T Stamp Inc.

IDAI

TechnologySoftware - ApplicationNASDAQ

$2.27

Market Cap: $5.31M

T Stamp Inc. (IDAI) Valuation Summary

Updated Apr 14, 2026 22:18

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.02 – $3.00	$0.58	-77.2%
▸ Trading Multiples
EV/Revenue	$2.07 – $2.36	$1.97	-23.1%

Valuation History

DCF Analysis

T Stamp Inc. (IDAI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.58

Market Price

$2.28

Upside / Downside

-74.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -20.0% to a target of 10.1% over 5 years, discounted at a WACC of 9.6%, T Stamp Inc. (IDAI) has an intrinsic value of $0.58 per share (range: $0.02 – $3.00).

Key Assumptions

Current Operating Margin

-20.0%

Target Operating Margin

10.1%

WACC

9.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

16.8%

Target CapEx/Rev

28.5%

D&A/Revenue

19.0%

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	6	100.7%	-14.0%	-1	-1	1	(1)	0	-1	-1
2027	15	138.1%	-8.0%	-1	-1	3	(3)	2	-3	-3
2028	14	-3.9%	-2.0%	-0	-0	3	(3)	-0	-0	-0
2029	14	-3.9%	4.1%	1	0	3	(3)	-0	0	0
2030	13	-3.9%	10.1%	1	1	3	(3)	-0	1	0
2031	13	-2.7%	10.1%	1	1	2	(3)	-0	0	0
2032	13	-1.6%	10.1%	1	1	2	(3)	-0	0	0
2033	13	-0.4%	10.1%	1	1	2	(3)	-0	0	0
2034	13	0.7%	10.1%	1	1	2	(3)	0	-0	-0
2035	13	1.9%	10.1%	1	1	2	(4)	0	-0	-0

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value-3

(–) Net Debt-5

Equity Value2

(÷) Shares Outstanding3

Fair Value per Share$0.58

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	4.1%	7.1%	10.1%	13.1%	16.1%
7.6%	$-1	$0	$1	$1	$3
8.6%	$-0	$0	$1	$1	$3
9.6%	$-0	$0	$1	$1	$2
10.6%	$-0	$0	$1	$1	$2
11.6%	$-0	$0	$1	$1	$2

Current price: $2.27. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.5% 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

$1.97

Market Price

$2.28

Upside / Downside

-13.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), T Stamp Inc. (IDAI) has a fair value of $1.97 based on 2 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
T Stamp Inc.IDAI	7	0.7x	0.5x
Xiao-I CorporationAIXI	11	0.8x	0.9x
Infobird Co., LtdIFBD	9	0.5x	0.1x
Industry Median		0.7x	0.5x
(*) Revenue		3	5
= Enterprise Value		2	1
(-) Net Debt		-5	-5
Equity Value		7	5
(/) Outstanding shares		3	3
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$1.97

-13.5%

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

$0.02 – $3.00

$0.58

-77.2%

▸ Trading Multiples

EV/Revenue

$2.07 – $2.36

$1.97

-23.1%

DCF Analysis

T Stamp Inc. (IDAI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.58

Market Price

$2.28

Upside / Downside

-74.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-20.0%

Target Operating Margin

10.1%

WACC

9.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

16.8%

Target CapEx/Rev

28.5%

D&A/Revenue

19.0%

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	6	100.7%	-14.0%	-1	-1	1	(1)	0	-1	-1
2027	15	138.1%	-8.0%	-1	-1	3	(3)	2	-3	-3
2028	14	-3.9%	-2.0%	-0	-0	3	(3)	-0	-0	-0
2029	14	-3.9%	4.1%	1	0	3	(3)	-0	0	0
2030	13	-3.9%	10.1%	1	1	3	(3)	-0	1	0
2031	13	-2.7%	10.1%	1	1	2	(3)	-0	0	0
2032	13	-1.6%	10.1%	1	1	2	(3)	-0	0	0
2033	13	-0.4%	10.1%	1	1	2	(3)	-0	0	0
2034	13	0.7%	10.1%	1	1	2	(3)	0	-0	-0
2035	13	1.9%	10.1%	1	1	2	(4)	0	-0	-0

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value-3

(–) Net Debt-5

Equity Value2

(÷) Shares Outstanding3

Fair Value per Share$0.58

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
7.6%	$-1	$0	$1	$1	$3
8.6%	$-0	$0	$1	$1	$3
9.6%	$-0	$0	$1	$1	$2
10.6%	$-0	$0	$1	$1	$2
11.6%	$-0	$0	$1	$1	$2

Current price: $2.27. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.5% 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

$1.97

Market Price

$2.28

Upside / Downside

-13.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), T Stamp Inc. (IDAI) has a fair value of $1.97 based on 2 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
T Stamp Inc.IDAI	7	0.7x	0.5x
Xiao-I CorporationAIXI	11	0.8x	0.9x
Infobird Co., LtdIFBD	9	0.5x	0.1x
Industry Median		0.7x	0.5x
(*) Revenue		3	5
= Enterprise Value		2	1
(-) Net Debt		-5	-5
Equity Value		7	5
(/) Outstanding shares		3	3
Fair Price		$2	$2

Selected Fair Value (avg of trailing + forward)

$1.97

-13.5%