Evommune, Inc.

EVMN

HealthcareBiotechnologyNYSE

$22.92

Market Cap: $295.01M

Evommune, Inc. (EVMN) Valuation Summary

Updated May 11, 2026 09:42

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$28.21 – $80.70	$44.61	+94.6%
Revenue DCF 10Y	$10.22 – $48.72	$21.79	-4.9%
▸ Trading Multiples
EV/Revenue	$2.03 – $8.94	$4.13	-82.0%

Valuation History

DCF Analysis

Evommune, Inc. (EVMN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$21.79

Market Price

$22.92

Upside / Downside

-4.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -623.6% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, Evommune, Inc. (EVMN) has an intrinsic value of $21.79 per share (range: $10.22 – $48.72).

Key Assumptions

Current Operating Margin

-623.6%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

24.5%

D&A/Revenue

16.4%

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	8	-40.7%	-496.3%	-38	-38	1	(0)	2	-40	-38
2027	1	-86.7%	-368.9%	-4	-4	0	(0)	5	-8	-7
2028	6	462.6%	-241.5%	-14	-14	1	(0)	-3	-10	-8
2029	21	262.9%	-114.2%	-24	-24	3	(2)	-11	-12	-9
2030	164	682.5%	13.2%	22	17	27	(22)	-101	124	86
2031	213	30.0%	13.2%	28	22	35	(33)	-35	59	38
2032	277	30.0%	13.2%	37	29	45	(49)	-45	70	41
2033	360	30.0%	13.2%	47	38	59	(72)	-59	83	45
2034	441	22.4%	13.2%	58	46	72	(98)	-57	77	38
2035	497	12.7%	13.2%	66	52	81	(122)	-40	51	23

Enterprise Value Bridge

Sum of PV(FCFF)209

Terminal Value (Gordon Growth at 3.0%)949

PV of Terminal Value436

Enterprise Value645

(–) Net Debt-42

Equity Value687

(÷) Shares Outstanding32

Fair Value per Share$21.79

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$21	$28	$35	$42	$49
7.5%	$17	$22	$27	$32	$37
8.5%	$14	$18	$22	$26	$30
9.5%	$12	$15	$18	$21	$25
10.5%	$10	$13	$16	$18	$21

Current price: $22.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -71.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Evommune, Inc. (EVMN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$44.61

Market Price

$22.92

Upside / Downside

+94.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-623.6%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

24.5%

D&A/Revenue

16.4%

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	8	-40.7%	-496.3%	-38	-38	1	(0)	2	-40	-38
2027	1	-86.7%	-368.9%	-4	-4	0	(0)	5	-8	-7
2028	6	462.6%	-241.5%	-14	-14	1	(1)	-3	-11	-9
2029	21	262.9%	-114.2%	-24	-24	3	(4)	-11	-14	-10
2030	164	682.5%	13.2%	22	17	27	(40)	-101	105	73

Enterprise Value Bridge

Sum of PV(FCFF)8

Terminal Value (Gordon Growth at 3.0%)1,960

PV of Terminal Value1,356

Enterprise Value1,364

(–) Net Debt-42

Equity Value1,406

(÷) Shares Outstanding32

Fair Value per Share$44.61

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$69	$72	$75	$78	$81
7.5%	$52	$54	$56	$59	$61
8.5%	$41	$43	$45	$46	$48
9.5%	$34	$35	$36	$38	$39
10.5%	$28	$29	$31	$32	$33

Current price: $22.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$4.13

Market Price

$22.92

Upside / Downside

-82.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Evommune, Inc. (EVMN) has a fair value of $4.13 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Evommune, Inc.EVMN	723	52.3x	88.3x
Ligand Pharmaceuticals IncorporatedLGND	4,415	17.5x	16.6x
Zymeworks Inc.ZYME	1,976	18.4x	6.6x
Fortrea Holdings Inc.FTRE	1,459	0.5x	0.5x
EyePoint Pharmaceuticals, Inc.EYPT	1,145	33.9x	—
Codexis, Inc.CDXS	259	4.0x	3.8x
OmniAb, Inc.OABI	189	9.8x	6.3x
Karyopharm Therapeutics Inc.KPTI	74	1.7x	1.8x
Industry Median		9.8x	5.0x
(*) Revenue		13	8
= Enterprise Value		128	49
(-) Net Debt		-42	-42
Equity Value		170	91
(/) Outstanding shares		32	32
Fair Price		$5	$3

Selected Fair Value (avg of trailing + forward)

$4.13

-82.0%

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

$28.21 – $80.70

$44.61

+94.6%

Revenue DCF 10Y

$10.22 – $48.72

$21.79

-4.9%

▸ Trading Multiples

EV/Revenue

$2.03 – $8.94

$4.13

-82.0%

DCF Analysis

Evommune, Inc. (EVMN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$21.79

Market Price

$22.92

Upside / Downside

-4.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-623.6%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

24.5%

D&A/Revenue

16.4%

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	8	-40.7%	-496.3%	-38	-38	1	(0)	2	-40	-38
2027	1	-86.7%	-368.9%	-4	-4	0	(0)	5	-8	-7
2028	6	462.6%	-241.5%	-14	-14	1	(0)	-3	-10	-8
2029	21	262.9%	-114.2%	-24	-24	3	(2)	-11	-12	-9
2030	164	682.5%	13.2%	22	17	27	(22)	-101	124	86
2031	213	30.0%	13.2%	28	22	35	(33)	-35	59	38
2032	277	30.0%	13.2%	37	29	45	(49)	-45	70	41
2033	360	30.0%	13.2%	47	38	59	(72)	-59	83	45
2034	441	22.4%	13.2%	58	46	72	(98)	-57	77	38
2035	497	12.7%	13.2%	66	52	81	(122)	-40	51	23

Enterprise Value Bridge

Sum of PV(FCFF)209

Terminal Value (Gordon Growth at 3.0%)949

PV of Terminal Value436

Enterprise Value645

(–) Net Debt-42

Equity Value687

(÷) Shares Outstanding32

Fair Value per Share$21.79

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$21	$28	$35	$42	$49
7.5%	$17	$22	$27	$32	$37
8.5%	$14	$18	$22	$26	$30
9.5%	$12	$15	$18	$21	$25
10.5%	$10	$13	$16	$18	$21

Current price: $22.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$4.13

Market Price

$22.92

Upside / Downside

-82.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Evommune, Inc. (EVMN) has a fair value of $4.13 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Evommune, Inc.EVMN	723	52.3x	88.3x
Ligand Pharmaceuticals IncorporatedLGND	4,415	17.5x	16.6x
Zymeworks Inc.ZYME	1,976	18.4x	6.6x
Fortrea Holdings Inc.FTRE	1,459	0.5x	0.5x
EyePoint Pharmaceuticals, Inc.EYPT	1,145	33.9x	—
Codexis, Inc.CDXS	259	4.0x	3.8x
OmniAb, Inc.OABI	189	9.8x	6.3x
Karyopharm Therapeutics Inc.KPTI	74	1.7x	1.8x
Industry Median		9.8x	5.0x
(*) Revenue		13	8
= Enterprise Value		128	49
(-) Net Debt		-42	-42
Equity Value		170	91
(/) Outstanding shares		32	32
Fair Price		$5	$3

Selected Fair Value (avg of trailing + forward)

$4.13

-82.0%