Weave Communications, Inc.

WEAV

TechnologySoftware - ApplicationNYSE

$5.19

Market Cap: $412.95M

Weave Communications, Inc. (WEAV) Valuation Summary

Updated Apr 16, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.15 – $14.35	$3.08	-42.3%
Revenue DCF 10Y	$0.02 – $21.78	$5.66	+6.1%
▸ Trading Multiples
EV/Revenue	$2.46 – $23.20	$5.65	+5.8%

Valuation History

DCF Analysis

Weave Communications, Inc. (WEAV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.66

Market Price

$5.19

Upside / Downside

+9.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -12.1% to a target of 10.1% over 5 years, discounted at a WACC of 8.1%, Weave Communications, Inc. (WEAV) has an intrinsic value of $5.66 per share (range: $0.02 – $21.78).

Key Assumptions

Current Operating Margin

-12.1%

Target Operating Margin

10.1%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

13.7%

D&A/Revenue

9.1%

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	275	14.9%	-7.7%	-21	-21	25	(11)	-0	-7	-7
2027	312	13.7%	-3.2%	-10	-10	28	(16)	-0	3	3
2028	356	14.0%	1.2%	4	3	32	(22)	-0	14	12
2029	427	19.8%	5.6%	24	19	39	(31)	-1	28	21
2030	511	19.8%	10.1%	51	41	47	(43)	-1	46	32
2031	598	17.0%	10.1%	60	48	55	(56)	-1	47	30
2032	684	14.2%	10.1%	69	54	62	(72)	-1	46	28
2033	762	11.4%	10.1%	77	61	69	(88)	-1	43	24
2034	827	8.6%	10.1%	83	66	75	(104)	-1	38	19
2035	875	5.8%	10.1%	88	70	80	(120)	-1	30	14

Enterprise Value Bridge

Sum of PV(FCFF)176

Terminal Value (Gordon Growth at 3.0%)605

PV of Terminal Value287

Enterprise Value464

(–) Net Debt32

Equity Value432

(÷) Shares Outstanding76

Fair Value per Share$5.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
6.1%	$0	$3	$10	$16	$22
7.1%	$-0	$3	$7	$12	$16
8.1%	$-0	$2	$6	$9	$13
9.1%	$-0	$2	$5	$8	$10
10.1%	$-0	$2	$4	$6	$9

Current price: $5.19. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Weave Communications, Inc. (WEAV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.08

Market Price

$5.19

Upside / Downside

-40.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-12.1%

Target Operating Margin

10.1%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

13.7%

D&A/Revenue

9.1%

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	275	14.9%	-7.7%	-21	-21	25	(14)	-0	-10	-10
2027	312	13.7%	-3.2%	-10	-10	28	(23)	-0	-4	-3
2028	356	14.0%	1.2%	4	3	32	(33)	-0	3	2
2029	427	19.8%	5.6%	24	19	39	(49)	-1	9	7
2030	511	19.8%	10.1%	51	41	47	(70)	-1	18	13

Enterprise Value Bridge

Sum of PV(FCFF)9

Terminal Value (Gordon Growth at 3.0%)366

PV of Terminal Value257

Enterprise Value267

(–) Net Debt32

Equity Value235

(÷) Shares Outstanding76

Fair Value per Share$3.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
6.1%	$-1	$1	$6	$10	$14
7.1%	$-1	$1	$4	$7	$11
8.1%	$-1	$1	$3	$6	$8
9.1%	$-1	$0	$2	$5	$7
10.1%	$-1	$0	$2	$4	$5

Current price: $5.19. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.1% 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

$5.65

Market Price

$5.19

Upside / Downside

+8.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Weave Communications, Inc. (WEAV) has a fair value of $5.65 based on 9 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Weave Communications, Inc.WEAV	396	1.8x	2.1x
Arteris, Inc.AIP	978	13.5x	16.6x
Daily Journal CorporationDJCO	743	8.5x	—
Ambiq Micro, Inc.AMBQ	686	7.5x	7.7x
Bumble Inc.BMBL	475	0.9x	1.0x
Cerence Inc.CRNC	383	2.1x	1.6x
Sprout Social, Inc.SPT	339	0.7x	0.7x
Backblaze, Inc.BLZE	240	2.0x	2.5x
Blaize Holdings, Inc.BZAI	212	4.4x	70.3x
Domo, Inc.DOMO	143	0.8x	0.8x
Industry Median		2.1x	2.1x
(*) Revenue		239	203
= Enterprise Value		502	423
(-) Net Debt		32	32
Equity Value		470	392
(/) Outstanding shares		76	76
Fair Price		$6	$5

Selected Fair Value (avg of trailing + forward)

$5.65

+8.8%

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

$0.15 – $14.35

$3.08

-42.3%

Revenue DCF 10Y

$0.02 – $21.78

$5.66

+6.1%

▸ Trading Multiples

EV/Revenue

$2.46 – $23.20

$5.65

+5.8%

DCF Analysis

Weave Communications, Inc. (WEAV) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.66

Market Price

$5.19

Upside / Downside

+9.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-12.1%

Target Operating Margin

10.1%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.0%

Target CapEx/Rev

13.7%

D&A/Revenue

9.1%

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	275	14.9%	-7.7%	-21	-21	25	(11)	-0	-7	-7
2027	312	13.7%	-3.2%	-10	-10	28	(16)	-0	3	3
2028	356	14.0%	1.2%	4	3	32	(22)	-0	14	12
2029	427	19.8%	5.6%	24	19	39	(31)	-1	28	21
2030	511	19.8%	10.1%	51	41	47	(43)	-1	46	32
2031	598	17.0%	10.1%	60	48	55	(56)	-1	47	30
2032	684	14.2%	10.1%	69	54	62	(72)	-1	46	28
2033	762	11.4%	10.1%	77	61	69	(88)	-1	43	24
2034	827	8.6%	10.1%	83	66	75	(104)	-1	38	19
2035	875	5.8%	10.1%	88	70	80	(120)	-1	30	14

Enterprise Value Bridge

Sum of PV(FCFF)176

Terminal Value (Gordon Growth at 3.0%)605

PV of Terminal Value287

Enterprise Value464

(–) Net Debt32

Equity Value432

(÷) Shares Outstanding76

Fair Value per Share$5.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
6.1%	$0	$3	$10	$16	$22
7.1%	$-0	$3	$7	$12	$16
8.1%	$-0	$2	$6	$9	$13
9.1%	$-0	$2	$5	$8	$10
10.1%	$-0	$2	$4	$6	$9

Current price: $5.19. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.1% 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

$5.65

Market Price

$5.19

Upside / Downside

+8.8%

Verdict

Undervalued

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Weave Communications, Inc.WEAV	396	1.8x	2.1x
Arteris, Inc.AIP	978	13.5x	16.6x
Daily Journal CorporationDJCO	743	8.5x	—
Ambiq Micro, Inc.AMBQ	686	7.5x	7.7x
Bumble Inc.BMBL	475	0.9x	1.0x
Cerence Inc.CRNC	383	2.1x	1.6x
Sprout Social, Inc.SPT	339	0.7x	0.7x
Backblaze, Inc.BLZE	240	2.0x	2.5x
Blaize Holdings, Inc.BZAI	212	4.4x	70.3x
Domo, Inc.DOMO	143	0.8x	0.8x
Industry Median		2.1x	2.1x
(*) Revenue		239	203
= Enterprise Value		502	423
(-) Net Debt		32	32
Equity Value		470	392
(/) Outstanding shares		76	76
Fair Price		$6	$5

Selected Fair Value (avg of trailing + forward)

$5.65

+8.8%