Cytek Biosciences, Inc.

CTKB

HealthcareMedical - DevicesNASDAQ

$3.68

Market Cap: $475.24M

Cytek Biosciences, Inc. (CTKB) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.52 – $6.38	$1.80	-60.3%
Revenue DCF 10Y	$0.61 – $9.91	$3.43	-24.2%
▸ Trading Multiples
EV/Revenue	$1.76 – $5.25	$2.26	-50.1%

Valuation History

DCF Analysis

Cytek Biosciences, Inc. (CTKB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.43

Market Price

$3.68

Upside / Downside

-6.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -20.0% to a target of 13.3% over 5 years, discounted at a WACC of 8.4%, Cytek Biosciences, Inc. (CTKB) has an intrinsic value of $3.43 per share (range: $0.61 – $9.91).

Key Assumptions

Current Operating Margin

-20.0%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.1%

Target CapEx/Rev

6.1%

D&A/Revenue

4.1%

Tax Rate

0.0%

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	208	3.4%	-13.4%	-28	-28	8	(7)	-2	-24	-23
2027	223	7.0%	-6.7%	-15	-15	9	(8)	8	-22	-19
2028	246	10.5%	-0.0%	-0	-0	10	(10)	13	-13	-10
2029	259	5.1%	6.7%	17	17	11	(11)	7	10	7
2030	290	12.0%	13.3%	39	39	12	(13)	17	20	14
2031	321	10.5%	13.3%	43	43	13	(16)	16	24	15
2032	349	9.0%	13.3%	47	47	14	(18)	16	27	16
2033	376	7.5%	13.3%	50	50	15	(21)	14	31	17
2034	398	6.0%	13.3%	53	53	16	(23)	12	34	17
2035	416	4.5%	13.3%	56	56	17	(25)	10	37	17

Enterprise Value Bridge

Sum of PV(FCFF)51

Terminal Value (Gordon Growth at 3.0%)710

PV of Terminal Value329

Enterprise Value380

(–) Net Debt-58

Equity Value438

(÷) Shares Outstanding128

Fair Value per Share$3.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$2	$4	$6	$8	$10
7.4%	$1	$3	$4	$6	$7
8.4%	$1	$2	$3	$5	$6
9.4%	$1	$2	$3	$4	$5
10.4%	$1	$1	$2	$3	$4

Current price: $3.68. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 53.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Cytek Biosciences, Inc. (CTKB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.80

Market Price

$3.68

Upside / Downside

-51.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-20.0%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.1%

Target CapEx/Rev

6.1%

D&A/Revenue

4.1%

Tax Rate

0.0%

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	208	3.4%	-13.4%	-28	-28	8	(8)	-2	-25	-24
2027	223	7.0%	-6.7%	-15	-15	9	(10)	8	-23	-21
2028	246	10.5%	-0.0%	-0	-0	10	(12)	13	-15	-12
2029	259	5.1%	6.7%	17	17	11	(14)	7	7	5
2030	290	12.0%	13.3%	39	39	12	(18)	17	16	11

Enterprise Value Bridge

Sum of PV(FCFF)-40

Terminal Value (Gordon Growth at 3.0%)305

PV of Terminal Value212

Enterprise Value172

(–) Net Debt-58

Equity Value229

(÷) Shares Outstanding128

Fair Value per Share$1.80

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$-0	$1	$3	$5	$6
7.4%	$-0	$1	$2	$4	$5
8.4%	$-0	$1	$2	$3	$4
9.4%	$-0	$1	$1	$2	$3
10.4%	$-0	$1	$1	$2	$3

Current price: $3.68. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 53.7% 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

