Nuwellis, Inc.

NUWE

HealthcareMedical - DevicesNASDAQ

$1.03

Market Cap: $929,745

Nuwellis, Inc. (NUWE) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.03 – $7.89	$0.03	-97.2%
▸ Trading Multiples
EV/Revenue	$29.62 – $29.62	$72.60	+6560.7%

Valuation History

DCF Analysis

Nuwellis, Inc. (NUWE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$1.03

Upside / Downside

-97.1%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -134.3% to a target of 13.3% over 5 years, discounted at a WACC of 10.1%, Nuwellis, Inc. (NUWE) has an intrinsic value of $0.03 per share (range: $0.03 – $7.89).

Key Assumptions

Current Operating Margin

-134.3%

Target Operating Margin

13.3%

WACC

10.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

7.0%

D&A/Revenue

4.6%

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	9	9.0%	-104.8%	-9	-9	0	(0)	1	-10	-9
2027	11	18.5%	-75.2%	-8	-8	0	(0)	0	-8	-7
2028	36	236.1%	-45.7%	-16	-16	2	(1)	5	-21	-17
2029	49	37.8%	-16.2%	-8	-8	2	(2)	3	-10	-7
2030	50	1.1%	13.3%	7	5	2	(2)	0	5	3
2031	51	1.4%	13.3%	7	5	2	(2)	0	5	3
2032	52	1.7%	13.3%	7	5	2	(3)	0	5	3
2033	53	2.0%	13.3%	7	6	2	(3)	0	5	2
2034	54	2.4%	13.3%	7	6	2	(3)	0	4	2
2035	55	2.7%	13.3%	7	6	3	(4)	0	4	2

Enterprise Value Bridge

Sum of PV(FCFF)-25

Terminal Value (Gordon Growth at 3.0%)62

PV of Terminal Value25

Enterprise Value-1

(–) Net Debt-1

Equity Value0

(÷) Shares Outstanding7

Fair Value per Share$0.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
8.1%	$-3	$-0	$2	$5	$8
9.1%	$-3	$-1	$1	$3	$5
10.1%	$-4	$-2	$0	$2	$4
11.1%	$-4	$-2	$-1	$1	$3
12.1%	$-4	$-3	$-1	$0	$2

Current price: $1.03. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.3% 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

$72.60

Market Price

$1.03

Upside / Downside

+6948.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Nuwellis, Inc. (NUWE) has a fair value of $72.60 based on 1 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Nuwellis, Inc.NUWE	7	0.8x	0.8x
SAB Biotherapeutics, Inc.SABS	37	24.6x	97.7x
Industry Median		24.6x	97.7x
(*) Revenue		8	8
= Enterprise Value		204	797
(-) Net Debt		-1	-1
Equity Value		204	798
(/) Outstanding shares		7	7
Fair Price		$30	$116

Selected Fair Value (avg of trailing + forward)

$72.60

+6948.7%

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

$0.03 – $7.89

$0.03

-97.2%

▸ Trading Multiples

EV/Revenue

$29.62 – $29.62

$72.60

+6560.7%

DCF Analysis

Nuwellis, Inc. (NUWE) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.03

Market Price

$1.03

Upside / Downside

-97.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-134.3%

Target Operating Margin

13.3%

WACC

10.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.8%

Target CapEx/Rev

7.0%

D&A/Revenue

4.6%

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	9	9.0%	-104.8%	-9	-9	0	(0)	1	-10	-9
2027	11	18.5%	-75.2%	-8	-8	0	(0)	0	-8	-7
2028	36	236.1%	-45.7%	-16	-16	2	(1)	5	-21	-17
2029	49	37.8%	-16.2%	-8	-8	2	(2)	3	-10	-7
2030	50	1.1%	13.3%	7	5	2	(2)	0	5	3
2031	51	1.4%	13.3%	7	5	2	(2)	0	5	3
2032	52	1.7%	13.3%	7	5	2	(3)	0	5	3
2033	53	2.0%	13.3%	7	6	2	(3)	0	5	2
2034	54	2.4%	13.3%	7	6	2	(3)	0	4	2
2035	55	2.7%	13.3%	7	6	3	(4)	0	4	2

Enterprise Value Bridge

Sum of PV(FCFF)-25

Terminal Value (Gordon Growth at 3.0%)62

PV of Terminal Value25

Enterprise Value-1

(–) Net Debt-1

Equity Value0

(÷) Shares Outstanding7

Fair Value per Share$0.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
8.1%	$-3	$-0	$2	$5	$8
9.1%	$-3	$-1	$1	$3	$5
10.1%	$-4	$-2	$0	$2	$4
11.1%	$-4	$-2	$-1	$1	$3
12.1%	$-4	$-3	$-1	$0	$2

Current price: $1.03. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 20.3% 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

$72.60

Market Price

$1.03

Upside / Downside

+6948.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Nuwellis, Inc. (NUWE) has a fair value of $72.60 based on 1 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Nuwellis, Inc.NUWE	7	0.8x	0.8x
SAB Biotherapeutics, Inc.SABS	37	24.6x	97.7x
Industry Median		24.6x	97.7x
(*) Revenue		8	8
= Enterprise Value		204	797
(-) Net Debt		-1	-1
Equity Value		204	798
(/) Outstanding shares		7	7
Fair Price		$30	$116

Selected Fair Value (avg of trailing + forward)

$72.60

+6948.7%