MDxHealth S.A.

MDXH

HealthcareMedical - Diagnostics & ResearchNASDAQ

$2.00

Market Cap: $102.73M

MDxHealth S.A. (MDXH) Valuation Summary

Updated May 11, 2026 16:32

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.18 – $4.94	$0.44	-78.0%
Revenue DCF 10Y	$0.95 – $14.36	$4.34	+116.8%
▸ Trading Multiples
EV/Revenue	$0.80 – $11.11	$6.00	+200.0%

Valuation History

DCF Analysis

MDxHealth S.A. (MDXH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.34

Market Price

$2.00

Upside / Downside

+116.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -14.3% to a target of 13.2% over 5 years, discounted at a WACC of 11.2%, MDxHealth S.A. (MDXH) has an intrinsic value of $4.34 per share (range: $0.95 – $14.36).

Key Assumptions

Current Operating Margin

-14.3%

Target Operating Margin

13.2%

WACC

11.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.2%

Target CapEx/Rev

16.2%

D&A/Revenue

10.8%

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	138	28.2%	-8.8%	-12	-12	15	(9)	-3	-3	-3
2027	164	18.4%	-3.3%	-5	-5	18	(12)	1	-1	-1
2028	195	18.9%	2.2%	4	3	21	(17)	2	6	5
2029	232	19.1%	7.7%	18	14	25	(22)	2	15	10
2030	301	30.0%	13.2%	40	31	33	(32)	4	28	17
2031	392	30.0%	13.2%	52	41	42	(46)	5	32	18
2032	509	30.0%	13.2%	67	53	55	(66)	7	36	18
2033	640	25.7%	13.2%	84	67	69	(90)	8	39	17
2034	756	18.1%	13.2%	100	79	82	(114)	7	39	16
2035	836	10.6%	13.2%	110	87	90	(136)	5	37	14

Enterprise Value Bridge

Sum of PV(FCFF)111

Terminal Value (Gordon Growth at 3.0%)470

PV of Terminal Value172

Enterprise Value283

(–) Net Debt66

Equity Value217

(÷) Shares Outstanding50

Fair Value per Share$4.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
9.2%	$-1	$3	$7	$10	$14
10.2%	$-1	$2	$5	$9	$12
11.2%	$-1	$2	$4	$7	$10
12.2%	$-1	$1	$4	$6	$8
13.2%	$-1	$1	$3	$5	$7

Current price: $2.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

MDxHealth S.A. (MDXH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.44

Market Price

$2.00

Upside / Downside

-78.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-14.3%

Target Operating Margin

13.2%

WACC

11.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.2%

Target CapEx/Rev

16.2%

D&A/Revenue

10.8%

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	138	28.2%	-8.8%	-12	-12	15	(10)	-3	-4	-4
2027	164	18.4%	-3.3%	-5	-5	18	(16)	1	-5	-4
2028	195	18.9%	2.2%	4	3	21	(23)	2	-0	-0
2029	232	19.1%	7.7%	18	14	25	(33)	2	5	3
2030	301	30.0%	13.2%	40	31	33	(49)	4	11	7

Enterprise Value Bridge

Sum of PV(FCFF)1

Terminal Value (Gordon Growth at 3.0%)139

PV of Terminal Value87

Enterprise Value88

(–) Net Debt66

Equity Value22

(÷) Shares Outstanding50

Fair Value per Share$0.44

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
9.2%	$-2	$-1	$1	$3	$5
10.2%	$-2	$-1	$1	$2	$4
11.2%	$-2	$-1	$0	$2	$3
12.2%	$-2	$-1	$0	$1	$3
13.2%	$-2	$-1	$-0	$1	$2

Current price: $2.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.8% 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

