J.W. Mays, Inc.

MAYS

Real EstateReal Estate - ServicesNASDAQ

$42.54

Market Cap: $85.75M

J.W. Mays, Inc. (MAYS) Valuation Summary

Updated May 11, 2026 07:46

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$19.74 – $151.57	$52.66	+23.8%
Revenue DCF 10Y	$20.32 – $151.30	$53.07	+24.8%
▸ Trading Multiples
EV/Revenue	$20.41 – $131.90	$104.45	+145.5%

Valuation History

DCF Analysis

J.W. Mays, Inc. (MAYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$53.07

Market Price

$42.54

Upside / Downside

+24.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -0.7% to a target of 28.4% over 5 years, discounted at a WACC of 7.1%, J.W. Mays, Inc. (MAYS) has an intrinsic value of $53.07 per share (range: $20.32 – $151.30).

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

28.4%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.2%

Target CapEx/Rev

12.8%

D&A/Revenue

8.5%

Tax Rate

0.0%

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	23	2.7%	5.1%	1	1	2	(2)	-3	3	3
2027	24	2.7%	10.9%	3	3	2	(2)	0	2	2
2028	24	2.8%	16.7%	4	4	2	(3)	0	4	3
2029	25	2.8%	22.5%	6	6	2	(3)	0	5	4
2030	26	2.8%	28.4%	7	7	2	(3)	0	7	5
2031	26	2.9%	28.4%	8	8	2	(3)	0	7	5
2032	27	2.9%	28.4%	8	8	2	(3)	0	7	4
2033	28	2.9%	28.4%	8	8	2	(3)	0	7	4
2034	29	2.9%	28.4%	8	8	2	(4)	0	7	4
2035	30	3.0%	28.4%	8	8	3	(4)	0	7	4

Enterprise Value Bridge

Sum of PV(FCFF)38

Terminal Value (Gordon Growth at 3.0%)180

PV of Terminal Value94

Enterprise Value132

(–) Net Debt26

Equity Value107

(÷) Shares Outstanding2

Fair Value per Share$53.07

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
5.1%	$86	$103	$119	$135	$151
6.1%	$54	$64	$75	$86	$97
7.1%	$37	$45	$53	$61	$69
8.1%	$27	$33	$40	$46	$52
9.1%	$20	$26	$31	$36	$41

Current price: $42.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

J.W. Mays, Inc. (MAYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$52.66

Market Price

$42.54

Upside / Downside

+23.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

28.4%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.2%

Target CapEx/Rev

12.8%

D&A/Revenue

8.5%

Tax Rate

0.0%

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	23	2.7%	5.1%	1	1	2	(2)	-3	3	3
2027	24	2.8%	10.9%	3	3	2	(3)	0	2	2
2028	24	2.8%	16.7%	4	4	2	(3)	0	3	3
2029	25	2.9%	22.5%	6	6	2	(3)	0	5	4
2030	26	3.0%	28.4%	7	7	2	(3)	0	6	5

Enterprise Value Bridge

Sum of PV(FCFF)16

Terminal Value (Gordon Growth at 3.0%)157

PV of Terminal Value115

Enterprise Value132

(–) Net Debt26

Equity Value106

(÷) Shares Outstanding2

Fair Value per Share$52.66

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
5.1%	$86	$102	$119	$135	$152
6.1%	$53	$64	$75	$86	$97
7.1%	$36	$45	$53	$61	$69
8.1%	$26	$33	$39	$46	$52
9.1%	$20	$25	$30	$36	$41

Current price: $42.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.1% 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

$104.45

Market Price

$42.54

Upside / Downside

+145.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), J.W. Mays, Inc. (MAYS) has a fair value of $104.45 based on 6 comparable companies in the Real Estate - Services industry.

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
J.W. Mays, Inc.MAYS	86	5.0x	—
Comstock Inc.LODE	109	78.9x	57.9x
Star HoldingsSTHO	107	3.0x	—
Cherry Hill Mortgage Investment CorporationCHMI	95	12.6x	53.6x
Altisource Portfolio Solutions S.A.ASPS	76	1.4x	1.3x
Lument Finance Trust, Inc.LFT	62	13.0x	29.5x
Clipper Realty Inc.CLPR	50	8.5x	9.9x
Industry Median		10.5x	29.5x
(*) Revenue		22
= Enterprise Value		236
(-) Net Debt		26
Equity Value		211
(/) Outstanding shares		2
Fair Price		$104

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

$19.74 – $151.57

$52.66

+23.8%

Revenue DCF 10Y

$20.32 – $151.30

$53.07

+24.8%

▸ Trading Multiples

EV/Revenue

$20.41 – $131.90

$104.45

+145.5%

DCF Analysis

J.W. Mays, Inc. (MAYS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$53.07

Market Price

$42.54

Upside / Downside

+24.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-0.7%

Target Operating Margin

28.4%

WACC

7.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.2%

Target CapEx/Rev

12.8%

D&A/Revenue

8.5%

Tax Rate

0.0%

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	23	2.7%	5.1%	1	1	2	(2)	-3	3	3
2027	24	2.7%	10.9%	3	3	2	(2)	0	2	2
2028	24	2.8%	16.7%	4	4	2	(3)	0	4	3
2029	25	2.8%	22.5%	6	6	2	(3)	0	5	4
2030	26	2.8%	28.4%	7	7	2	(3)	0	7	5
2031	26	2.9%	28.4%	8	8	2	(3)	0	7	5
2032	27	2.9%	28.4%	8	8	2	(3)	0	7	4
2033	28	2.9%	28.4%	8	8	2	(3)	0	7	4
2034	29	2.9%	28.4%	8	8	2	(4)	0	7	4
2035	30	3.0%	28.4%	8	8	3	(4)	0	7	4

Enterprise Value Bridge

Sum of PV(FCFF)38

Terminal Value (Gordon Growth at 3.0%)180

PV of Terminal Value94

Enterprise Value132

(–) Net Debt26

Equity Value107

(÷) Shares Outstanding2

Fair Value per Share$53.07

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	22.4%	25.4%	28.4%	31.4%	34.4%
5.1%	$86	$103	$119	$135	$151
6.1%	$54	$64	$75	$86	$97
7.1%	$37	$45	$53	$61	$69
8.1%	$27	$33	$40	$46	$52
9.1%	$20	$26	$31	$36	$41

Current price: $42.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.1% 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

$104.45

Market Price

$42.54

Upside / Downside

+145.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), J.W. Mays, Inc. (MAYS) has a fair value of $104.45 based on 6 comparable companies in the Real Estate - Services industry.

EV/Revenue Valuation — Real Estate - Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
J.W. Mays, Inc.MAYS	86	5.0x	—
Comstock Inc.LODE	109	78.9x	57.9x
Star HoldingsSTHO	107	3.0x	—
Cherry Hill Mortgage Investment CorporationCHMI	95	12.6x	53.6x
Altisource Portfolio Solutions S.A.ASPS	76	1.4x	1.3x
Lument Finance Trust, Inc.LFT	62	13.0x	29.5x
Clipper Realty Inc.CLPR	50	8.5x	9.9x
Industry Median		10.5x	29.5x
(*) Revenue		22
= Enterprise Value		236
(-) Net Debt		26
Equity Value		211
(/) Outstanding shares		2
Fair Price		$104