Veru Inc.

VERU

HealthcareBiotechnologyNASDAQ

$2.28

Market Cap: $36.59M

Veru Inc. (VERU) Valuation Summary

Updated May 11, 2026 02:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.21 – $28.68	$5.39	+136.6%
Revenue DCF 10Y	$0.45 – $21.10	$5.43	+138.2%
▸ Trading Multiples
EV/Revenue	$3.81 – $27.54	$7.76	+240.5%

Valuation History

DCF Analysis

Veru Inc. (VERU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.43

Market Price

$2.28

Upside / Downside

+138.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -218.6% to a target of 13.2% over 5 years, discounted at a WACC of 7.7%, Veru Inc. (VERU) has an intrinsic value of $5.43 per share (range: $0.45 – $21.10).

Key Assumptions

Current Operating Margin

-218.6%

Target Operating Margin

13.2%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.0%

Tax Rate

0.0%

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)
2025	15	-10.0%	-172.3%	-26	-26	0	(0)	-4	-22	-21
2026	3	-82.5%	-125.9%	-3	-3	0	(0)	-1	-3	-2
2027	4	50.0%	-79.5%	-3	-3	0	(0)	0	-3	-3
2028	50	1150.0%	-33.2%	-17	-17	1	(2)	2	-20	-16
2029	125	150.0%	13.2%	16	16	1	(5)	4	9	6
2030	113	-10.0%	13.2%	15	15	1	(5)	-1	12	8
2031	101	-10.0%	13.2%	13	13	1	(5)	-1	10	6
2032	91	-10.0%	13.2%	12	12	1	(5)	-1	9	5
2033	82	-9.6%	13.2%	11	11	1	(5)	-0	8	4
2034	80	-3.3%	13.2%	11	11	1	(5)	-0	7	3

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)145

PV of Terminal Value71

Enterprise Value62

(–) Net Debt-11

Equity Value73

(÷) Shares Outstanding13

Fair Value per Share$5.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.7%	$1	$6	$11	$16	$21
6.7%	$0	$4	$8	$11	$15
7.7%	$-0	$3	$5	$8	$11
8.7%	$-0	$2	$4	$6	$9
9.7%	$-1	$1	$3	$5	$7

Current price: $2.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Veru Inc. (VERU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.39

Market Price

$2.28

Upside / Downside

+136.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-218.6%

Target Operating Margin

13.2%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.0%

Tax Rate

0.0%

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)
2025	15	-10.0%	-172.3%	-26	-26	0	(0)	-4	-22	-21
2026	3	-82.5%	-125.9%	-3	-3	0	(0)	-1	-3	-2
2027	4	50.0%	-79.5%	-3	-3	0	(0)	0	-3	-3
2028	50	1150.0%	-33.2%	-17	-17	1	(3)	2	-21	-16
2029	125	150.0%	13.2%	16	16	1	(8)	4	6	5

Enterprise Value Bridge

Sum of PV(FCFF)-38

Terminal Value (Gordon Growth at 3.0%)140

PV of Terminal Value100

Enterprise Value62

(–) Net Debt-11

Equity Value73

(÷) Shares Outstanding13

Fair Value per Share$5.39

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.7%	$-3	$3	$12	$20	$29
6.7%	$-3	$2	$8	$14	$20
7.7%	$-3	$1	$5	$10	$15
8.7%	$-3	$0	$4	$8	$11
9.7%	$-2	$-0	$3	$6	$9

Current price: $2.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.1% 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

$7.76

Market Price

$2.28

Upside / Downside

+240.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Veru Inc. (VERU) has a fair value of $7.76 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
Veru Inc.VERU	31	1.2x	7.4x
BioXcel Therapeutics, Inc.BTAI	33	177.9x	69.4x
RenovoRx, Inc.RNXT	31	21.3x	18.4x
Dyadic International, Inc.DYAI	28	9.8x	7.9x
Celularity Inc.CELU	21	2.1x	0.9x
BioAtla, Inc.BCAB	6	2.4x	1.7x
Industry Median		9.8x	7.9x
(*) Revenue		17	3
= Enterprise Value		166	21
(-) Net Debt		-11	-11
Equity Value		177	32
(/) Outstanding shares		13	13
Fair Price		$13	$2

Selected Fair Value (avg of trailing + forward)

$7.76

+240.5%

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

$0.21 – $28.68

$5.39

+136.6%

Revenue DCF 10Y

$0.45 – $21.10

$5.43

+138.2%

▸ Trading Multiples

EV/Revenue

$3.81 – $27.54

$7.76

+240.5%

DCF Analysis

Veru Inc. (VERU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.43

Market Price

$2.28

Upside / Downside

+138.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-218.6%

Target Operating Margin

13.2%

WACC

7.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.0%

Tax Rate

0.0%

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)
2025	15	-10.0%	-172.3%	-26	-26	0	(0)	-4	-22	-21
2026	3	-82.5%	-125.9%	-3	-3	0	(0)	-1	-3	-2
2027	4	50.0%	-79.5%	-3	-3	0	(0)	0	-3	-3
2028	50	1150.0%	-33.2%	-17	-17	1	(2)	2	-20	-16
2029	125	150.0%	13.2%	16	16	1	(5)	4	9	6
2030	113	-10.0%	13.2%	15	15	1	(5)	-1	12	8
2031	101	-10.0%	13.2%	13	13	1	(5)	-1	10	6
2032	91	-10.0%	13.2%	12	12	1	(5)	-1	9	5
2033	82	-9.6%	13.2%	11	11	1	(5)	-0	8	4
2034	80	-3.3%	13.2%	11	11	1	(5)	-0	7	3

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)145

PV of Terminal Value71

Enterprise Value62

(–) Net Debt-11

Equity Value73

(÷) Shares Outstanding13

Fair Value per Share$5.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.7%	$1	$6	$11	$16	$21
6.7%	$0	$4	$8	$11	$15
7.7%	$-0	$3	$5	$8	$11
8.7%	$-0	$2	$4	$6	$9
9.7%	$-1	$1	$3	$5	$7

Current price: $2.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.1% 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

$7.76

Market Price

$2.28

Upside / Downside

+240.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Veru Inc. (VERU) has a fair value of $7.76 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
Veru Inc.VERU	31	1.2x	7.4x
BioXcel Therapeutics, Inc.BTAI	33	177.9x	69.4x
RenovoRx, Inc.RNXT	31	21.3x	18.4x
Dyadic International, Inc.DYAI	28	9.8x	7.9x
Celularity Inc.CELU	21	2.1x	0.9x
BioAtla, Inc.BCAB	6	2.4x	1.7x
Industry Median		9.8x	7.9x
(*) Revenue		17	3
= Enterprise Value		166	21
(-) Net Debt		-11	-11
Equity Value		177	32
(/) Outstanding shares		13	13
Fair Price		$13	$2

Selected Fair Value (avg of trailing + forward)

$7.76

+240.5%