Tango Therapeutics, Inc.

TNGX

HealthcareBiotechnologyNASDAQ

$25.51

Market Cap: $2.96B

Tango Therapeutics, Inc. (TNGX) Valuation Summary

Updated Apr 13, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.74 – $14.51	$6.32	-70.7%
Revenue DCF 10Y	$1.85 – $14.55	$5.66	-73.7%
▸ Trading Multiples
EV/Revenue	$5.03 – $11.79	$3.44	-84.1%

Valuation History

DCF Analysis

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

REVENUE DCF FAIR VALUE

$5.66

Market Price

$25.51

Upside / Downside

-77.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -178.4% to a target of 13.3% over 5 years, discounted at a WACC of 8.5%, Tango Therapeutics, Inc. (TNGX) has an intrinsic value of $5.66 per share (range: $1.85 – $14.55).

Key Assumptions

Current Operating Margin

-178.4%

Target Operating Margin

13.3%

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%	-101.7%	-5	-5	0	(0)	0	-5	-4
2028	24	429.5%	-63.4%	-15	-15	1	(2)	-1	-15	-12
2029	124	422.9%	-25.0%	-31	-31	6	(10)	-5	-30	-22
2030	437	252.0%	13.3%	58	46	22	(36)	-17	49	34
2031	490	12.1%	13.3%	65	52	25	(39)	-3	40	25
2032	541	10.3%	13.3%	72	57	27	(43)	-3	44	26
2033	586	8.5%	13.3%	78	62	29	(46)	-2	48	26
2034	625	6.6%	13.3%	83	66	31	(48)	-2	52	26
2035	655	4.8%	13.3%	87	69	33	(49)	-2	54	25

Enterprise Value Bridge

Sum of PV(FCFF)113

Terminal Value (Gordon Growth at 3.0%)1,012

PV of Terminal Value466

Enterprise Value579

(–) Net Debt-79

Equity Value658

(÷) Shares Outstanding116

Fair Value per Share$5.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$4	$7	$9	$12	$15
7.5%	$3	$5	$7	$9	$11
8.5%	$3	$4	$6	$7	$9
9.5%	$2	$3	$5	$6	$7
10.5%	$2	$3	$4	$5	$6

Current price: $25.51. 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

$6.32

Market Price

$25.51

Upside / Downside

-75.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-178.4%

Target Operating Margin

13.3%

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%	-101.7%	-5	-5	0	(0)	0	-5	-4
2028	24	429.5%	-63.4%	-15	-15	1	(2)	-1	-15	-12
2029	124	422.9%	-25.0%	-31	-31	6	(10)	-5	-29	-22
2030	437	252.0%	13.3%	58	46	22	(33)	-17	52	36

Enterprise Value Bridge

Sum of PV(FCFF)-12

Terminal Value (Gordon Growth at 3.0%)965

PV of Terminal Value668

Enterprise Value656

(–) Net Debt-79

Equity Value735

(÷) Shares Outstanding116

Fair Value per Share$6.32

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$6	$8	$10	$12	$15
7.5%	$5	$6	$8	$9	$11
8.5%	$4	$5	$6	$8	$9
9.5%	$3	$4	$5	$6	$7
10.5%	$3	$4	$4	$5	$6

Current price: $25.51. 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

$3.42

Market Price

$25.51

Upside / Downside

-86.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tango Therapeutics, Inc. (TNGX) has a fair value of $3.42 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	2,963	46.2x	476.1x
Nurix Therapeutics, Inc.NRIX	1,379	14.1x	20.8x
EyePoint Pharmaceuticals, Inc.EYPT	1,211	36.0x	—
Septerna, Inc.SEPN	1,048	20.7x	12.9x
UroGen Pharma Ltd.URGN	987	9.2x	4.1x
Xencor, Inc.XNCR	885	8.1x	8.7x
Fortrea Holdings Inc.FTRE	877	0.3x	0.3x
Kura Oncology, Inc.KURA	770	9.5x	5.8x
Industry Median		9.5x	7.2x
(*) Revenue		62	6
= Enterprise Value		593	44
(-) Net Debt		-79	-79
Equity Value		672	122
(/) Outstanding shares		116	116
Fair Price		$6	$1

Selected Fair Value (avg of trailing + forward)

$3.42

-86.6%

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

$2.74 – $14.51

$6.32

-70.7%

Revenue DCF 10Y

$1.85 – $14.55

$5.66

-73.7%

▸ Trading Multiples

EV/Revenue

$5.03 – $11.79

$3.44

-84.1%

DCF Analysis

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

REVENUE DCF FAIR VALUE

$5.66

Market Price

$25.51

Upside / Downside

-77.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-178.4%

Target Operating Margin

13.3%

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%	-101.7%	-5	-5	0	(0)	0	-5	-4
2028	24	429.5%	-63.4%	-15	-15	1	(2)	-1	-15	-12
2029	124	422.9%	-25.0%	-31	-31	6	(10)	-5	-30	-22
2030	437	252.0%	13.3%	58	46	22	(36)	-17	49	34
2031	490	12.1%	13.3%	65	52	25	(39)	-3	40	25
2032	541	10.3%	13.3%	72	57	27	(43)	-3	44	26
2033	586	8.5%	13.3%	78	62	29	(46)	-2	48	26
2034	625	6.6%	13.3%	83	66	31	(48)	-2	52	26
2035	655	4.8%	13.3%	87	69	33	(49)	-2	54	25

Enterprise Value Bridge

Sum of PV(FCFF)113

Terminal Value (Gordon Growth at 3.0%)1,012

PV of Terminal Value466

Enterprise Value579

(–) Net Debt-79

Equity Value658

(÷) Shares Outstanding116

Fair Value per Share$5.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$4	$7	$9	$12	$15
7.5%	$3	$5	$7	$9	$11
8.5%	$3	$4	$6	$7	$9
9.5%	$2	$3	$5	$6	$7
10.5%	$2	$3	$4	$5	$6

Current price: $25.51. 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

$3.42

Market Price

$25.51

Upside / Downside

-86.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tango Therapeutics, Inc. (TNGX) has a fair value of $3.42 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	2,963	46.2x	476.1x
Nurix Therapeutics, Inc.NRIX	1,379	14.1x	20.8x
EyePoint Pharmaceuticals, Inc.EYPT	1,211	36.0x	—
Septerna, Inc.SEPN	1,048	20.7x	12.9x
UroGen Pharma Ltd.URGN	987	9.2x	4.1x
Xencor, Inc.XNCR	885	8.1x	8.7x
Fortrea Holdings Inc.FTRE	877	0.3x	0.3x
Kura Oncology, Inc.KURA	770	9.5x	5.8x
Industry Median		9.5x	7.2x
(*) Revenue		62	6
= Enterprise Value		593	44
(-) Net Debt		-79	-79
Equity Value		672	122
(/) Outstanding shares		116	116
Fair Price		$6	$1

Selected Fair Value (avg of trailing + forward)

$3.42

-86.6%