Rumble Inc.

RUM

TechnologySoftware - ApplicationNASDAQ

$7.92

Market Cap: $3.44B

Rumble Inc. (RUM) Valuation Summary

Updated Apr 14, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$926,456.81 – $926,465.82	$926,459.08	+17748158.3%
Revenue DCF 10Y	$926,457.29 – $926,478.89	$926,462.49	+17748223.6%
▸ Trading Multiples
EV/Revenue	$926,457.46 – $926,458.73	$926,457.54	+17748128.8%

Valuation History

DCF Analysis

Rumble Inc. (RUM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$926,462.49

Market Price

$7.92

Upside / Downside

+11697658.7%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -76.7% to a target of 10.1% over 5 years, discounted at a WACC of 7.2%, Rumble Inc. (RUM) has an intrinsic value of $926,462.49 per share (range: $926,457.29 – $926,478.89).

Key Assumptions

Current Operating Margin

-76.7%

Target Operating Margin

10.1%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.4%

Target CapEx/Rev

11.3%

D&A/Revenue

7.6%

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	158	56.6%	-59.3%	-93	-93	12	(21)	-40	-62	-60
2027	193	22.6%	-42.0%	-81	-81	15	(25)	-8	-84	-76
2028	276	42.7%	-24.6%	-68	-68	21	(35)	-18	-64	-54
2029	358	30.0%	-7.3%	-26	-26	27	(45)	-18	-26	-20
2030	466	30.0%	10.1%	47	37	35	(58)	-23	38	28
2031	606	30.0%	10.1%	61	48	46	(74)	-30	51	35
2032	788	30.0%	10.1%	79	63	60	(94)	-40	68	43
2033	1,024	30.0%	10.1%	103	81	77	(120)	-51	90	53
2034	1,319	28.9%	10.1%	133	105	100	(152)	-64	117	65
2035	1,529	15.9%	10.1%	154	122	116	(173)	-46	110	57

Enterprise Value Bridge

Sum of PV(FCFF)70

Terminal Value (Gordon Growth at 3.0%)2,703

PV of Terminal Value1,399

Enterprise Value1,469

(–) Net Debt-236,004,881

Equity Value236,006,350

(÷) Shares Outstanding255

Fair Value per Share$926,462.49

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
5.2%	$926461	$926465	$926470	$926474	$926479
6.2%	$926459	$926462	$926465	$926468	$926471
7.2%	$926458	$926460	$926462	$926465	$926467
8.2%	$926458	$926459	$926461	$926463	$926464
9.2%	$926457	$926459	$926460	$926461	$926463

Current price: $7.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -21.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Rumble Inc. (RUM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$926,459.08

Market Price

$7.92

Upside / Downside

+11697615.7%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -76.7% to a target of 10.1% over 5 years, discounted at a WACC of 7.2%, Rumble Inc. (RUM) has an intrinsic value of $926,459.08 per share (range: $926,456.81 – $926,465.82).

Key Assumptions

Current Operating Margin

-76.7%

Target Operating Margin

10.1%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.4%

Target CapEx/Rev

11.3%

D&A/Revenue

7.6%

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	158	56.6%	-59.3%	-93	-93	12	(21)	-40	-62	-60
2027	193	22.6%	-42.0%	-81	-81	15	(24)	-8	-83	-75
2028	276	42.7%	-24.6%	-68	-68	21	(34)	-18	-63	-53
2029	358	30.0%	-7.3%	-26	-26	27	(42)	-18	-23	-18
2030	466	30.0%	10.1%	47	37	35	(53)	-23	43	31

Enterprise Value Bridge

Sum of PV(FCFF)-174

Terminal Value (Gordon Growth at 3.0%)1,057

PV of Terminal Value774

Enterprise Value600

(–) Net Debt-236,004,881

Equity Value236,005,481

(÷) Shares Outstanding255

Fair Value per Share$926,459.08

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
5.2%	$926459	$926461	$926462	$926464	$926466
6.2%	$926458	$926459	$926460	$926461	$926463
7.2%	$926457	$926458	$926459	$926460	$926461
8.2%	$926457	$926458	$926458	$926459	$926460
9.2%	$926457	$926457	$926458	$926459	$926459

Current price: $7.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$926,457.54

