PROCEPT BioRobotics Corporation

PRCT

HealthcareMedical - DevicesNASDAQ

$25.44

Market Cap: $1.45B

PROCEPT BioRobotics Corporation (PRCT) Valuation Summary

Updated May 9, 2026 05:44

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.62 – $23.61	$4.07	-84.0%
Revenue DCF 10Y	$1.56 – $48.08	$4.09	-83.9%
▸ Trading Multiples
EV/Revenue	$11.54 – $57.24	$16.27	-36.1%

Valuation History

DCF Analysis

PROCEPT BioRobotics Corporation (PRCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.09

Market Price

$25.44

Upside / Downside

-83.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -33.7% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, PROCEPT BioRobotics Corporation (PRCT) has an intrinsic value of $4.09 per share (range: $1.56 – $48.08).

Key Assumptions

Current Operating Margin

-33.7%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

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	399	29.5%	-24.3%	-97	-97	16	(23)	61	-165	-158
2027	492	23.3%	-14.9%	-74	-74	20	(29)	46	-128	-113
2028	585	19.0%	-5.6%	-33	-33	24	(34)	46	-89	-73
2029	671	14.6%	3.8%	26	20	28	(40)	42	-34	-26
2030	742	10.6%	13.2%	98	77	31	(44)	35	28	20
2031	964	30.0%	13.2%	127	100	40	(58)	110	-28	-18
2032	1,253	30.0%	13.2%	165	131	52	(76)	144	-37	-22
2033	1,629	30.0%	13.2%	215	170	67	(99)	187	-49	-27
2034	2,058	26.3%	13.2%	271	214	85	(126)	213	-40	-20
2035	2,359	14.6%	13.2%	311	246	97	(146)	150	48	22

Enterprise Value Bridge

Sum of PV(FCFF)-414

Terminal Value (Gordon Growth at 3.0%)886

PV of Terminal Value407

Enterprise Value-7

(–) Net Debt-235

Equity Value227

(÷) Shares Outstanding56

Fair Value per Share$4.09

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-9	$-6	$10	$29	$48
7.5%	$-9	$-6	$6	$21	$35
8.5%	$-8	$-6	$4	$15	$26
9.5%	$-8	$-5	$3	$12	$21
10.5%	$-7	$-5	$2	$9	$17

Current price: $25.44. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

PROCEPT BioRobotics Corporation (PRCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.07

Market Price

$25.44

Upside / Downside

-84.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-33.7%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

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	399	29.5%	-24.3%	-97	-97	16	(23)	61	-165	-158
2027	492	23.3%	-14.9%	-74	-74	20	(29)	46	-128	-114
2028	585	19.0%	-5.6%	-33	-33	24	(35)	46	-90	-73
2029	671	14.6%	3.8%	26	20	28	(41)	42	-36	-27
2030	742	10.6%	13.2%	98	77	31	(46)	35	27	19

Enterprise Value Bridge

Sum of PV(FCFF)-353

Terminal Value (Gordon Growth at 3.0%)498

PV of Terminal Value345

Enterprise Value-9

(–) Net Debt-235

Equity Value226

(÷) Shares Outstanding56

Fair Value per Share$4.07

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-4	$1	$8	$16	$24
7.5%	$-4	$-0	$6	$12	$17
8.5%	$-4	$-1	$4	$9	$14
9.5%	$-3	$-1	$3	$7	$11
10.5%	$-3	$-1	$2	$6	$9

Current price: $25.44. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.6% 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

