Shimmick Corporation Common Stock

SHIM

IndustrialsEngineering & ConstructionNASDAQ

$5.67

Market Cap: $205.83M

Shimmick Corporation Common Stock (SHIM) Valuation Summary

Updated May 11, 2026 11:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.51 – $44.09	$15.34	+170.5%
Revenue DCF 10Y	$1.66 – $37.76	$13.55	+139.0%
▸ Trading Multiples
EV/Revenue	$7.64 – $19.32	$15.59	+175.0%

Valuation History

DCF Analysis

Shimmick Corporation Common Stock (SHIM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$13.55

Market Price

$5.67

Upside / Downside

+139.0%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -3.9% to a target of 10.3% over 5 years, discounted at a WACC of 8.9%, Shimmick Corporation Common Stock (SHIM) has an intrinsic value of $13.55 per share (range: $1.66 – $37.76).

Key Assumptions

Current Operating Margin

-3.9%

Target Operating Margin

10.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

2.7%

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)
2027	551	11.8%	-1.1%	-6	-6	15	(10)	7	-8	-8
2028	589	6.9%	1.8%	11	11	16	(13)	5	8	7
2029	567	-3.7%	4.6%	26	26	15	(16)	-3	29	24
2030	546	-3.7%	7.5%	41	41	15	(17)	-3	41	30
2031	526	-3.7%	10.3%	54	54	14	(19)	-3	52	35
2032	513	-2.6%	10.3%	53	53	14	(21)	-2	47	30
2033	505	-1.5%	10.3%	52	52	14	(23)	-1	44	25
2034	504	-0.3%	10.3%	52	52	14	(26)	-0	40	21
2035	507	0.8%	10.3%	52	52	14	(28)	1	37	18
2036	517	1.9%	10.3%	53	53	14	(31)	1	35	15

Enterprise Value Bridge

Sum of PV(FCFF)197

Terminal Value (Gordon Growth at 3.0%)605

PV of Terminal Value268

Enterprise Value465

(–) Net Debt-4

Equity Value469

(÷) Shares Outstanding35

Fair Value per Share$13.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
6.9%	$3	$12	$20	$29	$38
7.9%	$2	$9	$16	$23	$30
8.9%	$2	$8	$14	$19	$25
9.9%	$2	$7	$12	$16	$21
10.9%	$2	$6	$10	$14	$19

Current price: $5.67. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Shimmick Corporation Common Stock (SHIM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$15.34

Market Price

$5.67

Upside / Downside

+170.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-3.9%

Target Operating Margin

10.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

2.7%

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)
2027	551	11.8%	-1.1%	-6	-6	15	(12)	7	-11	-10
2028	589	6.9%	1.8%	11	11	16	(19)	5	2	2
2029	567	-3.7%	4.6%	26	26	15	(23)	-3	21	17
2030	546	-3.7%	7.5%	41	41	15	(28)	-3	31	23
2031	526	-3.7%	10.3%	54	54	14	(32)	-3	40	27

Enterprise Value Bridge

Sum of PV(FCFF)59

Terminal Value (Gordon Growth at 3.0%)689

PV of Terminal Value469

Enterprise Value527

(–) Net Debt-4

Equity Value531

(÷) Shares Outstanding35

Fair Value per Share$15.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
6.9%	$4	$14	$24	$34	$44
7.9%	$3	$11	$19	$27	$35
8.9%	$2	$9	$15	$22	$28
9.9%	$2	$7	$13	$18	$24
10.9%	$2	$6	$11	$16	$21

Current price: $5.67. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.2% 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

$15.59

Market Price

$5.67

Upside / Downside

+175.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Shimmick Corporation Common Stock (SHIM) has a fair value of $15.59 based on 9 comparable companies in the Engineering & Construction industry.

