Inovio Pharmaceuticals, Inc.

INO

HealthcareBiotechnologyNASDAQ

$1.46

Market Cap: $78.24M

Inovio Pharmaceuticals, Inc. (INO) Valuation Summary

Updated May 11, 2026 10:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$2,495.77 – $2,576.05	$2,551.62	+174668.5%

Valuation History

DCF Analysis

Inovio Pharmaceuticals, Inc. (INO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2,551.62

Market Price

$1.46

Upside / Downside

+174668.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -132871.3% to a target of 13.2% over 5 years, discounted at a WACC of 6.8%, Inovio Pharmaceuticals, Inc. (INO) has an intrinsic value of $2,551.62 per share (range: $2,495.77 – $2,576.05).

Key Assumptions

Current Operating Margin

-132871.3%

Target Operating Margin

13.2%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

155.7%

Target CapEx/Rev

1372872.5%

D&A/Revenue

915248.3%

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	11	16557.6%	-106294.4%	-11,570	-11,570	99,621	(14,958)	-169	73,262	70,894
2027	68	526.8%	-79717.5%	-54,386	-54,386	624,419	(187,411)	-906	383,528	347,517
2028	151	120.9%	-53140.6%	-80,091	-80,091	1,379,423	(620,904)	-1,303	679,730	576,726
2029	204	35.4%	-26563.7%	-54,202	-54,202	1,867,521	(1,120,703)	-843	693,458	550,942
2030	229	12.4%	13.2%	30	24	2,099,191	(1,574,572)	-400	525,043	390,601
2031	206	-10.0%	13.2%	27	22	1,889,272	(1,700,473)	362	188,458	131,282
2032	186	-10.0%	13.2%	25	19	1,700,345	(1,785,449)	326	-85,411	-55,713
2033	167	-10.0%	13.2%	22	17	1,530,310	(1,836,424)	294	-306,390	-187,143
2034	150	-10.0%	13.2%	20	16	1,377,279	(1,859,350)	264	-482,320	-275,858
2035	140	-6.9%	13.2%	18	15	1,282,715	(1,924,073)	163	-641,506	-343,562

Enterprise Value Bridge

Sum of PV(FCFF)1,205,686

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,205,686

(–) Net Debt9,324

Equity Value1,196,363

(÷) Shares Outstanding469

Fair Value per Share$2,551.62

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	7.2%	10.2%	13.2%	16.2%	19.2%
4.8%	$2496	$2496	$2496	$2496	$2496
5.8%	$2528	$2528	$2528	$2528	$2528
6.8%	$2552	$2552	$2552	$2552	$2552
7.8%	$2567	$2567	$2567	$2567	$2567
8.8%	$2576	$2576	$2576	$2576	$2576

Current price: $1.46. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1579.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

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

$2,495.77 – $2,576.05

$2,551.62

+174668.5%

DCF Analysis

Inovio Pharmaceuticals, Inc. (INO) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2,551.62

Market Price

$1.46

Upside / Downside

+174668.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-132871.3%

Target Operating Margin

13.2%

WACC

6.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

155.7%

Target CapEx/Rev

1372872.5%

D&A/Revenue

915248.3%

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	11	16557.6%	-106294.4%	-11,570	-11,570	99,621	(14,958)	-169	73,262	70,894
2027	68	526.8%	-79717.5%	-54,386	-54,386	624,419	(187,411)	-906	383,528	347,517
2028	151	120.9%	-53140.6%	-80,091	-80,091	1,379,423	(620,904)	-1,303	679,730	576,726
2029	204	35.4%	-26563.7%	-54,202	-54,202	1,867,521	(1,120,703)	-843	693,458	550,942
2030	229	12.4%	13.2%	30	24	2,099,191	(1,574,572)	-400	525,043	390,601
2031	206	-10.0%	13.2%	27	22	1,889,272	(1,700,473)	362	188,458	131,282
2032	186	-10.0%	13.2%	25	19	1,700,345	(1,785,449)	326	-85,411	-55,713
2033	167	-10.0%	13.2%	22	17	1,530,310	(1,836,424)	294	-306,390	-187,143
2034	150	-10.0%	13.2%	20	16	1,377,279	(1,859,350)	264	-482,320	-275,858
2035	140	-6.9%	13.2%	18	15	1,282,715	(1,924,073)	163	-641,506	-343,562

Enterprise Value Bridge

Sum of PV(FCFF)1,205,686

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,205,686

(–) Net Debt9,324

Equity Value1,196,363

(÷) Shares Outstanding469

Fair Value per Share$2,551.62

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
4.8%	$2496	$2496	$2496	$2496	$2496
5.8%	$2528	$2528	$2528	$2528	$2528
6.8%	$2552	$2552	$2552	$2552	$2552
7.8%	$2567	$2567	$2567	$2567	$2567
8.8%	$2576	$2576	$2576	$2576	$2576

Current price: $1.46. Green = undervalued, Red = overvalued.