XMax Inc.

XWIN

Consumer CyclicalFurnishings, Fixtures & AppliancesNASDAQ

$8.32

Market Cap: $393.05M

XMax Inc. (XWIN) Valuation Summary

Updated Apr 16, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.20 – $1.94	$0.31	-95.7%
Revenue DCF 10Y	$0.05 – $2.33	$0.51	-93.0%
▸ Trading Multiples
EV/Revenue	$0.63 – $1.05	$0.67	-90.8%

Valuation History

DCF Analysis

XMax Inc. (XWIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.51

Market Price

$8.32

Upside / Downside

-93.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -11.5% to a target of 7.7% over 5 years, discounted at a WACC of 8.1%, XMax Inc. (XWIN) has an intrinsic value of $0.51 per share (range: $0.05 – $2.33).

Key Assumptions

Current Operating Margin

-11.5%

Target Operating Margin

7.7%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.2%

Target CapEx/Rev

8.7%

D&A/Revenue

5.8%

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	FCFF	PV(FCFF)
2026	18	7.0%	-7.7%	-1	-1	1	(0)	-1	-1
2027	19	6.6%	-3.8%	-1	-1	1	(0)	-0	-0
2028	20	6.2%	0.0%	0	0	1	(1)	0	0
2029	21	5.8%	3.9%	1	1	1	(1)	1	1
2030	23	5.4%	7.7%	2	1	1	(1)	1	1
2031	24	5.0%	7.7%	2	1	1	(1)	1	1
2032	25	4.6%	7.7%	2	2	1	(2)	1	1
2033	26	4.2%	7.7%	2	2	2	(2)	1	1
2034	27	3.8%	7.7%	2	2	2	(2)	1	0
2035	28	3.4%	7.7%	2	2	2	(2)	1	0

Enterprise Value Bridge

Sum of PV(FCFF)4

Terminal Value (Gordon Growth at 3.0%)13

PV of Terminal Value6

Enterprise Value10

(–) Net Debt-0

Equity Value11

(÷) Shares Outstanding21

Fair Value per Share$0.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
6.1%	$-0	$0	$1	$2	$2
7.1%	$-0	$0	$1	$1	$2
8.1%	$-0	$0	$1	$1	$1
9.1%	$-0	$0	$0	$1	$1
10.1%	$-0	$0	$0	$1	$1

Current price: $8.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

XMax Inc. (XWIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.31

Market Price

$8.32

Upside / Downside

-96.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -11.5% to a target of 7.7% over 5 years, discounted at a WACC of 8.1%, XMax Inc. (XWIN) has an intrinsic value of $0.31 per share (range: $0.20 – $1.94).

Key Assumptions

Current Operating Margin

-11.5%

Target Operating Margin

7.7%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.2%

Target CapEx/Rev

8.7%

D&A/Revenue

5.8%

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	FCFF	PV(FCFF)
2026	18	6.7%	-7.7%	-1	-1	1	(0)	-1	-1
2027	19	6.0%	-3.8%	-1	-1	1	(1)	-1	-1
2028	20	5.2%	0.0%	0	0	1	(1)	-0	-0
2029	21	4.5%	3.9%	1	1	1	(1)	0	0
2030	22	3.7%	7.7%	2	1	1	(2)	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-1

Terminal Value (Gordon Growth at 3.0%)10

PV of Terminal Value7

Enterprise Value6

(–) Net Debt-0

Equity Value6

(÷) Shares Outstanding21

Fair Value per Share$0.31

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
6.1%	$-0	$-0	$1	$1	$2
7.1%	$-0	$-0	$0	$1	$1
8.1%	$-0	$-0	$0	$1	$1
9.1%	$-0	$-0	$0	$1	$1
10.1%	$-0	$-0	$0	$0	$1

Current price: $8.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.0% 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

$0.67

Market Price

$8.32

Upside / Downside

-92.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), XMax Inc. (XWIN) has a fair value of $0.67 based on 10 comparable companies in the Furnishings, Fixtures & Appliances industry.

