Hyliion Holdings Corp.

HYLN

Consumer CyclicalAuto - PartsAMEX

$2.76

Market Cap: $492.15M

Hyliion Holdings Corp. (HYLN) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$6.30 – $35.20	$15.02	+783.3%
Revenue DCF 10Y	—	N/A	—
▸ Trading Multiples
EV/Revenue	$0.12 – $0.14	$0.12	-92.9%

Valuation History

DCF Analysis

Hyliion Holdings Corp. (HYLN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$15.02

Market Price

$2.76

Upside / Downside

+444.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -1886.4% to a target of 7.7% over 5 years, discounted at a WACC of 8.3%, Hyliion Holdings Corp. (HYLN) has an intrinsic value of $15.02 per share (range: $6.30 – $35.20).

Key Assumptions

Current Operating Margin

-1886.4%

Target Operating Margin

7.7%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

978.3%

Target CapEx/Rev

530.5%

D&A/Revenue

353.6%

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	12	243.9%	-1507.6%	-180	-180	42	(106)	-108	-136	-131
2027	43	257.7%	-1128.8%	-483	-483	151	(342)	-285	-388	-344
2028	193	350.3%	-749.9%	-1,444	-1,444	681	(1,366)	-1,387	-742	-608
2029	498	158.4%	-371.1%	-1,846	-1,846	1,759	(3,085)	-2,824	-347	-263
2030	647	30.0%	7.7%	50	39	2,287	(3,431)	-1,382	278	194

Enterprise Value Bridge

Sum of PV(FCFF)-1,151

Terminal Value (Gordon Growth at 3.0%)5,394

PV of Terminal Value3,767

Enterprise Value2,616

(–) Net Debt-19

Equity Value2,634

(÷) Shares Outstanding175

Fair Value per Share$15.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
6.3%	$26	$29	$31	$33	$35
7.3%	$18	$19	$21	$23	$24
8.3%	$12	$14	$15	$16	$18
9.3%	$9	$10	$11	$12	$13
10.3%	$6	$7	$8	$9	$10

Current price: $2.76. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -926.0% 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

$0.12

Market Price

$2.76

Upside / Downside

-95.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Hyliion Holdings Corp. (HYLN) has a fair value of $0.12 based on 10 comparable companies in the Auto - Parts industry.

EV/Revenue Valuation — Auto - Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Hyliion Holdings Corp.HYLN	484	134.0x	124.2x
Miller Industries, Inc.MLR	524	0.6x	0.4x
Johnson Outdoors Inc.JOUT	499	0.6x	0.5x
Monro, Inc.MNRO	466	0.8x	0.8x
Portillo's Inc.PTLO	406	1.9x	1.9x
Caleres, Inc.CAL	376	0.4x	0.5x
Holley Inc.HLLY	361	1.4x	1.3x
Kingsway Financial Services Inc.KFS	307	2.7x	0.9x
Motorcar Parts of America, Inc.MPAA	208	0.5x	0.5x
Innoviz Technologies Ltd.INVZ	142	3.6x	3.4x
Stoneridge, Inc.SRI	136	0.3x	0.3x
Industry Median		0.7x	0.7x
(*) Revenue		3	4
= Enterprise Value		3	3
(-) Net Debt		-19	-19
Equity Value		21	21
(/) Outstanding shares		175	175
Fair Price		$0	$0

Selected Fair Value (avg of trailing + forward)

$0.12

-95.6%

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

$6.30 – $35.20

$15.02

+783.3%

Revenue DCF 10Y

—

N/A

—

▸ Trading Multiples

EV/Revenue

$0.12 – $0.14

$0.12

-92.9%

DCF Analysis

Hyliion Holdings Corp. (HYLN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$15.02

Market Price

$2.76

Upside / Downside

+444.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1886.4%

Target Operating Margin

7.7%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

978.3%

Target CapEx/Rev

530.5%

D&A/Revenue

353.6%

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	12	243.9%	-1507.6%	-180	-180	42	(106)	-108	-136	-131
2027	43	257.7%	-1128.8%	-483	-483	151	(342)	-285	-388	-344
2028	193	350.3%	-749.9%	-1,444	-1,444	681	(1,366)	-1,387	-742	-608
2029	498	158.4%	-371.1%	-1,846	-1,846	1,759	(3,085)	-2,824	-347	-263
2030	647	30.0%	7.7%	50	39	2,287	(3,431)	-1,382	278	194

Enterprise Value Bridge

Sum of PV(FCFF)-1,151

Terminal Value (Gordon Growth at 3.0%)5,394

PV of Terminal Value3,767

Enterprise Value2,616

(–) Net Debt-19

Equity Value2,634

(÷) Shares Outstanding175

Fair Value per Share$15.02

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
6.3%	$26	$29	$31	$33	$35
7.3%	$18	$19	$21	$23	$24
8.3%	$12	$14	$15	$16	$18
9.3%	$9	$10	$11	$12	$13
10.3%	$6	$7	$8	$9	$10

Current price: $2.76. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$0.12

Market Price

$2.76

Upside / Downside

-95.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Hyliion Holdings Corp. (HYLN) has a fair value of $0.12 based on 10 comparable companies in the Auto - Parts industry.

EV/Revenue Valuation — Auto - Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Hyliion Holdings Corp.HYLN	484	134.0x	124.2x
Miller Industries, Inc.MLR	524	0.6x	0.4x
Johnson Outdoors Inc.JOUT	499	0.6x	0.5x
Monro, Inc.MNRO	466	0.8x	0.8x
Portillo's Inc.PTLO	406	1.9x	1.9x
Caleres, Inc.CAL	376	0.4x	0.5x
Holley Inc.HLLY	361	1.4x	1.3x
Kingsway Financial Services Inc.KFS	307	2.7x	0.9x
Motorcar Parts of America, Inc.MPAA	208	0.5x	0.5x
Innoviz Technologies Ltd.INVZ	142	3.6x	3.4x
Stoneridge, Inc.SRI	136	0.3x	0.3x
Industry Median		0.7x	0.7x
(*) Revenue		3	4
= Enterprise Value		3	3
(-) Net Debt		-19	-19
Equity Value		21	21
(/) Outstanding shares		175	175
Fair Price		$0	$0

Selected Fair Value (avg of trailing + forward)

$0.12

-95.6%