EV/Revenue Valuation — Engineering & Construction

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Shimmick Corporation Common StockSHIM	196	0.4x	0.4x
Julong Holding Limited Class A Ordinary SharesJLHL	387	10.9x	—
INNOVATE Corp.VATE	173	0.6x	0.5x
NN, Inc.NNBR	148	0.8x	0.7x
Team, Inc.TISI	79	0.5x	0.3x
Shengfeng Development LimitedSFWL	73	0.2x	—
CBAK Energy Technology, Inc.CBAT	70	0.5x	3.4x
XCHG Limited American Depositary ShareXCH	63	1.1x	1.6x
RYTHM, Inc.RYM	56	6.0x	1.3x
Fuel Tech, Inc.FTEK	47	1.3x	1.3x
Industry Median		0.8x	1.3x
(*) Revenue		493	524
= Enterprise Value		406	667
(-) Net Debt		-4	-4
Equity Value		410	670
(/) Outstanding shares		35	35
Fair Price		$12	$19

Selected Fair Value (avg of trailing + forward)

$15.59

+175.0%

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

$1.51 – $44.09

$15.34

+170.5%

Revenue DCF 10Y

$1.66 – $37.76

$13.55

+139.0%

▸ Trading Multiples

EV/Revenue

$7.64 – $19.32

$15.59

+175.0%

DCF Analysis

Shimmick Corporation Common Stock (SHIM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$13.55

Market Price

$5.67

Upside / Downside

+139.0%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-3.9%

Target Operating Margin

10.3%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

2.7%

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)
2027	551	11.8%	-1.1%	-6	-6	15	(10)	7	-8	-8
2028	589	6.9%	1.8%	11	11	16	(13)	5	8	7
2029	567	-3.7%	4.6%	26	26	15	(16)	-3	29	24
2030	546	-3.7%	7.5%	41	41	15	(17)	-3	41	30
2031	526	-3.7%	10.3%	54	54	14	(19)	-3	52	35
2032	513	-2.6%	10.3%	53	53	14	(21)	-2	47	30
2033	505	-1.5%	10.3%	52	52	14	(23)	-1	44	25
2034	504	-0.3%	10.3%	52	52	14	(26)	-0	40	21
2035	507	0.8%	10.3%	52	52	14	(28)	1	37	18
2036	517	1.9%	10.3%	53	53	14	(31)	1	35	15

Enterprise Value Bridge

Sum of PV(FCFF)197

Terminal Value (Gordon Growth at 3.0%)605

PV of Terminal Value268

Enterprise Value465

(–) Net Debt-4

Equity Value469

(÷) Shares Outstanding35

Fair Value per Share$13.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
6.9%	$3	$12	$20	$29	$38
7.9%	$2	$9	$16	$23	$30
8.9%	$2	$8	$14	$19	$25
9.9%	$2	$7	$12	$16	$21
10.9%	$2	$6	$10	$14	$19

Current price: $5.67. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 14.2% 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

$15.59

Market Price

$5.67

Upside / Downside

+175.0%

Verdict

Undervalued

EV/Revenue Valuation — Engineering & Construction

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Shimmick Corporation Common StockSHIM	196	0.4x	0.4x
Julong Holding Limited Class A Ordinary SharesJLHL	387	10.9x	—
INNOVATE Corp.VATE	173	0.6x	0.5x
NN, Inc.NNBR	148	0.8x	0.7x
Team, Inc.TISI	79	0.5x	0.3x
Shengfeng Development LimitedSFWL	73	0.2x	—
CBAK Energy Technology, Inc.CBAT	70	0.5x	3.4x
XCHG Limited American Depositary ShareXCH	63	1.1x	1.6x
RYTHM, Inc.RYM	56	6.0x	1.3x
Fuel Tech, Inc.FTEK	47	1.3x	1.3x
Industry Median		0.8x	1.3x
(*) Revenue		493	524
= Enterprise Value		406	667
(-) Net Debt		-4	-4
Equity Value		410	670
(/) Outstanding shares		35	35
Fair Price		$12	$19

Selected Fair Value (avg of trailing + forward)

$15.59

+175.0%