Stratasys Ltd.

SSYS

TechnologyComputer HardwareNASDAQ

$8.59

Market Cap: $740.22M

Stratasys Ltd. (SSYS) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.31 – $14.23	$4.85	-39.6%
Revenue DCF 10Y	$1.13 – $11.83	$4.25	-47.0%
▸ Trading Multiples
EV/Revenue	$3.70 – $11.22	$8.89	+10.7%

Valuation History

DCF Analysis

Stratasys Ltd. (SSYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.25

Market Price

$8.59

Upside / Downside

-50.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -10.7% to a target of 10.0% over 5 years, discounted at a WACC of 8.9%, Stratasys Ltd. (SSYS) has an intrinsic value of $4.25 per share (range: $1.13 – $11.83).

Key Assumptions

Current Operating Margin

-10.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

12.6%

D&A/Revenue

8.4%

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	564	2.4%	-6.5%	-37	-37	47	(23)	-10	-3	-2
2027	583	3.2%	-2.4%	-14	-14	49	(30)	8	-3	-3
2028	569	-2.4%	1.7%	10	8	48	(34)	-6	27	22
2029	555	-2.4%	5.8%	32	26	47	(39)	-6	40	29
2030	542	-2.4%	10.0%	54	43	45	(43)	-6	51	35
2031	534	-1.5%	10.0%	53	42	45	(47)	-4	43	27
2032	531	-0.6%	10.0%	53	42	45	(52)	-1	36	21
2033	532	0.3%	10.0%	53	42	45	(57)	1	29	15
2034	539	1.2%	10.0%	54	42	45	(63)	3	22	11
2035	550	2.1%	10.0%	55	43	46	(69)	5	15	7

Enterprise Value Bridge

Sum of PV(FCFF)162

Terminal Value (Gordon Growth at 3.0%)264

PV of Terminal Value117

Enterprise Value279

(–) Net Debt-68

Equity Value347

(÷) Shares Outstanding82

Fair Value per Share$4.25

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$1	$3	$6	$9	$12
7.9%	$1	$2	$5	$7	$10
8.9%	$1	$2	$4	$6	$8
9.9%	$1	$2	$4	$6	$7
10.9%	$1	$2	$4	$5	$7

Current price: $8.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 44.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Stratasys Ltd. (SSYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.85

Market Price

$8.59

Upside / Downside

-43.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

12.6%

D&A/Revenue

8.4%

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	564	2.4%	-6.5%	-37	-37	47	(29)	-10	-8	-8
2027	583	3.2%	-2.4%	-14	-14	49	(41)	8	-14	-12
2028	569	-2.4%	1.7%	10	8	48	(50)	-6	11	9
2029	555	-2.4%	5.8%	32	26	47	(59)	-6	19	14
2030	542	-2.4%	10.0%	54	43	45	(68)	-6	26	18

Enterprise Value Bridge

Sum of PV(FCFF)21

Terminal Value (Gordon Growth at 3.0%)450

PV of Terminal Value306

Enterprise Value328

(–) Net Debt-68

Equity Value396

(÷) Shares Outstanding82

Fair Value per Share$4.85

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$0	$4	$7	$11	$14
7.9%	$0	$3	$6	$9	$11
8.9%	$0	$3	$5	$7	$9
9.9%	$0	$2	$4	$6	$8
10.9%	$0	$2	$4	$5	$7

Current price: $8.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 44.7% 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

$8.89

Market Price

$8.59

Upside / Downside

+3.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Stratasys Ltd. (SSYS) has a fair value of $8.89 based on 6 comparable companies in the Computer Hardware industry.

EV/Revenue Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Stratasys Ltd.SSYS	701	1.1x	1.1x
Red Cat Holdings, Inc.RCAT	1,291	176.6x	107.9x
ADTRAN Holdings, Inc.ADTN	1,043	1.1x	1.3x
ScanSource, Inc.SCSC	810	0.3x	0.2x
Alpha and Omega Semiconductor LimitedAOSL	690	0.8x	0.9x
OppFi Inc.OPFI	672	1.5x	3.8x
Corsair Gaming, Inc.CRSR	603	0.4x	0.5x
Industry Median		1.0x	1.1x
(*) Revenue		551	601
= Enterprise Value		536	779
(-) Net Debt		-68	-68
Equity Value		604	847
(/) Outstanding shares		82	82
Fair Price		$7	$10

Selected Fair Value (avg of trailing + forward)

$8.89

+3.5%

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

$0.31 – $14.23

$4.85

-39.6%

Revenue DCF 10Y

$1.13 – $11.83

$4.25

-47.0%

▸ Trading Multiples

EV/Revenue

$3.70 – $11.22

$8.89

+10.7%

DCF Analysis

Stratasys Ltd. (SSYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.25

Market Price

$8.59

Upside / Downside

-50.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-10.7%

Target Operating Margin

10.0%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

12.6%

D&A/Revenue

8.4%

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	564	2.4%	-6.5%	-37	-37	47	(23)	-10	-3	-2
2027	583	3.2%	-2.4%	-14	-14	49	(30)	8	-3	-3
2028	569	-2.4%	1.7%	10	8	48	(34)	-6	27	22
2029	555	-2.4%	5.8%	32	26	47	(39)	-6	40	29
2030	542	-2.4%	10.0%	54	43	45	(43)	-6	51	35
2031	534	-1.5%	10.0%	53	42	45	(47)	-4	43	27
2032	531	-0.6%	10.0%	53	42	45	(52)	-1	36	21
2033	532	0.3%	10.0%	53	42	45	(57)	1	29	15
2034	539	1.2%	10.0%	54	42	45	(63)	3	22	11
2035	550	2.1%	10.0%	55	43	46	(69)	5	15	7

Enterprise Value Bridge

Sum of PV(FCFF)162

Terminal Value (Gordon Growth at 3.0%)264

PV of Terminal Value117

Enterprise Value279

(–) Net Debt-68

Equity Value347

(÷) Shares Outstanding82

Fair Value per Share$4.25

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.9%	$1	$3	$6	$9	$12
7.9%	$1	$2	$5	$7	$10
8.9%	$1	$2	$4	$6	$8
9.9%	$1	$2	$4	$6	$7
10.9%	$1	$2	$4	$5	$7

Current price: $8.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 44.7% 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

$8.89

Market Price

$8.59

Upside / Downside

+3.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Stratasys Ltd. (SSYS) has a fair value of $8.89 based on 6 comparable companies in the Computer Hardware industry.

EV/Revenue Valuation — Computer Hardware

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Stratasys Ltd.SSYS	701	1.1x	1.1x
Red Cat Holdings, Inc.RCAT	1,291	176.6x	107.9x
ADTRAN Holdings, Inc.ADTN	1,043	1.1x	1.3x
ScanSource, Inc.SCSC	810	0.3x	0.2x
Alpha and Omega Semiconductor LimitedAOSL	690	0.8x	0.9x
OppFi Inc.OPFI	672	1.5x	3.8x
Corsair Gaming, Inc.CRSR	603	0.4x	0.5x
Industry Median		1.0x	1.1x
(*) Revenue		551	601
= Enterprise Value		536	779
(-) Net Debt		-68	-68
Equity Value		604	847
(/) Outstanding shares		82	82
Fair Price		$7	$10

Selected Fair Value (avg of trailing + forward)

$8.89

+3.5%