Anika Therapeutics, Inc.

ANIK

HealthcareMedical - DevicesNASDAQ

$14.77

Market Cap: $196.52M

Anika Therapeutics, Inc. (ANIK) Valuation Summary

Updated May 11, 2026 09:18

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.73 – $20.89	$8.37	-43.3%
Revenue DCF 10Y	$2.14 – $13.76	$5.64	-61.9%
▸ Trading Multiples
EV/Revenue	$8.50 – $30.67	$22.64	+53.3%

Valuation History

DCF Analysis

Anika Therapeutics, Inc. (ANIK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.64

Market Price

$14.77

Upside / Downside

-61.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -9.8% to a target of 13.2% over 5 years, discounted at a WACC of 8.4%, Anika Therapeutics, Inc. (ANIK) has an intrinsic value of $5.64 per share (range: $2.14 – $13.76).

Key Assumptions

Current Operating Margin

-9.8%

Target Operating Margin

13.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

13.8%

D&A/Revenue

9.2%

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	119	5.1%	-5.2%	-6	-6	11	(7)	11	-14	-13
2027	127	6.7%	-0.6%	-1	-1	12	(9)	3	-1	-1
2028	134	5.5%	4.0%	5	3	12	(11)	3	2	2
2029	125	-6.5%	8.6%	11	6	11	(11)	-4	10	8
2030	117	-6.5%	13.2%	15	9	11	(11)	-3	12	8
2031	111	-4.9%	13.2%	15	9	10	(12)	-2	10	6
2032	107	-3.4%	13.2%	14	8	10	(12)	-1	8	5
2033	105	-1.8%	13.2%	14	8	10	(13)	-1	6	3
2034	105	-0.2%	13.2%	14	8	10	(14)	-0	4	2
2035	107	1.4%	13.2%	14	8	10	(15)	1	3	1

Enterprise Value Bridge

Sum of PV(FCFF)21

Terminal Value (Gordon Growth at 3.0%)56

PV of Terminal Value26

Enterprise Value48

(–) Net Debt-33

Equity Value81

(÷) Shares Outstanding14

Fair Value per Share$5.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.4%	$2	$4	$8	$11	$14
7.4%	$2	$4	$6	$9	$11
8.4%	$2	$4	$6	$8	$10
9.4%	$2	$3	$5	$7	$8
10.4%	$2	$3	$5	$6	$8

Current price: $14.77. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Anika Therapeutics, Inc. (ANIK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.37

Market Price

$14.77

Upside / Downside

-43.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-9.8%

Target Operating Margin

13.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

13.8%

D&A/Revenue

9.2%

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	119	5.1%	-5.2%	-6	-6	11	(8)	11	-15	-14
2027	127	6.7%	-0.6%	-1	-1	12	(11)	3	-3	-3
2028	134	5.5%	4.0%	5	3	12	(14)	3	-1	-1
2029	125	-6.5%	8.6%	11	6	11	(15)	-4	6	5
2030	117	-6.5%	13.2%	15	9	11	(16)	-3	7	5

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)137

PV of Terminal Value95

Enterprise Value87

(–) Net Debt-33

Equity Value120

(÷) Shares Outstanding14

Fair Value per Share$8.37

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.4%	$6	$9	$13	$17	$21
7.4%	$4	$7	$10	$13	$16
8.4%	$4	$6	$8	$11	$13
9.4%	$3	$5	$7	$9	$11
10.4%	$3	$4	$6	$8	$10

Current price: $14.77. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.2% 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

$22.64

Market Price

$14.77

Upside / Downside

+53.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Anika Therapeutics, Inc. (ANIK) has a fair value of $22.64 based on 8 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Anika Therapeutics, Inc.ANIK	212	1.6x	1.2x
Anteris Technologies Global Corp.AVR	242	121.2x	29.1x
Quipt Home Medical Corp.QIPT	162	0.8x	1.0x
Apyx Medical CorporationAPYX	154	3.0x	3.4x
Rapid Micro Biosystems, Inc.RPID	117	3.6x	3.6x
Owlet, Inc.OWLT	104	0.8x	0.8x
MaxCyte, Inc.MXCT	90	2.7x	2.5x
LENSAR, Inc.LNSR	68	1.0x	1.3x
Accuray IncorporatedARAY	45	0.4x	0.4x
Industry Median		1.8x	1.9x
(*) Revenue		113	150
= Enterprise Value		206	376
(-) Net Debt		-33	-33
Equity Value		240	410
(/) Outstanding shares		14	14
Fair Price		$17	$29

Selected Fair Value (avg of trailing + forward)

$22.64

+53.3%

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

$2.73 – $20.89

$8.37

-43.3%

Revenue DCF 10Y

$2.14 – $13.76

$5.64

-61.9%

▸ Trading Multiples

EV/Revenue

$8.50 – $30.67

$22.64

+53.3%

DCF Analysis

Anika Therapeutics, Inc. (ANIK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.64

Market Price

$14.77

Upside / Downside

-61.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-9.8%

Target Operating Margin

13.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

13.8%

D&A/Revenue

9.2%

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	119	5.1%	-5.2%	-6	-6	11	(7)	11	-14	-13
2027	127	6.7%	-0.6%	-1	-1	12	(9)	3	-1	-1
2028	134	5.5%	4.0%	5	3	12	(11)	3	2	2
2029	125	-6.5%	8.6%	11	6	11	(11)	-4	10	8
2030	117	-6.5%	13.2%	15	9	11	(11)	-3	12	8
2031	111	-4.9%	13.2%	15	9	10	(12)	-2	10	6
2032	107	-3.4%	13.2%	14	8	10	(12)	-1	8	5
2033	105	-1.8%	13.2%	14	8	10	(13)	-1	6	3
2034	105	-0.2%	13.2%	14	8	10	(14)	-0	4	2
2035	107	1.4%	13.2%	14	8	10	(15)	1	3	1

Enterprise Value Bridge

Sum of PV(FCFF)21

Terminal Value (Gordon Growth at 3.0%)56

PV of Terminal Value26

Enterprise Value48

(–) Net Debt-33

Equity Value81

(÷) Shares Outstanding14

Fair Value per Share$5.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.4%	$2	$4	$8	$11	$14
7.4%	$2	$4	$6	$9	$11
8.4%	$2	$4	$6	$8	$10
9.4%	$2	$3	$5	$7	$8
10.4%	$2	$3	$5	$6	$8

Current price: $14.77. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.2% 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

$22.64

Market Price

$14.77

Upside / Downside

+53.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Anika Therapeutics, Inc. (ANIK) has a fair value of $22.64 based on 8 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Anika Therapeutics, Inc.ANIK	212	1.6x	1.2x
Anteris Technologies Global Corp.AVR	242	121.2x	29.1x
Quipt Home Medical Corp.QIPT	162	0.8x	1.0x
Apyx Medical CorporationAPYX	154	3.0x	3.4x
Rapid Micro Biosystems, Inc.RPID	117	3.6x	3.6x
Owlet, Inc.OWLT	104	0.8x	0.8x
MaxCyte, Inc.MXCT	90	2.7x	2.5x
LENSAR, Inc.LNSR	68	1.0x	1.3x
Accuray IncorporatedARAY	45	0.4x	0.4x
Industry Median		1.8x	1.9x
(*) Revenue		113	150
= Enterprise Value		206	376
(-) Net Debt		-33	-33
Equity Value		240	410
(/) Outstanding shares		14	14
Fair Price		$17	$29

Selected Fair Value (avg of trailing + forward)

$22.64

+53.3%