV(FCFF)-1

Terminal Value (Gordon Growth at 3.0%)170

PV of Terminal Value118

Enterprise Value117

(–) Net Debt19

Equity Value98

(÷) Shares Outstanding153

Fair Value per Share$0.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.5%	$-0	$0	$1	$2	$3
7.5%	$-0	$0	$1	$2	$2
8.5%	$-0	$0	$1	$1	$2
9.5%	$-0	$0	$0	$1	$1
10.5%	$-0	$-0	$0	$1	$1

Current price: $1.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.2% 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

$2.81

Market Price

$1.36

Upside / Downside

+106.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Kaltura, Inc. (KLTR) has a fair value of $2.81 based on 8 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Kaltura, Inc.KLTR	208	1.3x	1.3x
ON24, Inc.ONTF	348	2.3x	2.1x
Palladyne AI Corp.PDYN	255	47.2x	9.9x
8x8, Inc.EGHT	247	0.8x	0.8x
Asure Software, Inc.ASUR	243	2.1x	2.1x
Tucows Inc.TCX	197	2.1x	2.6x
Digi Power X Inc.DGXX	152	2.2x	3.0x
Duos Technologies Group, Inc.DUOT	139	4.6x	8.0x
Arbe Robotics Ltd.ARBE	74	95.3x	20.6x
Industry Median		2.2x	2.8x
(*) Revenue		181	177
= Enterprise Value		401	496
(-) Net Debt		19	19
Equity Value		382	478
(/) Outstanding shares		153	153
Fair Price		$2	$3

Selected Fair Value (avg of trailing + forward)

$2.81

+106.6%

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

$0.03 – $2.98

$0.64

-42.3%

Revenue DCF 10Y

$0.08 – $3.03

$0.72

-34.9%

▸ Trading Multiples

EV/Revenue

$2.40 – $55.76

$2.81

+153.2%

DCF Analysis

Kaltura, Inc. (KLTR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.72

Market Price

$1.36

Upside / Downside

-47.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

10.0%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

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	183	0.9%	-1.4%	-3	-3	4	(4)	6	-9	-9
2027	192	5.0%	1.4%	3	2	4	(5)	1	0	0
2028	222	16.1%	4.3%	9	8	5	(7)	3	2	2
2029	228	2.3%	7.1%	16	13	5	(8)	1	9	7
2030	233	2.3%	10.0%	23	18	5	(9)	1	14	9
2031	238	2.4%	10.0%	24	19	5	(11)	1	13	8
2032	245	2.5%	10.0%	24	19	5	(12)	1	12	7
2033	251	2.7%	10.0%	25	20	6	(13)	1	12	6
2034	258	2.8%	10.0%	26	20	6	(14)	1	11	5
2035	265	2.9%	10.0%	26	21	6	(16)	1	10	5

Enterprise Value Bridge

Sum of PV(FCFF)41

Terminal Value (Gordon Growth at 3.0%)191

PV of Terminal Value88

Enterprise Value129

(–) Net Debt19

Equity Value110

(÷) Shares Outstanding153

Fair Value per Share$0.72

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.5%	$-0	$0	$1	$2	$3
7.5%	$-0	$0	$1	$2	$2
8.5%	$-0	$0	$1	$1	$2
9.5%	$-0	$0	$1	$1	$1
10.5%	$-0	$0	$0	$1	$1

Current price: $1.36. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.2% 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

$2.81

Market Price

$1.36

Upside / Downside

+106.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Kaltura, Inc. (KLTR) has a fair value of $2.81 based on 8 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Kaltura, Inc.KLTR	208	1.3x	1.3x
ON24, Inc.ONTF	348	2.3x	2.1x
Palladyne AI Corp.PDYN	255	47.2x	9.9x
8x8, Inc.EGHT	247	0.8x	0.8x
Asure Software, Inc.ASUR	243	2.1x	2.1x
Tucows Inc.TCX	197	2.1x	2.6x
Digi Power X Inc.DGXX	152	2.2x	3.0x
Duos Technologies Group, Inc.DUOT	139	4.6x	8.0x
Arbe Robotics Ltd.ARBE	74	95.3x	20.6x
Industry Median		2.2x	2.8x
(*) Revenue		181	177
= Enterprise Value		401	496
(-) Net Debt		19	19
Equity Value		382	478
(/) Outstanding shares		153	153
Fair Price		$2	$3

Selected Fair Value (avg of trailing + forward)

$2.81

+106.6%