MacroGenics, Inc.

MGNX

HealthcareBiotechnologyNASDAQ

$3.45

Market Cap: $219.28M

MacroGenics, Inc. (MGNX) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.11 – $6.12	$0.92	-70.9%
▸ Trading Multiples
EV/Revenue	$6.22 – $110.49	$85.67	+2594.0%

Valuation History

DCF Analysis

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

REVENUE DCF FAIR VALUE

$0.92

Market Price

$3.45

Upside / Downside

-73.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -48.7% to a target of 13.3% over 5 years, discounted at a WACC of 8.7%, MacroGenics, Inc. (MGNX) has an intrinsic value of $0.92 per share (range: $0.11 – $6.12).

Key Assumptions

Current Operating Margin

-48.7%

Target Operating Margin

13.3%

WACC

8.7%

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	100	-32.8%	-36.3%	-36	-36	10	(5)	-6	-26	-25
2027	99	-1.8%	-23.9%	-24	-24	10	(6)	-0	-19	-17
2028	114	15.1%	-11.5%	-13	-13	11	(8)	2	-11	-9
2029	121	6.2%	0.9%	1	1	12	(10)	1	2	2
2030	153	27.0%	13.3%	20	16	15	(14)	4	14	9
2031	178	16.0%	13.3%	24	19	17	(18)	3	15	10
2032	201	13.4%	13.3%	27	21	19	(23)	3	16	9
2033	223	10.8%	13.3%	30	23	22	(27)	2	15	8
2034	241	8.2%	13.3%	32	25	23	(32)	2	14	7
2035	255	5.6%	13.3%	34	27	25	(37)	1	13	6

Enterprise Value Bridge

Sum of PV(FCFF)0

Terminal Value (Gordon Growth at 3.0%)237

PV of Terminal Value108

Enterprise Value108

(–) Net Debt50

Equity Value58

(÷) Shares Outstanding63

Fair Value per Share$0.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-1	$1	$2	$4	$6
7.7%	$-1	$0	$2	$3	$4
8.7%	$-1	$-0	$1	$2	$3
9.7%	$-1	$-0	$1	$1	$2
10.7%	$-1	$-1	$0	$1	$2

Current price: $3.45. 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

$89.60

Market Price

$3.45

Upside / Downside

+2497.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), MacroGenics, Inc. (MGNX) has a fair value of $89.60 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	218	1.8x	2.5x
Ovid Therapeutics Inc.OVID	347	47.9x	—
Zentalis Pharmaceuticals, Inc.ZNTL	191	3.0x	93.1x
Whitehawk Therapeutics IncWHWK	165	17.9x	14.5x
Connect Biopharma Holdings LimitedCNTB	160	3.1x	—
Oramed Pharmaceuticals Inc.ORMP	139	47.0x	139.5x
Coya Therapeutics, Inc.COYA	68	2.6x	9.5x
Industry Median		10.5x	53.8x
(*) Revenue		150	106
= Enterprise Value		1,570	9,846
(-) Net Debt		50	50
Equity Value		1,521	9,797
(/) Outstanding shares		63	63
Fair Price		$24	$155

Selected Fair Value (avg of trailing + forward)

$89.60

+2497.1%

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

$0.11 – $6.12

$0.92

-70.9%

▸ Trading Multiples

EV/Revenue

$6.22 – $110.49

$85.67

+2594.0%

DCF Analysis

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

REVENUE DCF FAIR VALUE

$0.92

Market Price

$3.45

Upside / Downside

-73.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-48.7%

Target Operating Margin

13.3%

WACC

8.7%

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	100	-32.8%	-36.3%	-36	-36	10	(5)	-6	-26	-25
2027	99	-1.8%	-23.9%	-24	-24	10	(6)	-0	-19	-17
2028	114	15.1%	-11.5%	-13	-13	11	(8)	2	-11	-9
2029	121	6.2%	0.9%	1	1	12	(10)	1	2	2
2030	153	27.0%	13.3%	20	16	15	(14)	4	14	9
2031	178	16.0%	13.3%	24	19	17	(18)	3	15	10
2032	201	13.4%	13.3%	27	21	19	(23)	3	16	9
2033	223	10.8%	13.3%	30	23	22	(27)	2	15	8
2034	241	8.2%	13.3%	32	25	23	(32)	2	14	7
2035	255	5.6%	13.3%	34	27	25	(37)	1	13	6

Enterprise Value Bridge

Sum of PV(FCFF)0

Terminal Value (Gordon Growth at 3.0%)237

PV of Terminal Value108

Enterprise Value108

(–) Net Debt50

Equity Value58

(÷) Shares Outstanding63

Fair Value per Share$0.92

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.7%	$-1	$1	$2	$4	$6
7.7%	$-1	$0	$2	$3	$4
8.7%	$-1	$-0	$1	$2	$3
9.7%	$-1	$-0	$1	$1	$2
10.7%	$-1	$-1	$0	$1	$2

Current price: $3.45. 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

$89.60

Market Price

$3.45

Upside / Downside

+2497.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), MacroGenics, Inc. (MGNX) has a fair value of $89.60 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	218	1.8x	2.5x
Ovid Therapeutics Inc.OVID	347	47.9x	—
Zentalis Pharmaceuticals, Inc.ZNTL	191	3.0x	93.1x
Whitehawk Therapeutics IncWHWK	165	17.9x	14.5x
Connect Biopharma Holdings LimitedCNTB	160	3.1x	—
Oramed Pharmaceuticals Inc.ORMP	139	47.0x	139.5x
Coya Therapeutics, Inc.COYA	68	2.6x	9.5x
Industry Median		10.5x	53.8x
(*) Revenue		150	106
= Enterprise Value		1,570	9,846
(-) Net Debt		50	50
Equity Value		1,521	9,797
(/) Outstanding shares		63	63
Fair Price		$24	$155

Selected Fair Value (avg of trailing + forward)

$89.60

+2497.1%