KORU Medical Systems, Inc.

KRMD

HealthcareMedical - Instruments & SuppliesNASDAQ

$4.02

Market Cap: $184.65M

KORU Medical Systems, Inc. (KRMD) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.05 – $3.33	$0.77	-82.0%
Revenue DCF 10Y	$0.01 – $5.38	$1.64	-61.4%
▸ Trading Multiples
EV/Revenue	$1.31 – $2.80	$1.62	-61.9%

Valuation History

DCF Analysis

KORU Medical Systems, Inc. (KRMD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.64

Market Price

$4.02

Upside / Downside

-59.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -7.2% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, KORU Medical Systems, Inc. (KRMD) has an intrinsic value of $1.64 per share (range: $0.01 – $5.38).

Key Assumptions

Current Operating Margin

-7.2%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

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	49	18.0%	-3.1%	-2	-2	1	(2)	4	-7	-7
2027	57	17.4%	1.0%	1	0	1	(3)	2	-3	-3
2028	64	12.9%	5.1%	3	3	2	(3)	2	-1	-1
2029	74	15.0%	9.2%	7	5	2	(4)	2	1	1
2030	85	15.0%	13.3%	11	9	2	(4)	3	4	3
2031	96	13.0%	13.3%	13	10	2	(5)	3	5	3
2032	107	11.0%	13.3%	14	11	3	(6)	3	5	3
2033	116	9.0%	13.3%	16	12	3	(7)	2	6	3
2034	125	7.0%	13.3%	17	13	3	(7)	2	7	3
2035	131	5.0%	13.3%	17	14	3	(8)	2	7	3

Enterprise Value Bridge

Sum of PV(FCFF)10

Terminal Value (Gordon Growth at 3.0%)135

PV of Terminal Value61

Enterprise Value71

(–) Net Debt-5

Equity Value76

(÷) Shares Outstanding46

Fair Value per Share$1.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$0	$2	$3	$4	$5
7.7%	$0	$1	$2	$3	$4
8.7%	$0	$1	$2	$2	$3
9.7%	$0	$1	$1	$2	$3
10.7%	$-0	$1	$1	$2	$2

Current price: $4.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

KORU Medical Systems, Inc. (KRMD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.77

Market Price

$4.02

Upside / Downside

-80.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.2%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

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	49	18.0%	-3.1%	-2	-2	1	(2)	4	-7	-7
2027	57	17.4%	1.0%	1	0	1	(3)	2	-3	-3
2028	64	12.9%	5.1%	3	3	2	(3)	2	-1	-1
2029	74	15.0%	9.2%	7	5	2	(4)	2	1	0
2030	85	15.0%	13.3%	11	9	2	(5)	3	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-8

Terminal Value (Gordon Growth at 3.0%)55

PV of Terminal Value38

Enterprise Value30

(–) Net Debt-5

Equity Value35

(÷) Shares Outstanding46

Fair Value per Share$0.77

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-0	$0	$1	$2	$3
7.7%	$-0	$0	$1	$2	$3
8.7%	$-0	$0	$1	$1	$2
9.7%	$-0	$0	$1	$1	$2
10.7%	$-0	$0	$1	$1	$1

Current price: $4.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% 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

$1.62

Market Price

$4.02

Upside / Downside

-59.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), KORU Medical Systems, Inc. (KRMD) has a fair value of $1.62 based on 6 comparable companies in the Medical - Instruments & Supplies industry.

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
KORU Medical Systems, Inc.KRMD	186	4.4x	5.4x
OraSure Technologies, Inc.OSUR	213	2.0x	1.2x
Utah Medical Products, Inc.UTMD	202	3.0x	1.7x
InfuSystem Holdings, Inc.INFU	192	1.3x	1.4x
TriSalus Life Sciences, Inc.TLSI	155	3.7x	2.8x
Neuronetics, Inc.STIM	122	1.2x	1.1x
MaxCyte, Inc.MXCT	76	2.2x	2.1x
Industry Median		2.1x	1.6x
(*) Revenue		41	34
= Enterprise Value		87	53
(-) Net Debt		-5	-5
Equity Value		92	58
(/) Outstanding shares		46	46
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.62

-59.6%

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

$0.05 – $3.33

$0.77

-82.0%

Revenue DCF 10Y

$0.01 – $5.38

$1.64

-61.4%

▸ Trading Multiples

EV/Revenue

$1.31 – $2.80

$1.62

-61.9%

DCF Analysis

KORU Medical Systems, Inc. (KRMD) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.64

Market Price

$4.02

Upside / Downside

-59.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.2%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.1%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

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	49	18.0%	-3.1%	-2	-2	1	(2)	4	-7	-7
2027	57	17.4%	1.0%	1	0	1	(3)	2	-3	-3
2028	64	12.9%	5.1%	3	3	2	(3)	2	-1	-1
2029	74	15.0%	9.2%	7	5	2	(4)	2	1	1
2030	85	15.0%	13.3%	11	9	2	(4)	3	4	3
2031	96	13.0%	13.3%	13	10	2	(5)	3	5	3
2032	107	11.0%	13.3%	14	11	3	(6)	3	5	3
2033	116	9.0%	13.3%	16	12	3	(7)	2	6	3
2034	125	7.0%	13.3%	17	13	3	(7)	2	7	3
2035	131	5.0%	13.3%	17	14	3	(8)	2	7	3

Enterprise Value Bridge

Sum of PV(FCFF)10

Terminal Value (Gordon Growth at 3.0%)135

PV of Terminal Value61

Enterprise Value71

(–) Net Debt-5

Equity Value76

(÷) Shares Outstanding46

Fair Value per Share$1.64

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$0	$2	$3	$4	$5
7.7%	$0	$1	$2	$3	$4
8.7%	$0	$1	$2	$2	$3
9.7%	$0	$1	$1	$2	$3
10.7%	$-0	$1	$1	$2	$2

Current price: $4.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% 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

$1.62

Market Price

$4.02

Upside / Downside

-59.6%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Instruments & Supplies

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
KORU Medical Systems, Inc.KRMD	186	4.4x	5.4x
OraSure Technologies, Inc.OSUR	213	2.0x	1.2x
Utah Medical Products, Inc.UTMD	202	3.0x	1.7x
InfuSystem Holdings, Inc.INFU	192	1.3x	1.4x
TriSalus Life Sciences, Inc.TLSI	155	3.7x	2.8x
Neuronetics, Inc.STIM	122	1.2x	1.1x
MaxCyte, Inc.MXCT	76	2.2x	2.1x
Industry Median		2.1x	1.6x
(*) Revenue		41	34
= Enterprise Value		87	53
(-) Net Debt		-5	-5
Equity Value		92	58
(/) Outstanding shares		46	46
Fair Price		$2	$1

Selected Fair Value (avg of trailing + forward)

$1.62

-59.6%