AtriCure, Inc.

ATRC

HealthcareMedical - Instruments & SuppliesNASDAQ

$26.28

Market Cap: $1.33B

AtriCure, Inc. (ATRC) Valuation Summary

Updated Apr 6, 2026 22:24

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$3.30 – $64.94	$22.59	-22.6%
Revenue DCF 10Y	$7.96 – $98.07	$35.69	+22.3%
▸ Trading Multiples
EV/Revenue	$18.10 – $108.19	$36.22	+24.1%

Valuation History

DCF Analysis

AtriCure, Inc. (ATRC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$35.69

Market Price

$26.28

Upside / Downside

+35.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.6% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, AtriCure, Inc. (ATRC) has an intrinsic value of $35.69 per share (range: $7.96 – $98.07).

Key Assumptions

Current Operating Margin

-0.6%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.2%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

0.4%

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	603	12.8%	2.1%	13	13	18	(32)	54	-55	-52
2027	678	12.3%	5.0%	34	33	20	(36)	15	2	2
2028	767	13.1%	7.8%	59	59	23	(42)	18	23	18
2029	857	11.7%	10.5%	90	90	26	(47)	18	50	38
2030	987	15.2%	13.3%	132	131	29	(55)	26	79	55
2031	1,141	15.6%	13.3%	152	152	34	(65)	31	90	57
2032	1,290	13.1%	13.3%	172	171	38	(74)	30	106	62
2033	1,426	10.6%	13.3%	190	190	43	(83)	27	122	65
2034	1,541	8.1%	13.3%	206	205	46	(91)	23	137	67
2035	1,626	5.5%	13.3%	217	216	48	(98)	17	150	68

Enterprise Value Bridge

Sum of PV(FCFF)380

Terminal Value (Gordon Growth at 3.0%)2,736

PV of Terminal Value1,244

Enterprise Value1,625

(–) Net Debt-79

Equity Value1,704

(÷) Shares Outstanding48

Fair Value per Share$35.69

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$20	$39	$59	$79	$98
7.6%	$15	$30	$45	$60	$75
8.7%	$12	$24	$36	$48	$60
9.7%	$10	$19	$29	$39	$49
10.7%	$8	$16	$25	$33	$42

Current price: $26.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

AtriCure, Inc. (ATRC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$22.59

Market Price

$26.28

Upside / Downside

-14.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-0.6%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.2%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

0.4%

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	603	12.8%	2.1%	13	13	18	(32)	54	-55	-53
2027	678	12.3%	5.0%	34	33	20	(37)	15	1	1
2028	767	13.1%	7.8%	59	59	23	(44)	18	21	17
2029	857	11.7%	10.5%	90	90	26	(50)	18	48	36
2030	987	15.2%	13.3%	132	131	29	(59)	26	75	52

Enterprise Value Bridge

Sum of PV(FCFF)53

Terminal Value (Gordon Growth at 3.0%)1,375

PV of Terminal Value947

Enterprise Value999

(–) Net Debt-79

Equity Value1,079

(÷) Shares Outstanding48

Fair Value per Share$22.59

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$8	$22	$36	$51	$65
7.6%	$6	$17	$28	$39	$50
8.7%	$5	$14	$23	$32	$41
9.7%	$4	$11	$19	$26	$34
10.7%	$3	$10	$16	$23	$29

Current price: $26.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.0% 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

$36.26

Market Price

$26.28

Upside / Downside

+38.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), AtriCure, Inc. (ATRC) has a fair value of $36.26 based on 9 comparable companies in the Medical - Instruments & Supplies industry.

