LENSAR, Inc.

LNSR

HealthcareMedical - DevicesNASDAQ

$5.78

Market Cap: $69.96M

LENSAR, Inc. (LNSR) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.41 – $17.87	$0.41	-93.0%
Revenue DCF 10Y	$0.88 – $34.86	$8.54	+45.0%
▸ Trading Multiples
EV/Revenue	$8.63 – $459.47	$13.03	+121.2%

Valuation History

DCF Analysis

LENSAR, Inc. (LNSR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.54

Market Price

$5.78

Upside / Downside

+47.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -40.5% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, LENSAR, Inc. (LNSR) has an intrinsic value of $8.54 per share (range: $0.88 – $34.86).

Key Assumptions

Current Operating Margin

-40.5%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

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	85	45.8%	-29.7%	-25	-25	7	(1)	14	-34	-33
2027	111	30.3%	-19.0%	-21	-21	9	(3)	7	-22	-20
2028	118	5.9%	-8.2%	-10	-10	10	(5)	2	-6	-5
2029	134	14.1%	2.6%	3	3	11	(7)	5	2	2
2030	153	14.1%	13.3%	20	16	13	(10)	5	14	9
2031	175	14.1%	13.3%	23	18	14	(13)	6	14	9
2032	195	11.9%	13.3%	26	21	16	(17)	6	14	8
2033	214	9.7%	13.3%	29	23	18	(21)	5	14	7
2034	230	7.4%	13.3%	31	24	19	(26)	4	13	7
2035	242	5.2%	13.3%	32	26	20	(30)	3	12	6

Enterprise Value Bridge

Sum of PV(FCFF)-10

Terminal Value (Gordon Growth at 3.0%)224

PV of Terminal Value102

Enterprise Value92

(–) Net Debt-10

Equity Value102

(÷) Shares Outstanding12

Fair Value per Share$8.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-3	$7	$16	$26	$35
7.6%	$-3	$4	$12	$19	$26
8.7%	$-3	$3	$9	$14	$20
9.7%	$-3	$2	$6	$11	$16
10.7%	$-3	$1	$5	$9	$13

Current price: $5.78. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

LENSAR, Inc. (LNSR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.41

Market Price

$5.78

Upside / Downside

-92.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-40.5%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

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	85	45.8%	-29.7%	-25	-25	7	(2)	14	-35	-34
2027	111	30.3%	-19.0%	-21	-21	9	(6)	7	-25	-22
2028	118	5.9%	-8.2%	-10	-10	10	(9)	2	-11	-9
2029	134	14.1%	2.6%	3	3	11	(13)	5	-4	-3
2030	153	14.1%	13.3%	20	16	13	(19)	5	5	3

Enterprise Value Bridge

Sum of PV(FCFF)-64

Terminal Value (Gordon Growth at 3.0%)85

PV of Terminal Value59

Enterprise Value-5

(–) Net Debt-10

Equity Value5

(÷) Shares Outstanding12

Fair Value per Share$0.41

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-6	$-3	$4	$11	$18
7.6%	$-6	$-4	$2	$7	$13
8.7%	$-6	$-4	$0	$5	$9
9.7%	$-6	$-4	$-0	$3	$7
10.7%	$-6	$-4	$-1	$2	$5

Current price: $5.78. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.3% 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

$13.03

Market Price

$5.78

Upside / Downside

+125.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), LENSAR, Inc. (LNSR) has a fair value of $13.03 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
LENSAR, Inc.LNSR	69	1.0x	1.3x
Anika Therapeutics, Inc.ANIK	213	1.6x	1.2x
Anteris Technologies Global Corp.AVR	190	93.8x	20.1x
TriSalus Life Sciences, Inc.TLSI	155	3.7x	2.8x
Corbus Pharmaceuticals Holdings, Inc.CRBP	127	146.0x	64.3x
Cardiff Oncology, Inc.CRDF	108	154.1x	—
Rapid Micro Biosystems, Inc.RPID	100	3.1x	3.1x
Owlet, Inc.OWLT	92	0.6x	0.6x
MaxCyte, Inc.MXCT	76	2.2x	2.1x
Accuray IncorporatedARAY	50	0.4x	0.4x
Industry Median		3.1x	2.5x
(*) Revenue		58	45
= Enterprise Value		181	110
(-) Net Debt		-10	-10
Equity Value		192	120
(/) Outstanding shares		12	12
Fair Price		$16	$10

Selected Fair Value (avg of trailing + forward)

$13.03

+125.4%

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

$0.41 – $17.87

$0.41

-93.0%

Revenue DCF 10Y

$0.88 – $34.86

$8.54

+45.0%

▸ Trading Multiples

EV/Revenue

$8.63 – $459.47

$13.03

+121.2%

DCF Analysis

LENSAR, Inc. (LNSR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$8.54

Market Price

$5.78

Upside / Downside

+47.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-40.5%

Target Operating Margin

13.3%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.5%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

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	85	45.8%	-29.7%	-25	-25	7	(1)	14	-34	-33
2027	111	30.3%	-19.0%	-21	-21	9	(3)	7	-22	-20
2028	118	5.9%	-8.2%	-10	-10	10	(5)	2	-6	-5
2029	134	14.1%	2.6%	3	3	11	(7)	5	2	2
2030	153	14.1%	13.3%	20	16	13	(10)	5	14	9
2031	175	14.1%	13.3%	23	18	14	(13)	6	14	9
2032	195	11.9%	13.3%	26	21	16	(17)	6	14	8
2033	214	9.7%	13.3%	29	23	18	(21)	5	14	7
2034	230	7.4%	13.3%	31	24	19	(26)	4	13	7
2035	242	5.2%	13.3%	32	26	20	(30)	3	12	6

Enterprise Value Bridge

Sum of PV(FCFF)-10

Terminal Value (Gordon Growth at 3.0%)224

PV of Terminal Value102

Enterprise Value92

(–) Net Debt-10

Equity Value102

(÷) Shares Outstanding12

Fair Value per Share$8.54

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-3	$7	$16	$26	$35
7.6%	$-3	$4	$12	$19	$26
8.7%	$-3	$3	$9	$14	$20
9.7%	$-3	$2	$6	$11	$16
10.7%	$-3	$1	$5	$9	$13

Current price: $5.78. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.3% 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

$13.03

Market Price

$5.78

Upside / Downside

+125.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), LENSAR, Inc. (LNSR) has a fair value of $13.03 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
LENSAR, Inc.LNSR	69	1.0x	1.3x
Anika Therapeutics, Inc.ANIK	213	1.6x	1.2x
Anteris Technologies Global Corp.AVR	190	93.8x	20.1x
TriSalus Life Sciences, Inc.TLSI	155	3.7x	2.8x
Corbus Pharmaceuticals Holdings, Inc.CRBP	127	146.0x	64.3x
Cardiff Oncology, Inc.CRDF	108	154.1x	—
Rapid Micro Biosystems, Inc.RPID	100	3.1x	3.1x
Owlet, Inc.OWLT	92	0.6x	0.6x
MaxCyte, Inc.MXCT	76	2.2x	2.1x
Accuray IncorporatedARAY	50	0.4x	0.4x
Industry Median		3.1x	2.5x
(*) Revenue		58	45
= Enterprise Value		181	110
(-) Net Debt		-10	-10
Equity Value		192	120
(/) Outstanding shares		12	12
Fair Price		$16	$10

Selected Fair Value (avg of trailing + forward)

$13.03

+125.4%