Aeries Technology, Inc

AERT

IndustrialsConsulting ServicesNASDAQ

$0.65

Market Cap: $32.39M

Aeries Technology, Inc (AERT) Valuation Summary

Updated May 11, 2026 08:41

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.38 – $9.24	$0.38	-41.2%
▸ Trading Multiples
EV/Revenue	$0.43 – $30.32	$1.36	+111.3%

Valuation History

DCF Analysis

Aeries Technology, Inc (AERT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.38

Market Price

$0.65

Upside / Downside

-41.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -41.0% to a target of 10.3% over 5 years, discounted at a WACC of 7.4%, Aeries Technology, Inc (AERT) has an intrinsic value of $0.38 per share (range: $0.38 – $9.24).

Key Assumptions

Current Operating Margin

-41.0%

Target Operating Margin

10.3%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.8%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

Tax Rate

23.1%

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	83	18.1%	-30.7%	-25	-25	2	(3)	11	-37	-36
2027	97	16.6%	-20.5%	-20	-20	2	(3)	2	-23	-21
2028	111	15.1%	-10.2%	-11	-11	2	(4)	2	-16	-13
2029	126	13.6%	0.0%	0	0	3	(5)	2	-5	-4
2030	142	12.1%	10.3%	15	11	3	(6)	3	6	4
2031	157	10.6%	10.3%	16	12	3	(7)	2	6	4
2032	171	9.0%	10.3%	18	14	4	(9)	2	6	4
2033	184	7.5%	10.3%	19	15	4	(10)	2	7	4
2034	195	6.0%	10.3%	20	15	4	(11)	2	7	4
2035	203	4.5%	10.3%	21	16	4	(12)	1	7	4

Enterprise Value Bridge

Sum of PV(FCFF)-50

Terminal Value (Gordon Growth at 3.0%)161

PV of Terminal Value82

Enterprise Value31

(–) Net Debt15

Equity Value16

(÷) Shares Outstanding43

Fair Value per Share$0.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.4%	$-3	$-1	$3	$6	$9
6.4%	$-2	$-1	$1	$3	$6
7.4%	$-2	$-1	$0	$2	$4
8.4%	$-2	$-2	$-0	$1	$3
9.4%	$-2	$-2	$-0	$1	$2

Current price: $0.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.5% 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

$1.36

Market Price

$0.65

Upside / Downside

+111.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Aeries Technology, Inc (AERT) has a fair value of $1.36 based on 7 comparable companies in the Consulting Services industry.

EV/Revenue Valuation — Consulting Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Aeries Technology, IncAERT	28	0.6x	—
CPI Aerostructures, Inc.CVU	52	1.1x	0.8x
Orion Energy Systems, Inc.OESX	34	0.5x	0.5x
Network-1 Technologies, Inc.NTIP	34	134.3x	—
Ming Shing Group Holdings LimitedMSW	23	0.9x	—
Quest Resource Holding CorporationQRHC	23	0.3x	0.3x
E-Power Inc. Class AEPOW	19	1.1x	—
Nixxy, Inc.NIXX	13	18.8x	0.5x
Industry Median		1.1x	0.5x
(*) Revenue		70
= Enterprise Value		74
(-) Net Debt		15
Equity Value		59
(/) Outstanding shares		43
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

—

N/A

—

Revenue DCF 10Y

$0.38 – $9.24

$0.38

-41.2%

▸ Trading Multiples

EV/Revenue

$0.43 – $30.32

$1.36

+111.3%

DCF Analysis

Aeries Technology, Inc (AERT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.38

Market Price

$0.65

Upside / Downside

-41.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-41.0%

Target Operating Margin

10.3%

WACC

7.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.8%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

Tax Rate

23.1%

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	83	18.1%	-30.7%	-25	-25	2	(3)	11	-37	-36
2027	97	16.6%	-20.5%	-20	-20	2	(3)	2	-23	-21
2028	111	15.1%	-10.2%	-11	-11	2	(4)	2	-16	-13
2029	126	13.6%	0.0%	0	0	3	(5)	2	-5	-4
2030	142	12.1%	10.3%	15	11	3	(6)	3	6	4
2031	157	10.6%	10.3%	16	12	3	(7)	2	6	4
2032	171	9.0%	10.3%	18	14	4	(9)	2	6	4
2033	184	7.5%	10.3%	19	15	4	(10)	2	7	4
2034	195	6.0%	10.3%	20	15	4	(11)	2	7	4
2035	203	4.5%	10.3%	21	16	4	(12)	1	7	4

Enterprise Value Bridge

Sum of PV(FCFF)-50

Terminal Value (Gordon Growth at 3.0%)161

PV of Terminal Value82

Enterprise Value31

(–) Net Debt15

Equity Value16

(÷) Shares Outstanding43

Fair Value per Share$0.38

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.4%	$-3	$-1	$3	$6	$9
6.4%	$-2	$-1	$1	$3	$6
7.4%	$-2	$-1	$0	$2	$4
8.4%	$-2	$-2	$-0	$1	$3
9.4%	$-2	$-2	$-0	$1	$2

Current price: $0.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.5% 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

$1.36

Market Price

$0.65

Upside / Downside

+111.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Aeries Technology, Inc (AERT) has a fair value of $1.36 based on 7 comparable companies in the Consulting Services industry.

EV/Revenue Valuation — Consulting Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Aeries Technology, IncAERT	28	0.6x	—
CPI Aerostructures, Inc.CVU	52	1.1x	0.8x
Orion Energy Systems, Inc.OESX	34	0.5x	0.5x
Network-1 Technologies, Inc.NTIP	34	134.3x	—
Ming Shing Group Holdings LimitedMSW	23	0.9x	—
Quest Resource Holding CorporationQRHC	23	0.3x	0.3x
E-Power Inc. Class AEPOW	19	1.1x	—
Nixxy, Inc.NIXX	13	18.8x	0.5x
Industry Median		1.1x	0.5x
(*) Revenue		70
= Enterprise Value		74
(-) Net Debt		15
Equity Value		59
(/) Outstanding shares		43
Fair Price		$1