Aytu BioPharma, Inc.

AYTU

HealthcareDrug Manufacturers - Specialty & GenericNASDAQ

$2.30

Market Cap: $18.63M

Aytu BioPharma, Inc. (AYTU) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.86 – $20.88	$8.94	+254.9%
Revenue DCF 10Y	$4.46 – $22.41	$11.17	+343.2%
▸ Trading Multiples
EV/Revenue	$24.77 – $81.28	$42.04	+1568.4%

Valuation History

DCF Analysis

Aytu BioPharma, Inc. (AYTU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$11.17

Market Price

$2.30

Upside / Downside

+385.7%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -11.8% to a target of 13.3% over 5 years, discounted at a WACC of 11.4%, Aytu BioPharma, Inc. (AYTU) has an intrinsic value of $11.17 per share (range: $4.46 – $22.41).

Key Assumptions

Current Operating Margin

-11.8%

Target Operating Margin

13.3%

WACC

11.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.1%

Target CapEx/Rev

15.3%

D&A/Revenue

10.2%

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	57	-14.1%	-6.8%	-4	-4	6	(1)	-12	13	12
2027	81	42.6%	-1.7%	-1	-1	8	(3)	8	-5	-4
2028	94	16.1%	3.3%	3	2	10	(5)	5	3	2
2029	95	0.3%	8.3%	8	6	10	(6)	0	9	6
2030	95	0.3%	13.3%	13	10	10	(8)	0	12	7
2031	96	0.7%	13.3%	13	10	10	(9)	0	10	6
2032	97	1.2%	13.3%	13	10	10	(11)	0	9	4
2033	98	1.6%	13.3%	13	10	10	(12)	1	8	3
2034	101	2.1%	13.3%	13	11	10	(14)	1	6	2
2035	103	2.5%	13.3%	14	11	11	(16)	1	5	2

Enterprise Value Bridge

Sum of PV(FCFF)41

Terminal Value (Gordon Growth at 3.0%)58

PV of Terminal Value21

Enterprise Value62

(–) Net Debt-8

Equity Value70

(÷) Shares Outstanding6

Fair Value per Share$11.17

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
9.4%	$5	$9	$14	$18	$22
10.4%	$5	$8	$12	$16	$20
11.4%	$5	$8	$11	$14	$18
12.4%	$5	$7	$10	$13	$16
13.4%	$4	$7	$10	$12	$15

Current price: $2.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Aytu BioPharma, Inc. (AYTU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.94

Market Price

$2.30

Upside / Downside

+288.7%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-11.8%

Target Operating Margin

13.3%

WACC

11.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.1%

Target CapEx/Rev

15.3%

D&A/Revenue

10.2%

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	57	-14.1%	-6.8%	-4	-4	6	(2)	-12	12	11
2027	81	42.6%	-1.7%	-1	-1	8	(6)	8	-7	-6
2028	94	16.1%	3.3%	3	2	10	(9)	5	-2	-1
2029	95	0.3%	8.3%	8	6	10	(12)	0	4	3
2030	95	0.3%	13.3%	13	10	10	(15)	0	5	3

Enterprise Value Bridge

Sum of PV(FCFF)10

Terminal Value (Gordon Growth at 3.0%)62

PV of Terminal Value38

Enterprise Value48

(–) Net Debt-8

Equity Value56

(÷) Shares Outstanding6

Fair Value per Share$8.94

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
9.4%	$2	$7	$12	$16	$21
10.4%	$2	$6	$10	$14	$18
11.4%	$2	$5	$9	$12	$16
12.4%	$2	$5	$8	$11	$14
13.4%	$2	$5	$7	$10	$13

Current price: $2.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.7% 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

$42.04

Market Price

$2.30

Upside / Downside

+1728.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Aytu BioPharma, Inc. (AYTU) has a fair value of $42.04 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
Aytu BioPharma, Inc.AYTU	14	0.1x	0.1x
Adlai Nortye Ltd.ANL	499	100.0x	74.4x
Ekso Bionics Holdings, Inc.EKSO	27	2.2x	1.9x
TherapeuticsMD, Inc.TXMD	25	7.6x	11.4x
OSR Holdings, Inc.OSRH	15	4.6x	3.9x
Biofrontera Inc.BFRI	13	0.3x	0.3x
ProPhase Labs, Inc.PRPH	1	3.6x	0.2x
Industry Median		4.1x	2.9x
(*) Revenue		66	81
= Enterprise Value		273	239
(-) Net Debt		-8	-8
Equity Value		282	247
(/) Outstanding shares		6	6
Fair Price		$45	$39

Selected Fair Value (avg of trailing + forward)

$42.04

+1728.0%

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

$1.86 – $20.88

$8.94

+254.9%

Revenue DCF 10Y

$4.46 – $22.41

$11.17

+343.2%

▸ Trading Multiples

EV/Revenue

$24.77 – $81.28

$42.04

+1568.4%

DCF Analysis

Aytu BioPharma, Inc. (AYTU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$11.17

Market Price

$2.30

Upside / Downside

+385.7%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-11.8%

Target Operating Margin

13.3%

WACC

11.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.1%

Target CapEx/Rev

15.3%

D&A/Revenue

10.2%

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	57	-14.1%	-6.8%	-4	-4	6	(1)	-12	13	12
2027	81	42.6%	-1.7%	-1	-1	8	(3)	8	-5	-4
2028	94	16.1%	3.3%	3	2	10	(5)	5	3	2
2029	95	0.3%	8.3%	8	6	10	(6)	0	9	6
2030	95	0.3%	13.3%	13	10	10	(8)	0	12	7
2031	96	0.7%	13.3%	13	10	10	(9)	0	10	6
2032	97	1.2%	13.3%	13	10	10	(11)	0	9	4
2033	98	1.6%	13.3%	13	10	10	(12)	1	8	3
2034	101	2.1%	13.3%	13	11	10	(14)	1	6	2
2035	103	2.5%	13.3%	14	11	11	(16)	1	5	2

Enterprise Value Bridge

Sum of PV(FCFF)41

Terminal Value (Gordon Growth at 3.0%)58

PV of Terminal Value21

Enterprise Value62

(–) Net Debt-8

Equity Value70

(÷) Shares Outstanding6

Fair Value per Share$11.17

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
9.4%	$5	$9	$14	$18	$22
10.4%	$5	$8	$12	$16	$20
11.4%	$5	$8	$11	$14	$18
12.4%	$5	$7	$10	$13	$16
13.4%	$4	$7	$10	$12	$15

Current price: $2.30. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 34.7% 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

$42.04

Market Price

$2.30

Upside / Downside

+1728.0%

Verdict

Undervalued

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
Aytu BioPharma, Inc.AYTU	14	0.1x	0.1x
Adlai Nortye Ltd.ANL	499	100.0x	74.4x
Ekso Bionics Holdings, Inc.EKSO	27	2.2x	1.9x
TherapeuticsMD, Inc.TXMD	25	7.6x	11.4x
OSR Holdings, Inc.OSRH	15	4.6x	3.9x
Biofrontera Inc.BFRI	13	0.3x	0.3x
ProPhase Labs, Inc.PRPH	1	3.6x	0.2x
Industry Median		4.1x	2.9x
(*) Revenue		66	81
= Enterprise Value		273	239
(-) Net Debt		-8	-8
Equity Value		282	247
(/) Outstanding shares		6	6
Fair Price		$45	$39

Selected Fair Value (avg of trailing + forward)

$42.04

+1728.0%