Airgain, Inc.

AIRG

TechnologyCommunication EquipmentNASDAQ

$6.93

Market Cap: $87.84M

Airgain, Inc. (AIRG) Valuation Summary

Updated Apr 6, 2026 22:24

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.58 – $10.40	$2.90	-45.5%
Revenue DCF 10Y	$0.78 – $8.73	$2.67	-49.8%
▸ Trading Multiples
EV/Revenue	$0.38 – $6.75	$2.93	-44.8%

Valuation History

DCF Analysis

Airgain, Inc. (AIRG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.67

Market Price

$6.93

Upside / Downside

-61.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -16.4% to a target of 10.0% over 5 years, discounted at a WACC of 8.8%, Airgain, Inc. (AIRG) has an intrinsic value of $2.67 per share (range: $0.78 – $8.73).

Key Assumptions

Current Operating Margin

-16.4%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

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	56	8.2%	-11.1%	-6	-6	3	(1)	-0	-3	-3
2027	68	20.7%	-5.8%	-4	-4	4	(2)	1	-3	-3
2028	64	-5.3%	-0.6%	-0	-0	4	(2)	-0	2	2
2029	61	-5.3%	4.7%	3	2	4	(2)	-0	4	3
2030	57	-5.3%	10.0%	6	5	3	(3)	-0	6	4
2031	55	-3.9%	10.0%	6	4	3	(3)	-0	5	3
2032	54	-2.5%	10.0%	5	4	3	(4)	-0	4	2
2033	53	-1.1%	10.0%	5	4	3	(4)	-0	4	2
2034	53	0.3%	10.0%	5	4	3	(4)	0	3	1
2035	54	1.6%	10.0%	5	4	3	(5)	0	3	1

Enterprise Value Bridge

Sum of PV(FCFF)12

Terminal Value (Gordon Growth at 3.0%)45

PV of Terminal Value20

Enterprise Value33

(–) Net Debt1

Equity Value32

(÷) Shares Outstanding12

Fair Value per Share$2.67

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-0	$2	$4	$6	$9
7.8%	$-0	$2	$3	$5	$7
8.8%	$-0	$1	$3	$4	$6
9.8%	$-0	$1	$2	$3	$5
10.8%	$-0	$1	$2	$3	$4

Current price: $6.93. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Airgain, Inc. (AIRG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.90

Market Price

$6.93

Upside / Downside

-58.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-16.4%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

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	56	8.2%	-11.1%	-6	-6	3	(1)	-0	-4	-4
2027	68	20.7%	-5.8%	-4	-4	4	(3)	1	-4	-4
2028	64	-5.3%	-0.6%	-0	-0	4	(4)	-0	0	0
2029	61	-5.3%	4.7%	3	2	4	(4)	-0	2	1
2030	57	-5.3%	10.0%	6	5	3	(5)	-0	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)57

PV of Terminal Value39

Enterprise Value36

(–) Net Debt1

Equity Value34

(÷) Shares Outstanding12

Fair Value per Share$2.90

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-0	$2	$5	$8	$10
7.8%	$-0	$2	$4	$6	$8
8.8%	$-1	$1	$3	$5	$6
9.8%	$-1	$1	$2	$4	$5
10.8%	$-1	$1	$2	$3	$4

Current price: $6.93. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.1% 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

$2.93

Market Price

$6.93

Upside / Downside

-57.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Airgain, Inc. (AIRG) has a fair value of $2.93 based on 7 comparable companies in the Communication Equipment industry.

EV/Revenue Valuation — Communication Equipment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Airgain, Inc.AIRG	82	1.6x	1.6x
CPS Technologies CorporationCPSH	72	2.1x	2.1x
Universal Electronics Inc.UEIC	57	0.2x	0.1x
AmpliTech Group, Inc.AMPG	40	1.6x	3.2x
Aware, Inc.AWRE	28	1.4x	0.5x
Soluna Holdings, Inc.SLNH	21	0.9x	1.1x
SurgePays, Inc.SURG	14	0.1x	0.1x
Cambium Networks CorporationCMBM	4	0.1x	0.1x
Industry Median		0.9x	0.5x
(*) Revenue		52	53
= Enterprise Value		47	25
(-) Net Debt		1	1
Equity Value		46	23
(/) Outstanding shares		12	12
Fair Price		$4	$2

Selected Fair Value (avg of trailing + forward)

$2.93

-57.7%

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

$0.58 – $10.40

$2.90

-45.5%

Revenue DCF 10Y

$0.78 – $8.73

$2.67

-49.8%

▸ Trading Multiples

EV/Revenue

$0.38 – $6.75

$2.93

-44.8%

DCF Analysis

Airgain, Inc. (AIRG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.67

Market Price

$6.93

Upside / Downside

-61.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-16.4%

Target Operating Margin

10.0%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.7%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

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	56	8.2%	-11.1%	-6	-6	3	(1)	-0	-3	-3
2027	68	20.7%	-5.8%	-4	-4	4	(2)	1	-3	-3
2028	64	-5.3%	-0.6%	-0	-0	4	(2)	-0	2	2
2029	61	-5.3%	4.7%	3	2	4	(2)	-0	4	3
2030	57	-5.3%	10.0%	6	5	3	(3)	-0	6	4
2031	55	-3.9%	10.0%	6	4	3	(3)	-0	5	3
2032	54	-2.5%	10.0%	5	4	3	(4)	-0	4	2
2033	53	-1.1%	10.0%	5	4	3	(4)	-0	4	2
2034	53	0.3%	10.0%	5	4	3	(4)	0	3	1
2035	54	1.6%	10.0%	5	4	3	(5)	0	3	1

Enterprise Value Bridge

Sum of PV(FCFF)12

Terminal Value (Gordon Growth at 3.0%)45

PV of Terminal Value20

Enterprise Value33

(–) Net Debt1

Equity Value32

(÷) Shares Outstanding12

Fair Value per Share$2.67

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.8%	$-0	$2	$4	$6	$9
7.8%	$-0	$2	$3	$5	$7
8.8%	$-0	$1	$3	$4	$6
9.8%	$-0	$1	$2	$3	$5
10.8%	$-0	$1	$2	$3	$4

Current price: $6.93. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 12.1% 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

$2.93

Market Price

$6.93

Upside / Downside

-57.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Airgain, Inc. (AIRG) has a fair value of $2.93 based on 7 comparable companies in the Communication Equipment industry.

EV/Revenue Valuation — Communication Equipment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Airgain, Inc.AIRG	82	1.6x	1.6x
CPS Technologies CorporationCPSH	72	2.1x	2.1x
Universal Electronics Inc.UEIC	57	0.2x	0.1x
AmpliTech Group, Inc.AMPG	40	1.6x	3.2x
Aware, Inc.AWRE	28	1.4x	0.5x
Soluna Holdings, Inc.SLNH	21	0.9x	1.1x
SurgePays, Inc.SURG	14	0.1x	0.1x
Cambium Networks CorporationCMBM	4	0.1x	0.1x
Industry Median		0.9x	0.5x
(*) Revenue		52	53
= Enterprise Value		47	25
(-) Net Debt		1	1
Equity Value		46	23
(/) Outstanding shares		12	12
Fair Price		$4	$2

Selected Fair Value (avg of trailing + forward)

$2.93

-57.7%