Assertio Holdings, Inc.

ASRT

HealthcareDrug Manufacturers - Specialty & GenericNASDAQ

$22.50

Market Cap: $145.02M

Assertio Holdings, Inc. (ASRT) Valuation Summary

Updated May 11, 2026 04:56

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$4.69 – $27.00	$7.22	-67.9%
Revenue DCF 10Y	$12.22 – $48.03	$19.12	-15.0%
▸ Trading Multiples
EV/Revenue	$5.98 – $15.11	$10.59	-52.9%

Valuation History

DCF Analysis

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$19.12

Market Price

$22.50

Upside / Downside

-15.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -18.1% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, Assertio Holdings, Inc. (ASRT) has an intrinsic value of $19.12 per share (range: $12.22 – $48.03).

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	104	-12.6%	-11.9%	-12	-12	23	(4)	-74	81	78
2027	115	11.1%	-5.6%	-6	-6	26	(8)	7	5	4
2028	103	-10.7%	0.7%	1	1	23	(10)	-7	21	17
2029	115	11.3%	6.9%	8	8	26	(15)	7	11	8
2030	123	7.1%	13.2%	16	16	28	(21)	5	18	13
2031	125	1.9%	13.2%	16	16	28	(25)	1	18	11
2032	128	2.1%	13.2%	17	17	29	(30)	2	14	8
2033	131	2.4%	13.2%	17	17	29	(35)	2	10	5
2034	134	2.6%	13.2%	18	18	30	(41)	2	5	3
2035	138	2.8%	13.2%	18	18	31	(46)	2	1	0

Enterprise Value Bridge

Sum of PV(FCFF)147

Terminal Value (Gordon Growth at 3.0%)10

PV of Terminal Value4

Enterprise Value151

(–) Net Debt29

Equity Value122

(÷) Shares Outstanding6

Fair Value per Share$19.12

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$13	$16	$21	$34	$48
7.5%	$13	$16	$20	$30	$41
8.5%	$13	$16	$19	$28	$36
9.5%	$12	$15	$18	$26	$33
10.5%	$12	$15	$18	$24	$30

Current price: $22.50. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.22

Market Price

$22.50

Upside / Downside

-67.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	104	-12.6%	-11.9%	-12	-12	23	(7)	-74	77	74
2027	115	11.1%	-5.6%	-6	-6	26	(16)	7	-3	-3
2028	103	-10.7%	0.7%	1	1	23	(21)	-7	10	8
2029	115	11.3%	6.9%	8	8	26	(31)	7	-4	-3
2030	123	7.1%	13.2%	16	16	28	(41)	5	-2	-2

Enterprise Value Bridge

Sum of PV(FCFF)75

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value75

(–) Net Debt29

Equity Value46

(÷) Shares Outstanding6

Fair Value per Share$7.22

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$5	$6	$7	$13	$27
7.5%	$5	$6	$7	$12	$23
8.5%	$5	$6	$7	$11	$20
9.5%	$5	$6	$7	$10	$18
10.5%	$5	$6	$7	$10	$16

Current price: $22.50. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% 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

$10.59

Market Price

$22.50

Upside / Downside

-52.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Assertio Holdings, Inc. (ASRT) has a fair value of $10.59 based on 6 comparable companies in the Drug Manufacturers - Specialty & Generic industry.

EV/Revenue Valuation — Drug Manufacturers - Specialty & Generic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Assertio Holdings, Inc.ASRT	144	1.5x	1.7x
Vaxart, Inc.VXRT	179	0.6x	6.2x
Fortress Biotech, Inc.FBIO	77	1.1x	0.8x
TScan Therapeutics, Inc.TCRX	68	0.9x	1.2x
Pulmonx CorporationLUNG	53	0.4x	0.4x
Nutriband Inc.NTRB	46	20.2x	12.5x
Lite Strategy, Inc.LITS	44	0.6x	0.6x
Industry Median		0.8x	1.0x
(*) Revenue		119	104
= Enterprise Value		90	103
(-) Net Debt		29	29
Equity Value		61	74
(/) Outstanding shares		6	6
Fair Price		$10	$12

Selected Fair Value (avg of trailing + forward)

$10.59

-52.9%

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.

