Guardant Health, Inc.

HealthcareMedical - Diagnostics & ResearchNASDAQ

$95.70

Market Cap: $12.55B

Guardant Health, Inc. (GH) Valuation Summary

Updated May 11, 2026 04:30

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$2.60 – $106.92	$15.66	-83.6%
▸ Trading Multiples
EV/Revenue	$6.93 – $41.69	$22.23	-76.8%

Valuation History

DCF Analysis

Guardant Health, Inc. (GH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$15.66

Market Price

$95.70

Upside / Downside

-83.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -44.4% to a target of 13.2% over 5 years, discounted at a WACC of 7.8%, Guardant Health, Inc. (GH) has an intrinsic value of $15.66 per share (range: $2.60 – $106.92).

Key Assumptions

Current Operating Margin

-44.4%

Target Operating Margin

13.2%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.1%

Target CapEx/Rev

9.4%

D&A/Revenue

6.3%

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	1,278	30.1%	-32.9%	-420	-420	80	(128)	76	-545	-525
2027	1,644	28.6%	-21.4%	-351	-351	103	(164)	70	-483	-431
2028	2,071	26.0%	-9.9%	-204	-204	130	(205)	82	-361	-299
2029	2,558	23.5%	1.7%	43	34	160	(252)	93	-151	-116
2030	3,070	20.0%	13.2%	405	320	192	(300)	98	114	81
2031	3,784	23.3%	13.2%	499	394	237	(367)	137	128	84
2032	4,512	19.2%	13.2%	595	470	283	(434)	140	179	110
2033	5,196	15.2%	13.2%	685	541	326	(496)	131	240	136
2034	5,773	11.1%	13.2%	761	602	362	(547)	111	306	161
2035	6,180	7.0%	13.2%	815	644	387	(581)	78	372	182

Enterprise Value Bridge

Sum of PV(FCFF)-616

Terminal Value (Gordon Growth at 3.0%)7,943

PV of Terminal Value3,883

Enterprise Value3,267

(–) Net Debt1,304

Equity Value1,963

(÷) Shares Outstanding125

Fair Value per Share$15.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.8%	$-10	$19	$48	$78	$107
6.8%	$-14	$7	$28	$49	$69
7.8%	$-17	$-0	$16	$32	$48
8.8%	$-18	$-5	$8	$21	$34
9.8%	$-19	$-8	$3	$13	$24

Current price: $95.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.2% 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

$22.23

Market Price

$95.70

Upside / Downside

-76.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Guardant Health, Inc. (GH) has a fair value of $22.23 based on 9 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Guardant Health, Inc.GH	11,998	13.5x	10.4x
Viatris Inc.VTRS	20,249	2.3x	2.4x
Exact Sciences CorporationEXAS	20,026	6.7x	5.8x
BridgeBio Pharma, Inc.BBIO	13,064	30.3x	16.2x
Ionis Pharmaceuticals, Inc.IONS	12,512	15.6x	16.7x
Solventum CorporationSOLV	12,408	2.0x	2.0x
Revvity, Inc.RVTY	11,052	4.8x	4.7x
Encompass Health CorporationEHC	10,525	2.2x	2.2x
ICON Public Limited CompanyICLR	9,506	1.5x	1.6x
Qiagen N.V.QGEN	6,910	3.7x	3.6x
Industry Median		3.7x	3.6x
(*) Revenue		982	1,278
= Enterprise Value		3,630	4,554
(-) Net Debt		1,304	1,304
Equity Value		2,326	3,250
(/) Outstanding shares		125	125
Fair Price		$19	$26

Selected Fair Value (avg of trailing + forward)

$22.23

-76.8%

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

$2.60 – $106.92

$15.66

-83.6%

▸ Trading Multiples

EV/Revenue

$6.93 – $41.69

$22.23

-76.8%

DCF Analysis

Guardant Health, Inc. (GH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$15.66

Market Price

$95.70

Upside / Downside

-83.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-44.4%

Target Operating Margin

13.2%

WACC

7.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.1%

Target CapEx/Rev

9.4%

D&A/Revenue

6.3%

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	1,278	30.1%	-32.9%	-420	-420	80	(128)	76	-545	-525
2027	1,644	28.6%	-21.4%	-351	-351	103	(164)	70	-483	-431
2028	2,071	26.0%	-9.9%	-204	-204	130	(205)	82	-361	-299
2029	2,558	23.5%	1.7%	43	34	160	(252)	93	-151	-116
2030	3,070	20.0%	13.2%	405	320	192	(300)	98	114	81
2031	3,784	23.3%	13.2%	499	394	237	(367)	137	128	84
2032	4,512	19.2%	13.2%	595	470	283	(434)	140	179	110
2033	5,196	15.2%	13.2%	685	541	326	(496)	131	240	136
2034	5,773	11.1%	13.2%	761	602	362	(547)	111	306	161
2035	6,180	7.0%	13.2%	815	644	387	(581)	78	372	182

Enterprise Value Bridge

Sum of PV(FCFF)-616

Terminal Value (Gordon Growth at 3.0%)7,943

PV of Terminal Value3,883

Enterprise Value3,267

(–) Net Debt1,304

Equity Value1,963

(÷) Shares Outstanding125

Fair Value per Share$15.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
5.8%	$-10	$19	$48	$78	$107
6.8%	$-14	$7	$28	$49	$69
7.8%	$-17	$-0	$16	$32	$48
8.8%	$-18	$-5	$8	$21	$34
9.8%	$-19	$-8	$3	$13	$24

Current price: $95.70. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.2% 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

$22.23

Market Price

$95.70

Upside / Downside

-76.8%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Guardant Health, Inc.GH	11,998	13.5x	10.4x
Viatris Inc.VTRS	20,249	2.3x	2.4x
Exact Sciences CorporationEXAS	20,026	6.7x	5.8x
BridgeBio Pharma, Inc.BBIO	13,064	30.3x	16.2x
Ionis Pharmaceuticals, Inc.IONS	12,512	15.6x	16.7x
Solventum CorporationSOLV	12,408	2.0x	2.0x
Revvity, Inc.RVTY	11,052	4.8x	4.7x
Encompass Health CorporationEHC	10,525	2.2x	2.2x
ICON Public Limited CompanyICLR	9,506	1.5x	1.6x
Qiagen N.V.QGEN	6,910	3.7x	3.6x
Industry Median		3.7x	3.6x
(*) Revenue		982	1,278
= Enterprise Value		3,630	4,554
(-) Net Debt		1,304	1,304
Equity Value		2,326	3,250
(/) Outstanding shares		125	125
Fair Price		$19	$26

Selected Fair Value (avg of trailing + forward)

$22.23

-76.8%