Kura Sushi USA, Inc.

KRUS

Consumer CyclicalRestaurantsNASDAQ

$52.73

Market Cap: $640.56M

Kura Sushi USA, Inc. (KRUS) Valuation Summary

Updated Apr 9, 2026 22:17

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$8.21 – $198.49	$24.82	-57.3%
Revenue DCF 10Y	$5.91 – $446.62	$61.08	+5.0%
▸ Trading Multiples
EV/Revenue	$10.87 – $34.43	$23.75	-59.2%

Valuation History

DCF Analysis

Kura Sushi USA, Inc. (KRUS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$61.08

Market Price

$52.73

Upside / Downside

+15.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -1.7% to a target of 7.7% over 5 years, discounted at a WACC of 7.0%, Kura Sushi USA, Inc. (KRUS) has an intrinsic value of $61.08 per share (range: $5.91 – $446.62).

Key Assumptions

Current Operating Margin

-1.7%

Target Operating Margin

7.7%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

19.3%

Target CapEx/Rev

9.4%

D&A/Revenue

6.3%

Tax Rate

13.4%

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	334	18.0%	0.2%	1	1	21	(61)	-1	-38	-37
2027	402	20.5%	2.1%	8	7	25	(70)	-1	-36	-33
2028	484	20.3%	4.0%	19	17	30	(79)	-1	-31	-26
2029	571	18.0%	5.8%	33	29	36	(88)	-1	-22	-17
2030	668	17.0%	7.7%	52	45	42	(96)	-1	-8	-6
2031	869	30.0%	7.7%	67	58	55	(116)	-2	-1	-1
2032	1,129	30.0%	7.7%	87	75	71	(140)	-3	10	6
2033	1,398	23.7%	7.7%	108	93	88	(159)	-3	25	15
2034	1,633	16.8%	7.7%	126	109	103	(170)	-3	45	25
2035	1,795	9.9%	7.7%	139	120	113	(169)	-2	66	34

Enterprise Value Bridge

Sum of PV(FCFF)-39

Terminal Value (Gordon Growth at 3.0%)1,690

PV of Terminal Value889

Enterprise Value850

(–) Net Debt123

Equity Value728

(÷) Shares Outstanding12

Fair Value per Share$61.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.0%	$-39	$26	$166	$306	$447
6.0%	$-38	$6	$96	$185	$275
7.0%	$-37	$-4	$61	$126	$190
8.0%	$-36	$-9	$41	$91	$140
9.0%	$-35	$-12	$28	$67	$107

Current price: $52.73. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Kura Sushi USA, Inc. (KRUS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$24.82

Market Price

$52.73

Upside / Downside

-52.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1.7%

Target Operating Margin

7.7%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

19.3%

Target CapEx/Rev

9.4%

D&A/Revenue

6.3%

Tax Rate

13.4%

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	334	18.0%	0.2%	1	1	21	(58)	-1	-35	-34
2027	402	20.5%	2.1%	8	7	25	(62)	-1	-28	-26
2028	484	20.3%	4.0%	19	17	30	(65)	-1	-17	-14
2029	571	18.0%	5.8%	33	29	36	(65)	-1	1	1
2030	668	17.0%	7.7%	52	45	42	(63)	-1	25	18

Enterprise Value Bridge

Sum of PV(FCFF)-55

Terminal Value (Gordon Growth at 3.0%)641

PV of Terminal Value473

Enterprise Value418

(–) Net Debt123

Equity Value296

(÷) Shares Outstanding12

Fair Value per Share$24.82

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.0%	$-21	$8	$72	$135	$198
6.0%	$-21	$-1	$40	$82	$123
7.0%	$-21	$-6	$25	$55	$86
8.0%	$-20	$-8	$16	$40	$64
9.0%	$-20	$-10	$9	$29	$49

Current price: $52.73. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.2% 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

$23.76

Market Price

$52.73

Upside / Downside

-54.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Kura Sushi USA, Inc. (KRUS) has a fair value of $23.76 based on 9 comparable companies in the Restaurants industry.

