Clarus Corporation

CLAR

Consumer CyclicalLeisureNASDAQ

$2.87

Market Cap: $110.33M

Clarus Corporation (CLAR) Valuation Summary

Updated Apr 27, 2026 22:21

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.50 – $15.83	$2.42	-9.7%
Revenue DCF 10Y	$0.76 – $12.62	$1.54	-42.7%
▸ Trading Multiples
EV/Revenue	$4.03 – $18.16	$4.88	+82.0%

Valuation History

DCF Analysis

Clarus Corporation (CLAR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.54

Market Price

$2.87

Upside / Downside

-46.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -8.2% to a target of 7.7% over 5 years, discounted at a WACC of 7.9%, Clarus Corporation (CLAR) has an intrinsic value of $1.54 per share (range: $0.76 – $12.62).

Key Assumptions

Current Operating Margin

-8.2%

Target Operating Margin

7.7%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

9.2%

D&A/Revenue

6.1%

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	259	2.6%	-5.0%	-13	-13	16	(10)	75	-82	-79
2027	269	4.0%	-1.8%	-5	-5	16	(12)	4	-4	-4
2028	286	6.3%	1.4%	4	3	17	(14)	7	-1	-1
2029	282	-1.3%	4.5%	13	10	17	(16)	-2	13	10
2030	278	-1.3%	7.7%	21	17	17	(17)	-2	18	13
2031	277	-0.6%	7.7%	21	17	17	(19)	-1	16	10
2032	277	0.1%	7.7%	21	17	17	(20)	0	13	8
2033	279	0.8%	7.7%	22	17	17	(22)	1	11	6
2034	284	1.6%	7.7%	22	17	17	(24)	2	9	4
2035	290	2.3%	7.7%	22	18	18	(27)	3	6	3

Enterprise Value Bridge

Sum of PV(FCFF)-28

Terminal Value (Gordon Growth at 3.0%)129

PV of Terminal Value63

Enterprise Value35

(–) Net Debt-24

Equity Value59

(÷) Shares Outstanding38

Fair Value per Share$1.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.9%	$-2	$-1	$3	$8	$13
6.9%	$-2	$-1	$2	$6	$9
7.9%	$-2	$-1	$2	$4	$7
8.9%	$-2	$-1	$1	$3	$6
9.9%	$-2	$-1	$1	$3	$5

Current price: $2.87. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Clarus Corporation (CLAR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.42

Market Price

$2.87

Upside / Downside

-15.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-8.2%

Target Operating Margin

7.7%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

9.2%

D&A/Revenue

6.1%

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	259	2.6%	-5.0%	-13	-13	16	(11)	75	-83	-80
2027	269	4.0%	-1.8%	-5	-5	16	(15)	4	-8	-7
2028	286	6.3%	1.4%	4	3	17	(19)	7	-6	-5
2029	282	-1.3%	4.5%	13	10	17	(22)	-2	6	5
2030	278	-1.3%	7.7%	21	17	17	(25)	-2	10	7

Enterprise Value Bridge

Sum of PV(FCFF)-80

Terminal Value (Gordon Growth at 3.0%)209

PV of Terminal Value148

Enterprise Value68

(–) Net Debt-24

Equity Value93

(÷) Shares Outstanding38

Fair Value per Share$2.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.9%	$-2	$1	$6	$11	$16
6.9%	$-2	$-0	$4	$7	$11
7.9%	$-2	$-1	$2	$5	$8
8.9%	$-2	$-1	$2	$4	$7
9.9%	$-2	$-1	$1	$3	$5

Current price: $2.87. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.8% 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

$4.86

Market Price

$2.87

Upside / Downside

+69.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Clarus Corporation (CLAR) has a fair value of $4.86 based on 6 comparable companies in the Leisure industry.

EV/Revenue Valuation — Leisure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Clarus CorporationCLAR	110	0.3x	0.3x
Funko, Inc.FNKO	239	0.5x	0.5x
Playboy, Inc.PLBY	164	2.7x	4.1x
China Automotive Systems, Inc.CAAS	136	0.3x	0.5x
a.k.a. Brands Holding Corp.AKA	119	0.5x	0.5x
Traeger, Inc.COOK	112	0.9x	1.1x
Vroom, Inc.VRM	83	7.6x	0.4x
Industry Median		0.7x	0.5x
(*) Revenue		250	262
= Enterprise Value		183	141
(-) Net Debt		-24	-24
Equity Value		208	166
(/) Outstanding shares		38	38
Fair Price		$5	$4

Selected Fair Value (avg of trailing + forward)

$4.86

+69.5%

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

$0.50 – $15.83

$2.42

-9.7%

Revenue DCF 10Y

$0.76 – $12.62

$1.54

-42.7%

▸ Trading Multiples

EV/Revenue

$4.03 – $18.16

$4.88

+82.0%

DCF Analysis

Clarus Corporation (CLAR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.54

Market Price

$2.87

Upside / Downside

-46.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-8.2%

Target Operating Margin

7.7%

WACC

7.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

9.2%

D&A/Revenue

6.1%

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	259	2.6%	-5.0%	-13	-13	16	(10)	75	-82	-79
2027	269	4.0%	-1.8%	-5	-5	16	(12)	4	-4	-4
2028	286	6.3%	1.4%	4	3	17	(14)	7	-1	-1
2029	282	-1.3%	4.5%	13	10	17	(16)	-2	13	10
2030	278	-1.3%	7.7%	21	17	17	(17)	-2	18	13
2031	277	-0.6%	7.7%	21	17	17	(19)	-1	16	10
2032	277	0.1%	7.7%	21	17	17	(20)	0	13	8
2033	279	0.8%	7.7%	22	17	17	(22)	1	11	6
2034	284	1.6%	7.7%	22	17	17	(24)	2	9	4
2035	290	2.3%	7.7%	22	18	18	(27)	3	6	3

Enterprise Value Bridge

Sum of PV(FCFF)-28

Terminal Value (Gordon Growth at 3.0%)129

PV of Terminal Value63

Enterprise Value35

(–) Net Debt-24

Equity Value59

(÷) Shares Outstanding38

Fair Value per Share$1.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.9%	$-2	$-1	$3	$8	$13
6.9%	$-2	$-1	$2	$6	$9
7.9%	$-2	$-1	$2	$4	$7
8.9%	$-2	$-1	$1	$3	$6
9.9%	$-2	$-1	$1	$3	$5

Current price: $2.87. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 40.8% 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

$4.86

Market Price

$2.87

Upside / Downside

+69.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Clarus Corporation (CLAR) has a fair value of $4.86 based on 6 comparable companies in the Leisure industry.

EV/Revenue Valuation — Leisure

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Clarus CorporationCLAR	110	0.3x	0.3x
Funko, Inc.FNKO	239	0.5x	0.5x
Playboy, Inc.PLBY	164	2.7x	4.1x
China Automotive Systems, Inc.CAAS	136	0.3x	0.5x
a.k.a. Brands Holding Corp.AKA	119	0.5x	0.5x
Traeger, Inc.COOK	112	0.9x	1.1x
Vroom, Inc.VRM	83	7.6x	0.4x
Industry Median		0.7x	0.5x
(*) Revenue		250	262
= Enterprise Value		183	141
(-) Net Debt		-24	-24
Equity Value		208	166
(/) Outstanding shares		38	38
Fair Price		$5	$4

Selected Fair Value (avg of trailing + forward)

$4.86

+69.5%