PROCEPT BioRobotics Corporation

PRCT

HealthcareMedical - DevicesNASDAQ

$25.70

Market Cap: $1.46B

PROCEPT BioRobotics Corporation (PRCT) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.76 – $20.15	$3.27	-86.3%
Revenue DCF 10Y	$1.61 – $42.60	$3.95	-83.4%
▸ Trading Multiples
EV/Revenue	$13.22 – $49.61	$17.51	-26.4%

Valuation History

DCF Analysis

PROCEPT BioRobotics Corporation (PRCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.95

Market Price

$25.70

Upside / Downside

-84.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -33.7% to a target of 13.3% over 5 years, discounted at a WACC of 8.9%, PROCEPT BioRobotics Corporation (PRCT) has an intrinsic value of $3.95 per share (range: $1.61 – $42.60).

Key Assumptions

Current Operating Margin

-33.7%

Target Operating Margin

13.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

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	396	28.6%	-24.3%	-96	-96	16	(23)	60	-162	-156
2027	493	24.5%	-14.9%	-73	-73	20	(29)	48	-130	-114
2028	583	18.3%	-5.5%	-32	-32	24	(34)	45	-87	-70
2029	661	13.4%	3.9%	26	21	27	(39)	39	-30	-22
2030	737	11.4%	13.3%	98	78	30	(44)	38	26	18
2031	958	30.0%	13.3%	128	101	40	(58)	110	-27	-17
2032	1,246	30.0%	13.3%	166	131	51	(75)	143	-35	-20
2033	1,620	30.0%	13.3%	216	171	67	(99)	185	-47	-25
2034	2,046	26.3%	13.3%	273	216	84	(126)	211	-37	-18
2035	2,345	14.6%	13.3%	313	247	97	(145)	149	50	22

Enterprise Value Bridge

Sum of PV(FCFF)-402

Terminal Value (Gordon Growth at 3.0%)872

PV of Terminal Value387

Enterprise Value-15

(–) Net Debt-235

Equity Value220

(÷) Shares Outstanding56

Fair Value per Share$3.95

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.9%	$-9	$-6	$9	$26	$43
7.9%	$-8	$-6	$6	$19	$31
8.9%	$-8	$-5	$4	$14	$24
9.9%	$-8	$-5	$3	$11	$19
10.9%	$-7	$-5	$2	$9	$16

Current price: $25.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

PROCEPT BioRobotics Corporation (PRCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.27

Market Price

$25.70

Upside / Downside

-87.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-33.7%

Target Operating Margin

13.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

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	396	28.6%	-24.3%	-96	-96	16	(23)	60	-163	-156
2027	493	24.5%	-14.9%	-73	-73	20	(29)	48	-130	-115
2028	583	18.3%	-5.5%	-32	-32	24	(35)	45	-88	-71
2029	661	13.4%	3.9%	26	21	27	(40)	39	-31	-23
2030	737	11.4%	13.3%	98	78	30	(46)	38	25	17

Enterprise Value Bridge

Sum of PV(FCFF)-348

Terminal Value (Gordon Growth at 3.0%)433

PV of Terminal Value295

Enterprise Value-53

(–) Net Debt-235

Equity Value182

(÷) Shares Outstanding56

Fair Value per Share$3.27

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.9%	$-4	$-0	$7	$13	$20
7.9%	$-3	$-1	$5	$10	$15
8.9%	$-3	$-1	$3	$8	$12
9.9%	$-3	$-1	$2	$6	$10
10.9%	$-3	$-1	$2	$5	$8

Current price: $25.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.6% 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

