MacroGenics, Inc.

MGNX

HealthcareBiotechnologyNASDAQ

$3.00

Market Cap: $190.68M

MacroGenics, Inc. (MGNX) Valuation Summary

Updated May 11, 2026 18:47

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.16 – $11.42	$2.44	-18.6%
▸ Trading Multiples
EV/Revenue	$5.75 – $119.84	$136.88	+4462.6%

Valuation History

DCF Analysis

MacroGenics, Inc. (MGNX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.44

Market Price

$3.00

Upside / Downside

-18.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -48.7% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, MacroGenics, Inc. (MGNX) has an intrinsic value of $2.44 per share (range: $0.16 – $11.42).

Key Assumptions

Current Operating Margin

-48.7%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

14.5%

D&A/Revenue

9.7%

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	107	-28.5%	-36.3%	-39	-39	10	(5)	-5	-28	-27
2027	99	-7.8%	-24.0%	-24	-24	10	(6)	-1	-19	-17
2028	148	50.6%	-11.6%	-17	-17	14	(10)	5	-18	-15
2029	184	23.9%	0.8%	1	1	18	(15)	4	1	0
2030	254	38.0%	13.2%	33	26	25	(23)	8	21	14
2031	294	16.0%	13.2%	39	31	28	(30)	4	25	16
2032	333	13.4%	13.2%	44	35	32	(37)	4	25	15
2033	369	10.8%	13.2%	49	38	36	(46)	4	25	13
2034	400	8.2%	13.2%	53	42	39	(54)	3	23	12
2035	422	5.6%	13.2%	56	44	41	(61)	2	21	10

Enterprise Value Bridge

Sum of PV(FCFF)22

Terminal Value (Gordon Growth at 3.0%)395

PV of Terminal Value182

Enterprise Value204

(–) Net Debt50

Equity Value154

(÷) Shares Outstanding63

Fair Value per Share$2.44

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-1	$2	$5	$8	$11
7.5%	$-1	$1	$3	$6	$8
8.5%	$-1	$1	$2	$4	$6
9.5%	$-1	$0	$2	$3	$5
10.5%	$-1	$-0	$1	$3	$4

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

Working Capital Assumption

Net Working Capital is modeled at 10.8% 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

$136.88

Market Price

$3.00

Upside / Downside

+4462.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), MacroGenics, Inc. (MGNX) has a fair value of $136.88 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
MacroGenics, Inc.MGNX	189	1.6x	2.2x
Ovid Therapeutics Inc.OVID	369	51.0x	—
Zentalis Pharmaceuticals, Inc.ZNTL	300	4.6x	144.1x
Whitehawk Therapeutics IncWHWK	195	22.0x	17.8x
Oramed Pharmaceuticals Inc.ORMP	165	60.2x	178.5x
Connect Biopharma Holdings LimitedCNTB	133	2.1x	—
Coya Therapeutics, Inc.COYA	69	2.8x	10.0x
Industry Median		13.3x	81.0x
(*) Revenue		150	107
= Enterprise Value		1,987	15,402
(-) Net Debt		50	50
Equity Value		1,937	15,352
(/) Outstanding shares		63	63
Fair Price		$31	$243

Selected Fair Value (avg of trailing + forward)

$136.88

+4462.6%

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

$0.16 – $11.42

$2.44

-18.6%

▸ Trading Multiples

EV/Revenue

$5.75 – $119.84

$136.88

+4462.6%

DCF Analysis

MacroGenics, Inc. (MGNX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.44

Market Price

$3.00

Upside / Downside

-18.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-48.7%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

14.5%

D&A/Revenue

9.7%

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	107	-28.5%	-36.3%	-39	-39	10	(5)	-5	-28	-27
2027	99	-7.8%	-24.0%	-24	-24	10	(6)	-1	-19	-17
2028	148	50.6%	-11.6%	-17	-17	14	(10)	5	-18	-15
2029	184	23.9%	0.8%	1	1	18	(15)	4	1	0
2030	254	38.0%	13.2%	33	26	25	(23)	8	21	14
2031	294	16.0%	13.2%	39	31	28	(30)	4	25	16
2032	333	13.4%	13.2%	44	35	32	(37)	4	25	15
2033	369	10.8%	13.2%	49	38	36	(46)	4	25	13
2034	400	8.2%	13.2%	53	42	39	(54)	3	23	12
2035	422	5.6%	13.2%	56	44	41	(61)	2	21	10

Enterprise Value Bridge

Sum of PV(FCFF)22

Terminal Value (Gordon Growth at 3.0%)395

PV of Terminal Value182

Enterprise Value204

(–) Net Debt50

Equity Value154

(÷) Shares Outstanding63

Fair Value per Share$2.44

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-1	$2	$5	$8	$11
7.5%	$-1	$1	$3	$6	$8
8.5%	$-1	$1	$2	$4	$6
9.5%	$-1	$0	$2	$3	$5
10.5%	$-1	$-0	$1	$3	$4

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

Working Capital Assumption

Net Working Capital is modeled at 10.8% 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

$136.88

Market Price

$3.00

Upside / Downside

+4462.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), MacroGenics, Inc. (MGNX) has a fair value of $136.88 based on 6 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
MacroGenics, Inc.MGNX	189	1.6x	2.2x
Ovid Therapeutics Inc.OVID	369	51.0x	—
Zentalis Pharmaceuticals, Inc.ZNTL	300	4.6x	144.1x
Whitehawk Therapeutics IncWHWK	195	22.0x	17.8x
Oramed Pharmaceuticals Inc.ORMP	165	60.2x	178.5x
Connect Biopharma Holdings LimitedCNTB	133	2.1x	—
Coya Therapeutics, Inc.COYA	69	2.8x	10.0x
Industry Median		13.3x	81.0x
(*) Revenue		150	107
= Enterprise Value		1,987	15,402
(-) Net Debt		50	50
Equity Value		1,937	15,352
(/) Outstanding shares		63	63
Fair Price		$31	$243

Selected Fair Value (avg of trailing + forward)

$136.88

+4462.6%