EV/Revenue Valuation — Restaurants

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Kura Sushi USA, Inc.KRUS	628	2.7x	2.2x
Lindblad Expeditions Holdings, Inc.LIND	1,046	1.9x	2.3x
BJ's Restaurants, Inc.BJRI	819	0.9x	1.0x
Sweetgreen, Inc.SG	666	1.4x	1.3x
Cracker Barrel Old Country Store, Inc.CBRL	665	0.5x	0.5x
Beazer Homes USA, Inc.BZH	643	0.6x	0.7x
Cars.com Inc.CARS	544	1.3x	1.3x
Bloomin' Brands, Inc.BLMN	518	0.9x	0.8x
Jumia Technologies AGJMIA	430	1.9x	1.5x
Venu Holding CorporationVENU	163	12.8x	13.9x
Industry Median		1.3x	1.3x
(*) Revenue		283	334
= Enterprise Value		374	438
(-) Net Debt		123	123
Equity Value		251	315
(/) Outstanding shares		12	12
Fair Price		$21	$26

Selected Fair Value (avg of trailing + forward)

$23.76

-54.9%

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

$8.21 – $198.49

$24.82

-57.3%

Revenue DCF 10Y

$5.91 – $446.62

$61.08

+5.0%

▸ Trading Multiples

EV/Revenue

$10.87 – $34.43

$23.75

-59.2%

DCF Analysis

Kura Sushi USA, Inc. (KRUS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$61.08

Market Price

$52.73

Upside / Downside

+15.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-1.7%

Target Operating Margin

7.7%

WACC

7.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

19.3%

Target CapEx/Rev

9.4%

D&A/Revenue

6.3%

Tax Rate

13.4%

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	334	18.0%	0.2%	1	1	21	(61)	-1	-38	-37
2027	402	20.5%	2.1%	8	7	25	(70)	-1	-36	-33
2028	484	20.3%	4.0%	19	17	30	(79)	-1	-31	-26
2029	571	18.0%	5.8%	33	29	36	(88)	-1	-22	-17
2030	668	17.0%	7.7%	52	45	42	(96)	-1	-8	-6
2031	869	30.0%	7.7%	67	58	55	(116)	-2	-1	-1
2032	1,129	30.0%	7.7%	87	75	71	(140)	-3	10	6
2033	1,398	23.7%	7.7%	108	93	88	(159)	-3	25	15
2034	1,633	16.8%	7.7%	126	109	103	(170)	-3	45	25
2035	1,795	9.9%	7.7%	139	120	113	(169)	-2	66	34

Enterprise Value Bridge

Sum of PV(FCFF)-39

Terminal Value (Gordon Growth at 3.0%)1,690

PV of Terminal Value889

Enterprise Value850

(–) Net Debt123

Equity Value728

(÷) Shares Outstanding12

Fair Value per Share$61.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
5.0%	$-39	$26	$166	$306	$447
6.0%	$-38	$6	$96	$185	$275
7.0%	$-37	$-4	$61	$126	$190
8.0%	$-36	$-9	$41	$91	$140
9.0%	$-35	$-12	$28	$67	$107

Current price: $52.73. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -1.2% 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

$23.76

Market Price

$52.73

Upside / Downside

-54.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Kura Sushi USA, Inc. (KRUS) has a fair value of $23.76 based on 9 comparable companies in the Restaurants industry.

EV/Revenue Valuation — Restaurants

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Kura Sushi USA, Inc.KRUS	628	2.7x	2.2x
Lindblad Expeditions Holdings, Inc.LIND	1,046	1.9x	2.3x
BJ's Restaurants, Inc.BJRI	819	0.9x	1.0x
Sweetgreen, Inc.SG	666	1.4x	1.3x
Cracker Barrel Old Country Store, Inc.CBRL	665	0.5x	0.5x
Beazer Homes USA, Inc.BZH	643	0.6x	0.7x
Cars.com Inc.CARS	544	1.3x	1.3x
Bloomin' Brands, Inc.BLMN	518	0.9x	0.8x
Jumia Technologies AGJMIA	430	1.9x	1.5x
Venu Holding CorporationVENU	163	12.8x	13.9x
Industry Median		1.3x	1.3x
(*) Revenue		283	334
= Enterprise Value		374	438
(-) Net Debt		123	123
Equity Value		251	315
(/) Outstanding shares		12	12
Fair Price		$21	$26

Selected Fair Value (avg of trailing + forward)

$23.76

-54.9%