$16.27

Market Price

$25.44

Upside / Downside

-36.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), PROCEPT BioRobotics Corporation (PRCT) has a fair value of $16.27 based on 9 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
PROCEPT BioRobotics CorporationPRCT	1,413	3.8x	3.0x
Twist Bioscience CorporationTWST	3,645	9.6x	8.1x
Guardian Pharmacy Services, Inc.GRDN	2,285	1.6x	1.8x
Mesoblast LimitedMESO	1,897	108.4x	14.9x
Clover Health Investments, Corp.CLOV	1,617	0.8x	0.5x
Inspire Medical Systems, Inc.INSP	1,275	1.3x	1.4x
Artivion, Inc.AORT	1,232	3.3x	3.0x
SS Innovations International, Inc.SSII	787	18.5x	—
QuidelOrtho CorporationQDEL	733	1.2x	1.2x
BGM Group Ltd.BGM	59	2.0x	—
Industry Median		2.0x	1.8x
(*) Revenue		308	399
= Enterprise Value		601	736
(-) Net Debt		-235	-235
Equity Value		836	971
(/) Outstanding shares		56	56
Fair Price		$15	$17

Selected Fair Value (avg of trailing + forward)

$16.27

-36.1%

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

$0.62 – $23.61

$4.07

-84.0%

Revenue DCF 10Y

$1.56 – $48.08

$4.09

-83.9%

▸ Trading Multiples

EV/Revenue

$11.54 – $57.24

$16.27

-36.1%

DCF Analysis

PROCEPT BioRobotics Corporation (PRCT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.09

Market Price

$25.44

Upside / Downside

-83.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-33.7%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.8%

Target CapEx/Rev

6.2%

D&A/Revenue

4.1%

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	399	29.5%	-24.3%	-97	-97	16	(23)	61	-165	-158
2027	492	23.3%	-14.9%	-74	-74	20	(29)	46	-128	-113
2028	585	19.0%	-5.6%	-33	-33	24	(34)	46	-89	-73
2029	671	14.6%	3.8%	26	20	28	(40)	42	-34	-26
2030	742	10.6%	13.2%	98	77	31	(44)	35	28	20
2031	964	30.0%	13.2%	127	100	40	(58)	110	-28	-18
2032	1,253	30.0%	13.2%	165	131	52	(76)	144	-37	-22
2033	1,629	30.0%	13.2%	215	170	67	(99)	187	-49	-27
2034	2,058	26.3%	13.2%	271	214	85	(126)	213	-40	-20
2035	2,359	14.6%	13.2%	311	246	97	(146)	150	48	22

Enterprise Value Bridge

Sum of PV(FCFF)-414

Terminal Value (Gordon Growth at 3.0%)886

PV of Terminal Value407

Enterprise Value-7

(–) Net Debt-235

Equity Value227

(÷) Shares Outstanding56

Fair Value per Share$4.09

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-9	$-6	$10	$29	$48
7.5%	$-9	$-6	$6	$21	$35
8.5%	$-8	$-6	$4	$15	$26
9.5%	$-8	$-5	$3	$12	$21
10.5%	$-7	$-5	$2	$9	$17

Current price: $25.44. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 49.6% 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

$16.27

Market Price

$25.44

Upside / Downside

-36.1%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
PROCEPT BioRobotics CorporationPRCT	1,413	3.8x	3.0x
Twist Bioscience CorporationTWST	3,645	9.6x	8.1x
Guardian Pharmacy Services, Inc.GRDN	2,285	1.6x	1.8x
Mesoblast LimitedMESO	1,897	108.4x	14.9x
Clover Health Investments, Corp.CLOV	1,617	0.8x	0.5x
Inspire Medical Systems, Inc.INSP	1,275	1.3x	1.4x
Artivion, Inc.AORT	1,232	3.3x	3.0x
SS Innovations International, Inc.SSII	787	18.5x	—
QuidelOrtho CorporationQDEL	733	1.2x	1.2x
BGM Group Ltd.BGM	59	2.0x	—
Industry Median		2.0x	1.8x
(*) Revenue		308	399
= Enterprise Value		601	736
(-) Net Debt		-235	-235
Equity Value		836	971
(/) Outstanding shares		56	56
Fair Price		$15	$17

Selected Fair Value (avg of trailing + forward)

$16.27

-36.1%