$2.33

Market Price

$3.68

Upside / Downside

-36.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cytek Biosciences, Inc. (CTKB) has a fair value of $2.33 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cytek Biosciences, Inc.CTKB	470	2.0x	2.0x
CeriBell, Inc.CBLL	684	7.5x	10.4x
Avanos Medical, Inc.AVNS	643	1.0x	1.0x
Varex Imaging CorporationVREX	443	0.8x	0.8x
AngioDynamics, Inc.ANGO	406	1.2x	1.1x
OrthoPediatrics Corp.KIDS	403	1.8x	1.6x
Standard BioTools Inc.LAB	347	3.0x	1.5x
Organogenesis Holdings Inc.ORGO	288	0.6x	0.7x
ClearPoint Neuro, Inc.CLPT	279	7.9x	10.4x
Treace Medical Concepts, Inc.TMCI	93	0.5x	0.5x
Industry Median		1.2x	1.1x
(*) Revenue		201	197
= Enterprise Value		241	220
(-) Net Debt		-67	-67
Equity Value		308	287
(/) Outstanding shares		128	128
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$2.33

-36.7%

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

$0.52 – $6.38

$1.80

-60.3%

Revenue DCF 10Y

$0.61 – $9.91

$3.43

-24.2%

▸ Trading Multiples

EV/Revenue

$1.76 – $5.25

$2.26

-50.1%

DCF Analysis

Cytek Biosciences, Inc. (CTKB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.43

Market Price

$3.68

Upside / Downside

-6.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-20.0%

Target Operating Margin

13.3%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.1%

Target CapEx/Rev

6.1%

D&A/Revenue

4.1%

Tax Rate

0.0%

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	208	3.4%	-13.4%	-28	-28	8	(7)	-2	-24	-23
2027	223	7.0%	-6.7%	-15	-15	9	(8)	8	-22	-19
2028	246	10.5%	-0.0%	-0	-0	10	(10)	13	-13	-10
2029	259	5.1%	6.7%	17	17	11	(11)	7	10	7
2030	290	12.0%	13.3%	39	39	12	(13)	17	20	14
2031	321	10.5%	13.3%	43	43	13	(16)	16	24	15
2032	349	9.0%	13.3%	47	47	14	(18)	16	27	16
2033	376	7.5%	13.3%	50	50	15	(21)	14	31	17
2034	398	6.0%	13.3%	53	53	16	(23)	12	34	17
2035	416	4.5%	13.3%	56	56	17	(25)	10	37	17

Enterprise Value Bridge

Sum of PV(FCFF)51

Terminal Value (Gordon Growth at 3.0%)710

PV of Terminal Value329

Enterprise Value380

(–) Net Debt-58

Equity Value438

(÷) Shares Outstanding128

Fair Value per Share$3.43

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.4%	$2	$4	$6	$8	$10
7.4%	$1	$3	$4	$6	$7
8.4%	$1	$2	$3	$5	$6
9.4%	$1	$2	$3	$4	$5
10.4%	$1	$1	$2	$3	$4

Current price: $3.68. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 53.7% 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

$2.33

Market Price

$3.68

Upside / Downside

-36.7%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cytek Biosciences, Inc. (CTKB) has a fair value of $2.33 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cytek Biosciences, Inc.CTKB	470	2.0x	2.0x
CeriBell, Inc.CBLL	684	7.5x	10.4x
Avanos Medical, Inc.AVNS	643	1.0x	1.0x
Varex Imaging CorporationVREX	443	0.8x	0.8x
AngioDynamics, Inc.ANGO	406	1.2x	1.1x
OrthoPediatrics Corp.KIDS	403	1.8x	1.6x
Standard BioTools Inc.LAB	347	3.0x	1.5x
Organogenesis Holdings Inc.ORGO	288	0.6x	0.7x
ClearPoint Neuro, Inc.CLPT	279	7.9x	10.4x
Treace Medical Concepts, Inc.TMCI	93	0.5x	0.5x
Industry Median		1.2x	1.1x
(*) Revenue		201	197
= Enterprise Value		241	220
(-) Net Debt		-67	-67
Equity Value		308	287
(/) Outstanding shares		128	128
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$2.33

-36.7%