Tantech Holdings Ltd

TANH

Consumer DefensiveHousehold & Personal ProductsNASDAQ

$0.38

Market Cap: $2.48M

Tantech Holdings Ltd (TANH) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$112.68 – $254.20	$122.86	+32315.9%
Revenue DCF 10Y	$102.26 – $230.73	$128.82	+33888.3%
▸ Trading Multiples
EV/Revenue	$73.00 – $299.50	$150.76	+39677.1%

Valuation History

DCF Analysis

Tantech Holdings Ltd (TANH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$128.82

Market Price

$0.38

Upside / Downside

+33808.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from 9.3% to a target of 7.6% over 5 years, discounted at a WACC of 5.1%, Tantech Holdings Ltd (TANH) has an intrinsic value of $128.82 per share (range: $102.26 – $230.73).

Key Assumptions

Current Operating Margin

9.3%

Target Operating Margin

7.6%

WACC

5.1%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.0%

Tax Rate

40.0%

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	43	0.6%	8.9%	4	2	1	(0)	-19	22	22
2026	44	0.9%	8.6%	4	2	1	(1)	1	2	2
2027	44	1.1%	8.3%	4	2	1	(1)	1	1	1
2028	45	1.3%	7.9%	4	2	1	(1)	1	1	1
2029	45	1.6%	7.6%	3	2	1	(1)	1	1	0
2030	46	1.8%	7.6%	4	2	1	(2)	1	0	0
2031	47	2.0%	7.6%	4	2	1	(2)	1	-0	-0
2032	48	2.3%	7.6%	4	2	1	(2)	1	-1	-0
2033	49	2.5%	7.6%	4	2	1	(3)	2	-1	-1
2034	51	2.8%	7.6%	4	2	1	(3)	2	-2	-1

Enterprise Value Bridge

Sum of PV(FCFF)24

Terminal Value (Gordon Growth at 2.5%)0

PV of Terminal Value0

Enterprise Value24

(–) Net Debt-31

Equity Value55

(÷) Shares Outstanding0

Fair Value per Share$128.82

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.1%	$102	$116	$129	$142	$231
4.1%	$104	$116	$129	$141	$180
5.1%	$105	$117	$129	$141	$168
6.1%	$106	$117	$129	$140	$161
7.1%	$107	$118	$129	$139	$157

Current price: $0.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 134.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Tantech Holdings Ltd (TANH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$122.86

Market Price

$0.38

Upside / Downside

+32240.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

9.3%

Target Operating Margin

7.6%

WACC

5.1%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.0%

Tax Rate

40.0%

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	43	0.8%	8.9%	4	2	1	(1)	-19	22	21
2026	44	1.3%	8.6%	4	2	1	(1)	1	1	1
2027	45	1.7%	8.3%	4	2	1	(2)	1	0	0
2028	46	2.1%	7.9%	4	2	1	(2)	1	-0	-0
2029	47	2.6%	7.6%	4	2	1	(3)	2	-1	-1

Enterprise Value Bridge

Sum of PV(FCFF)21

Terminal Value (Gordon Growth at 2.5%)0

PV of Terminal Value0

Enterprise Value21

(–) Net Debt-31

Equity Value52

(÷) Shares Outstanding0

Fair Value per Share$122.86

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.1%	$113	$118	$123	$128	$254
4.1%	$113	$118	$123	$128	$178
5.1%	$113	$118	$123	$128	$159
6.1%	$113	$118	$123	$127	$151
7.1%	$113	$118	$123	$127	$146

Current price: $0.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$150.76

Market Price

$0.38

Upside / Downside

+39582.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tantech Holdings Ltd (TANH) has a fair value of $150.76 based on 3 comparable companies in the Household & Personal Products industry.

