Ryvyl Inc.

RVYL

TechnologySoftware - InfrastructureNASDAQ

$6.73

Market Cap: $4.02M

Ryvyl Inc. (RVYL) Valuation Summary

Updated Apr 9, 2026 22:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$98.02 – $1,477.64	$381.85	+6731.0%
▸ Trading Multiples
EV/Revenue	$24.70 – $786.37	$19.67	+251.9%

Valuation History

DCF Analysis

Ryvyl Inc. (RVYL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$381.85

Market Price

$6.73

Upside / Downside

+5573.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -37.3% to a target of 9.9% over 5 years, discounted at a WACC of 13.5%, Ryvyl Inc. (RVYL) has an intrinsic value of $381.85 per share (range: $98.02 – $1,477.64).

Key Assumptions

Current Operating Margin

-37.3%

Target Operating Margin

9.9%

WACC

13.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

22.6%

D&A/Revenue

15.1%

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)
2025	24	-57.3%	-27.9%	-7	-7	4	(1)	0	-4	-4
2026	95	297.5%	-18.4%	-17	-17	14	(5)	-6	-2	-2
2027	124	30.0%	-9.0%	-11	-11	19	(9)	-2	1	1
2028	161	30.0%	0.5%	1	1	24	(15)	-3	13	8
2029	209	30.0%	9.9%	21	16	31	(24)	-4	28	16
2030	271	30.0%	9.9%	27	21	41	(37)	-5	30	15
2031	353	30.0%	9.9%	35	28	53	(56)	-6	31	14
2032	459	30.0%	9.9%	46	36	69	(83)	-8	30	12
2033	560	22.0%	9.9%	56	44	84	(114)	-8	22	8
2034	630	12.5%	9.9%	62	49	95	(142)	-6	7	2

Enterprise Value Bridge

Sum of PV(FCFF)70

Terminal Value (Gordon Growth at 3.0%)73

PV of Terminal Value22

Enterprise Value92

(–) Net Debt18

Equity Value73

(÷) Shares Outstanding0

Fair Value per Share$381.85

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
11.5%	$-18	$146	$479	$978	$1478
12.5%	$-22	$133	$426	$856	$1286
13.5%	$-26	$121	$382	$757	$1131
14.5%	$-30	$109	$344	$674	$1004
15.5%	$-33	$98	$310	$603	$896

Current price: $6.73. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -7.9% 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

$19.67

Market Price

$6.73

Upside / Downside

+192.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ryvyl Inc. (RVYL) has a fair value of $19.67 based on 5 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
Ryvyl Inc.RVYL	1	0.4x	0.6x
Infobird Co., LtdIFBD	8	0.4x	0.1x
iOThree Limited Ordinary SharesIOTR	7	0.7x	—
T Stamp Inc.IDAI	6	0.2x	0.2x
Banzai International, Inc.BNZI	2	3.0x	2.8x
Signing Day Sports, Inc.SGN	2	4.1x	—
Industry Median		0.7x	0.2x
(*) Revenue		56	35
= Enterprise Value		39	6
(-) Net Debt		18	18
Equity Value		20	-13
(/) Outstanding shares		0	0
Fair Price		$105	$-65

Selected Fair Value (avg of trailing + forward)

$19.67

+192.3%

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

—

N/A

—

Revenue DCF 10Y

$98.02 – $1,477.64

$381.85

+6731.0%

▸ Trading Multiples

EV/Revenue

$24.70 – $786.37

$19.67

+251.9%

DCF Analysis

Ryvyl Inc. (RVYL) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$381.85

Market Price

$6.73

Upside / Downside

+5573.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-37.3%

Target Operating Margin

9.9%

WACC

13.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.3%

Target CapEx/Rev

22.6%

D&A/Revenue

15.1%

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)
2025	24	-57.3%	-27.9%	-7	-7	4	(1)	0	-4	-4
2026	95	297.5%	-18.4%	-17	-17	14	(5)	-6	-2	-2
2027	124	30.0%	-9.0%	-11	-11	19	(9)	-2	1	1
2028	161	30.0%	0.5%	1	1	24	(15)	-3	13	8
2029	209	30.0%	9.9%	21	16	31	(24)	-4	28	16
2030	271	30.0%	9.9%	27	21	41	(37)	-5	30	15
2031	353	30.0%	9.9%	35	28	53	(56)	-6	31	14
2032	459	30.0%	9.9%	46	36	69	(83)	-8	30	12
2033	560	22.0%	9.9%	56	44	84	(114)	-8	22	8
2034	630	12.5%	9.9%	62	49	95	(142)	-6	7	2

Enterprise Value Bridge

Sum of PV(FCFF)70

Terminal Value (Gordon Growth at 3.0%)73

PV of Terminal Value22

Enterprise Value92

(–) Net Debt18

Equity Value73

(÷) Shares Outstanding0

Fair Value per Share$381.85

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
11.5%	$-18	$146	$479	$978	$1478
12.5%	$-22	$133	$426	$856	$1286
13.5%	$-26	$121	$382	$757	$1131
14.5%	$-30	$109	$344	$674	$1004
15.5%	$-33	$98	$310	$603	$896

Current price: $6.73. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -7.9% 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

$19.67

Market Price

$6.73

Upside / Downside

+192.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ryvyl Inc. (RVYL) has a fair value of $19.67 based on 5 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
Ryvyl Inc.RVYL	1	0.4x	0.6x
Infobird Co., LtdIFBD	8	0.4x	0.1x
iOThree Limited Ordinary SharesIOTR	7	0.7x	—
T Stamp Inc.IDAI	6	0.2x	0.2x
Banzai International, Inc.BNZI	2	3.0x	2.8x
Signing Day Sports, Inc.SGN	2	4.1x	—
Industry Median		0.7x	0.2x
(*) Revenue		56	35
= Enterprise Value		39	6
(-) Net Debt		18	18
Equity Value		20	-13
(/) Outstanding shares		0	0
Fair Price		$105	$-65

Selected Fair Value (avg of trailing + forward)

$19.67

+192.3%