Owlet, Inc.

OWLT

HealthcareMedical - DevicesNYSE

$6.12

Market Cap: $110.74M

Owlet, Inc. (OWLT) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.07 – $1.12	$0.42	-91.8%
Revenue DCF 10Y	$0.13 – $1.35	$0.53	-89.6%
▸ Trading Multiples
EV/Revenue	$0.47 – $27.47	$0.67	-87.0%

Valuation History

DCF Analysis

Owlet, Inc. (OWLT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.53

Market Price

$6.12

Upside / Downside

-91.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -7.8% to a target of 13.3% over 5 years, discounted at a WACC of 9.3%, Owlet, Inc. (OWLT) has an intrinsic value of $0.53 per share (range: $0.13 – $1.35).

Key Assumptions

Current Operating Margin

-7.8%

Target Operating Margin

13.3%

WACC

9.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

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	127	20.5%	-3.6%	-5	-5	3	(2)	-11	7	7
2027	154	21.2%	0.6%	1	1	3	(3)	3	-2	-2
2028	196	27.1%	4.9%	10	8	4	(5)	5	2	1
2029	277	41.3%	9.1%	25	20	6	(9)	10	8	6
2030	301	8.7%	13.3%	40	32	7	(11)	3	25	17
2031	324	7.7%	13.3%	43	34	7	(13)	3	25	16
2032	346	6.8%	13.3%	46	37	8	(16)	3	26	15
2033	367	5.8%	13.3%	49	39	8	(19)	2	26	13
2034	384	4.9%	13.3%	51	41	9	(21)	2	26	12
2035	400	3.9%	13.3%	53	42	9	(24)	2	25	11

Enterprise Value Bridge

Sum of PV(FCFF)95

Terminal Value (Gordon Growth at 3.0%)416

PV of Terminal Value179

Enterprise Value275

(–) Net Debt-25

Equity Value300

(÷) Shares Outstanding563

Fair Value per Share$0.53

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.3%	$0	$1	$1	$1	$1
8.3%	$0	$0	$1	$1	$1
9.3%	$0	$0	$1	$1	$1
10.3%	$0	$0	$0	$1	$1
11.3%	$0	$0	$0	$1	$1

Current price: $6.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Owlet, Inc. (OWLT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.42

Market Price

$6.12

Upside / Downside

-93.1%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.8%

Target Operating Margin

13.3%

WACC

9.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

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	127	20.5%	-3.6%	-5	-5	3	(3)	-11	7	6
2027	154	21.2%	0.6%	1	1	3	(5)	3	-4	-3
2028	196	27.1%	4.9%	10	8	4	(8)	5	-1	-1
2029	277	41.3%	9.1%	25	20	6	(14)	10	3	2
2030	301	8.7%	13.3%	40	32	7	(18)	3	18	12

Enterprise Value Bridge

Sum of PV(FCFF)16

Terminal Value (Gordon Growth at 3.0%)289

PV of Terminal Value194

Enterprise Value210

(–) Net Debt-25

Equity Value235

(÷) Shares Outstanding563

Fair Value per Share$0.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.3%	$0	$0	$1	$1	$1
8.3%	$0	$0	$1	$1	$1
9.3%	$0	$0	$0	$1	$1
10.3%	$0	$0	$0	$1	$1
11.3%	$0	$0	$0	$0	$1

Current price: $6.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.7% 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

$0.66

Market Price

$6.12

Upside / Downside

-89.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Owlet, Inc. (OWLT) has a fair value of $0.66 based on 8 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
Owlet, Inc.OWLT	3,443	32.4x	32.6x
Anika Therapeutics, Inc.ANIK	213	1.6x	1.2x
Elicio Therapeutics, Inc.ELTX	196	4.0x	5.6x
Anteris Technologies Global Corp.AVR	190	93.8x	20.1x
Corbus Pharmaceuticals Holdings, Inc.CRBP	127	146.0x	64.3x
Cardiff Oncology, Inc.CRDF	108	154.1x	—
Rapid Micro Biosystems, Inc.RPID	100	3.1x	3.1x
MaxCyte, Inc.MXCT	76	2.2x	2.1x
LENSAR, Inc.LNSR	70	1.0x	1.4x
Industry Median		3.5x	3.1x
(*) Revenue		106	105
= Enterprise Value		374	325
(-) Net Debt		-22	-22
Equity Value		396	348
(/) Outstanding shares		563	563
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.66

-89.2%

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

$0.07 – $1.12

$0.42

-91.8%

Revenue DCF 10Y

$0.13 – $1.35

$0.53

-89.6%

▸ Trading Multiples

EV/Revenue

$0.47 – $27.47

$0.67

-87.0%

DCF Analysis

Owlet, Inc. (OWLT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.53

Market Price

$6.12

Upside / Downside

-91.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-7.8%

Target Operating Margin

13.3%

WACC

9.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.3%

Target CapEx/Rev

6.0%

D&A/Revenue

2.2%

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	127	20.5%	-3.6%	-5	-5	3	(2)	-11	7	7
2027	154	21.2%	0.6%	1	1	3	(3)	3	-2	-2
2028	196	27.1%	4.9%	10	8	4	(5)	5	2	1
2029	277	41.3%	9.1%	25	20	6	(9)	10	8	6
2030	301	8.7%	13.3%	40	32	7	(11)	3	25	17
2031	324	7.7%	13.3%	43	34	7	(13)	3	25	16
2032	346	6.8%	13.3%	46	37	8	(16)	3	26	15
2033	367	5.8%	13.3%	49	39	8	(19)	2	26	13
2034	384	4.9%	13.3%	51	41	9	(21)	2	26	12
2035	400	3.9%	13.3%	53	42	9	(24)	2	25	11

Enterprise Value Bridge

Sum of PV(FCFF)95

Terminal Value (Gordon Growth at 3.0%)416

PV of Terminal Value179

Enterprise Value275

(–) Net Debt-25

Equity Value300

(÷) Shares Outstanding563

Fair Value per Share$0.53

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.3%	$0	$1	$1	$1	$1
8.3%	$0	$0	$1	$1	$1
9.3%	$0	$0	$1	$1	$1
10.3%	$0	$0	$0	$1	$1
11.3%	$0	$0	$0	$1	$1

Current price: $6.12. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.7% 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

$0.66

Market Price

$6.12

Upside / Downside

-89.2%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Owlet, Inc. (OWLT) has a fair value of $0.66 based on 8 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
Owlet, Inc.OWLT	3,443	32.4x	32.6x
Anika Therapeutics, Inc.ANIK	213	1.6x	1.2x
Elicio Therapeutics, Inc.ELTX	196	4.0x	5.6x
Anteris Technologies Global Corp.AVR	190	93.8x	20.1x
Corbus Pharmaceuticals Holdings, Inc.CRBP	127	146.0x	64.3x
Cardiff Oncology, Inc.CRDF	108	154.1x	—
Rapid Micro Biosystems, Inc.RPID	100	3.1x	3.1x
MaxCyte, Inc.MXCT	76	2.2x	2.1x
LENSAR, Inc.LNSR	70	1.0x	1.4x
Industry Median		3.5x	3.1x
(*) Revenue		106	105
= Enterprise Value		374	325
(-) Net Debt		-22	-22
Equity Value		396	348
(/) Outstanding shares		563	563
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$0.66

-89.2%