Quest Resource Holding Corporation

QRHC

IndustrialsWaste ManagementNASDAQ

$1.08

Market Cap: $22.64M

Quest Resource Holding Corporation (QRHC) Valuation Summary

Updated May 11, 2026 14:30

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.01 – $17.88	$4.78	+342.8%
Revenue DCF 10Y	$2.27 – $24.35	$8.21	+660.4%
▸ Trading Multiples
EV/Revenue	$9.79 – $410.01	$24.12	+2133.4%

Valuation History

DCF Analysis

Quest Resource Holding Corporation (QRHC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.21

Market Price

$1.08

Upside / Downside

+660.4%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.1% to a target of 10.3% over 5 years, discounted at a WACC of 12.1%, Quest Resource Holding Corporation (QRHC) has an intrinsic value of $8.21 per share (range: $2.27 – $24.35).

Key Assumptions

Current Operating Margin

-0.1%

Target Operating Margin

10.3%

WACC

12.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

16.0%

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	256	2.5%	1.9%	5	4	8	(3)	7	1	1
2027	272	6.1%	4.0%	11	9	8	(5)	1	11	10
2028	306	12.6%	6.1%	19	16	9	(7)	2	15	12
2029	345	12.6%	8.2%	28	24	10	(10)	3	22	14
2030	388	12.6%	10.3%	40	34	12	(13)	3	29	17
2031	431	11.0%	10.3%	44	37	13	(17)	3	30	16
2032	471	9.4%	10.3%	49	41	14	(21)	3	31	15
2033	508	7.8%	10.3%	52	44	15	(25)	3	31	13
2034	540	6.2%	10.3%	56	47	16	(30)	2	31	12
2035	564	4.6%	10.3%	58	49	17	(34)	2	30	10

Enterprise Value Bridge

Sum of PV(FCFF)121

Terminal Value (Gordon Growth at 3.0%)342

PV of Terminal Value116

Enterprise Value236

(–) Net Debt64

Equity Value172

(÷) Shares Outstanding21

Fair Value per Share$8.21

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
10.1%	$-1	$5	$12	$18	$24
11.1%	$-1	$4	$10	$15	$21
12.1%	$-1	$3	$8	$13	$18
13.1%	$-1	$3	$7	$11	$15
14.1%	$-1	$2	$6	$10	$13

Current price: $1.08. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Quest Resource Holding Corporation (QRHC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.78

Market Price

$1.08

Upside / Downside

+342.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.1%

Target Operating Margin

10.3%

WACC

12.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

16.0%

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	256	2.5%	1.9%	5	4	8	(5)	7	0	0
2027	272	6.1%	4.0%	11	9	8	(8)	1	8	7
2028	306	12.6%	6.1%	19	16	9	(12)	2	11	8
2029	345	12.6%	8.2%	28	24	10	(17)	3	14	10
2030	388	12.6%	10.3%	40	34	12	(23)	3	19	11

Enterprise Value Bridge

Sum of PV(FCFF)36

Terminal Value (Gordon Growth at 3.0%)214

PV of Terminal Value128

Enterprise Value164

(–) Net Debt64

Equity Value100

(÷) Shares Outstanding21

Fair Value per Share$4.78

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
10.1%	$-3	$2	$7	$13	$18
11.1%	$-3	$1	$6	$10	$15
12.1%	$-3	$1	$5	$9	$13
13.1%	$-3	$0	$4	$7	$11
14.1%	$-3	$0	$3	$6	$10

Current price: $1.08. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.9% 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

$24.12

Market Price

$1.08

Upside / Downside

+2133.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Quest Resource Holding Corporation (QRHC) has a fair value of $24.12 based on 8 comparable companies in the Waste Management industry.

EV/Revenue Valuation — Waste Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Quest Resource Holding CorporationQRHC	23	0.3x	0.3x
Sidus Space, Inc.SIDU	104	34.7x	9.9x
Pyxis Tankers Inc.PXS	46	2.5x	2.5x
XTI Aerospace, Inc.XTIA	30	1.1x	0.1x
Ming Shing Group Holdings LimitedMSW	23	0.9x	—
ParaZero Technologies Ltd.PRZO	14	43.6x	—
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
Nixxy, Inc.NIXX	13	18.8x	0.5x
Top Ships Inc.TOPS	10	2.9x	4.5x
Industry Median		2.7x	1.6x
(*) Revenue		250	286
= Enterprise Value		681	460
(-) Net Debt		64	64
Equity Value		617	396
(/) Outstanding shares		21	21
Fair Price		$29	$19

Selected Fair Value (avg of trailing + forward)

$24.12

+2133.4%

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

$0.01 – $17.88

$4.78

+342.8%

Revenue DCF 10Y

$2.27 – $24.35

$8.21

+660.4%

▸ Trading Multiples

EV/Revenue

$9.79 – $410.01

$24.12

+2133.4%

DCF Analysis

Quest Resource Holding Corporation (QRHC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.21

Market Price

$1.08

Upside / Downside

+660.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.1%

Target Operating Margin

10.3%

WACC

12.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

16.0%

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	256	2.5%	1.9%	5	4	8	(3)	7	1	1
2027	272	6.1%	4.0%	11	9	8	(5)	1	11	10
2028	306	12.6%	6.1%	19	16	9	(7)	2	15	12
2029	345	12.6%	8.2%	28	24	10	(10)	3	22	14
2030	388	12.6%	10.3%	40	34	12	(13)	3	29	17
2031	431	11.0%	10.3%	44	37	13	(17)	3	30	16
2032	471	9.4%	10.3%	49	41	14	(21)	3	31	15
2033	508	7.8%	10.3%	52	44	15	(25)	3	31	13
2034	540	6.2%	10.3%	56	47	16	(30)	2	31	12
2035	564	4.6%	10.3%	58	49	17	(34)	2	30	10

Enterprise Value Bridge

Sum of PV(FCFF)121

Terminal Value (Gordon Growth at 3.0%)342

PV of Terminal Value116

Enterprise Value236

(–) Net Debt64

Equity Value172

(÷) Shares Outstanding21

Fair Value per Share$8.21

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
10.1%	$-1	$5	$12	$18	$24
11.1%	$-1	$4	$10	$15	$21
12.1%	$-1	$3	$8	$13	$18
13.1%	$-1	$3	$7	$11	$15
14.1%	$-1	$2	$6	$10	$13

Current price: $1.08. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.9% 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

$24.12

Market Price

$1.08

Upside / Downside

+2133.4%

Verdict

Undervalued

EV/Revenue Valuation — Waste Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Quest Resource Holding CorporationQRHC	23	0.3x	0.3x
Sidus Space, Inc.SIDU	104	34.7x	9.9x
Pyxis Tankers Inc.PXS	46	2.5x	2.5x
XTI Aerospace, Inc.XTIA	30	1.1x	0.1x
Ming Shing Group Holdings LimitedMSW	23	0.9x	—
ParaZero Technologies Ltd.PRZO	14	43.6x	—
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
Nixxy, Inc.NIXX	13	18.8x	0.5x
Top Ships Inc.TOPS	10	2.9x	4.5x
Industry Median		2.7x	1.6x
(*) Revenue		250	286
= Enterprise Value		681	460
(-) Net Debt		64	64
Equity Value		617	396
(/) Outstanding shares		21	21
Fair Price		$29	$19

Selected Fair Value (avg of trailing + forward)

$24.12

+2133.4%