Market Price

$7.92

Upside / Downside

+11697596.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Rumble Inc. (RUM) has a fair value of $926,457.54 based on 8 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Rumble Inc.RUM	2,018	-2345432.5x	-2483639.4x
Clear Secure, Inc.YOU	4,644	5.1x	5.9x
RingCentral, Inc.RNG	3,326	1.9x	1.8x
NCR Atleos CorporationNATL	3,272	0.7x	0.7x
Grindr Inc.GRND	2,340	6.0x	5.0x
Braze, Inc.BRZE	2,327	3.1x	2.6x
Alarm.com Holdings, Inc.ALRM	2,188	2.3x	2.5x
Blackbaud, Inc.BLKB	1,716	1.8x	1.8x
WEBTOON Entertainment Inc. Common stockWBTN	1,508	0.7x	0.7x
Industry Median		2.1x	2.2x
(*) Revenue		101	95
= Enterprise Value		211	205
(-) Net Debt		-236,004,881	-236,004,881
Equity Value		236,005,092	236,005,086
(/) Outstanding shares		255	255
Fair Price		$926458	$926458

Selected Fair Value (avg of trailing + forward)

$926457.54

+11697596.3%

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

$926,456.81 – $926,465.82

$926,459.08

+17748158.3%

Revenue DCF 10Y

$926,457.29 – $926,478.89

$926,462.49

+17748223.6%

▸ Trading Multiples

EV/Revenue

$926,457.46 – $926,458.73

$926,457.54

+17748128.8%

DCF Analysis

Rumble Inc. (RUM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$926,462.49

Market Price

$7.92

Upside / Downside

+11697658.7%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-76.7%

Target Operating Margin

10.1%

WACC

7.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

13.4%

Target CapEx/Rev

11.3%

D&A/Revenue

7.6%

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	158	56.6%	-59.3%	-93	-93	12	(21)	-40	-62	-60
2027	193	22.6%	-42.0%	-81	-81	15	(25)	-8	-84	-76
2028	276	42.7%	-24.6%	-68	-68	21	(35)	-18	-64	-54
2029	358	30.0%	-7.3%	-26	-26	27	(45)	-18	-26	-20
2030	466	30.0%	10.1%	47	37	35	(58)	-23	38	28
2031	606	30.0%	10.1%	61	48	46	(74)	-30	51	35
2032	788	30.0%	10.1%	79	63	60	(94)	-40	68	43
2033	1,024	30.0%	10.1%	103	81	77	(120)	-51	90	53
2034	1,319	28.9%	10.1%	133	105	100	(152)	-64	117	65
2035	1,529	15.9%	10.1%	154	122	116	(173)	-46	110	57

Enterprise Value Bridge

Sum of PV(FCFF)70

Terminal Value (Gordon Growth at 3.0%)2,703

PV of Terminal Value1,399

Enterprise Value1,469

(–) Net Debt-236,004,881

Equity Value236,006,350

(÷) Shares Outstanding255

Fair Value per Share$926,462.49

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.1%	7.1%	10.1%	13.1%	16.1%
5.2%	$926461	$926465	$926470	$926474	$926479
6.2%	$926459	$926462	$926465	$926468	$926471
7.2%	$926458	$926460	$926462	$926465	$926467
8.2%	$926458	$926459	$926461	$926463	$926464
9.2%	$926457	$926459	$926460	$926461	$926463

Current price: $7.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Trading Multiples

Fair Value

$926,457.54

Market Price

$7.92

Upside / Downside

+11697596.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Rumble Inc. (RUM) has a fair value of $926,457.54 based on 8 comparable companies in the Software - Application industry.

EV/Revenue Valuation — Software - Application

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Rumble Inc.RUM	2,018	-2345432.5x	-2483639.4x
Clear Secure, Inc.YOU	4,644	5.1x	5.9x
RingCentral, Inc.RNG	3,326	1.9x	1.8x
NCR Atleos CorporationNATL	3,272	0.7x	0.7x
Grindr Inc.GRND	2,340	6.0x	5.0x
Braze, Inc.BRZE	2,327	3.1x	2.6x
Alarm.com Holdings, Inc.ALRM	2,188	2.3x	2.5x
Blackbaud, Inc.BLKB	1,716	1.8x	1.8x
WEBTOON Entertainment Inc. Common stockWBTN	1,508	0.7x	0.7x
Industry Median		2.1x	2.2x
(*) Revenue		101	95
= Enterprise Value		211	205
(-) Net Debt		-236,004,881	-236,004,881
Equity Value		236,005,092	236,005,086
(/) Outstanding shares		255	255
Fair Price		$926458	$926458

Selected Fair Value (avg of trailing + forward)

$926457.54

+11697596.3%