Inotiv, Inc.

NOTV

HealthcareMedical - Diagnostics & ResearchNASDAQ

$0.29

Market Cap: $10.10M

Inotiv, Inc. (NOTV) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$2.22 – $92.88	$23.45	+8945.3%
▸ Trading Multiples
EV/Revenue	$14.82 – $70.14	$31.04	+11870.0%

Valuation History

DCF Analysis

Inotiv, Inc. (NOTV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$23.45

Market Price

$0.29

Upside / Downside

+7887.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -6.0% to a target of 13.3% over 5 years, discounted at a WACC of 11.1%, Inotiv, Inc. (NOTV) has an intrinsic value of $23.45 per share (range: $2.22 – $92.88).

Key Assumptions

Current Operating Margin

-6.0%

Target Operating Margin

13.3%

WACC

11.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.6%

Target CapEx/Rev

14.4%

D&A/Revenue

9.6%

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	530	3.2%	-2.1%	-11	-11	51	(39)	14	-14	-13
2027	558	5.4%	1.7%	10	10	54	(46)	6	12	10
2028	587	5.1%	5.6%	33	33	56	(53)	6	31	24
2029	762	30.0%	9.5%	72	72	73	(74)	36	35	24
2030	991	30.0%	13.3%	132	132	95	(104)	47	76	47
2031	1,289	30.0%	13.3%	172	172	124	(146)	61	89	50
2032	1,675	30.0%	13.3%	223	223	161	(203)	79	103	52
2033	2,158	28.8%	13.3%	288	288	208	(278)	99	119	54
2034	2,595	20.2%	13.3%	346	346	250	(354)	90	152	62
2035	2,896	11.6%	13.3%	386	386	279	(418)	62	185	68

Enterprise Value Bridge

Sum of PV(FCFF)378

Terminal Value (Gordon Growth at 3.0%)2,352

PV of Terminal Value865

Enterprise Value1,243

(–) Net Debt482

Equity Value761

(÷) Shares Outstanding32

Fair Value per Share$23.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
9.1%	$-12	$14	$40	$67	$93
10.1%	$-13	$9	$31	$52	$74
11.1%	$-13	$5	$23	$42	$60
12.1%	$-13	$2	$18	$34	$49
13.1%	$-14	$-0	$14	$27	$41

Current price: $0.29. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.5% 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

$31.04

Market Price

$0.29

Upside / Downside

+10471.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Inotiv, Inc. (NOTV) has a fair value of $31.04 based on 6 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Inotiv, Inc.NOTV	10	1.0x	1.0x
Biodesix, Inc.BDSX	116	1.9x	1.6x
Kezar Life Sciences, Inc.KZR	54	5.4x	9.4x
Star Equity Holdings, Inc.STRR	36	0.3x	0.3x
Celularity Inc.CELU	34	1.9x	1.6x
bioAffinity Technologies, Inc.BIAF	19	2.2x	6.4x
VolitionRx LimitedVNRX	17	15.8x	15.5x
Industry Median		2.1x	4.0x
(*) Revenue		513	477
= Enterprise Value		1,055	1,923
(-) Net Debt		482	482
Equity Value		573	1,441
(/) Outstanding shares		32	32
Fair Price		$18	$44

Selected Fair Value (avg of trailing + forward)

$31.04

+10471.6%

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

—

N/A

—

Revenue DCF 10Y

$2.22 – $92.88

$23.45

+8945.3%

▸ Trading Multiples

EV/Revenue

$14.82 – $70.14

$31.04

+11870.0%

DCF Analysis

Inotiv, Inc. (NOTV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$23.45

Market Price

$0.29

Upside / Downside

+7887.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6.0%

Target Operating Margin

13.3%

WACC

11.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.6%

Target CapEx/Rev

14.4%

D&A/Revenue

9.6%

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	530	3.2%	-2.1%	-11	-11	51	(39)	14	-14	-13
2027	558	5.4%	1.7%	10	10	54	(46)	6	12	10
2028	587	5.1%	5.6%	33	33	56	(53)	6	31	24
2029	762	30.0%	9.5%	72	72	73	(74)	36	35	24
2030	991	30.0%	13.3%	132	132	95	(104)	47	76	47
2031	1,289	30.0%	13.3%	172	172	124	(146)	61	89	50
2032	1,675	30.0%	13.3%	223	223	161	(203)	79	103	52
2033	2,158	28.8%	13.3%	288	288	208	(278)	99	119	54
2034	2,595	20.2%	13.3%	346	346	250	(354)	90	152	62
2035	2,896	11.6%	13.3%	386	386	279	(418)	62	185	68

Enterprise Value Bridge

Sum of PV(FCFF)378

Terminal Value (Gordon Growth at 3.0%)2,352

PV of Terminal Value865

Enterprise Value1,243

(–) Net Debt482

Equity Value761

(÷) Shares Outstanding32

Fair Value per Share$23.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
9.1%	$-12	$14	$40	$67	$93
10.1%	$-13	$9	$31	$52	$74
11.1%	$-13	$5	$23	$42	$60
12.1%	$-13	$2	$18	$34	$49
13.1%	$-14	$-0	$14	$27	$41

Current price: $0.29. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.5% 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

$31.04

Market Price

$0.29

Upside / Downside

+10471.6%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Inotiv, Inc.NOTV	10	1.0x	1.0x
Biodesix, Inc.BDSX	116	1.9x	1.6x
Kezar Life Sciences, Inc.KZR	54	5.4x	9.4x
Star Equity Holdings, Inc.STRR	36	0.3x	0.3x
Celularity Inc.CELU	34	1.9x	1.6x
bioAffinity Technologies, Inc.BIAF	19	2.2x	6.4x
VolitionRx LimitedVNRX	17	15.8x	15.5x
Industry Median		2.1x	4.0x
(*) Revenue		513	477
= Enterprise Value		1,055	1,923
(-) Net Debt		482	482
Equity Value		573	1,441
(/) Outstanding shares		32	32
Fair Price		$18	$44

Selected Fair Value (avg of trailing + forward)

$31.04

+10471.6%