Strive, Inc. Variable Rate Series A Perpetual Preferred Stock

SATA

Financial ServicesAsset ManagementNASDAQ

$99.30

Market Cap: $69.38B

Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.84 – $103.55	$7.36	-92.5%
Revenue DCF 10Y	$4.57 – $261.56	$69.80	-28.6%
▸ Trading Multiples
EV/Revenue	$42.10 – $56.28	$50.03	-48.8%

Valuation History

DCF Analysis

Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$69.80

Market Price

$99.30

Upside / Downside

-29.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -763.1% to a target of 24.1% over 5 years, discounted at a WACC of 7.3%, Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA) has an intrinsic value of $69.80 per share (range: $4.57 – $261.56).

Key Assumptions

Current Operating Margin

-763.1%

Target Operating Margin

24.1%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.6%

Target CapEx/Rev

9.6%

D&A/Revenue

6.4%

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	14	145.9%	-605.6%	-85	-85	1	(2)	-3	-83	-81
2027	15	9.6%	-448.2%	-69	-69	1	(2)	-1	-69	-62
2028	20	30.0%	-290.8%	-58	-58	1	(2)	-4	-56	-47
2029	26	30.0%	-133.3%	-35	-35	2	(3)	-5	-31	-24
2030	34	30.0%	24.1%	8	6	2	(4)	-6	11	8
2031	44	30.0%	24.1%	11	8	3	(5)	-8	15	10
2032	56	28.0%	24.1%	14	11	4	(6)	-10	18	12
2033	69	21.8%	24.1%	17	13	4	(7)	-10	20	12
2034	79	15.5%	24.1%	19	15	5	(8)	-9	21	12
2035	87	9.3%	24.1%	21	17	6	(8)	-6	20	10

Enterprise Value Bridge

Sum of PV(FCFF)-151

Terminal Value (Gordon Growth at 3.0%)472

PV of Terminal Value241

Enterprise Value91

(–) Net Debt-64

Equity Value154

(÷) Shares Outstanding2

Fair Value per Share$69.80

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
5.3%	$148	$176	$205	$233	$262
6.3%	$78	$97	$116	$135	$155
7.3%	$42	$56	$70	$84	$98
8.3%	$19	$30	$41	$52	$64
9.3%	$5	$14	$23	$32	$41

Current price: $99.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -81.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.36

Market Price

$99.30

Upside / Downside

-92.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-763.1%

Target Operating Margin

24.1%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.6%

Target CapEx/Rev

9.6%

D&A/Revenue

6.4%

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	14	145.9%	-605.6%	-85	-85	1	(2)	-3	-83	-80
2027	15	9.6%	-448.2%	-69	-69	1	(2)	-1	-69	-62
2028	20	30.0%	-290.8%	-58	-58	1	(2)	-4	-56	-47
2029	26	30.0%	-133.3%	-35	-35	2	(3)	-5	-31	-24
2030	31	19.7%	24.1%	8	6	2	(3)	-4	9	7

Enterprise Value Bridge

Sum of PV(FCFF)-207

Terminal Value (Gordon Growth at 3.0%)218

PV of Terminal Value159

Enterprise Value-48

(–) Net Debt-64

Equity Value16

(÷) Shares Outstanding2

Fair Value per Share$7.36

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
5.3%	$53	$66	$78	$91	$104
6.3%	$14	$23	$32	$40	$49
7.3%	$-6	$1	$7	$14	$20
8.3%	$-18	$-12	$-7	$-2	$3
9.3%	$-25	$-21	$-17	$-12	$-8

Current price: $99.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$50.03

Market Price

$99.30

Upside / Downside

-49.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA) has a fair value of $50.03 based on 7 comparable companies in the Asset Management industry.

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Strive, Inc. Variable Rate Series A Perpetual Preferred StockSATA	220	27.2x	33.8x
BlackRock, Inc.BLK	149,228	6.3x	6.4x
Blackstone Inc.BX	134,810	10.6x	11.5x
Brookfield CorporationBN	91,185	5.1x	70.7x
KKR & Co. Inc.KKR	81,176	7.1x	17.2x
Brookfield Asset Management Ltd.BAM	72,439	15.2x	13.7x
Ameriprise Financial, Inc.AMP	39,987	1.9x	2.0x
Ares Management CorporationARES	33,771	7.3x	10.3x
Industry Median		7.1x	11.5x
(*) Revenue		6	5
= Enterprise Value		40	53
(-) Net Debt		-64	-64
Equity Value		104	117
(/) Outstanding shares		2	2
Fair Price		$47	$53

Selected Fair Value (avg of trailing + forward)

$50.03

-49.6%

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

$0.84 – $103.55

$7.36

-92.5%

Revenue DCF 10Y

$4.57 – $261.56

$69.80

-28.6%

▸ Trading Multiples

EV/Revenue

$42.10 – $56.28

$50.03

-48.8%

DCF Analysis

Strive, Inc. Variable Rate Series A Perpetual Preferred Stock (SATA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$69.80

Market Price

$99.30

Upside / Downside

-29.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-763.1%

Target Operating Margin

24.1%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.6%

Target CapEx/Rev

9.6%

D&A/Revenue

6.4%

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	14	145.9%	-605.6%	-85	-85	1	(2)	-3	-83	-81
2027	15	9.6%	-448.2%	-69	-69	1	(2)	-1	-69	-62
2028	20	30.0%	-290.8%	-58	-58	1	(2)	-4	-56	-47
2029	26	30.0%	-133.3%	-35	-35	2	(3)	-5	-31	-24
2030	34	30.0%	24.1%	8	6	2	(4)	-6	11	8
2031	44	30.0%	24.1%	11	8	3	(5)	-8	15	10
2032	56	28.0%	24.1%	14	11	4	(6)	-10	18	12
2033	69	21.8%	24.1%	17	13	4	(7)	-10	20	12
2034	79	15.5%	24.1%	19	15	5	(8)	-9	21	12
2035	87	9.3%	24.1%	21	17	6	(8)	-6	20	10

Enterprise Value Bridge

Sum of PV(FCFF)-151

Terminal Value (Gordon Growth at 3.0%)472

PV of Terminal Value241

Enterprise Value91

(–) Net Debt-64

Equity Value154

(÷) Shares Outstanding2

Fair Value per Share$69.80

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
5.3%	$148	$176	$205	$233	$262
6.3%	$78	$97	$116	$135	$155
7.3%	$42	$56	$70	$84	$98
8.3%	$19	$30	$41	$52	$64
9.3%	$5	$14	$23	$32	$41

Current price: $99.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$50.03

Market Price

$99.30

Upside / Downside

-49.6%

Verdict

Overvalued

EV/Revenue Valuation — Asset Management

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Strive, Inc. Variable Rate Series A Perpetual Preferred StockSATA	220	27.2x	33.8x
BlackRock, Inc.BLK	149,228	6.3x	6.4x
Blackstone Inc.BX	134,810	10.6x	11.5x
Brookfield CorporationBN	91,185	5.1x	70.7x
KKR & Co. Inc.KKR	81,176	7.1x	17.2x
Brookfield Asset Management Ltd.BAM	72,439	15.2x	13.7x
Ameriprise Financial, Inc.AMP	39,987	1.9x	2.0x
Ares Management CorporationARES	33,771	7.3x	10.3x
Industry Median		7.1x	11.5x
(*) Revenue		6	5
= Enterprise Value		40	53
(-) Net Debt		-64	-64
Equity Value		104	117
(/) Outstanding shares		2	2
Fair Price		$47	$53

Selected Fair Value (avg of trailing + forward)

$50.03

-49.6%