Bridgeline Digital, Inc.

BLIN

TechnologySoftware - InfrastructureNASDAQ

$0.96

Market Cap: $12.10M

Bridgeline Digital, Inc. (BLIN) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.42 – $5.03	$1.51	+76.2%
Revenue DCF 10Y	$0.21 – $5.60	$1.98	+130.6%
▸ Trading Multiples
EV/Revenue	$0.71 – $1.90	$1.53	+79.0%

Valuation History

DCF Analysis

Bridgeline Digital, Inc. (BLIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.98

Market Price

$0.96

Upside / Downside

+106.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -15.8% to a target of 10.0% over 5 years, discounted at a WACC of 9.2%, Bridgeline Digital, Inc. (BLIN) has an intrinsic value of $1.98 per share (range: $0.21 – $5.60).

Key Assumptions

Current Operating Margin

-15.8%

Target Operating Margin

10.0%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

1.4%

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	FCFF	PV(FCFF)
2026	19	20.3%	-10.6%	-2	-2	2	(0)	-1	-1
2027	22	21.1%	-5.5%	-1	-1	2	(1)	-0	-0
2028	23	3.8%	-0.3%	-0	-0	2	(1)	1	1
2029	24	3.8%	4.8%	1	1	2	(1)	2	1
2030	25	3.8%	10.0%	2	2	2	(2)	3	2
2031	26	3.6%	10.0%	3	3	2	(2)	3	2
2032	27	3.5%	10.0%	3	3	2	(2)	2	1
2033	28	3.4%	10.0%	3	3	2	(3)	2	1
2034	29	3.3%	10.0%	3	3	2	(3)	2	1
2035	30	3.1%	10.0%	3	3	2	(4)	2	1

Enterprise Value Bridge

Sum of PV(FCFF)9

Terminal Value (Gordon Growth at 3.0%)28

PV of Terminal Value12

Enterprise Value21

(–) Net Debt-1

Equity Value22

(÷) Shares Outstanding11

Fair Value per Share$1.98

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.2%	$0	$2	$3	$4	$6
8.2%	$0	$1	$2	$3	$5
9.2%	$0	$1	$2	$3	$4
10.2%	$0	$1	$2	$2	$3
11.2%	$0	$1	$2	$2	$3

Current price: $0.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 0.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Bridgeline Digital, Inc. (BLIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.51

Market Price

$0.96

Upside / Downside

+57.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-15.8%

Target Operating Margin

10.0%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

1.4%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	FCFF	PV(FCFF)
2026	19	20.3%	-10.6%	-2	-2	2	(1)	-1	-1
2027	22	21.1%	-5.5%	-1	-1	2	(1)	-1	-1
2028	23	3.8%	-0.3%	-0	-0	2	(2)	0	0
2029	24	3.8%	4.8%	1	1	2	(2)	1	1
2030	25	3.8%	10.0%	2	2	2	(3)	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-0

Terminal Value (Gordon Growth at 3.0%)24

PV of Terminal Value16

Enterprise Value16

(–) Net Debt-1

Equity Value17

(÷) Shares Outstanding11

Fair Value per Share$1.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.2%	$-0	$1	$2	$4	$5
8.2%	$-0	$1	$2	$3	$4
9.2%	$-0	$1	$2	$2	$3
10.2%	$-0	$1	$1	$2	$3
11.2%	$-0	$0	$1	$2	$2

Current price: $0.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 0.9% 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

$1.53

Market Price

$0.96

Upside / Downside

+59.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Bridgeline Digital, Inc. (BLIN) has a fair value of $1.53 based on 6 comparable companies in the Software - Infrastructure industry.

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Bridgeline Digital, Inc.BLIN	11	0.6x	0.6x
Intelligent Protection Management Corp.IPM	16	0.4x	1.0x
Smith Micro Software, Inc.SMSI	15	0.9x	0.8x
Amesite Inc.AMST	8	51.3x	5.8x
Datasea Inc.DTSS	7	0.1x	0.9x
CXApp Inc.CXAI	4	1.3x	1.0x
HUB Cyber Security Ltd.HUBC	0	1.3x	1.0x
Industry Median		1.1x	1.0x
(*) Revenue		15	16
= Enterprise Value		17	15
(-) Net Debt		-1	-1
Equity Value		18	16
(/) Outstanding shares		11	11
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.53

+59.7%

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

$0.42 – $5.03

$1.51

+76.2%

Revenue DCF 10Y

$0.21 – $5.60

$1.98

+130.6%

▸ Trading Multiples

EV/Revenue

$0.71 – $1.90

$1.53

+79.0%

DCF Analysis

Bridgeline Digital, Inc. (BLIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.98

Market Price

$0.96

Upside / Downside

+106.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-15.8%

Target Operating Margin

10.0%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

1.4%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	FCFF	PV(FCFF)
2026	19	20.3%	-10.6%	-2	-2	2	(0)	-1	-1
2027	22	21.1%	-5.5%	-1	-1	2	(1)	-0	-0
2028	23	3.8%	-0.3%	-0	-0	2	(1)	1	1
2029	24	3.8%	4.8%	1	1	2	(1)	2	1
2030	25	3.8%	10.0%	2	2	2	(2)	3	2
2031	26	3.6%	10.0%	3	3	2	(2)	3	2
2032	27	3.5%	10.0%	3	3	2	(2)	2	1
2033	28	3.4%	10.0%	3	3	2	(3)	2	1
2034	29	3.3%	10.0%	3	3	2	(3)	2	1
2035	30	3.1%	10.0%	3	3	2	(4)	2	1

Enterprise Value Bridge

Sum of PV(FCFF)9

Terminal Value (Gordon Growth at 3.0%)28

PV of Terminal Value12

Enterprise Value21

(–) Net Debt-1

Equity Value22

(÷) Shares Outstanding11

Fair Value per Share$1.98

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.2%	$0	$2	$3	$4	$6
8.2%	$0	$1	$2	$3	$5
9.2%	$0	$1	$2	$3	$4
10.2%	$0	$1	$2	$2	$3
11.2%	$0	$1	$2	$2	$3

Current price: $0.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 0.9% 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

$1.53

Market Price

$0.96

Upside / Downside

+59.7%

Verdict

Undervalued

EV/Revenue Valuation — Software - Infrastructure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Bridgeline Digital, Inc.BLIN	11	0.6x	0.6x
Intelligent Protection Management Corp.IPM	16	0.4x	1.0x
Smith Micro Software, Inc.SMSI	15	0.9x	0.8x
Amesite Inc.AMST	8	51.3x	5.8x
Datasea Inc.DTSS	7	0.1x	0.9x
CXApp Inc.CXAI	4	1.3x	1.0x
HUB Cyber Security Ltd.HUBC	0	1.3x	1.0x
Industry Median		1.1x	1.0x
(*) Revenue		15	16
= Enterprise Value		17	15
(-) Net Debt		-1	-1
Equity Value		18	16
(/) Outstanding shares		11	11
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.53

+59.7%