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
AtriCure, Inc.ATRC	1,255	2.2x	1.9x
10x Genomics, Inc.TXG	2,796	3.9x	4.0x
LeMaitre Vascular, Inc.LMAT	2,486	10.6x	10.7x
Select Medical Holdings CorporationSEM	2,031	1.0x	0.8x
NovoCure LimitedNVCR	1,201	2.1x	2.0x
Kestra Medical Technologies, Ltd.KMTS	1,128	15.6x	16.0x
QuidelOrtho CorporationQDEL	1,081	1.4x	1.3x
Xeris Biopharma Holdings, Inc.XERS	1,043	3.3x	2.5x
Azenta, Inc.AZTA	1,041	1.5x	1.4x
BioLife Solutions, Inc.BLFS	931	9.5x	8.1x
Industry Median		3.3x	2.5x
(*) Revenue		535	605
= Enterprise Value		1,776	1,528
(-) Net Debt		-79	-79
Equity Value		1,856	1,607
(/) Outstanding shares		48	48
Fair Price		$39	$34

Selected Fair Value (avg of trailing + forward)

$36.26

+38.0%

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

$3.30 – $64.94

$22.59

-22.6%

Revenue DCF 10Y

$7.96 – $98.07

$35.69

+22.3%

▸ Trading Multiples

EV/Revenue

$18.10 – $108.19

$36.22

+24.1%

DCF Analysis

AtriCure, Inc. (ATRC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$35.69

Market Price

$26.28

Upside / Downside

+35.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.6%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.2%

Target CapEx/Rev

6.0%

D&A/Revenue

3.0%

Tax Rate

0.4%

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	603	12.8%	2.1%	13	13	18	(32)	54	-55	-52
2027	678	12.3%	5.0%	34	33	20	(36)	15	2	2
2028	767	13.1%	7.8%	59	59	23	(42)	18	23	18
2029	857	11.7%	10.5%	90	90	26	(47)	18	50	38
2030	987	15.2%	13.3%	132	131	29	(55)	26	79	55
2031	1,141	15.6%	13.3%	152	152	34	(65)	31	90	57
2032	1,290	13.1%	13.3%	172	171	38	(74)	30	106	62
2033	1,426	10.6%	13.3%	190	190	43	(83)	27	122	65
2034	1,541	8.1%	13.3%	206	205	46	(91)	23	137	67
2035	1,626	5.5%	13.3%	217	216	48	(98)	17	150	68

Enterprise Value Bridge

Sum of PV(FCFF)380

Terminal Value (Gordon Growth at 3.0%)2,736

PV of Terminal Value1,244

Enterprise Value1,625

(–) Net Debt-79

Equity Value1,704

(÷) Shares Outstanding48

Fair Value per Share$35.69

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$20	$39	$59	$79	$98
7.6%	$15	$30	$45	$60	$75
8.7%	$12	$24	$36	$48	$60
9.7%	$10	$19	$29	$39	$49
10.7%	$8	$16	$25	$33	$42

Current price: $26.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.0% 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

$36.26

Market Price

$26.28

Upside / Downside

+38.0%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
AtriCure, Inc.ATRC	1,255	2.2x	1.9x
10x Genomics, Inc.TXG	2,796	3.9x	4.0x
LeMaitre Vascular, Inc.LMAT	2,486	10.6x	10.7x
Select Medical Holdings CorporationSEM	2,031	1.0x	0.8x
NovoCure LimitedNVCR	1,201	2.1x	2.0x
Kestra Medical Technologies, Ltd.KMTS	1,128	15.6x	16.0x
QuidelOrtho CorporationQDEL	1,081	1.4x	1.3x
Xeris Biopharma Holdings, Inc.XERS	1,043	3.3x	2.5x
Azenta, Inc.AZTA	1,041	1.5x	1.4x
BioLife Solutions, Inc.BLFS	931	9.5x	8.1x
Industry Median		3.3x	2.5x
(*) Revenue		535	605
= Enterprise Value		1,776	1,528
(-) Net Debt		-79	-79
Equity Value		1,856	1,607
(/) Outstanding shares		48	48
Fair Price		$39	$34

Selected Fair Value (avg of trailing + forward)

$36.26

+38.0%