Apyx Medical Corporation

APYX

HealthcareMedical - DevicesNASDAQ

$3.67

Market Cap: $153.51M

Apyx Medical Corporation (APYX) Valuation Summary

Updated May 11, 2026 02:33

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.16 – $2.69	$0.45	-87.8%
Revenue DCF 10Y	$0.06 – $2.69	$0.51	-86.1%
▸ Trading Multiples
EV/Revenue	$0.80 – $4.34	$3.19	-13.0%

Valuation History

DCF Analysis

Apyx Medical Corporation (APYX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.51

Market Price

$3.67

Upside / Downside

-86.1%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -12.2% to a target of 13.3% over 5 years, discounted at a WACC of 9.5%, Apyx Medical Corporation (APYX) has an intrinsic value of $0.51 per share (range: $0.06 – $2.69).

Key Assumptions

Current Operating Margin

-12.2%

Target Operating Margin

13.3%

WACC

9.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

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	59	11.8%	-7.1%	-4	-4	1	(1)	6	-10	-10
2027	65	10.5%	-2.0%	-1	-1	1	(2)	3	-5	-4
2028	76	17.1%	3.1%	2	2	1	(2)	5	-5	-4
2029	78	2.2%	8.2%	6	5	1	(3)	1	3	2
2030	80	2.2%	13.3%	11	8	1	(3)	1	6	4
2031	82	2.3%	13.3%	11	9	1	(3)	1	5	3
2032	84	2.4%	13.3%	11	9	1	(4)	1	5	3
2033	86	2.6%	13.3%	11	9	1	(4)	1	5	2
2034	88	2.7%	13.3%	12	9	1	(5)	1	5	2
2035	91	2.9%	13.3%	12	10	1	(5)	1	4	2

Enterprise Value Bridge

Sum of PV(FCFF)1

Terminal Value (Gordon Growth at 3.0%)68

PV of Terminal Value28

Enterprise Value29

(–) Net Debt8

Equity Value21

(÷) Shares Outstanding42

Fair Value per Share$0.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.5%	$-1	$0	$1	$2	$3
8.5%	$-1	$0	$1	$1	$2
9.5%	$-1	$-0	$1	$1	$2
10.5%	$-1	$-0	$0	$1	$1
11.5%	$-1	$-0	$0	$1	$1

Current price: $3.67. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Apyx Medical Corporation (APYX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.45

Market Price

$3.67

Upside / Downside

-87.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-12.2%

Target Operating Margin

13.3%

WACC

9.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

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	59	11.8%	-7.1%	-4	-4	1	(2)	6	-11	-10
2027	65	10.5%	-2.0%	-1	-1	1	(2)	3	-5	-5
2028	76	17.1%	3.1%	2	2	1	(3)	5	-6	-4
2029	78	2.2%	8.2%	6	5	1	(4)	1	1	1
2030	80	2.2%	13.3%	11	8	1	(5)	1	4	3

Enterprise Value Bridge

Sum of PV(FCFF)-16

Terminal Value (Gordon Growth at 3.0%)64

PV of Terminal Value42

Enterprise Value27

(–) Net Debt8

Equity Value19

(÷) Shares Outstanding42

Fair Value per Share$0.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.5%	$-1	$0	$1	$2	$3
8.5%	$-1	$0	$1	$1	$2
9.5%	$-1	$-0	$0	$1	$2
10.5%	$-1	$-0	$0	$1	$1
11.5%	$-1	$-0	$0	$1	$1

Current price: $3.67. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.8% 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

$3.19

Market Price

$3.67

Upside / Downside

-13.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Apyx Medical Corporation (APYX) has a fair value of $3.19 based on 6 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
Apyx Medical CorporationAPYX	155	3.1x	3.4x
Pro-Dex, Inc.PDEX	183	3.0x	4.2x
Quipt Home Medical Corp.QIPT	162	0.8x	1.0x
Rapid Micro Biosystems, Inc.RPID	117	3.6x	3.6x
AVITA Medical, Inc.RCEL	104	1.3x	1.2x
Xtant Medical Holdings, Inc.XTNT	80	0.7x	0.8x
InspireMD, Inc.NSPR	54	5.3x	6.8x
Industry Median		2.2x	2.4x
(*) Revenue		53	47
= Enterprise Value		114	170
(-) Net Debt		8	8
Equity Value		107	162
(/) Outstanding shares		42	42
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.19

-13.0%

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

$0.16 – $2.69

$0.45

-87.8%

Revenue DCF 10Y

$0.06 – $2.69

$0.51

-86.1%

▸ Trading Multiples

EV/Revenue

$0.80 – $4.34

$3.19

-13.0%

DCF Analysis

Apyx Medical Corporation (APYX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.51

Market Price

$3.67

Upside / Downside

-86.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-12.2%

Target Operating Margin

13.3%

WACC

9.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.7%

Target CapEx/Rev

6.0%

D&A/Revenue

1.5%

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	59	11.8%	-7.1%	-4	-4	1	(1)	6	-10	-10
2027	65	10.5%	-2.0%	-1	-1	1	(2)	3	-5	-4
2028	76	17.1%	3.1%	2	2	1	(2)	5	-5	-4
2029	78	2.2%	8.2%	6	5	1	(3)	1	3	2
2030	80	2.2%	13.3%	11	8	1	(3)	1	6	4
2031	82	2.3%	13.3%	11	9	1	(3)	1	5	3
2032	84	2.4%	13.3%	11	9	1	(4)	1	5	3
2033	86	2.6%	13.3%	11	9	1	(4)	1	5	2
2034	88	2.7%	13.3%	12	9	1	(5)	1	5	2
2035	91	2.9%	13.3%	12	10	1	(5)	1	4	2

Enterprise Value Bridge

Sum of PV(FCFF)1

Terminal Value (Gordon Growth at 3.0%)68

PV of Terminal Value28

Enterprise Value29

(–) Net Debt8

Equity Value21

(÷) Shares Outstanding42

Fair Value per Share$0.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.5%	$-1	$0	$1	$2	$3
8.5%	$-1	$0	$1	$1	$2
9.5%	$-1	$-0	$1	$1	$2
10.5%	$-1	$-0	$0	$1	$1
11.5%	$-1	$-0	$0	$1	$1

Current price: $3.67. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.8% 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

$3.19

Market Price

$3.67

Upside / Downside

-13.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Apyx Medical Corporation (APYX) has a fair value of $3.19 based on 6 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
Apyx Medical CorporationAPYX	155	3.1x	3.4x
Pro-Dex, Inc.PDEX	183	3.0x	4.2x
Quipt Home Medical Corp.QIPT	162	0.8x	1.0x
Rapid Micro Biosystems, Inc.RPID	117	3.6x	3.6x
AVITA Medical, Inc.RCEL	104	1.3x	1.2x
Xtant Medical Holdings, Inc.XTNT	80	0.7x	0.8x
InspireMD, Inc.NSPR	54	5.3x	6.8x
Industry Median		2.2x	2.4x
(*) Revenue		53	47
= Enterprise Value		114	170
(-) Net Debt		8	8
Equity Value		107	162
(/) Outstanding shares		42	42
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.19

-13.0%