Bitcoin Depot Inc.

BTM

Financial ServicesFinancial - Capital MarketsNASDAQ

$4.90

Market Cap: $18.82M

Bitcoin Depot Inc. (BTM) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$6.74 – $20.67	$11.92	+384.4%
Revenue DCF 10Y	$7.33 – $21.58	$12.62	+413.2%
▸ Trading Multiples
EV/Revenue	$4.37 – $101.83	$9.64	+291.8%

Valuation History

DCF Analysis

Bitcoin Depot Inc. (BTM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.62

Market Price

$4.90

Upside / Downside

+157.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from 6.7% to a target of 24.1% over 5 years, discounted at a WACC of 10.7%, Bitcoin Depot Inc. (BTM) has an intrinsic value of $12.62 per share (range: $7.33 – $21.58).

Key Assumptions

Current Operating Margin

6.7%

Target Operating Margin

24.1%

WACC

10.7%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

12.8%

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	407	-33.8%	10.2%	42	36	7	(6)	4	34	32
2027	437	7.3%	13.7%	60	52	8	(8)	-0	52	45
2028	450	2.9%	17.2%	77	67	8	(11)	-0	65	50
2029	462	2.9%	20.7%	96	83	8	(14)	-0	78	55
2030	476	2.9%	24.1%	115	100	9	(16)	-0	93	59
2031	490	2.9%	24.1%	118	103	9	(19)	-0	93	53
2032	504	2.9%	24.1%	122	106	9	(22)	-0	93	48
2033	519	2.9%	24.1%	125	109	9	(26)	-0	93	43
2034	534	3.0%	24.1%	129	113	10	(29)	-0	93	39
2035	550	3.0%	24.1%	133	116	10	(33)	-0	93	35

Enterprise Value Bridge

Sum of PV(FCFF)460

Terminal Value (Gordon Growth at 2.5%)1,162

PV of Terminal Value442

Enterprise Value902

(–) Net Debt-0

Equity Value902

(÷) Shares Outstanding71

Fair Value per Share$12.62

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
8.7%	$12	$14	$17	$19	$22
9.7%	$10	$12	$14	$16	$18
10.7%	$9	$11	$13	$14	$16
11.7%	$8	$10	$11	$13	$14
12.7%	$7	$9	$10	$11	$13

Current price: $4.90. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Bitcoin Depot Inc. (BTM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$11.92

Market Price

$4.90

Upside / Downside

+143.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

6.7%

Target Operating Margin

24.1%

WACC

10.7%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

12.8%

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	407	-33.8%	10.2%	42	36	7	(8)	4	32	30
2027	437	7.3%	13.7%	60	52	8	(13)	-0	48	41
2028	450	2.9%	17.2%	77	67	8	(18)	-0	58	45
2029	462	2.9%	20.7%	96	83	8	(23)	-0	69	48
2030	476	2.9%	24.1%	115	100	9	(29)	-0	80	51

Enterprise Value Bridge

Sum of PV(FCFF)215

Terminal Value (Gordon Growth at 2.5%)1,005

PV of Terminal Value636

Enterprise Value851

(–) Net Debt-0

Equity Value852

(÷) Shares Outstanding71

Fair Value per Share$11.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
8.7%	$11	$14	$16	$18	$21
9.7%	$10	$12	$14	$16	$18
10.7%	$8	$10	$12	$14	$15
11.7%	$7	$9	$11	$12	$14
12.7%	$7	$8	$9	$11	$12

Current price: $4.90. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.6% 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

$9.64

Market Price

$4.90

Upside / Downside

+96.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Bitcoin Depot Inc. (BTM) has a fair value of $9.64 based on 7 comparable companies in the Financial - Capital Markets industry.

EV/Revenue Valuation — Financial - Capital Markets

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Bitcoin Depot Inc.BTM	350	0.6x	0.6x
Summit State BankSSBI	89	0.5x	0.4x
Income Opportunity Realty Investors, Inc.IOR	75	11.8x	—
Central Plains Bancshares, Inc. Common StockCPBI	74	1.6x	—
Plutus Financial Group LimitedPLUT	49	36.1x	—
OFS Capital CorporationOFS	48	9.2x	5.4x
Heritage Global Inc.HGBL	47	0.6x	0.6x
Dominari Holdings Inc.DOMH	46	0.1x	0.5x
Industry Median		1.6x	0.6x
(*) Revenue		615	629
= Enterprise Value		1,011	366
(-) Net Debt		-0	-0
Equity Value		1,011	366
(/) Outstanding shares		71	71
Fair Price		$14	$5

Selected Fair Value (avg of trailing + forward)

$9.64

+96.7%

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

$6.74 – $20.67

$11.92

+384.4%

Revenue DCF 10Y

$7.33 – $21.58

$12.62

+413.2%

▸ Trading Multiples

EV/Revenue

$4.37 – $101.83

$9.64

+291.8%

DCF Analysis

Bitcoin Depot Inc. (BTM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.62

Market Price

$4.90

Upside / Downside

+157.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

6.7%

Target Operating Margin

24.1%

WACC

10.7%

Terminal Growth Rate

2.5%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

Tax Rate

12.8%

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	407	-33.8%	10.2%	42	36	7	(6)	4	34	32
2027	437	7.3%	13.7%	60	52	8	(8)	-0	52	45
2028	450	2.9%	17.2%	77	67	8	(11)	-0	65	50
2029	462	2.9%	20.7%	96	83	8	(14)	-0	78	55
2030	476	2.9%	24.1%	115	100	9	(16)	-0	93	59
2031	490	2.9%	24.1%	118	103	9	(19)	-0	93	53
2032	504	2.9%	24.1%	122	106	9	(22)	-0	93	48
2033	519	2.9%	24.1%	125	109	9	(26)	-0	93	43
2034	534	3.0%	24.1%	129	113	10	(29)	-0	93	39
2035	550	3.0%	24.1%	133	116	10	(33)	-0	93	35

Enterprise Value Bridge

Sum of PV(FCFF)460

Terminal Value (Gordon Growth at 2.5%)1,162

PV of Terminal Value442

Enterprise Value902

(–) Net Debt-0

Equity Value902

(÷) Shares Outstanding71

Fair Value per Share$12.62

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
8.7%	$12	$14	$17	$19	$22
9.7%	$10	$12	$14	$16	$18
10.7%	$9	$11	$13	$14	$16
11.7%	$8	$10	$11	$13	$14
12.7%	$7	$9	$10	$11	$13

Current price: $4.90. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.6% 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

$9.64

Market Price

$4.90

Upside / Downside

+96.7%

Verdict

Undervalued

EV/Revenue Valuation — Financial - Capital Markets

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Bitcoin Depot Inc.BTM	350	0.6x	0.6x
Summit State BankSSBI	89	0.5x	0.4x
Income Opportunity Realty Investors, Inc.IOR	75	11.8x	—
Central Plains Bancshares, Inc. Common StockCPBI	74	1.6x	—
Plutus Financial Group LimitedPLUT	49	36.1x	—
OFS Capital CorporationOFS	48	9.2x	5.4x
Heritage Global Inc.HGBL	47	0.6x	0.6x
Dominari Holdings Inc.DOMH	46	0.1x	0.5x
Industry Median		1.6x	0.6x
(*) Revenue		615	629
= Enterprise Value		1,011	366
(-) Net Debt		-0	-0
Equity Value		1,011	366
(/) Outstanding shares		71	71
Fair Price		$14	$5

Selected Fair Value (avg of trailing + forward)

$9.64

+96.7%