FTC Solar, Inc.

FTCI

EnergySolarNASDAQ

$4.41

Market Cap: $70.58M

FTC Solar, Inc. (FTCI) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.27 – $36.90	$7.81	+108.4%
▸ Trading Multiples
EV/Revenue	$3.14 – $17.39	$7.11	+89.5%

Valuation History

DCF Analysis

FTC Solar, Inc. (FTCI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.81

Market Price

$4.41

Upside / Downside

+77.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -33.5% to a target of 15.8% over 5 years, discounted at a WACC of 9.4%, FTC Solar, Inc. (FTCI) has an intrinsic value of $7.81 per share (range: $1.27 – $36.90).

Key Assumptions

Current Operating Margin

-33.5%

Target Operating Margin

15.8%

WACC

9.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

1.3%

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)
2026	162	62.2%	-23.7%	-38	-38	2	(3)	27	-66	-63
2027	236	46.0%	-13.8%	-33	-33	3	(5)	37	-71	-62
2028	268	13.3%	-4.0%	-11	-11	4	(7)	15	-30	-24
2029	356	33.1%	5.9%	21	17	5	(11)	44	-34	-24
2030	459	28.9%	15.8%	72	57	6	(17)	51	-4	-3
2031	413	-10.0%	15.8%	65	51	6	(17)	-23	63	38
2032	372	-10.0%	15.8%	59	46	5	(17)	-20	55	30
2033	336	-9.5%	15.8%	53	42	5	(17)	-17	47	24
2034	318	-5.4%	15.8%	50	40	4	(18)	-9	35	16
2035	315	-1.2%	15.8%	50	39	4	(19)	-2	26	11

Enterprise Value Bridge

Sum of PV(FCFF)-57

Terminal Value (Gordon Growth at 3.0%)422

PV of Terminal Value179

Enterprise Value122

(–) Net Debt13

Equity Value109

(÷) Shares Outstanding14

Fair Value per Share$7.81

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
7.4%	$-1	$8	$18	$27	$37
8.4%	$-4	$4	$12	$20	$27
9.4%	$-5	$1	$8	$14	$21
10.4%	$-6	$-1	$5	$11	$16
11.4%	$-7	$-2	$3	$8	$13

Current price: $4.41. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.2% 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

$6.82

Market Price

$4.41

Upside / Downside

+54.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), FTC Solar, Inc. (FTCI) has a fair value of $6.82 based on 8 comparable companies in the Solar industry.

EV/Revenue Valuation — Solar

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
FTC Solar, Inc.FTCI	62	0.7x	0.5x
Tigo Energy, Inc.TYGO	271	2.6x	2.0x
Dynagas LNG Partners LPDLNG	155	2.5x	2.5x
Martin Midstream Partners L.P.MMLP	107	0.9x	0.9x
Empire Petroleum CorporationEP	102	3.4x	—
SunPower Inc.SPWR	97	0.3x	1.0x
Zeo Energy Corp.ZEO	34	0.6x	—
Beam GlobalBEEM	24	0.4x	0.9x
Maxeon Solar Technologies, Ltd.MAXN	18	0.6x	0.3x
Industry Median		0.7x	0.9x
(*) Revenue		100	153
= Enterprise Value		73	143
(-) Net Debt		13	13
Equity Value		61	131
(/) Outstanding shares		14	14
Fair Price		$4	$9

Selected Fair Value (avg of trailing + forward)

$6.82

+54.7%

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

—

N/A

—

Revenue DCF 10Y

$1.27 – $36.90

$7.81

+108.4%

▸ Trading Multiples

EV/Revenue

$3.14 – $17.39

$7.11

+89.5%

DCF Analysis

FTC Solar, Inc. (FTCI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.81

Market Price

$4.41

Upside / Downside

+77.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-33.5%

Target Operating Margin

15.8%

WACC

9.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

1.3%

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)
2026	162	62.2%	-23.7%	-38	-38	2	(3)	27	-66	-63
2027	236	46.0%	-13.8%	-33	-33	3	(5)	37	-71	-62
2028	268	13.3%	-4.0%	-11	-11	4	(7)	15	-30	-24
2029	356	33.1%	5.9%	21	17	5	(11)	44	-34	-24
2030	459	28.9%	15.8%	72	57	6	(17)	51	-4	-3
2031	413	-10.0%	15.8%	65	51	6	(17)	-23	63	38
2032	372	-10.0%	15.8%	59	46	5	(17)	-20	55	30
2033	336	-9.5%	15.8%	53	42	5	(17)	-17	47	24
2034	318	-5.4%	15.8%	50	40	4	(18)	-9	35	16
2035	315	-1.2%	15.8%	50	39	4	(19)	-2	26	11

Enterprise Value Bridge

Sum of PV(FCFF)-57

Terminal Value (Gordon Growth at 3.0%)422

PV of Terminal Value179

Enterprise Value122

(–) Net Debt13

Equity Value109

(÷) Shares Outstanding14

Fair Value per Share$7.81

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.8%	12.8%	15.8%	18.8%	21.8%
7.4%	$-1	$8	$18	$27	$37
8.4%	$-4	$4	$12	$20	$27
9.4%	$-5	$1	$8	$14	$21
10.4%	$-6	$-1	$5	$11	$16
11.4%	$-7	$-2	$3	$8	$13

Current price: $4.41. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.2% 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

$6.82

Market Price

$4.41

Upside / Downside

+54.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), FTC Solar, Inc. (FTCI) has a fair value of $6.82 based on 8 comparable companies in the Solar industry.

EV/Revenue Valuation — Solar

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
FTC Solar, Inc.FTCI	62	0.7x	0.5x
Tigo Energy, Inc.TYGO	271	2.6x	2.0x
Dynagas LNG Partners LPDLNG	155	2.5x	2.5x
Martin Midstream Partners L.P.MMLP	107	0.9x	0.9x
Empire Petroleum CorporationEP	102	3.4x	—
SunPower Inc.SPWR	97	0.3x	1.0x
Zeo Energy Corp.ZEO	34	0.6x	—
Beam GlobalBEEM	24	0.4x	0.9x
Maxeon Solar Technologies, Ltd.MAXN	18	0.6x	0.3x
Industry Median		0.7x	0.9x
(*) Revenue		100	153
= Enterprise Value		73	143
(-) Net Debt		13	13
Equity Value		61	131
(/) Outstanding shares		14	14
Fair Price		$4	$9

Selected Fair Value (avg of trailing + forward)

$6.82

+54.7%