Assertio Holdings, Inc. (ASRT) Valuation Summary

Updated May 11, 2026 04:56

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$4.69 – $27.00	$7.22	-67.9%
Revenue DCF 10Y	$12.22 – $48.03	$19.12	-15.0%
▸ Trading Multiples
EV/Revenue	$5.98 – $15.11	$10.59	-52.9%

Valuation History

DCF Analysis

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$19.12

Market Price

$22.50

Upside / Downside

-15.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	104	-12.6%	-11.9%	-12	-12	23	(4)	-74	81	78
2027	115	11.1%	-5.6%	-6	-6	26	(8)	7	5	4
2028	103	-10.7%	0.7%	1	1	23	(10)	-7	21	17
2029	115	11.3%	6.9%	8	8	26	(15)	7	11	8
2030	123	7.1%	13.2%	16	16	28	(21)	5	18	13
2031	125	1.9%	13.2%	16	16	28	(25)	1	18	11
2032	128	2.1%	13.2%	17	17	29	(30)	2	14	8
2033	131	2.4%	13.2%	17	17	29	(35)	2	10	5
2034	134	2.6%	13.2%	18	18	30	(41)	2	5	3
2035	138	2.8%	13.2%	18	18	31	(46)	2	1	0

Enterprise Value Bridge

Sum of PV(FCFF)147

Terminal Value (Gordon Growth at 3.0%)10

PV of Terminal Value4

Enterprise Value151

(–) Net Debt29

Equity Value122

(÷) Shares Outstanding6

Fair Value per Share$19.12

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$13	$16	$21	$34	$48
7.5%	$13	$16	$20	$30	$41
8.5%	$13	$16	$19	$28	$36
9.5%	$12	$15	$18	$26	$33
10.5%	$12	$15	$18	$24	$30

Current price: $22.50. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Assertio Holdings, Inc. (ASRT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.22

Market Price

$22.50

Upside / Downside

-67.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-18.1%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.1%

Target CapEx/Rev

33.6%

D&A/Revenue

22.4%

Tax Rate

0.0%

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	104	-12.6%	-11.9%	-12	-12	23	(7)	-74	77	74
2027	115	11.1%	-5.6%	-6	-6	26	(16)	7	-3	-3
2028	103	-10.7%	0.7%	1	1	23	(21)	-7	10	8
2029	115	11.3%	6.9%	8	8	26	(31)	7	-4	-3
2030	123	7.1%	13.2%	16	16	28	(41)	5	-2	-2

Enterprise Value Bridge

Sum of PV(FCFF)75

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value75

(–) Net Debt29

Equity Value46

(÷) Shares Outstanding6

Fair Value per Share$7.22

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$5	$6	$7	$13	$27
7.5%	$5	$6	$7	$12	$23
8.5%	$5	$6	$7	$11	$20
9.5%	$5	$6	$7	$10	$18
10.5%	$5	$6	$7	$10	$16

Current price: $22.50. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 59.5% 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

$10.59

Market Price

$22.50

Upside / Downside

-52.9%

Verdict

Overvalued

EV/Revenue Valuation — Drug Manufacturers - Specialty & Generic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Assertio Holdings, Inc.ASRT	144	1.5x	1.7x
Vaxart, Inc.VXRT	179	0.6x	6.2x
Fortress Biotech, Inc.FBIO	77	1.1x	0.8x
TScan Therapeutics, Inc.TCRX	68	0.9x	1.2x
Pulmonx CorporationLUNG	53	0.4x	0.4x
Nutriband Inc.NTRB	46	20.2x	12.5x
Lite Strategy, Inc.LITS	44	0.6x	0.6x
Industry Median		0.8x	1.0x
(*) Revenue		119	104
= Enterprise Value		90	103
(-) Net Debt		29	29
Equity Value		61	74
(/) Outstanding shares		6	6
Fair Price		$10	$12

Selected Fair Value (avg of trailing + forward)

$10.59

-52.9%