$17.62

Market Price

$25.70

Upside / Downside

-31.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), PROCEPT BioRobotics Corporation (PRCT) has a fair value of $17.62 based on 9 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
PROCEPT BioRobotics CorporationPRCT	1,427	3.9x	3.0x
Twist Bioscience CorporationTWST	3,138	8.2x	7.0x
Guardian Pharmacy Services, Inc.GRDN	2,435	1.7x	2.0x
Mesoblast LimitedMESO	1,914	109.3x	14.7x
Artivion, Inc.AORT	1,602	4.1x	3.7x
Inspire Medical Systems, Inc.INSP	1,559	1.6x	1.5x
QuidelOrtho CorporationQDEL	1,081	1.4x	1.3x
Clover Health Investments, Corp.CLOV	957	0.5x	0.3x
SS Innovations International, Inc.SSII	935	22.0x	—
BGM Group Ltd.BGM	67	2.3x	—
Industry Median		2.3x	2.0x
(*) Revenue		308	399
= Enterprise Value		700	787
(-) Net Debt		-235	-235
Equity Value		935	1,022
(/) Outstanding shares		56	56
Fair Price		$17	$18

Selected Fair Value (avg of trailing + forward)

$17.62

-31.4%

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

$1.76 – $20.15

$3.27

-86.3%

Revenue DCF 10Y

$1.61 – $42.60

$3.95

-83.4%

▸ Trading Multiples

EV/Revenue

$13.22 – $49.61

$17.51

-26.4%

DCF Analysis

PROCEPT BioRobotics Corporation (PRCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.95

Market Price

$25.70

Upside / Downside

-84.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-33.7%

Target Operating Margin

13.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

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	396	28.6%	-24.3%	-96	-96	16	(23)	60	-162	-156
2027	493	24.5%	-14.9%	-73	-73	20	(29)	48	-130	-114
2028	583	18.3%	-5.5%	-32	-32	24	(34)	45	-87	-70
2029	661	13.4%	3.9%	26	21	27	(39)	39	-30	-22
2030	737	11.4%	13.3%	98	78	30	(44)	38	26	18
2031	958	30.0%	13.3%	128	101	40	(58)	110	-27	-17
2032	1,246	30.0%	13.3%	166	131	51	(75)	143	-35	-20
2033	1,620	30.0%	13.3%	216	171	67	(99)	185	-47	-25
2034	2,046	26.3%	13.3%	273	216	84	(126)	211	-37	-18
2035	2,345	14.6%	13.3%	313	247	97	(145)	149	50	22

Enterprise Value Bridge

Sum of PV(FCFF)-402

Terminal Value (Gordon Growth at 3.0%)872

PV of Terminal Value387

Enterprise Value-15

(–) Net Debt-235

Equity Value220

(÷) Shares Outstanding56

Fair Value per Share$3.95

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.9%	$-9	$-6	$9	$26	$43
7.9%	$-8	$-6	$6	$19	$31
8.9%	$-8	$-5	$4	$14	$24
9.9%	$-8	$-5	$3	$11	$19
10.9%	$-7	$-5	$2	$9	$16

Current price: $25.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.6% 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

$17.62

Market Price

$25.70

Upside / Downside

-31.4%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PROCEPT BioRobotics CorporationPRCT	1,427	3.9x	3.0x
Twist Bioscience CorporationTWST	3,138	8.2x	7.0x
Guardian Pharmacy Services, Inc.GRDN	2,435	1.7x	2.0x
Mesoblast LimitedMESO	1,914	109.3x	14.7x
Artivion, Inc.AORT	1,602	4.1x	3.7x
Inspire Medical Systems, Inc.INSP	1,559	1.6x	1.5x
QuidelOrtho CorporationQDEL	1,081	1.4x	1.3x
Clover Health Investments, Corp.CLOV	957	0.5x	0.3x
SS Innovations International, Inc.SSII	935	22.0x	—
BGM Group Ltd.BGM	67	2.3x	—
Industry Median		2.3x	2.0x
(*) Revenue		308	399
= Enterprise Value		700	787
(-) Net Debt		-235	-235
Equity Value		935	1,022
(/) Outstanding shares		56	56
Fair Price		$17	$18

Selected Fair Value (avg of trailing + forward)

$17.62

-31.4%