Quanterix Corporation

QTRX

HealthcareMedical - DevicesNASDAQ

$2.80

Market Cap: $131.90M

Quanterix Corporation (QTRX) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.21 – $14.34	$1.24	-61.5%
▸ Trading Multiples
EV/Revenue	$4.16 – $12.94	$10.69	+232.0%

Valuation History

DCF Analysis

Quanterix Corporation (QTRX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.24

Market Price

$2.80

Upside / Downside

-55.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -62.9% to a target of 13.3% over 5 years, discounted at a WACC of 8.1%, Quanterix Corporation (QTRX) has an intrinsic value of $1.24 per share (range: $0.21 – $14.34).

Key Assumptions

Current Operating Margin

-62.9%

Target Operating Margin

13.3%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.2%

Target CapEx/Rev

10.8%

D&A/Revenue

7.2%

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	171	23.0%	-47.7%	-81	-81	12	(11)	-4	-76	-73
2027	188	10.0%	-32.4%	-61	-61	14	(13)	7	-67	-60
2028	210	11.5%	-17.2%	-36	-36	15	(16)	8	-45	-37
2029	245	16.7%	-1.9%	-5	-5	18	(20)	14	-20	-16
2030	274	11.8%	13.3%	36	29	20	(23)	11	14	10
2031	288	5.4%	13.3%	38	30	21	(26)	6	20	13
2032	302	4.9%	13.3%	40	32	22	(29)	6	20	12
2033	316	4.4%	13.3%	42	33	23	(31)	5	20	11
2034	328	4.0%	13.3%	44	35	24	(34)	5	19	10
2035	340	3.5%	13.3%	45	36	25	(37)	4	19	9

Enterprise Value Bridge

Sum of PV(FCFF)-122

Terminal Value (Gordon Growth at 3.0%)383

PV of Terminal Value182

Enterprise Value60

(–) Net Debt7

Equity Value53

(÷) Shares Outstanding43

Fair Value per Share$1.24

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.1%	$-4	$1	$5	$10	$14
7.1%	$-4	$-1	$3	$6	$9
8.1%	$-4	$-1	$1	$4	$7
9.1%	$-4	$-2	$0	$2	$5
10.1%	$-4	$-2	$-1	$1	$3

Current price: $2.80. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 39.2% 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

$10.65

Market Price

$2.80

Upside / Downside

+280.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Quanterix Corporation (QTRX) has a fair value of $10.65 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
Quanterix CorporationQTRX	119	0.9x	0.7x
Viemed Healthcare, Inc.VMD	357	1.3x	1.6x
Senseonics Holdings, Inc.SENS	281	8.0x	4.7x
908 Devices Inc.MASS	271	3.1x	3.2x
Sight Sciences, Inc.SGHT	230	2.3x	2.2x
CVRx, Inc.CVRX	200	3.1x	3.1x
Inogen, Inc.INGN	190	0.3x	0.3x
SANUWAVE Health, Inc.SNWV	166	4.0x	2.7x
Nano-X Imaging Ltd.NNOX	151	8.2x	8.0x
Outset Medical, Inc.OM	81	1.3x	1.2x
Industry Median		3.1x	2.7x
(*) Revenue		139	170
= Enterprise Value		428	494
(-) Net Debt		7	7
Equity Value		421	487
(/) Outstanding shares		43	43
Fair Price		$10	$11

Selected Fair Value (avg of trailing + forward)

$10.65

+280.3%

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

$0.21 – $14.34

$1.24

-61.5%

▸ Trading Multiples

EV/Revenue

$4.16 – $12.94

$10.69

+232.0%

DCF Analysis

Quanterix Corporation (QTRX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.24

Market Price

$2.80

Upside / Downside

-55.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-62.9%

Target Operating Margin

13.3%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

6.2%

Target CapEx/Rev

10.8%

D&A/Revenue

7.2%

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	171	23.0%	-47.7%	-81	-81	12	(11)	-4	-76	-73
2027	188	10.0%	-32.4%	-61	-61	14	(13)	7	-67	-60
2028	210	11.5%	-17.2%	-36	-36	15	(16)	8	-45	-37
2029	245	16.7%	-1.9%	-5	-5	18	(20)	14	-20	-16
2030	274	11.8%	13.3%	36	29	20	(23)	11	14	10
2031	288	5.4%	13.3%	38	30	21	(26)	6	20	13
2032	302	4.9%	13.3%	40	32	22	(29)	6	20	12
2033	316	4.4%	13.3%	42	33	23	(31)	5	20	11
2034	328	4.0%	13.3%	44	35	24	(34)	5	19	10
2035	340	3.5%	13.3%	45	36	25	(37)	4	19	9

Enterprise Value Bridge

Sum of PV(FCFF)-122

Terminal Value (Gordon Growth at 3.0%)383

PV of Terminal Value182

Enterprise Value60

(–) Net Debt7

Equity Value53

(÷) Shares Outstanding43

Fair Value per Share$1.24

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.1%	$-4	$1	$5	$10	$14
7.1%	$-4	$-1	$3	$6	$9
8.1%	$-4	$-1	$1	$4	$7
9.1%	$-4	$-2	$0	$2	$5
10.1%	$-4	$-2	$-1	$1	$3

Current price: $2.80. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 39.2% 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

$10.65

Market Price

$2.80

Upside / Downside

+280.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Quanterix Corporation (QTRX) has a fair value of $10.65 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
Quanterix CorporationQTRX	119	0.9x	0.7x
Viemed Healthcare, Inc.VMD	357	1.3x	1.6x
Senseonics Holdings, Inc.SENS	281	8.0x	4.7x
908 Devices Inc.MASS	271	3.1x	3.2x
Sight Sciences, Inc.SGHT	230	2.3x	2.2x
CVRx, Inc.CVRX	200	3.1x	3.1x
Inogen, Inc.INGN	190	0.3x	0.3x
SANUWAVE Health, Inc.SNWV	166	4.0x	2.7x
Nano-X Imaging Ltd.NNOX	151	8.2x	8.0x
Outset Medical, Inc.OM	81	1.3x	1.2x
Industry Median		3.1x	2.7x
(*) Revenue		139	170
= Enterprise Value		428	494
(-) Net Debt		7	7
Equity Value		421	487
(/) Outstanding shares		43	43
Fair Price		$10	$11

Selected Fair Value (avg of trailing + forward)

$10.65

+280.3%