Laird Superfood, Inc.

LSF

Consumer DefensivePackaged FoodsAMEX

$3.00

Market Cap: $32.78M

Laird Superfood, Inc. (LSF) Valuation Summary

Updated Apr 20, 2026 22:15

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.41 – $31.38	$1.27	-59.6%
▸ Trading Multiples
EV/Revenue	$1.95 – $16.16	$2.85	-9.2%

Valuation History

DCF Analysis

Laird Superfood, Inc. (LSF) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.27

Market Price

$3.00

Upside / Downside

-57.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -6.8% to a target of 7.6% over 5 years, discounted at a WACC of 7.2%, Laird Superfood, Inc. (LSF) has an intrinsic value of $1.27 per share (range: $0.41 – $31.38).

Key Assumptions

Current Operating Margin

-6.8%

Target Operating Margin

7.6%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

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	94	88.9%	-4.0%	-4	-4	1	(2)	10	-14	-14
2027	110	17.0%	-1.1%	-1	-1	2	(3)	3	-6	-5
2028	119	7.9%	1.8%	2	2	2	(4)	2	-2	-2
2029	128	7.9%	4.7%	6	5	2	(5)	2	0	0
2030	139	7.9%	7.6%	11	8	2	(6)	2	3	2
2031	148	7.1%	7.6%	11	9	2	(7)	2	3	2
2032	158	6.3%	7.6%	12	9	2	(8)	2	3	2
2033	166	5.5%	7.6%	13	10	3	(9)	2	2	1
2034	174	4.6%	7.6%	13	10	3	(10)	1	2	1
2035	181	3.8%	7.6%	14	11	3	(11)	1	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-11

Terminal Value (Gordon Growth at 3.0%)38

PV of Terminal Value19

Enterprise Value8

(–) Net Debt-5

Equity Value13

(÷) Shares Outstanding11

Fair Value per Share$1.27

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.2%	$-5	$-3	$4	$18	$31
6.2%	$-4	$-2	$2	$11	$21
7.2%	$-4	$-2	$1	$8	$15
8.2%	$-4	$-2	$1	$6	$12
9.2%	$-4	$-2	$0	$5	$10

Current price: $3.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.4% 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

$2.85

Market Price

$3.00

Upside / Downside

-5.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Laird Superfood, Inc. (LSF) has a fair value of $2.85 based on 7 comparable companies in the Packaged Foods industry.

EV/Revenue Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Laird Superfood, Inc.LSF	32	0.5x	0.7x
Bridgford Foods CorporationBRID	66	0.3x	—
BranchOut Food Inc.BOF	65	5.1x	—
Grove Collaborative Holdings, Inc.GROV	53	0.4x	0.3x
Barfresh Food Group, Inc.BRFH	43	3.3x	5.3x
Farmer Bros. Co.FARM	27	0.2x	0.2x
Agape ATP CorporationATPC	3	0.6x	—
CIMG Inc.IMG	2	0.4x	1.3x
Industry Median		0.4x	0.8x
(*) Revenue		50	38
= Enterprise Value		20	30
(-) Net Debt		-5	-5
Equity Value		25	35
(/) Outstanding shares		11	11
Fair Price		$2	$3

Selected Fair Value (avg of trailing + forward)

$2.85

-5.0%

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

$0.41 – $31.38

$1.27

-59.6%

▸ Trading Multiples

EV/Revenue

$1.95 – $16.16

$2.85

-9.2%

DCF Analysis

Laird Superfood, Inc. (LSF) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.27

Market Price

$3.00

Upside / Downside

-57.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-6.8%

Target Operating Margin

7.6%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

6.0%

D&A/Revenue

1.6%

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	94	88.9%	-4.0%	-4	-4	1	(2)	10	-14	-14
2027	110	17.0%	-1.1%	-1	-1	2	(3)	3	-6	-5
2028	119	7.9%	1.8%	2	2	2	(4)	2	-2	-2
2029	128	7.9%	4.7%	6	5	2	(5)	2	0	0
2030	139	7.9%	7.6%	11	8	2	(6)	2	3	2
2031	148	7.1%	7.6%	11	9	2	(7)	2	3	2
2032	158	6.3%	7.6%	12	9	2	(8)	2	3	2
2033	166	5.5%	7.6%	13	10	3	(9)	2	2	1
2034	174	4.6%	7.6%	13	10	3	(10)	1	2	1
2035	181	3.8%	7.6%	14	11	3	(11)	1	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-11

Terminal Value (Gordon Growth at 3.0%)38

PV of Terminal Value19

Enterprise Value8

(–) Net Debt-5

Equity Value13

(÷) Shares Outstanding11

Fair Value per Share$1.27

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
5.2%	$-5	$-3	$4	$18	$31
6.2%	$-4	$-2	$2	$11	$21
7.2%	$-4	$-2	$1	$8	$15
8.2%	$-4	$-2	$1	$6	$12
9.2%	$-4	$-2	$0	$5	$10

Current price: $3.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.4% 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

$2.85

Market Price

$3.00

Upside / Downside

-5.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Laird Superfood, Inc. (LSF) has a fair value of $2.85 based on 7 comparable companies in the Packaged Foods industry.

EV/Revenue Valuation — Packaged Foods

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Laird Superfood, Inc.LSF	32	0.5x	0.7x
Bridgford Foods CorporationBRID	66	0.3x	—
BranchOut Food Inc.BOF	65	5.1x	—
Grove Collaborative Holdings, Inc.GROV	53	0.4x	0.3x
Barfresh Food Group, Inc.BRFH	43	3.3x	5.3x
Farmer Bros. Co.FARM	27	0.2x	0.2x
Agape ATP CorporationATPC	3	0.6x	—
CIMG Inc.IMG	2	0.4x	1.3x
Industry Median		0.4x	0.8x
(*) Revenue		50	38
= Enterprise Value		20	30
(-) Net Debt		-5	-5
Equity Value		25	35
(/) Outstanding shares		11	11
Fair Price		$2	$3

Selected Fair Value (avg of trailing + forward)

$2.85

-5.0%