Barfresh Food Group, Inc.

BRFH

Consumer DefensiveBeverages - Non-AlcoholicNASDAQ

$2.41

Market Cap: $38.81M

Barfresh Food Group, Inc. (BRFH) Valuation Summary

Updated May 11, 2026 03:16

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.42 – $10.68	$1.18	-51.2%
Revenue DCF 10Y	$0.01 – $17.66	$3.06	+26.9%
▸ Trading Multiples
EV/Revenue	$0.07 – $10.12	$0.23	-90.5%

Valuation History

DCF Analysis

Barfresh Food Group, Inc. (BRFH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.06

Market Price

$2.41

Upside / Downside

+26.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -23.1% to a target of 7.6% over 5 years, discounted at a WACC of 7.2%, Barfresh Food Group, Inc. (BRFH) has an intrinsic value of $3.06 per share (range: $0.01 – $17.66).

Key Assumptions

Current Operating Margin

-23.1%

Target Operating Margin

7.6%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

7.1%

D&A/Revenue

4.8%

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	30	111.0%	-17.0%	-5	-5	1	(0)	1	-5	-5
2027	35	16.9%	-10.8%	-4	-4	2	(1)	0	-3	-3
2028	42	20.7%	-4.7%	-2	-2	2	(1)	0	-1	-1
2029	51	20.7%	1.5%	1	1	2	(2)	0	1	1
2030	62	20.7%	7.6%	5	4	3	(2)	0	4	3
2031	73	17.7%	7.6%	6	4	3	(3)	0	4	3
2032	83	14.8%	7.6%	6	5	4	(4)	0	4	3
2033	93	11.8%	7.6%	7	6	4	(5)	0	4	2
2034	101	8.9%	7.6%	8	6	5	(7)	0	4	2
2035	107	6.0%	7.6%	8	6	5	(8)	0	4	2

Enterprise Value Bridge

Sum of PV(FCFF)7

Terminal Value (Gordon Growth at 3.0%)90

PV of Terminal Value47

Enterprise Value53

(–) Net Debt5

Equity Value49

(÷) Shares Outstanding16

Fair Value per Share$3.06

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.2%	$-1	$2	$7	$12	$18
6.2%	$-1	$1	$4	$8	$12
7.2%	$-1	$0	$3	$6	$8
8.2%	$-1	$0	$2	$4	$6
9.2%	$-1	$0	$2	$3	$5

Current price: $2.41. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 4.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Barfresh Food Group, Inc. (BRFH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.18

Market Price

$2.41

Upside / Downside

-51.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-23.1%

Target Operating Margin

7.6%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

7.1%

D&A/Revenue

4.8%

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	30	111.0%	-17.0%	-5	-5	1	(1)	1	-5	-5
2027	35	16.9%	-10.8%	-4	-4	2	(1)	0	-4	-3
2028	42	20.7%	-4.7%	-2	-2	2	(2)	0	-2	-2
2029	51	20.7%	1.5%	1	1	2	(3)	0	-0	-0
2030	62	20.7%	7.6%	5	4	3	(4)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)44

PV of Terminal Value32

Enterprise Value23

(–) Net Debt5

Equity Value19

(÷) Shares Outstanding16

Fair Value per Share$1.18

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.2%	$-1	$-0	$3	$7	$11
6.2%	$-1	$-1	$2	$4	$7
7.2%	$-1	$-1	$1	$3	$5
8.2%	$-1	$-1	$1	$2	$4
9.2%	$-1	$-1	$0	$2	$3

Current price: $2.41. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 4.4% 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

$0.23

Market Price

$2.41

Upside / Downside

-90.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Barfresh Food Group, Inc. (BRFH) has a fair value of $0.23 based on 6 comparable companies in the Beverages - Non-Alcoholic industry.

EV/Revenue Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Barfresh Food Group, Inc.BRFH	38	3.0x	4.9x
Grove Collaborative Holdings, Inc.GROV	54	0.4x	0.3x
Local Bounti CorporationLOCL	34	11.7x	18.0x
Laird Superfood, Inc.LSF	33	0.6x	0.7x
Bonk, Inc.BNKK	13	25.6x	—
Agape ATP CorporationATPC	2	0.5x	—
CIMG Inc.IMG	2	0.4x	1.3x
Industry Median		0.5x	1.0x
(*) Revenue		14	9
= Enterprise Value		8	9
(-) Net Debt		5	5
Equity Value		3	4
(/) Outstanding shares		16	16
Fair Price		$0	$0

Selected Fair Value (avg of trailing + forward)

$0.23

-90.5%

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 – $10.68

$1.18

-51.2%

Revenue DCF 10Y

$0.01 – $17.66

$3.06

+26.9%

▸ Trading Multiples

EV/Revenue

$0.07 – $10.12

$0.23

-90.5%

DCF Analysis

Barfresh Food Group, Inc. (BRFH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.06

Market Price

$2.41

Upside / Downside

+26.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-23.1%

Target Operating Margin

7.6%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.8%

Target CapEx/Rev

7.1%

D&A/Revenue

4.8%

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	30	111.0%	-17.0%	-5	-5	1	(0)	1	-5	-5
2027	35	16.9%	-10.8%	-4	-4	2	(1)	0	-3	-3
2028	42	20.7%	-4.7%	-2	-2	2	(1)	0	-1	-1
2029	51	20.7%	1.5%	1	1	2	(2)	0	1	1
2030	62	20.7%	7.6%	5	4	3	(2)	0	4	3
2031	73	17.7%	7.6%	6	4	3	(3)	0	4	3
2032	83	14.8%	7.6%	6	5	4	(4)	0	4	3
2033	93	11.8%	7.6%	7	6	4	(5)	0	4	2
2034	101	8.9%	7.6%	8	6	5	(7)	0	4	2
2035	107	6.0%	7.6%	8	6	5	(8)	0	4	2

Enterprise Value Bridge

Sum of PV(FCFF)7

Terminal Value (Gordon Growth at 3.0%)90

PV of Terminal Value47

Enterprise Value53

(–) Net Debt5

Equity Value49

(÷) Shares Outstanding16

Fair Value per Share$3.06

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.2%	$-1	$2	$7	$12	$18
6.2%	$-1	$1	$4	$8	$12
7.2%	$-1	$0	$3	$6	$8
8.2%	$-1	$0	$2	$4	$6
9.2%	$-1	$0	$2	$3	$5

Current price: $2.41. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 4.4% 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

$0.23

Market Price

$2.41

Upside / Downside

-90.5%

Verdict

Overvalued

EV/Revenue Valuation — Beverages - Non-Alcoholic

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Barfresh Food Group, Inc.BRFH	38	3.0x	4.9x
Grove Collaborative Holdings, Inc.GROV	54	0.4x	0.3x
Local Bounti CorporationLOCL	34	11.7x	18.0x
Laird Superfood, Inc.LSF	33	0.6x	0.7x
Bonk, Inc.BNKK	13	25.6x	—
Agape ATP CorporationATPC	2	0.5x	—
CIMG Inc.IMG	2	0.4x	1.3x
Industry Median		0.5x	1.0x
(*) Revenue		14	9
= Enterprise Value		8	9
(-) Net Debt		5	5
Equity Value		3	4
(/) Outstanding shares		16	16
Fair Price		$0	$0

Selected Fair Value (avg of trailing + forward)

$0.23

-90.5%