Tigo Energy, Inc.

TYGO

EnergySolarNASDAQ

$3.87

Market Cap: $293.77M

Tigo Energy, Inc. (TYGO) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.65 – $14.90	$3.35	-6.8%
Revenue DCF 10Y	$0.71 – $28.50	$7.85	+118.7%
▸ Trading Multiples
EV/Revenue	$0.98 – $2.61	$1.46	-59.3%

Valuation History

DCF Analysis

Tigo Energy, Inc. (TYGO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.85

Market Price

$3.87

Upside / Downside

+102.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -4.3% to a target of 15.8% over 5 years, discounted at a WACC of 7.4%, Tigo Energy, Inc. (TYGO) has an intrinsic value of $7.85 per share (range: $0.71 – $28.50).

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

15.8%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.2%

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	133	28.2%	-0.3%	-0	-0	2	(2)	15	-17	-16
2027	162	21.7%	3.7%	6	5	2	(4)	7	-4	-3
2028	206	27.5%	7.7%	16	13	2	(6)	10	-1	-1
2029	265	28.7%	11.7%	31	25	3	(9)	14	5	4
2030	308	16.2%	15.8%	49	38	4	(11)	10	20	15
2031	372	20.6%	15.8%	59	46	4	(15)	15	20	14
2032	435	17.1%	15.8%	69	54	5	(20)	15	24	15
2033	494	13.6%	15.8%	78	61	6	(25)	14	28	17
2034	543	10.0%	15.8%	86	68	6	(30)	12	32	18
2035	579	6.5%	15.8%	91	72	7	(35)	8	36	18

Enterprise Value Bridge

Sum of PV(FCFF)80

Terminal Value (Gordon Growth at 3.0%)838

PV of Terminal Value425

Enterprise Value505

(–) Net Debt-5

Equity Value510

(÷) Shares Outstanding65

Fair Value per Share$7.85

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
5.4%	$3	$10	$16	$22	$29
6.4%	$2	$6	$11	$15	$19
7.4%	$1	$5	$8	$11	$14
8.4%	$1	$4	$6	$9	$11
9.4%	$1	$3	$5	$7	$9

Current price: $3.87. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Tigo Energy, Inc. (TYGO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.35

Market Price

$3.87

Upside / Downside

-13.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

15.8%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.2%

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	133	28.2%	-0.3%	-0	-0	2	(3)	15	-17	-17
2027	162	21.7%	3.7%	6	5	2	(5)	7	-5	-5
2028	206	27.5%	7.7%	16	13	2	(9)	10	-4	-3
2029	265	28.7%	11.7%	31	25	3	(13)	14	0	0
2030	308	16.2%	15.8%	49	38	4	(18)	10	13	10

Enterprise Value Bridge

Sum of PV(FCFF)-15

Terminal Value (Gordon Growth at 3.0%)313

PV of Terminal Value227

Enterprise Value213

(–) Net Debt-5

Equity Value218

(÷) Shares Outstanding65

Fair Value per Share$3.35

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
5.4%	$-1	$3	$7	$11	$15
6.4%	$-1	$2	$5	$7	$10
7.4%	$-1	$1	$3	$5	$8
8.4%	$-1	$1	$3	$4	$6
9.4%	$-1	$1	$2	$3	$5

Current price: $3.87. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% 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

$1.46

Market Price

$3.87

Upside / Downside

-62.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tigo Energy, Inc. (TYGO) has a fair value of $1.46 based on 8 comparable companies in the Solar industry.

EV/Revenue Valuation — Solar

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tigo Energy, Inc.TYGO	252	2.4x	1.9x
Gran Tierra Energy Inc.GTE	306	1.6x	1.5x
Aemetis, Inc.AMTX	207	2.5x	1.6x
OMS Energy Technologies Inc.OMSE	190	0.6x	0.6x
Imperial Petroleum Inc.IMPP	160	1.0x	0.8x
DMC Global Inc.BOOM	112	0.3x	0.3x
SunPower Inc.SPWR	97	0.3x	1.0x
FTC Solar, Inc.FTCI	58	0.7x	0.4x
Zeo Energy Corp.ZEO	34	0.6x	—
Industry Median		0.7x	0.8x
(*) Revenue		104	132
= Enterprise Value		69	111
(-) Net Debt		-5	-5
Equity Value		74	116
(/) Outstanding shares		65	65
Fair Price		$1	$2

Selected Fair Value (avg of trailing + forward)

$1.46

-62.3%

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

$0.65 – $14.90

$3.35

-6.8%

Revenue DCF 10Y

$0.71 – $28.50

$7.85

+118.7%

▸ Trading Multiples

EV/Revenue

$0.98 – $2.61

$1.46

-59.3%

DCF Analysis

Tigo Energy, Inc. (TYGO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.85

Market Price

$3.87

Upside / Downside

+102.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-4.3%

Target Operating Margin

15.8%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.4%

Target CapEx/Rev

6.0%

D&A/Revenue

1.2%

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	133	28.2%	-0.3%	-0	-0	2	(2)	15	-17	-16
2027	162	21.7%	3.7%	6	5	2	(4)	7	-4	-3
2028	206	27.5%	7.7%	16	13	2	(6)	10	-1	-1
2029	265	28.7%	11.7%	31	25	3	(9)	14	5	4
2030	308	16.2%	15.8%	49	38	4	(11)	10	20	15
2031	372	20.6%	15.8%	59	46	4	(15)	15	20	14
2032	435	17.1%	15.8%	69	54	5	(20)	15	24	15
2033	494	13.6%	15.8%	78	61	6	(25)	14	28	17
2034	543	10.0%	15.8%	86	68	6	(30)	12	32	18
2035	579	6.5%	15.8%	91	72	7	(35)	8	36	18

Enterprise Value Bridge

Sum of PV(FCFF)80

Terminal Value (Gordon Growth at 3.0%)838

PV of Terminal Value425

Enterprise Value505

(–) Net Debt-5

Equity Value510

(÷) Shares Outstanding65

Fair Value per Share$7.85

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
5.4%	$3	$10	$16	$22	$29
6.4%	$2	$6	$11	$15	$19
7.4%	$1	$5	$8	$11	$14
8.4%	$1	$4	$6	$9	$11
9.4%	$1	$3	$5	$7	$9

Current price: $3.87. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.5% 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

$1.46

Market Price

$3.87

Upside / Downside

-62.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tigo Energy, Inc. (TYGO) has a fair value of $1.46 based on 8 comparable companies in the Solar industry.

EV/Revenue Valuation — Solar

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tigo Energy, Inc.TYGO	252	2.4x	1.9x
Gran Tierra Energy Inc.GTE	306	1.6x	1.5x
Aemetis, Inc.AMTX	207	2.5x	1.6x
OMS Energy Technologies Inc.OMSE	190	0.6x	0.6x
Imperial Petroleum Inc.IMPP	160	1.0x	0.8x
DMC Global Inc.BOOM	112	0.3x	0.3x
SunPower Inc.SPWR	97	0.3x	1.0x
FTC Solar, Inc.FTCI	58	0.7x	0.4x
Zeo Energy Corp.ZEO	34	0.6x	—
Industry Median		0.7x	0.8x
(*) Revenue		104	132
= Enterprise Value		69	111
(-) Net Debt		-5	-5
Equity Value		74	116
(/) Outstanding shares		65	65
Fair Price		$1	$2

Selected Fair Value (avg of trailing + forward)

$1.46

-62.3%