Syntec Optics Holdings, Inc.

OPTX

TechnologyHardware, Equipment & PartsNASDAQ

$7.32

Market Cap: $291.71M

Syntec Optics Holdings, Inc. (OPTX) Valuation Summary

Updated May 11, 2026 09:21

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.04 – $1.95	$0.45	-93.9%
Revenue DCF 10Y	$0.11 – $2.00	$0.55	-92.5%
▸ Trading Multiples
EV/Revenue	$0.49 – $2.46	$1.24	-83.1%

Valuation History

DCF Analysis

Syntec Optics Holdings, Inc. (OPTX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.55

Market Price

$7.32

Upside / Downside

-92.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -1.8% to a target of 10.2% over 5 years, discounted at a WACC of 8.9%, Syntec Optics Holdings, Inc. (OPTX) has an intrinsic value of $0.55 per share (range: $0.11 – $2.00).

Key Assumptions

Current Operating Margin

-1.8%

Target Operating Margin

10.2%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

11.9%

D&A/Revenue

7.9%

Tax Rate

0.0%

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	29	1.5%	0.6%	0	0	2	(1)	-3	5	4
2027	29	1.7%	3.0%	1	1	2	(2)	0	2	1
2028	29	1.8%	5.4%	2	2	2	(2)	0	2	2
2029	30	1.9%	7.8%	2	2	2	(2)	0	3	2
2030	31	2.1%	10.2%	3	3	2	(2)	0	3	2
2031	31	2.3%	10.2%	3	3	2	(3)	0	3	2
2032	32	2.4%	10.2%	3	3	3	(3)	0	3	2
2033	33	2.5%	10.2%	3	3	3	(3)	0	2	1
2034	34	2.7%	10.2%	3	3	3	(4)	0	2	1
2035	35	2.9%	10.2%	4	4	3	(4)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)18

Terminal Value (Gordon Growth at 3.0%)34

PV of Terminal Value15

Enterprise Value33

(–) Net Debt12

Equity Value20

(÷) Shares Outstanding37

Fair Value per Share$0.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.9%	$-0	$0	$1	$1	$2
7.9%	$-0	$0	$1	$1	$2
8.9%	$-0	$0	$1	$1	$1
9.9%	$-0	$0	$0	$1	$1
10.9%	$-0	$0	$0	$1	$1

Current price: $7.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 28.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Syntec Optics Holdings, Inc. (OPTX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.45

Market Price

$7.32

Upside / Downside

-93.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1.8%

Target Operating Margin

10.2%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

11.9%

D&A/Revenue

7.9%

Tax Rate

0.0%

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	29	1.6%	0.6%	0	0	2	(1)	-3	4	4
2027	29	1.9%	3.0%	1	1	2	(2)	0	1	1
2028	30	2.2%	5.4%	2	2	2	(3)	0	1	1
2029	30	2.5%	7.8%	2	2	2	(3)	0	1	1
2030	31	2.7%	10.2%	3	3	2	(4)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)8

Terminal Value (Gordon Growth at 3.0%)30

PV of Terminal Value21

Enterprise Value29

(–) Net Debt12

Equity Value17

(÷) Shares Outstanding37

Fair Value per Share$0.45

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.9%	$-0	$0	$1	$1	$2
7.9%	$-0	$0	$1	$1	$1
8.9%	$-0	$0	$0	$1	$1
9.9%	$-0	$0	$0	$1	$1
10.9%	$-0	$0	$0	$1	$1

Current price: $7.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 28.2% 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

$1.24

Market Price

$7.32

Upside / Downside

-83.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Syntec Optics Holdings, Inc. (OPTX) has a fair value of $1.24 based on 6 comparable companies in the Hardware, Equipment & Parts industry.

EV/Revenue Valuation — Hardware, Equipment & Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Syntec Optics Holdings, Inc.OPTX	270	10.1x	—
Silicom Ltd.SILC	252	3.7x	1.8x
Genasys Inc.GNSS	93	2.6x	3.0x
MIND Technology, Inc.MIND	62	1.1x	1.3x
Interlink Electronics, Inc.LINK	56	4.6x	3.9x
Soluna Holdings, Inc.SLNH	44	1.5x	1.9x
Gauzy Ltd. Ordinary SharesGAUZ	9	0.5x	0.5x
Industry Median		2.1x	1.8x
(*) Revenue		28
= Enterprise Value		58
(-) Net Debt		12
Equity Value		46
(/) Outstanding shares		37
Fair Price		$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

$0.04 – $1.95

$0.45

-93.9%

Revenue DCF 10Y

$0.11 – $2.00

$0.55

-92.5%

▸ Trading Multiples

EV/Revenue

$0.49 – $2.46

$1.24

-83.1%

DCF Analysis

Syntec Optics Holdings, Inc. (OPTX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.55

Market Price

$7.32

Upside / Downside

-92.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-1.8%

Target Operating Margin

10.2%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.5%

Target CapEx/Rev

11.9%

D&A/Revenue

7.9%

Tax Rate

0.0%

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	29	1.5%	0.6%	0	0	2	(1)	-3	5	4
2027	29	1.7%	3.0%	1	1	2	(2)	0	2	1
2028	29	1.8%	5.4%	2	2	2	(2)	0	2	2
2029	30	1.9%	7.8%	2	2	2	(2)	0	3	2
2030	31	2.1%	10.2%	3	3	2	(2)	0	3	2
2031	31	2.3%	10.2%	3	3	2	(3)	0	3	2
2032	32	2.4%	10.2%	3	3	3	(3)	0	3	2
2033	33	2.5%	10.2%	3	3	3	(3)	0	2	1
2034	34	2.7%	10.2%	3	3	3	(4)	0	2	1
2035	35	2.9%	10.2%	4	4	3	(4)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)18

Terminal Value (Gordon Growth at 3.0%)34

PV of Terminal Value15

Enterprise Value33

(–) Net Debt12

Equity Value20

(÷) Shares Outstanding37

Fair Value per Share$0.55

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.9%	$-0	$0	$1	$1	$2
7.9%	$-0	$0	$1	$1	$2
8.9%	$-0	$0	$1	$1	$1
9.9%	$-0	$0	$0	$1	$1
10.9%	$-0	$0	$0	$1	$1

Current price: $7.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 28.2% 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

$1.24

Market Price

$7.32

Upside / Downside

-83.1%

Verdict

Overvalued

EV/Revenue Valuation — Hardware, Equipment & Parts

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Syntec Optics Holdings, Inc.OPTX	270	10.1x	—
Silicom Ltd.SILC	252	3.7x	1.8x
Genasys Inc.GNSS	93	2.6x	3.0x
MIND Technology, Inc.MIND	62	1.1x	1.3x
Interlink Electronics, Inc.LINK	56	4.6x	3.9x
Soluna Holdings, Inc.SLNH	44	1.5x	1.9x
Gauzy Ltd. Ordinary SharesGAUZ	9	0.5x	0.5x
Industry Median		2.1x	1.8x
(*) Revenue		28
= Enterprise Value		58
(-) Net Debt		12
Equity Value		46
(/) Outstanding shares		37
Fair Price		$1