TechPrecision Corporation

TPCS

IndustrialsManufacturing - Metal FabricationNASDAQ

$4.12

Market Cap: $41.25M

TechPrecision Corporation (TPCS) Valuation Summary

Updated May 11, 2026 08:07

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.31 – $16.74	$1.03	-75.1%
▸ Trading Multiples
EV/Revenue	$0.55 – $6.32	$1.35	-67.2%

Valuation History

DCF Analysis

TechPrecision Corporation (TPCS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.03

Market Price

$4.12

Upside / Downside

-75.1%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -6.3% to a target of 10.3% over 5 years, discounted at a WACC of 7.9%, TechPrecision Corporation (TPCS) has an intrinsic value of $1.03 per share (range: $0.31 – $16.74).

Key Assumptions

Current Operating Margin

-6.3%

Target Operating Margin

10.3%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.6%

Target CapEx/Rev

10.2%

D&A/Revenue

6.8%

Tax Rate

24.6%

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	41	19.9%	-3.0%	-1	-1	3	(3)	4	-6	-6
2027	48	18.2%	0.3%	0	0	3	(4)	3	-4	-3
2028	56	16.5%	3.6%	2	2	4	(5)	3	-3	-2
2029	64	14.8%	7.0%	4	3	4	(6)	3	-1	-1
2030	73	13.1%	10.3%	8	6	5	(6)	3	1	1
2031	81	11.4%	10.3%	8	6	6	(7)	3	1	1
2032	89	9.7%	10.3%	9	7	6	(8)	3	1	1
2033	96	8.1%	10.3%	10	7	7	(9)	3	2	1
2034	102	6.4%	10.3%	11	8	7	(10)	2	2	1
2035	107	4.7%	10.3%	11	8	7	(11)	2	3	1

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)57

PV of Terminal Value28

Enterprise Value21

(–) Net Debt12

Equity Value10

(÷) Shares Outstanding9

Fair Value per Share$1.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.9%	$-4	$-2	$4	$10	$17
6.9%	$-4	$-2	$2	$7	$11
7.9%	$-4	$-3	$1	$5	$8
8.9%	$-4	$-3	$0	$3	$6
9.9%	$-4	$-3	$-0	$2	$5

Current price: $4.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.6% 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

$1.35

Market Price

$4.12

Upside / Downside

-67.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), TechPrecision Corporation (TPCS) has a fair value of $1.35 based on 8 comparable companies in the Manufacturing - Metal Fabrication industry.

EV/Revenue Valuation — Manufacturing - Metal Fabrication

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TechPrecision CorporationTPCS	39	1.5x	—
Ampco-Pittsburgh CorporationAP	248	0.9x	0.9x
SIFCO Industries, Inc.SIF	97	1.4x	1.8x
Broadwind, Inc.BWEN	50	0.5x	0.4x
SuperCom Ltd.SPCB	48	2.1x	2.2x
Brillia IncBRIA	43	0.6x	—
HomesToLife LtdHTLM	26	0.1x	—
ClearSign Technologies CorporationCLIR	25	3.0x	3.9x
Flux Power Holdings, Inc.FLUX	18	0.5x	0.7x
Industry Median		0.7x	1.3x
(*) Revenue		34
= Enterprise Value		24
(-) Net Debt		12
Equity Value		13
(/) Outstanding shares		9
Fair Price		$1

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

—

N/A

—

Revenue DCF 10Y

$0.31 – $16.74

$1.03

-75.1%

▸ Trading Multiples

EV/Revenue

$0.55 – $6.32

$1.35

-67.2%

DCF Analysis

TechPrecision Corporation (TPCS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.03

Market Price

$4.12

Upside / Downside

-75.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-6.3%

Target Operating Margin

10.3%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.6%

Target CapEx/Rev

10.2%

D&A/Revenue

6.8%

Tax Rate

24.6%

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	41	19.9%	-3.0%	-1	-1	3	(3)	4	-6	-6
2027	48	18.2%	0.3%	0	0	3	(4)	3	-4	-3
2028	56	16.5%	3.6%	2	2	4	(5)	3	-3	-2
2029	64	14.8%	7.0%	4	3	4	(6)	3	-1	-1
2030	73	13.1%	10.3%	8	6	5	(6)	3	1	1
2031	81	11.4%	10.3%	8	6	6	(7)	3	1	1
2032	89	9.7%	10.3%	9	7	6	(8)	3	1	1
2033	96	8.1%	10.3%	10	7	7	(9)	3	2	1
2034	102	6.4%	10.3%	11	8	7	(10)	2	2	1
2035	107	4.7%	10.3%	11	8	7	(11)	2	3	1

Enterprise Value Bridge

Sum of PV(FCFF)-6

Terminal Value (Gordon Growth at 3.0%)57

PV of Terminal Value28

Enterprise Value21

(–) Net Debt12

Equity Value10

(÷) Shares Outstanding9

Fair Value per Share$1.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.9%	$-4	$-2	$4	$10	$17
6.9%	$-4	$-2	$2	$7	$11
7.9%	$-4	$-3	$1	$5	$8
8.9%	$-4	$-3	$0	$3	$6
9.9%	$-4	$-3	$-0	$2	$5

Current price: $4.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.6% 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

$1.35

Market Price

$4.12

Upside / Downside

-67.2%

Verdict

Overvalued

EV/Revenue Valuation — Manufacturing - Metal Fabrication

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TechPrecision CorporationTPCS	39	1.5x	—
Ampco-Pittsburgh CorporationAP	248	0.9x	0.9x
SIFCO Industries, Inc.SIF	97	1.4x	1.8x
Broadwind, Inc.BWEN	50	0.5x	0.4x
SuperCom Ltd.SPCB	48	2.1x	2.2x
Brillia IncBRIA	43	0.6x	—
HomesToLife LtdHTLM	26	0.1x	—
ClearSign Technologies CorporationCLIR	25	3.0x	3.9x
Flux Power Holdings, Inc.FLUX	18	0.5x	0.7x
Industry Median		0.7x	1.3x
(*) Revenue		34
= Enterprise Value		24
(-) Net Debt		12
Equity Value		13
(/) Outstanding shares		9
Fair Price		$1