Guardforce AI Co., Limited

GFAI

IndustrialsSecurity & Protection ServicesNASDAQ

$0.46

Market Cap: $9.98M

Guardforce AI Co., Limited (GFAI) Valuation Summary

Updated Apr 23, 2026 22:31

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.31 – $14.20	$0.84	+66.9%
Revenue DCF 10Y	$1.18 – $13.10	$1.46	+188.5%
▸ Trading Multiples
EV/Revenue	$2.62 – $7.90	$3.38	+568.5%

Valuation History

DCF Analysis

Guardforce AI Co., Limited (GFAI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.46

Market Price

$0.46

Upside / Downside

+220.6%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -18.5% to a target of 10.2% over 5 years, discounted at a WACC of 8.3%, Guardforce AI Co., Limited (GFAI) has an intrinsic value of $1.46 per share (range: $1.18 – $13.10).

Key Assumptions

Current Operating Margin

-18.5%

Target Operating Margin

10.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.6%

Target CapEx/Rev

20.8%

D&A/Revenue

13.8%

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)
2025	38	3.6%	-12.8%	-5	-5	5	(4)	5	-9	-9
2026	39	4.7%	-7.0%	-3	-3	5	(5)	0	-2	-2
2027	110	178.1%	-1.3%	-1	-1	15	(14)	19	-20	-16
2028	109	-0.9%	4.5%	5	4	15	(15)	-0	4	3
2029	108	-0.9%	10.2%	11	9	15	(16)	-0	8	5
2030	107	-0.2%	10.2%	11	9	15	(18)	-0	6	4
2031	108	0.4%	10.2%	11	9	15	(19)	0	5	3
2032	109	1.1%	10.2%	11	9	15	(20)	0	3	2
2033	111	1.7%	10.2%	11	9	15	(22)	1	2	1
2034	114	2.4%	10.2%	12	9	16	(24)	1	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)12

PV of Terminal Value6

Enterprise Value-3

(–) Net Debt-19

Equity Value16

(÷) Shares Outstanding11

Fair Value per Share$1.46

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.3%	$-2	$-0	$2	$8	$13
7.3%	$-1	$-0	$2	$6	$10
8.3%	$-1	$-0	$1	$5	$8
9.3%	$-1	$-0	$1	$4	$7
10.3%	$-1	$-0	$1	$4	$6

Current price: $0.46. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Guardforce AI Co., Limited (GFAI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.84

Market Price

$0.46

Upside / Downside

+84.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-18.5%

Target Operating Margin

10.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.6%

Target CapEx/Rev

20.8%

D&A/Revenue

13.8%

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)
2025	38	3.6%	-12.8%	-5	-5	5	(4)	5	-9	-9
2026	39	4.7%	-7.0%	-3	-3	5	(6)	0	-3	-3
2027	110	178.1%	-1.3%	-1	-1	15	(18)	19	-23	-19
2028	109	-0.9%	4.5%	5	4	15	(20)	-0	-1	-1
2029	108	-0.9%	10.2%	11	9	15	(22)	-0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-31

Terminal Value (Gordon Growth at 3.0%)30

PV of Terminal Value21

Enterprise Value-10

(–) Net Debt-19

Equity Value9

(÷) Shares Outstanding11

Fair Value per Share$0.84

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.3%	$-2	$-2	$2	$8	$14
7.3%	$-2	$-2	$1	$6	$10
8.3%	$-2	$-2	$1	$4	$8
9.3%	$-2	$-1	$1	$4	$7
10.3%	$-2	$-1	$0	$3	$5

Current price: $0.46. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.3% 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

$3.38

Market Price

$0.46

Upside / Downside

+642.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Guardforce AI Co., Limited (GFAI) has a fair value of $3.38 based on 7 comparable companies in the Security & Protection Services industry.

EV/Revenue Valuation — Security & Protection Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Guardforce AI Co., LimitedGFAI	5	-0.4x	-0.4x
GEE Group, Inc.JOB	26	0.1x	0.1x
LiqTech International, Inc.LIQT	21	2.0x	1.9x
Xos, Inc.XOS	16	0.4x	0.4x
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
TOMI Environmental Solutions, Inc.TOMZ	12	1.9x	2.1x
VerifyMe, Inc.VRME	11	0.5x	0.3x
WF International Limited Ordinary SharesWXM	3	0.3x	—
Industry Median		0.5x	0.6x
(*) Revenue		36	36
= Enterprise Value		17	20
(-) Net Debt		-19	-19
Equity Value		36	39
(/) Outstanding shares		11	11
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.38

+642.7%

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

$0.31 – $14.20

$0.84

+66.9%

Revenue DCF 10Y

$1.18 – $13.10

$1.46

+188.5%

▸ Trading Multiples

EV/Revenue

$2.62 – $7.90

$3.38

+568.5%

DCF Analysis

Guardforce AI Co., Limited (GFAI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.46

Market Price

$0.46

Upside / Downside

+220.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-18.5%

Target Operating Margin

10.2%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.6%

Target CapEx/Rev

20.8%

D&A/Revenue

13.8%

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)
2025	38	3.6%	-12.8%	-5	-5	5	(4)	5	-9	-9
2026	39	4.7%	-7.0%	-3	-3	5	(5)	0	-2	-2
2027	110	178.1%	-1.3%	-1	-1	15	(14)	19	-20	-16
2028	109	-0.9%	4.5%	5	4	15	(15)	-0	4	3
2029	108	-0.9%	10.2%	11	9	15	(16)	-0	8	5
2030	107	-0.2%	10.2%	11	9	15	(18)	-0	6	4
2031	108	0.4%	10.2%	11	9	15	(19)	0	5	3
2032	109	1.1%	10.2%	11	9	15	(20)	0	3	2
2033	111	1.7%	10.2%	11	9	15	(22)	1	2	1
2034	114	2.4%	10.2%	12	9	16	(24)	1	1	0

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)12

PV of Terminal Value6

Enterprise Value-3

(–) Net Debt-19

Equity Value16

(÷) Shares Outstanding11

Fair Value per Share$1.46

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.3%	$-2	$-0	$2	$8	$13
7.3%	$-1	$-0	$2	$6	$10
8.3%	$-1	$-0	$1	$5	$8
9.3%	$-1	$-0	$1	$4	$7
10.3%	$-1	$-0	$1	$4	$6

Current price: $0.46. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.3% 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

$3.38

Market Price

$0.46

Upside / Downside

+642.7%

Verdict

Undervalued

EV/Revenue Valuation — Security & Protection Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Guardforce AI Co., LimitedGFAI	5	-0.4x	-0.4x
GEE Group, Inc.JOB	26	0.1x	0.1x
LiqTech International, Inc.LIQT	21	2.0x	1.9x
Xos, Inc.XOS	16	0.4x	0.4x
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
TOMI Environmental Solutions, Inc.TOMZ	12	1.9x	2.1x
VerifyMe, Inc.VRME	11	0.5x	0.3x
WF International Limited Ordinary SharesWXM	3	0.3x	—
Industry Median		0.5x	0.6x
(*) Revenue		36	36
= Enterprise Value		17	20
(-) Net Debt		-19	-19
Equity Value		36	39
(/) Outstanding shares		11	11
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.38

+642.7%