$6.00

Market Price

$2.00

Upside / Downside

+200.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), MDxHealth S.A. (MDXH) has a fair value of $6.00 based on 8 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
MDxHealth S.A.MDXH	100	1.5x	1.5x
Aclaris Therapeutics, Inc.ACRS	595	73.7x	106.2x
Assembly Biosciences, Inc.ASMB	473	5.8x	7.5x
Shoulder Innovations, Inc.SI	264	5.3x	1.1x
NeoGenomics, Inc.NEO	233	0.8x	0.7x
Stereotaxis, Inc.STXS	185	5.5x	7.5x
SANUWAVE Health, Inc.SNWV	143	3.5x	2.4x
Quanterix CorporationQTRX	129	1.0x	0.8x
Exagen Inc.XGN	71	0.7x	0.6x
Industry Median		4.4x	1.7x
(*) Revenue		108	109
= Enterprise Value		476	257
(-) Net Debt		66	66
Equity Value		410	191
(/) Outstanding shares		50	50
Fair Price		$8	$4

Selected Fair Value (avg of trailing + forward)

$6.00

+200.0%

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

$0.18 – $4.94

$0.44

-78.0%

Revenue DCF 10Y

$0.95 – $14.36

$4.34

+116.8%

▸ Trading Multiples

EV/Revenue

$0.80 – $11.11

$6.00

+200.0%

DCF Analysis

MDxHealth S.A. (MDXH) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.34

Market Price

$2.00

Upside / Downside

+116.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-14.3%

Target Operating Margin

13.2%

WACC

11.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.2%

Target CapEx/Rev

16.2%

D&A/Revenue

10.8%

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	138	28.2%	-8.8%	-12	-12	15	(9)	-3	-3	-3
2027	164	18.4%	-3.3%	-5	-5	18	(12)	1	-1	-1
2028	195	18.9%	2.2%	4	3	21	(17)	2	6	5
2029	232	19.1%	7.7%	18	14	25	(22)	2	15	10
2030	301	30.0%	13.2%	40	31	33	(32)	4	28	17
2031	392	30.0%	13.2%	52	41	42	(46)	5	32	18
2032	509	30.0%	13.2%	67	53	55	(66)	7	36	18
2033	640	25.7%	13.2%	84	67	69	(90)	8	39	17
2034	756	18.1%	13.2%	100	79	82	(114)	7	39	16
2035	836	10.6%	13.2%	110	87	90	(136)	5	37	14

Enterprise Value Bridge

Sum of PV(FCFF)111

Terminal Value (Gordon Growth at 3.0%)470

PV of Terminal Value172

Enterprise Value283

(–) Net Debt66

Equity Value217

(÷) Shares Outstanding50

Fair Value per Share$4.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
9.2%	$-1	$3	$7	$10	$14
10.2%	$-1	$2	$5	$9	$12
11.2%	$-1	$2	$4	$7	$10
12.2%	$-1	$1	$4	$6	$8
13.2%	$-1	$1	$3	$5	$7

Current price: $2.00. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 5.8% 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

$6.00

Market Price

$2.00

Upside / Downside

+200.0%

Verdict

Undervalued

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
MDxHealth S.A.MDXH	100	1.5x	1.5x
Aclaris Therapeutics, Inc.ACRS	595	73.7x	106.2x
Assembly Biosciences, Inc.ASMB	473	5.8x	7.5x
Shoulder Innovations, Inc.SI	264	5.3x	1.1x
NeoGenomics, Inc.NEO	233	0.8x	0.7x
Stereotaxis, Inc.STXS	185	5.5x	7.5x
SANUWAVE Health, Inc.SNWV	143	3.5x	2.4x
Quanterix CorporationQTRX	129	1.0x	0.8x
Exagen Inc.XGN	71	0.7x	0.6x
Industry Median		4.4x	1.7x
(*) Revenue		108	109
= Enterprise Value		476	257
(-) Net Debt		66	66
Equity Value		410	191
(/) Outstanding shares		50	50
Fair Price		$8	$4

Selected Fair Value (avg of trailing + forward)

$6.00

+200.0%