Nutriband Inc.

NTRB

HealthcareBiotechnologyNASDAQ

$3.65

Market Cap: $44.37M

Nutriband Inc. (NTRB) Valuation Summary

Updated Apr 8, 2026 22:18

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.21 – $43.29	$9.22	+135.2%
Revenue DCF 10Y	$0.56 – $55.32	$12.59	+221.2%
▸ Trading Multiples
EV/Revenue	$0.51 – $1.86	$0.58	-85.1%

Valuation History

DCF Analysis

Nutriband Inc. (NTRB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.59

Market Price

$3.65

Upside / Downside

+244.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -312.6% to a target of 13.3% over 5 years, discounted at a WACC of 8.8%, Nutriband Inc. (NTRB) has an intrinsic value of $12.59 per share (range: $0.56 – $55.32).

Key Assumptions

Current Operating Margin

-312.6%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.3%

Target CapEx/Rev

25.6%

D&A/Revenue

17.0%

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)
2025	2	7.3%	-247.4%	-6	-6	0	(0)	-0	-5	-5
2026	3	18.9%	-182.2%	-5	-5	0	(0)	-0	-5	-4
2027	95	3394.9%	-117.0%	-112	-112	16	(9)	-29	-75	-61
2028	180	89.1%	-51.8%	-94	-94	31	(22)	-27	-58	-43
2029	221	22.7%	13.3%	30	23	38	(32)	-13	42	29
2030	264	19.4%	13.3%	35	28	45	(44)	-14	43	27
2031	307	16.1%	13.3%	41	32	52	(58)	-14	40	23
2032	347	12.9%	13.3%	46	37	59	(73)	-13	35	19
2033	380	9.6%	13.3%	51	40	65	(89)	-11	27	13
2034	404	6.3%	13.3%	54	43	69	(103)	-8	16	7

Enterprise Value Bridge

Sum of PV(FCFF)5

Terminal Value (Gordon Growth at 3.0%)279

PV of Terminal Value125

Enterprise Value129

(–) Net Debt-4

Equity Value134

(÷) Shares Outstanding11

Fair Value per Share$12.59

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-5	$7	$23	$39	$55
7.8%	$-5	$4	$17	$29	$41
8.8%	$-5	$3	$13	$23	$32
9.8%	$-5	$1	$10	$18	$26
10.8%	$-5	$1	$8	$14	$21

Current price: $3.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -31.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Nutriband Inc. (NTRB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.22

Market Price

$3.65

Upside / Downside

+152.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-312.6%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.3%

Target CapEx/Rev

25.6%

D&A/Revenue

17.0%

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)
2025	2	7.3%	-247.4%	-6	-6	0	(0)	-0	-5	-5
2026	3	18.9%	-182.2%	-5	-5	0	(0)	-0	-5	-4
2027	95	3394.9%	-117.0%	-112	-112	16	(16)	-29	-82	-66
2028	180	89.1%	-51.8%	-94	-94	31	(38)	-27	-74	-55
2029	221	22.7%	13.3%	30	23	38	(57)	-13	18	12

Enterprise Value Bridge

Sum of PV(FCFF)-118

Terminal Value (Gordon Growth at 3.0%)310

PV of Terminal Value212

Enterprise Value94

(–) Net Debt-4

Equity Value98

(÷) Shares Outstanding11

Fair Value per Share$9.22

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$0	$11	$22	$33	$43
7.8%	$-3	$6	$14	$22	$31
8.8%	$-4	$2	$9	$16	$23
9.8%	$-5	$0	$6	$12	$17
10.8%	$-6	$-1	$3	$8	$13

Current price: $3.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$0.55

Market Price

$3.65

Upside / Downside

-85.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Nutriband Inc. (NTRB) has a fair value of $0.55 based on 4 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
Nutriband Inc.NTRB	42	18.7x	11.6x
Fortress Biotech, Inc.FBIO	74	1.0x	0.7x
TScan Therapeutics, Inc.TCRX	60	0.2x	0.2x
Lite Strategy, Inc.LITS	42	0.6x	0.6x
CervoMed Inc.CRVO	37	7.3x	83.3x
Industry Median		0.8x	0.7x
(*) Revenue		2	3
= Enterprise Value		2	2
(-) Net Debt		-4	-4
Equity Value		6	7
(/) Outstanding shares		12	12
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.55

-85.0%

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

$0.21 – $43.29

$9.22

+135.2%

Revenue DCF 10Y

$0.56 – $55.32

$12.59

+221.2%

▸ Trading Multiples

EV/Revenue

$0.51 – $1.86

$0.58

-85.1%

DCF Analysis

Nutriband Inc. (NTRB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$12.59

Market Price

$3.65

Upside / Downside

+244.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-312.6%

Target Operating Margin

13.3%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.3%

Target CapEx/Rev

25.6%

D&A/Revenue

17.0%

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)
2025	2	7.3%	-247.4%	-6	-6	0	(0)	-0	-5	-5
2026	3	18.9%	-182.2%	-5	-5	0	(0)	-0	-5	-4
2027	95	3394.9%	-117.0%	-112	-112	16	(9)	-29	-75	-61
2028	180	89.1%	-51.8%	-94	-94	31	(22)	-27	-58	-43
2029	221	22.7%	13.3%	30	23	38	(32)	-13	42	29
2030	264	19.4%	13.3%	35	28	45	(44)	-14	43	27
2031	307	16.1%	13.3%	41	32	52	(58)	-14	40	23
2032	347	12.9%	13.3%	46	37	59	(73)	-13	35	19
2033	380	9.6%	13.3%	51	40	65	(89)	-11	27	13
2034	404	6.3%	13.3%	54	43	69	(103)	-8	16	7

Enterprise Value Bridge

Sum of PV(FCFF)5

Terminal Value (Gordon Growth at 3.0%)279

PV of Terminal Value125

Enterprise Value129

(–) Net Debt-4

Equity Value134

(÷) Shares Outstanding11

Fair Value per Share$12.59

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.8%	$-5	$7	$23	$39	$55
7.8%	$-5	$4	$17	$29	$41
8.8%	$-5	$3	$13	$23	$32
9.8%	$-5	$1	$10	$18	$26
10.8%	$-5	$1	$8	$14	$21

Current price: $3.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$0.55

Market Price

$3.65

Upside / Downside

-85.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Nutriband Inc. (NTRB) has a fair value of $0.55 based on 4 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
Nutriband Inc.NTRB	42	18.7x	11.6x
Fortress Biotech, Inc.FBIO	74	1.0x	0.7x
TScan Therapeutics, Inc.TCRX	60	0.2x	0.2x
Lite Strategy, Inc.LITS	42	0.6x	0.6x
CervoMed Inc.CRVO	37	7.3x	83.3x
Industry Median		0.8x	0.7x
(*) Revenue		2	3
= Enterprise Value		2	2
(-) Net Debt		-4	-4
Equity Value		6	7
(/) Outstanding shares		12	12
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.55

-85.0%