Cullinan Therapeutics, Inc.

CGEM

HealthcareMedical - PharmaceuticalsNASDAQ

$16.33

Market Cap: $1.00B

Cullinan Therapeutics, Inc. (CGEM) Valuation Summary

Updated Apr 7, 2026 22:17

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.10 – $9.54	$2.16	-85.4%
▸ Trading Multiples
EV/Revenue	$1.82 – $4.49	$2.52	-83.1%

Valuation History

DCF Analysis

Cullinan Therapeutics, Inc. (CGEM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.16

Market Price

$16.33

Upside / Downside

-86.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -358.7% to a target of 13.3% over 5 years, discounted at a WACC of 8.8%, Cullinan Therapeutics, Inc. (CGEM) has an intrinsic value of $2.16 per share (range: $0.10 – $9.54).

Key Assumptions

Current Operating Margin

-358.7%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.1%

Target CapEx/Rev

6.0%

D&A/Revenue

0.3%

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)
2022	20	5.0%	-284.3%	-57	-57	0	(1)	-0	-57	-55
2023	21	5.0%	-209.9%	-44	-44	0	(1)	-0	-44	-39
2024	22	5.0%	-135.5%	-30	-30	0	(1)	-0	-30	-25
2025	23	5.0%	-61.1%	-14	-14	0	(1)	-0	-15	-11
2026	27	15.9%	13.3%	4	3	0	(1)	-1	2	2
2027	35	30.2%	13.3%	5	4	0	(2)	-1	3	2
2028	52	49.2%	13.3%	7	5	0	(3)	-3	6	3
2029	70	34.5%	13.3%	9	7	0	(4)	-3	7	4
2030	281	302.5%	13.3%	37	30	1	(16)	-35	50	24
2031	290	3.3%	13.3%	39	31	1	(17)	-2	16	7

Enterprise Value Bridge

Sum of PV(FCFF)-88

Terminal Value (Gordon Growth at 3.0%)276

PV of Terminal Value124

Enterprise Value36

(–) Net Debt-60

Equity Value96

(÷) Shares Outstanding44

Fair Value per Share$2.16

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-0	$2	$5	$7	$10
7.8%	$-1	$1	$3	$5	$7
8.8%	$-1	$1	$2	$4	$5
9.8%	$-1	$0	$2	$3	$4
10.8%	$-1	$0	$1	$2	$3

Current price: $16.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -16.7% 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

$2.44

Market Price

$16.33

Upside / Downside

-85.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cullinan Therapeutics, Inc. (CGEM) has a fair value of $2.44 based on 5 comparable companies in the Medical - Pharmaceuticals industry.

EV/Revenue Valuation — Medical - Pharmaceuticals

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cullinan Therapeutics, Inc.CGEM	723	35.0x	29.7x
Enhabit, Inc.EHAB	710	1.1x	1.1x
CeriBell, Inc.CBLL	673	7.3x	10.2x
ADC Therapeutics S.A.ADCT	473	8.0x	8.1x
Varex Imaging CorporationVREX	444	0.8x	0.8x
Standard BioTools Inc.LAB	361	3.2x	1.6x
Industry Median		3.2x	1.6x
(*) Revenue		19	22
= Enterprise Value		61	36
(-) Net Debt		-60	-60
Equity Value		120	95
(/) Outstanding shares		44	44
Fair Price		$3	$2

Selected Fair Value (avg of trailing + forward)

$2.44

-85.1%

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

—

N/A

—

Revenue DCF 10Y

$0.10 – $9.54

$2.16

-85.4%

▸ Trading Multiples

EV/Revenue

$1.82 – $4.49

$2.52

-83.1%

DCF Analysis

Cullinan Therapeutics, Inc. (CGEM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.16

Market Price

$16.33

Upside / Downside

-86.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-358.7%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.1%

Target CapEx/Rev

6.0%

D&A/Revenue

0.3%

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)
2022	20	5.0%	-284.3%	-57	-57	0	(1)	-0	-57	-55
2023	21	5.0%	-209.9%	-44	-44	0	(1)	-0	-44	-39
2024	22	5.0%	-135.5%	-30	-30	0	(1)	-0	-30	-25
2025	23	5.0%	-61.1%	-14	-14	0	(1)	-0	-15	-11
2026	27	15.9%	13.3%	4	3	0	(1)	-1	2	2
2027	35	30.2%	13.3%	5	4	0	(2)	-1	3	2
2028	52	49.2%	13.3%	7	5	0	(3)	-3	6	3
2029	70	34.5%	13.3%	9	7	0	(4)	-3	7	4
2030	281	302.5%	13.3%	37	30	1	(16)	-35	50	24
2031	290	3.3%	13.3%	39	31	1	(17)	-2	16	7

Enterprise Value Bridge

Sum of PV(FCFF)-88

Terminal Value (Gordon Growth at 3.0%)276

PV of Terminal Value124

Enterprise Value36

(–) Net Debt-60

Equity Value96

(÷) Shares Outstanding44

Fair Value per Share$2.16

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-0	$2	$5	$7	$10
7.8%	$-1	$1	$3	$5	$7
8.8%	$-1	$1	$2	$4	$5
9.8%	$-1	$0	$2	$3	$4
10.8%	$-1	$0	$1	$2	$3

Current price: $16.33. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$2.44

Market Price

$16.33

Upside / Downside

-85.1%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Pharmaceuticals

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cullinan Therapeutics, Inc.CGEM	723	35.0x	29.7x
Enhabit, Inc.EHAB	710	1.1x	1.1x
CeriBell, Inc.CBLL	673	7.3x	10.2x
ADC Therapeutics S.A.ADCT	473	8.0x	8.1x
Varex Imaging CorporationVREX	444	0.8x	0.8x
Standard BioTools Inc.LAB	361	3.2x	1.6x
Industry Median		3.2x	1.6x
(*) Revenue		19	22
= Enterprise Value		61	36
(-) Net Debt		-60	-60
Equity Value		120	95
(/) Outstanding shares		44	44
Fair Price		$3	$2

Selected Fair Value (avg of trailing + forward)

$2.44

-85.1%