AirSculpt Technologies, Inc.

AIRS

HealthcareMedical - Care FacilitiesNASDAQ

$4.66

Market Cap: $328.74M

AirSculpt Technologies, Inc. (AIRS) Valuation Summary

Updated Apr 7, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.08 – $5.08	$1.59	-45.8%
Revenue DCF 10Y	$0.06 – $5.33	$1.81	-38.4%
▸ Trading Multiples
EV/Revenue	$1.96 – $17.34	$4.48	+52.4%

Valuation History

DCF Analysis

AirSculpt Technologies, Inc. (AIRS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.81

Market Price

$4.66

Upside / Downside

-61.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -7.6% to a target of 13.3% over 5 years, discounted at a WACC of 9.6%, AirSculpt Technologies, Inc. (AIRS) has an intrinsic value of $1.81 per share (range: $0.06 – $5.33).

Key Assumptions

Current Operating Margin

-7.6%

Target Operating Margin

13.3%

WACC

9.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

Tax Rate

40.0%

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	157	3.3%	-3.4%	-5	-5	9	(9)	3	-8	-7
2027	167	6.5%	0.8%	1	1	10	(10)	-0	1	1
2028	203	21.4%	5.0%	10	6	12	(13)	-1	6	4
2029	209	3.3%	9.2%	19	11	13	(14)	-0	10	7
2030	216	3.3%	13.3%	29	17	13	(16)	-0	15	10
2031	223	3.3%	13.3%	30	18	13	(17)	-0	14	9
2032	230	3.2%	13.3%	31	18	14	(18)	-0	14	8
2033	238	3.1%	13.3%	32	19	14	(20)	-0	14	7
2034	245	3.1%	13.3%	33	20	15	(21)	-0	13	6
2035	253	3.0%	13.3%	34	20	15	(23)	-0	13	5

Enterprise Value Bridge

Sum of PV(FCFF)49

Terminal Value (Gordon Growth at 3.0%)201

PV of Terminal Value85

Enterprise Value134

(–) Net Debt25

Equity Value109

(÷) Shares Outstanding60

Fair Value per Share$1.81

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.5%	$0	$2	$3	$4	$5
8.6%	$0	$1	$2	$3	$4
9.6%	$0	$1	$2	$3	$3
10.6%	$0	$1	$1	$2	$3
11.6%	$-0	$1	$1	$2	$2

Current price: $4.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

AirSculpt Technologies, Inc. (AIRS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.59

Market Price

$4.66

Upside / Downside

-65.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.6%

Target Operating Margin

13.3%

WACC

9.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

Tax Rate

40.0%

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	157	3.3%	-3.4%	-5	-5	9	(10)	3	-8	-8
2027	167	6.5%	0.8%	1	1	10	(11)	-0	-1	-0
2028	203	21.4%	5.0%	10	6	12	(15)	-1	3	3
2029	209	3.3%	9.2%	19	11	13	(17)	-0	7	5
2030	216	3.3%	13.3%	29	17	13	(19)	-0	11	7

Enterprise Value Bridge

Sum of PV(FCFF)7

Terminal Value (Gordon Growth at 3.0%)172

PV of Terminal Value114

Enterprise Value121

(–) Net Debt25

Equity Value96

(÷) Shares Outstanding60

Fair Value per Share$1.59

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.5%	$0	$1	$3	$4	$5
8.6%	$0	$1	$2	$3	$4
9.6%	$-0	$1	$2	$2	$3
10.6%	$-0	$1	$1	$2	$3
11.6%	$-0	$0	$1	$2	$2

Current price: $4.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.8% 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

$3.64

Market Price

$4.66

Upside / Downside

-21.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), AirSculpt Technologies, Inc. (AIRS) has a fair value of $3.64 based on 8 comparable companies in the Medical - Care Facilities industry.

EV/Revenue Valuation — Medical - Care Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
AirSculpt Technologies, Inc.AIRS	282	2.4x	1.9x
InnovAge Holding Corp.INNV	1,071	1.3x	1.5x
AMN Healthcare Services, Inc.AMN	720	0.5x	0.5x
SI-BONE, Inc.SIBN	582	2.7x	2.3x
Orthofix Medical Inc.OFIX	470	0.8x	0.7x
Pacific Biosciences of California, Inc.PACB	435	7.1x	6.5x
Community Health Systems, Inc.CYH	420	0.9x	1.0x
Aquestive Therapeutics, Inc.AQST	410	9.4x	8.7x
DarioHealth Corp.DRIO	47	2.3x	2.0x
Industry Median		1.8x	1.7x
(*) Revenue		152	185
= Enterprise Value		275	316
(-) Net Debt		75	75
Equity Value		200	241
(/) Outstanding shares		60	60
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.64

-21.8%

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

$0.08 – $5.08

$1.59

-45.8%

Revenue DCF 10Y

$0.06 – $5.33

$1.81

-38.4%

▸ Trading Multiples

EV/Revenue

$1.96 – $17.34

$4.48

+52.4%

DCF Analysis

AirSculpt Technologies, Inc. (AIRS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.81

Market Price

$4.66

Upside / Downside

-61.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.6%

Target Operating Margin

13.3%

WACC

9.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

9.0%

D&A/Revenue

6.0%

Tax Rate

40.0%

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	157	3.3%	-3.4%	-5	-5	9	(9)	3	-8	-7
2027	167	6.5%	0.8%	1	1	10	(10)	-0	1	1
2028	203	21.4%	5.0%	10	6	12	(13)	-1	6	4
2029	209	3.3%	9.2%	19	11	13	(14)	-0	10	7
2030	216	3.3%	13.3%	29	17	13	(16)	-0	15	10
2031	223	3.3%	13.3%	30	18	13	(17)	-0	14	9
2032	230	3.2%	13.3%	31	18	14	(18)	-0	14	8
2033	238	3.1%	13.3%	32	19	14	(20)	-0	14	7
2034	245	3.1%	13.3%	33	20	15	(21)	-0	13	6
2035	253	3.0%	13.3%	34	20	15	(23)	-0	13	5

Enterprise Value Bridge

Sum of PV(FCFF)49

Terminal Value (Gordon Growth at 3.0%)201

PV of Terminal Value85

Enterprise Value134

(–) Net Debt25

Equity Value109

(÷) Shares Outstanding60

Fair Value per Share$1.81

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.5%	$0	$2	$3	$4	$5
8.6%	$0	$1	$2	$3	$4
9.6%	$0	$1	$2	$3	$3
10.6%	$0	$1	$1	$2	$3
11.6%	$-0	$1	$1	$2	$2

Current price: $4.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.8% 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

$3.64

Market Price

$4.66

Upside / Downside

-21.8%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Care Facilities

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
AirSculpt Technologies, Inc.AIRS	282	2.4x	1.9x
InnovAge Holding Corp.INNV	1,071	1.3x	1.5x
AMN Healthcare Services, Inc.AMN	720	0.5x	0.5x
SI-BONE, Inc.SIBN	582	2.7x	2.3x
Orthofix Medical Inc.OFIX	470	0.8x	0.7x
Pacific Biosciences of California, Inc.PACB	435	7.1x	6.5x
Community Health Systems, Inc.CYH	420	0.9x	1.0x
Aquestive Therapeutics, Inc.AQST	410	9.4x	8.7x
DarioHealth Corp.DRIO	47	2.3x	2.0x
Industry Median		1.8x	1.7x
(*) Revenue		152	185
= Enterprise Value		275	316
(-) Net Debt		75	75
Equity Value		200	241
(/) Outstanding shares		60	60
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.64

-21.8%