UroGen Pharma Ltd.

URGN

HealthcareBiotechnologyNASDAQ

$30.94

Market Cap: $1.51B

UroGen Pharma Ltd. (URGN) Valuation Summary

Updated Apr 13, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.73 – $45.70	$4.08	-79.9%
▸ Trading Multiples
EV/Revenue	$16.67 – $31.90	$38.91	+91.9%

Valuation History

DCF Analysis

UroGen Pharma Ltd. (URGN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.08

Market Price

$30.94

Upside / Downside

-86.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -113.7% to a target of 13.3% over 5 years, discounted at a WACC of 9.2%, UroGen Pharma Ltd. (URGN) has an intrinsic value of $4.08 per share (range: $0.73 – $45.70).

Key Assumptions

Current Operating Margin

-113.7%

Target Operating Margin

13.3%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.6%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

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	245	122.7%	-88.3%	-216	-216	6	(3)	18	-230	-220
2027	425	73.8%	-62.9%	-267	-267	10	(7)	41	-305	-267
2028	545	28.3%	-37.5%	-204	-204	13	(12)	27	-230	-185
2029	784	43.9%	-12.1%	-95	-95	19	(21)	54	-151	-111
2030	1,001	27.7%	13.3%	134	106	24	(33)	49	48	32
2031	1,198	19.6%	13.3%	160	126	29	(46)	44	65	40
2032	1,393	16.3%	13.3%	186	147	34	(61)	44	76	43
2033	1,574	13.0%	13.3%	210	166	38	(77)	41	86	44
2034	1,726	9.7%	13.3%	230	182	42	(94)	34	95	45
2035	1,835	6.3%	13.3%	245	193	44	(110)	25	103	45

Enterprise Value Bridge

Sum of PV(FCFF)-534

Terminal Value (Gordon Growth at 3.0%)1,720

PV of Terminal Value748

Enterprise Value214

(–) Net Debt18

Equity Value196

(÷) Shares Outstanding48

Fair Value per Share$4.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.2%	$-13	$1	$16	$31	$46
8.2%	$-14	$-3	$9	$20	$32
9.2%	$-15	$-5	$4	$13	$23
10.2%	$-15	$-7	$1	$9	$16
11.2%	$-15	$-8	$-2	$5	$12

Current price: $30.94. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 22.5% 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

$41.10

Market Price

$30.94

Upside / Downside

+32.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), UroGen Pharma Ltd. (URGN) has a fair value of $41.10 based on 5 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
UroGen Pharma Ltd.URGN	1,489	13.7x	5.7x
Tango Therapeutics, Inc.TNGX	2,505	38.9x	—
AnaptysBio, Inc.ANAB	1,976	7.5x	15.0x
Nurix Therapeutics, Inc.NRIX	1,379	14.1x	20.8x
Phathom Pharmaceuticals, Inc.PHAT	998	5.0x	2.6x
Xencor, Inc.XNCR	885	8.1x	8.7x
Industry Median		8.1x	11.8x
(*) Revenue		110	262
= Enterprise Value		891	3,100
(-) Net Debt		18	18
Equity Value		873	3,082
(/) Outstanding shares		48	48
Fair Price		$18	$64

Selected Fair Value (avg of trailing + forward)

$41.10

+32.9%

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

$0.73 – $45.70

$4.08

-79.9%

▸ Trading Multiples

EV/Revenue

$16.67 – $31.90

$38.91

+91.9%

DCF Analysis

UroGen Pharma Ltd. (URGN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.08

Market Price

$30.94

Upside / Downside

-86.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-113.7%

Target Operating Margin

13.3%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.6%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

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	245	122.7%	-88.3%	-216	-216	6	(3)	18	-230	-220
2027	425	73.8%	-62.9%	-267	-267	10	(7)	41	-305	-267
2028	545	28.3%	-37.5%	-204	-204	13	(12)	27	-230	-185
2029	784	43.9%	-12.1%	-95	-95	19	(21)	54	-151	-111
2030	1,001	27.7%	13.3%	134	106	24	(33)	49	48	32
2031	1,198	19.6%	13.3%	160	126	29	(46)	44	65	40
2032	1,393	16.3%	13.3%	186	147	34	(61)	44	76	43
2033	1,574	13.0%	13.3%	210	166	38	(77)	41	86	44
2034	1,726	9.7%	13.3%	230	182	42	(94)	34	95	45
2035	1,835	6.3%	13.3%	245	193	44	(110)	25	103	45

Enterprise Value Bridge

Sum of PV(FCFF)-534

Terminal Value (Gordon Growth at 3.0%)1,720

PV of Terminal Value748

Enterprise Value214

(–) Net Debt18

Equity Value196

(÷) Shares Outstanding48

Fair Value per Share$4.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.2%	$-13	$1	$16	$31	$46
8.2%	$-14	$-3	$9	$20	$32
9.2%	$-15	$-5	$4	$13	$23
10.2%	$-15	$-7	$1	$9	$16
11.2%	$-15	$-8	$-2	$5	$12

Current price: $30.94. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 22.5% 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

$41.10

Market Price

$30.94

Upside / Downside

+32.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), UroGen Pharma Ltd. (URGN) has a fair value of $41.10 based on 5 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
UroGen Pharma Ltd.URGN	1,489	13.7x	5.7x
Tango Therapeutics, Inc.TNGX	2,505	38.9x	—
AnaptysBio, Inc.ANAB	1,976	7.5x	15.0x
Nurix Therapeutics, Inc.NRIX	1,379	14.1x	20.8x
Phathom Pharmaceuticals, Inc.PHAT	998	5.0x	2.6x
Xencor, Inc.XNCR	885	8.1x	8.7x
Industry Median		8.1x	11.8x
(*) Revenue		110	262
= Enterprise Value		891	3,100
(-) Net Debt		18	18
Equity Value		873	3,082
(/) Outstanding shares		48	48
Fair Price		$18	$64

Selected Fair Value (avg of trailing + forward)

$41.10

+32.9%