EV/Revenue Valuation — Furnishings, Fixtures & Appliances

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
XMax Inc.XWIN	172	10.3x	—
SharkNinja, Inc.SN	16,226	2.6x	2.3x
Mohawk Industries, Inc.MHK	6,278	0.8x	0.8x
Alliance Laundry Holdings Inc.ALH	4,190	3.5x	3.6x
Whirlpool CorporationWHR	3,608	0.7x	0.7x
Patrick Industries, Inc.PATK	3,420	1.3x	1.4x
Interface, Inc.TILE	1,569	1.3x	1.4x
Leggett & Platt, IncorporatedLEG	1,516	0.6x	0.7x
La-Z-Boy IncorporatedLZB	1,407	0.7x	0.7x
MillerKnoll, Inc.MLKN	1,112	0.7x	0.8x
MasterBrand, Inc.MBC	1,098	0.8x	0.8x
Industry Median		0.8x	0.8x
(*) Revenue		17
= Enterprise Value		13
(-) Net Debt		-0
Equity Value		14
(/) Outstanding shares		21
Fair Price		$1

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

$0.20 – $1.94

$0.31

-95.7%

Revenue DCF 10Y

$0.05 – $2.33

$0.51

-93.0%

▸ Trading Multiples

EV/Revenue

$0.63 – $1.05

$0.67

-90.8%

DCF Analysis

XMax Inc. (XWIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.51

Market Price

$8.32

Upside / Downside

-93.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-11.5%

Target Operating Margin

7.7%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.2%

Target CapEx/Rev

8.7%

D&A/Revenue

5.8%

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	FCFF	PV(FCFF)
2026	18	7.0%	-7.7%	-1	-1	1	(0)	-1	-1
2027	19	6.6%	-3.8%	-1	-1	1	(0)	-0	-0
2028	20	6.2%	0.0%	0	0	1	(1)	0	0
2029	21	5.8%	3.9%	1	1	1	(1)	1	1
2030	23	5.4%	7.7%	2	1	1	(1)	1	1
2031	24	5.0%	7.7%	2	1	1	(1)	1	1
2032	25	4.6%	7.7%	2	2	1	(2)	1	1
2033	26	4.2%	7.7%	2	2	2	(2)	1	1
2034	27	3.8%	7.7%	2	2	2	(2)	1	0
2035	28	3.4%	7.7%	2	2	2	(2)	1	0

Enterprise Value Bridge

Sum of PV(FCFF)4

Terminal Value (Gordon Growth at 3.0%)13

PV of Terminal Value6

Enterprise Value10

(–) Net Debt-0

Equity Value11

(÷) Shares Outstanding21

Fair Value per Share$0.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
6.1%	$-0	$0	$1	$2	$2
7.1%	$-0	$0	$1	$1	$2
8.1%	$-0	$0	$1	$1	$1
9.1%	$-0	$0	$0	$1	$1
10.1%	$-0	$0	$0	$1	$1

Current price: $8.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.0% 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

$0.67

Market Price

$8.32

Upside / Downside

-92.0%

Verdict

Overvalued

EV/Revenue Valuation — Furnishings, Fixtures & Appliances

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
XMax Inc.XWIN	172	10.3x	—
SharkNinja, Inc.SN	16,226	2.6x	2.3x
Mohawk Industries, Inc.MHK	6,278	0.8x	0.8x
Alliance Laundry Holdings Inc.ALH	4,190	3.5x	3.6x
Whirlpool CorporationWHR	3,608	0.7x	0.7x
Patrick Industries, Inc.PATK	3,420	1.3x	1.4x
Interface, Inc.TILE	1,569	1.3x	1.4x
Leggett & Platt, IncorporatedLEG	1,516	0.6x	0.7x
La-Z-Boy IncorporatedLZB	1,407	0.7x	0.7x
MillerKnoll, Inc.MLKN	1,112	0.7x	0.8x
MasterBrand, Inc.MBC	1,098	0.8x	0.8x
Industry Median		0.8x	0.8x
(*) Revenue		17
= Enterprise Value		13
(-) Net Debt		-0
Equity Value		14
(/) Outstanding shares		21
Fair Price		$1