GameSquare Holdings, Inc.

GAME

TechnologyElectronic Gaming & MultimediaNASDAQ

$0.47

Market Cap: $45.34M

GameSquare Holdings, Inc. (GAME) Valuation Summary

Updated May 10, 2026 06:58

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$4.08 – $4.89	$4.51	+852.6%
Revenue DCF 10Y	$18.95 – $20.26	$19.73	+4066.1%

Valuation History

DCF Analysis

GameSquare Holdings, Inc. (GAME) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$19.73

Market Price

$0.47

Upside / Downside

+4066.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -26.1% to a target of 10.2% over 5 years, discounted at a WACC of 8.8%, GameSquare Holdings, Inc. (GAME) has an intrinsic value of $19.73 per share (range: $18.95 – $20.26).

Key Assumptions

Current Operating Margin

-26.1%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

34274.0%

Target CapEx/Rev

1354069.9%

D&A/Revenue

902713.3%

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	83	83.5%	-18.8%	-16	-16	745,190	(137,242)	3	607,929	582,857
2027	100	21.1%	-11.6%	-12	-12	902,713	(298,233)	-2	604,471	532,724
2028	108	7.8%	-4.3%	-5	-5	972,955	(463,688)	-1	509,263	412,560
2029	116	7.8%	3.0%	3	3	1,048,662	(653,087)	-1	395,579	294,576
2030	125	7.8%	10.2%	13	10	1,130,260	(869,152)	-1	261,120	178,740
2031	134	7.0%	10.2%	14	11	1,209,201	(1,106,645)	-1	102,568	64,537
2032	142	6.2%	10.2%	15	12	1,284,020	(1,362,846)	-1	-78,814	-45,585
2033	150	5.4%	10.2%	15	12	1,353,236	(1,634,159)	-1	-280,910	-149,349
2034	157	4.6%	10.2%	16	13	1,415,400	(1,916,164)	-1	-500,750	-244,723
2035	163	3.8%	10.2%	17	13	1,469,141	(2,203,711)	-1	-734,556	-329,987

Enterprise Value Bridge

Sum of PV(FCFF)1,296,350

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,296,350

(–) Net Debt-3

Equity Value1,296,353

(÷) Shares Outstanding65,716

Fair Value per Share$19.73

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$19	$19	$19	$19	$19
7.8%	$19	$19	$19	$19	$19
8.8%	$20	$20	$20	$20	$20
9.8%	$20	$20	$20	$20	$20
10.8%	$20	$20	$20	$20	$20

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -12.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

GameSquare Holdings, Inc. (GAME) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.51

Market Price

$0.47

Upside / Downside

+852.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-26.1%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

34274.0%

Target CapEx/Rev

1354069.9%

D&A/Revenue

902713.3%

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	83	83.5%	-18.8%	-16	-16	745,190	(246,192)	3	498,980	478,401
2027	100	21.1%	-11.6%	-12	-12	902,713	(562,192)	-2	340,512	300,095
2028	108	7.8%	-4.3%	-5	-5	972,955	(890,436)	-1	82,515	66,847
2029	116	7.8%	3.0%	3	3	1,048,662	(1,266,358)	-1	-217,692	-162,108
2030	125	7.8%	10.2%	13	10	1,130,260	(1,695,391)	-1	-565,119	-386,831

Enterprise Value Bridge

Sum of PV(FCFF)296,404

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value296,404

(–) Net Debt-3

Equity Value296,407

(÷) Shares Outstanding65,716

Fair Value per Share$4.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$4	$4	$4	$4	$4
7.8%	$4	$4	$4	$4	$4
8.8%	$5	$5	$5	$5	$5
9.8%	$5	$5	$5	$5	$5
10.8%	$5	$5	$5	$5	$5

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

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.

GameSquare Holdings, Inc. (GAME) Valuation Summary

Updated May 10, 2026 06:58

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$4.08 – $4.89	$4.51	+852.6%
Revenue DCF 10Y	$18.95 – $20.26	$19.73	+4066.1%

Valuation History

DCF Analysis

GameSquare Holdings, Inc. (GAME) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$19.73

Market Price

$0.47

Upside / Downside

+4066.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-26.1%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

34274.0%

Target CapEx/Rev

1354069.9%

D&A/Revenue

902713.3%

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	83	83.5%	-18.8%	-16	-16	745,190	(137,242)	3	607,929	582,857
2027	100	21.1%	-11.6%	-12	-12	902,713	(298,233)	-2	604,471	532,724
2028	108	7.8%	-4.3%	-5	-5	972,955	(463,688)	-1	509,263	412,560
2029	116	7.8%	3.0%	3	3	1,048,662	(653,087)	-1	395,579	294,576
2030	125	7.8%	10.2%	13	10	1,130,260	(869,152)	-1	261,120	178,740
2031	134	7.0%	10.2%	14	11	1,209,201	(1,106,645)	-1	102,568	64,537
2032	142	6.2%	10.2%	15	12	1,284,020	(1,362,846)	-1	-78,814	-45,585
2033	150	5.4%	10.2%	15	12	1,353,236	(1,634,159)	-1	-280,910	-149,349
2034	157	4.6%	10.2%	16	13	1,415,400	(1,916,164)	-1	-500,750	-244,723
2035	163	3.8%	10.2%	17	13	1,469,141	(2,203,711)	-1	-734,556	-329,987

Enterprise Value Bridge

Sum of PV(FCFF)1,296,350

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,296,350

(–) Net Debt-3

Equity Value1,296,353

(÷) Shares Outstanding65,716

Fair Value per Share$19.73

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$19	$19	$19	$19	$19
7.8%	$19	$19	$19	$19	$19
8.8%	$20	$20	$20	$20	$20
9.8%	$20	$20	$20	$20	$20
10.8%	$20	$20	$20	$20	$20

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

GameSquare Holdings, Inc. (GAME) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.51

Market Price

$0.47

Upside / Downside

+852.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-26.1%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

34274.0%

Target CapEx/Rev

1354069.9%

D&A/Revenue

902713.3%

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	83	83.5%	-18.8%	-16	-16	745,190	(246,192)	3	498,980	478,401
2027	100	21.1%	-11.6%	-12	-12	902,713	(562,192)	-2	340,512	300,095
2028	108	7.8%	-4.3%	-5	-5	972,955	(890,436)	-1	82,515	66,847
2029	116	7.8%	3.0%	3	3	1,048,662	(1,266,358)	-1	-217,692	-162,108
2030	125	7.8%	10.2%	13	10	1,130,260	(1,695,391)	-1	-565,119	-386,831

Enterprise Value Bridge

Sum of PV(FCFF)296,404

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value296,404

(–) Net Debt-3

Equity Value296,407

(÷) Shares Outstanding65,716

Fair Value per Share$4.51

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$4	$4	$4	$4	$4
7.8%	$4	$4	$4	$4	$4
8.8%	$5	$5	$5	$5	$5
9.8%	$5	$5	$5	$5	$5
10.8%	$5	$5	$5	$5	$5

Current price: $0.47. Green = undervalued, Red = overvalued.