Twist Bioscience Corporation

TWST

HealthcareMedical - Diagnostics & ResearchNASDAQ

$54.39

Market Cap: $3.39B

Twist Bioscience Corporation (TWST) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.64 – $37.14	$4.45	-91.3%
▸ Trading Multiples
EV/Revenue	$11.26 – $598.27	$20.24	-60.5%

Valuation History

DCF Analysis

Twist Bioscience Corporation (TWST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.45

Market Price

$54.39

Upside / Downside

-91.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -36.2% to a target of 13.3% over 5 years, discounted at a WACC of 8.6%, Twist Bioscience Corporation (TWST) has an intrinsic value of $4.45 per share (range: $0.64 – $37.14).

Key Assumptions

Current Operating Margin

-36.2%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

18.2%

Target CapEx/Rev

13.2%

D&A/Revenue

8.8%

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	439	16.5%	-26.3%	-115	-115	39	(78)	37	-191	-184
2027	505	15.1%	-16.4%	-83	-83	45	(87)	17	-142	-125
2028	582	15.4%	-6.5%	-38	-38	51	(97)	20	-103	-84
2029	664	14.1%	3.4%	23	18	59	(108)	21	-52	-39
2030	764	15.0%	13.3%	102	81	67	(120)	25	3	2
2031	958	25.4%	13.3%	128	101	84	(146)	49	-10	-6
2032	1,159	20.9%	13.3%	155	122	102	(170)	51	3	2
2033	1,349	16.4%	13.3%	180	142	119	(192)	48	21	11
2034	1,511	12.0%	13.3%	202	159	133	(207)	41	44	22
2035	1,624	7.5%	13.3%	217	171	143	(215)	29	71	32

Enterprise Value Bridge

Sum of PV(FCFF)-369

Terminal Value (Gordon Growth at 3.0%)1,294

PV of Terminal Value589

Enterprise Value220

(–) Net Debt-46

Equity Value266

(÷) Shares Outstanding60

Fair Value per Share$4.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$-10	$1	$13	$25	$37
7.6%	$-10	$-2	$8	$17	$26
8.6%	$-9	$-3	$4	$12	$19
9.6%	$-9	$-4	$2	$8	$14
10.6%	$-9	$-4	$1	$6	$11

Current price: $54.39. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% 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

$20.42

Market Price

$54.39

Upside / Downside

-62.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Twist Bioscience Corporation (TWST) has a fair value of $20.42 based on 8 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Twist Bioscience CorporationTWST	3,253	8.5x	7.2x
Guardian Pharmacy Services, Inc.GRDN	2,435	1.7x	2.0x
Mesoblast LimitedMESO	1,914	109.3x	14.7x
PROCEPT BioRobotics CorporationPRCT	1,341	3.6x	2.8x
Viridian Therapeutics, Inc.VRDN	1,179	14.4x	14.2x
QuidelOrtho CorporationQDEL	1,081	1.4x	1.3x
uniQure N.V.QURE	1,071	94.9x	47.2x
Clover Health Investments, Corp.CLOV	957	0.5x	0.3x
BGM Group Ltd.BGM	67	2.3x	—
Industry Median		2.9x	2.8x
(*) Revenue		377	447
= Enterprise Value		1,104	1,247
(-) Net Debt		-46	-46
Equity Value		1,150	1,293
(/) Outstanding shares		60	60
Fair Price		$19	$22

Selected Fair Value (avg of trailing + forward)

$20.42

-62.5%

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

—

N/A

—

Revenue DCF 10Y

$0.64 – $37.14

$4.45

-91.3%

▸ Trading Multiples

EV/Revenue

$11.26 – $598.27

$20.24

-60.5%

DCF Analysis

Twist Bioscience Corporation (TWST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.45

Market Price

$54.39

Upside / Downside

-91.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-36.2%

Target Operating Margin

13.3%

WACC

8.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

18.2%

Target CapEx/Rev

13.2%

D&A/Revenue

8.8%

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	439	16.5%	-26.3%	-115	-115	39	(78)	37	-191	-184
2027	505	15.1%	-16.4%	-83	-83	45	(87)	17	-142	-125
2028	582	15.4%	-6.5%	-38	-38	51	(97)	20	-103	-84
2029	664	14.1%	3.4%	23	18	59	(108)	21	-52	-39
2030	764	15.0%	13.3%	102	81	67	(120)	25	3	2
2031	958	25.4%	13.3%	128	101	84	(146)	49	-10	-6
2032	1,159	20.9%	13.3%	155	122	102	(170)	51	3	2
2033	1,349	16.4%	13.3%	180	142	119	(192)	48	21	11
2034	1,511	12.0%	13.3%	202	159	133	(207)	41	44	22
2035	1,624	7.5%	13.3%	217	171	143	(215)	29	71	32

Enterprise Value Bridge

Sum of PV(FCFF)-369

Terminal Value (Gordon Growth at 3.0%)1,294

PV of Terminal Value589

Enterprise Value220

(–) Net Debt-46

Equity Value266

(÷) Shares Outstanding60

Fair Value per Share$4.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.6%	$-10	$1	$13	$25	$37
7.6%	$-10	$-2	$8	$17	$26
8.6%	$-9	$-3	$4	$12	$19
9.6%	$-9	$-4	$2	$8	$14
10.6%	$-9	$-4	$1	$6	$11

Current price: $54.39. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% 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

$20.42

Market Price

$54.39

Upside / Downside

-62.5%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Twist Bioscience CorporationTWST	3,253	8.5x	7.2x
Guardian Pharmacy Services, Inc.GRDN	2,435	1.7x	2.0x
Mesoblast LimitedMESO	1,914	109.3x	14.7x
PROCEPT BioRobotics CorporationPRCT	1,341	3.6x	2.8x
Viridian Therapeutics, Inc.VRDN	1,179	14.4x	14.2x
QuidelOrtho CorporationQDEL	1,081	1.4x	1.3x
uniQure N.V.QURE	1,071	94.9x	47.2x
Clover Health Investments, Corp.CLOV	957	0.5x	0.3x
BGM Group Ltd.BGM	67	2.3x	—
Industry Median		2.9x	2.8x
(*) Revenue		377	447
= Enterprise Value		1,104	1,247
(-) Net Debt		-46	-46
Equity Value		1,150	1,293
(/) Outstanding shares		60	60
Fair Price		$19	$22

Selected Fair Value (avg of trailing + forward)

$20.42

-62.5%