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tantech Holdings LtdTANH	0	-0.7x	—
Borealis Foods Inc.BRLS	30	2.2x	—
Mynd.ai, Inc.MYND	2	0.0x	0.0x
Farmmi, Inc.FAMI	2	0.8x	—
Industry Median		0.8x	0.0x
(*) Revenue		43
= Enterprise Value		33
(-) Net Debt		-31
Equity Value		64
(/) Outstanding shares		0
Fair Price		$151

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.

Tantech Holdings Ltd (TANH) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$112.68 – $254.20	$122.86	+32315.9%
Revenue DCF 10Y	$102.26 – $230.73	$128.82	+33888.3%
▸ Trading Multiples
EV/Revenue	$73.00 – $299.50	$150.76	+39677.1%

Valuation History

DCF Analysis

Tantech Holdings Ltd (TANH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$128.82

Market Price

$0.38

Upside / Downside

+33808.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

9.3%

Target Operating Margin

7.6%

WACC

5.1%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.0%

Tax Rate

40.0%

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	43	0.6%	8.9%	4	2	1	(0)	-19	22	22
2026	44	0.9%	8.6%	4	2	1	(1)	1	2	2
2027	44	1.1%	8.3%	4	2	1	(1)	1	1	1
2028	45	1.3%	7.9%	4	2	1	(1)	1	1	1
2029	45	1.6%	7.6%	3	2	1	(1)	1	1	0
2030	46	1.8%	7.6%	4	2	1	(2)	1	0	0
2031	47	2.0%	7.6%	4	2	1	(2)	1	-0	-0
2032	48	2.3%	7.6%	4	2	1	(2)	1	-1	-0
2033	49	2.5%	7.6%	4	2	1	(3)	2	-1	-1
2034	51	2.8%	7.6%	4	2	1	(3)	2	-2	-1

Enterprise Value Bridge

Sum of PV(FCFF)24

Terminal Value (Gordon Growth at 2.5%)0

PV of Terminal Value0

Enterprise Value24

(–) Net Debt-31

Equity Value55

(÷) Shares Outstanding0

Fair Value per Share$128.82

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.1%	$102	$116	$129	$142	$231
4.1%	$104	$116	$129	$141	$180
5.1%	$105	$117	$129	$141	$168
6.1%	$106	$117	$129	$140	$161
7.1%	$107	$118	$129	$139	$157

Current price: $0.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Tantech Holdings Ltd (TANH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$122.86

Market Price

$0.38

Upside / Downside

+32240.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

9.3%

Target Operating Margin

7.6%

WACC

5.1%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

0.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.0%

Tax Rate

40.0%

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	43	0.8%	8.9%	4	2	1	(1)	-19	22	21
2026	44	1.3%	8.6%	4	2	1	(1)	1	1	1
2027	45	1.7%	8.3%	4	2	1	(2)	1	0	0
2028	46	2.1%	7.9%	4	2	1	(2)	1	-0	-0
2029	47	2.6%	7.6%	4	2	1	(3)	2	-1	-1

Enterprise Value Bridge

Sum of PV(FCFF)21

Terminal Value (Gordon Growth at 2.5%)0

PV of Terminal Value0

Enterprise Value21

(–) Net Debt-31

Equity Value52

(÷) Shares Outstanding0

Fair Value per Share$122.86

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.1%	$113	$118	$123	$128	$254
4.1%	$113	$118	$123	$128	$178
5.1%	$113	$118	$123	$128	$159
6.1%	$113	$118	$123	$127	$151
7.1%	$113	$118	$123	$127	$146

Current price: $0.38. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$150.76

Market Price

$0.38

Upside / Downside

+39582.9%

Verdict

Undervalued

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tantech Holdings LtdTANH	0	-0.7x	—
Borealis Foods Inc.BRLS	30	2.2x	—
Mynd.ai, Inc.MYND	2	0.0x	0.0x
Farmmi, Inc.FAMI	2	0.8x	—
Industry Median		0.8x	0.0x
(*) Revenue		43
= Enterprise Value		33
(-) Net Debt		-31
Equity Value		64
(/) Outstanding shares		0
Fair Price		$151