Tango Therapeutics, Inc.

TNGX

HealthcareBiotechnologyNASDAQ

$23.48

Market Cap: $2.73B

Tango Therapeutics, Inc. (TNGX) Valuation Summary

Updated May 10, 2026 17:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.68 – $14.28	$6.23	-73.5%
Revenue DCF 10Y	$1.79 – $14.29	$5.55	-76.3%
▸ Trading Multiples
EV/Revenue	$5.11 – $12.13	$4.15	-82.3%

Valuation History

DCF Analysis

Tango Therapeutics, Inc. (TNGX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.55

Market Price

$23.48

Upside / Downside

-76.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -178.4% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, Tango Therapeutics, Inc. (TNGX) has an intrinsic value of $5.55 per share (range: $1.79 – $14.29).

Key Assumptions

Current Operating Margin

-178.4%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.7%

Target CapEx/Rev

7.5%

D&A/Revenue

5.0%

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	7	-89.3%	-140.1%	-9	-9	0	(1)	1	-10	-10
2027	4	-32.7%	-101.8%	-5	-5	0	(0)	0	-5	-4
2028	24	429.5%	-63.4%	-15	-15	1	(2)	-1	-15	-12
2029	124	422.9%	-25.1%	-31	-31	6	(10)	-5	-30	-22
2030	437	252.0%	13.2%	58	46	22	(36)	-17	49	34
2031	490	12.1%	13.2%	65	51	25	(39)	-3	39	25
2032	541	10.3%	13.2%	71	56	27	(43)	-3	44	26
2033	586	8.5%	13.2%	77	61	29	(46)	-2	47	26
2034	625	6.6%	13.2%	82	65	31	(48)	-2	51	25
2035	655	4.8%	13.2%	86	68	33	(49)	-2	53	25

Enterprise Value Bridge

Sum of PV(FCFF)111

Terminal Value (Gordon Growth at 3.0%)993

PV of Terminal Value455

Enterprise Value566

(–) Net Debt-79

Equity Value645

(÷) Shares Outstanding116

Fair Value per Share$5.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$4	$7	$9	$12	$14
7.5%	$3	$5	$7	$9	$11
8.5%	$2	$4	$6	$7	$9
9.5%	$2	$3	$5	$6	$7
10.5%	$2	$3	$4	$5	$6

Current price: $23.48. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -5.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Tango Therapeutics, Inc. (TNGX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$6.23

Market Price

$23.48

Upside / Downside

-73.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-178.4%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.7%

Target CapEx/Rev

7.5%

D&A/Revenue

5.0%

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	7	-89.3%	-140.1%	-9	-9	0	(1)	1	-10	-10
2027	4	-32.7%	-101.8%	-5	-5	0	(0)	0	-5	-4
2028	24	429.5%	-63.4%	-15	-15	1	(2)	-1	-15	-12
2029	124	422.9%	-25.1%	-31	-31	6	(10)	-5	-29	-22
2030	437	252.0%	13.2%	58	46	22	(33)	-17	51	35

Enterprise Value Bridge

Sum of PV(FCFF)-13

Terminal Value (Gordon Growth at 3.0%)951

PV of Terminal Value657

Enterprise Value644

(–) Net Debt-79

Equity Value723

(÷) Shares Outstanding116

Fair Value per Share$6.23

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$6	$8	$10	$12	$14
7.5%	$5	$6	$8	$9	$11
8.5%	$4	$5	$6	$7	$9
9.5%	$3	$4	$5	$6	$7
10.5%	$3	$4	$4	$5	$6

Current price: $23.48. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -5.3% 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

$4.15

Market Price

$23.48

Upside / Downside

-82.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tango Therapeutics, Inc. (TNGX) has a fair value of $4.15 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tango Therapeutics, Inc.TNGX	2,728	42.5x	397.5x
Fortrea Holdings Inc.FTRE	1,459	0.5x	0.5x
Nurix Therapeutics, Inc.NRIX	1,432	14.8x	22.3x
UroGen Pharma Ltd.URGN	1,294	12.0x	5.2x
EyePoint Pharmaceuticals, Inc.EYPT	1,145	33.9x	—
Septerna, Inc.SEPN	1,077	21.3x	13.3x
Xencor, Inc.XNCR	903	8.3x	11.7x
Kura Oncology, Inc.KURA	836	10.5x	6.4x
Industry Median		12.0x	9.0x
(*) Revenue		62	7
= Enterprise Value		746	60
(-) Net Debt		-79	-79
Equity Value		824	139
(/) Outstanding shares		116	116
Fair Price		$7	$1

Selected Fair Value (avg of trailing + forward)

$4.15

-82.3%

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

$2.68 – $14.28

$6.23

-73.5%

Revenue DCF 10Y

$1.79 – $14.29

$5.55

-76.3%

▸ Trading Multiples

EV/Revenue

$5.11 – $12.13

$4.15

-82.3%

DCF Analysis

Tango Therapeutics, Inc. (TNGX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.55

Market Price

$23.48

Upside / Downside

-76.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-178.4%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.7%

Target CapEx/Rev

7.5%

D&A/Revenue

5.0%

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	7	-89.3%	-140.1%	-9	-9	0	(1)	1	-10	-10
2027	4	-32.7%	-101.8%	-5	-5	0	(0)	0	-5	-4
2028	24	429.5%	-63.4%	-15	-15	1	(2)	-1	-15	-12
2029	124	422.9%	-25.1%	-31	-31	6	(10)	-5	-30	-22
2030	437	252.0%	13.2%	58	46	22	(36)	-17	49	34
2031	490	12.1%	13.2%	65	51	25	(39)	-3	39	25
2032	541	10.3%	13.2%	71	56	27	(43)	-3	44	26
2033	586	8.5%	13.2%	77	61	29	(46)	-2	47	26
2034	625	6.6%	13.2%	82	65	31	(48)	-2	51	25
2035	655	4.8%	13.2%	86	68	33	(49)	-2	53	25

Enterprise Value Bridge

Sum of PV(FCFF)111

Terminal Value (Gordon Growth at 3.0%)993

PV of Terminal Value455

Enterprise Value566

(–) Net Debt-79

Equity Value645

(÷) Shares Outstanding116

Fair Value per Share$5.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$4	$7	$9	$12	$14
7.5%	$3	$5	$7	$9	$11
8.5%	$2	$4	$6	$7	$9
9.5%	$2	$3	$5	$6	$7
10.5%	$2	$3	$4	$5	$6

Current price: $23.48. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -5.3% 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

$4.15

Market Price

$23.48

Upside / Downside

-82.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tango Therapeutics, Inc. (TNGX) has a fair value of $4.15 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tango Therapeutics, Inc.TNGX	2,728	42.5x	397.5x
Fortrea Holdings Inc.FTRE	1,459	0.5x	0.5x
Nurix Therapeutics, Inc.NRIX	1,432	14.8x	22.3x
UroGen Pharma Ltd.URGN	1,294	12.0x	5.2x
EyePoint Pharmaceuticals, Inc.EYPT	1,145	33.9x	—
Septerna, Inc.SEPN	1,077	21.3x	13.3x
Xencor, Inc.XNCR	903	8.3x	11.7x
Kura Oncology, Inc.KURA	836	10.5x	6.4x
Industry Median		12.0x	9.0x
(*) Revenue		62	7
= Enterprise Value		746	60
(-) Net Debt		-79	-79
Equity Value		824	139
(/) Outstanding shares		116	116
Fair Price		$7	$1

Selected Fair Value (avg of trailing + forward)

$4.15

-82.3%