Solo Brands, Inc.

SBDS

Consumer CyclicalSpecialty RetailNYSE

$4.96

Market Cap: $12.71M

Solo Brands, Inc. (SBDS) Valuation Summary

Updated Apr 13, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$35.53 – $388.03	$128.79	+2376.6%
Revenue DCF 10Y	$30.36 – $309.04	$103.34	+1887.3%
▸ Trading Multiples
EV/Revenue	$98.45 – $2,444.32	$703.40	+13426.9%

Valuation History

DCF Analysis

Solo Brands, Inc. (SBDS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$103.34

Market Price

$4.96

Upside / Downside

+1983.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -6.3% to a target of 7.7% over 5 years, discounted at a WACC of 11.2%, Solo Brands, Inc. (SBDS) has an intrinsic value of $103.34 per share (range: $30.36 – $309.04).

Key Assumptions

Current Operating Margin

-6.3%

Target Operating Margin

7.7%

WACC

11.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

8.9%

D&A/Revenue

5.9%

Tax Rate

3.5%

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	466	47.2%	-3.5%	-16	-16	28	(15)	28	-32	-30
2027	489	5.0%	-0.7%	-3	-3	29	(19)	6	0	0
2028	460	-5.9%	2.1%	10	9	27	(21)	-8	24	18
2029	433	-5.9%	4.9%	21	21	26	(22)	-7	31	22
2030	408	-5.9%	7.7%	31	30	24	(24)	-7	38	24
2031	390	-4.4%	7.7%	30	29	23	(25)	-5	32	18
2032	378	-2.9%	7.7%	29	28	22	(27)	-3	27	14
2033	373	-1.4%	7.7%	29	28	22	(29)	-1	23	10
2034	373	0.0%	7.7%	29	28	22	(31)	0	19	8
2035	379	1.5%	7.7%	29	28	22	(34)	2	15	6

Enterprise Value Bridge

Sum of PV(FCFF)88

Terminal Value (Gordon Growth at 3.0%)194

PV of Terminal Value71

Enterprise Value159

(–) Net Debt-4

Equity Value163

(÷) Shares Outstanding2

Fair Value per Share$103.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
9.2%	$-8	$49	$136	$223	$309
10.2%	$-8	$43	$118	$192	$266
11.2%	$-9	$38	$103	$169	$234
12.2%	$-9	$34	$92	$150	$208
13.2%	$-9	$30	$83	$135	$187

Current price: $4.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Solo Brands, Inc. (SBDS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$128.79

Market Price

$4.96

Upside / Downside

+2496.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6.3%

Target Operating Margin

7.7%

WACC

11.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

8.9%

D&A/Revenue

5.9%

Tax Rate

3.5%

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	466	47.2%	-3.5%	-16	-16	28	(18)	28	-35	-33
2027	489	5.0%	-0.7%	-3	-3	29	(25)	6	-6	-5
2028	460	-5.9%	2.1%	10	9	27	(29)	-8	15	12
2029	433	-5.9%	4.9%	21	21	26	(33)	-7	20	14
2030	408	-5.9%	7.7%	31	30	24	(36)	-7	25	16

Enterprise Value Bridge

Sum of PV(FCFF)3

Terminal Value (Gordon Growth at 3.0%)316

PV of Terminal Value196

Enterprise Value199

(–) Net Debt-4

Equity Value204

(÷) Shares Outstanding2

Fair Value per Share$128.79

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
9.2%	$-20	$82	$184	$286	$388
10.2%	$-22	$65	$153	$240	$327
11.2%	$-23	$53	$129	$205	$280
12.2%	$-24	$43	$110	$177	$244
13.2%	$-25	$36	$95	$155	$215

Current price: $4.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.1% 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

$703.40

Market Price

$4.96

Upside / Downside

+14081.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Solo Brands, Inc. (SBDS) has a fair value of $703.40 based on 2 comparable companies in the Specialty Retail industry.

EV/Revenue Valuation — Specialty Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Solo Brands, Inc.SBDS	8	0.0x	0.0x
The Brand House Collective, Inc.TBHC	21	0.5x	0.4x
Sports Entertainment Gaming Global CorporationSEGG	7	12.2x	—
Industry Median		6.3x	0.4x
(*) Revenue		317	495
= Enterprise Value		2,006	210
(-) Net Debt		-4	-4
Equity Value		2,010	214
(/) Outstanding shares		2	2
Fair Price		$1271	$135

Selected Fair Value (avg of trailing + forward)

$703.40

+14081.4%

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

$35.53 – $388.03

$128.79

+2376.6%

Revenue DCF 10Y

$30.36 – $309.04

$103.34

+1887.3%

▸ Trading Multiples

EV/Revenue

$98.45 – $2,444.32

$703.40

+13426.9%

DCF Analysis

Solo Brands, Inc. (SBDS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$103.34

Market Price

$4.96

Upside / Downside

+1983.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6.3%

Target Operating Margin

7.7%

WACC

11.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

8.9%

D&A/Revenue

5.9%

Tax Rate

3.5%

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	466	47.2%	-3.5%	-16	-16	28	(15)	28	-32	-30
2027	489	5.0%	-0.7%	-3	-3	29	(19)	6	0	0
2028	460	-5.9%	2.1%	10	9	27	(21)	-8	24	18
2029	433	-5.9%	4.9%	21	21	26	(22)	-7	31	22
2030	408	-5.9%	7.7%	31	30	24	(24)	-7	38	24
2031	390	-4.4%	7.7%	30	29	23	(25)	-5	32	18
2032	378	-2.9%	7.7%	29	28	22	(27)	-3	27	14
2033	373	-1.4%	7.7%	29	28	22	(29)	-1	23	10
2034	373	0.0%	7.7%	29	28	22	(31)	0	19	8
2035	379	1.5%	7.7%	29	28	22	(34)	2	15	6

Enterprise Value Bridge

Sum of PV(FCFF)88

Terminal Value (Gordon Growth at 3.0%)194

PV of Terminal Value71

Enterprise Value159

(–) Net Debt-4

Equity Value163

(÷) Shares Outstanding2

Fair Value per Share$103.34

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.7%	4.7%	7.7%	10.7%	13.7%
9.2%	$-8	$49	$136	$223	$309
10.2%	$-8	$43	$118	$192	$266
11.2%	$-9	$38	$103	$169	$234
12.2%	$-9	$34	$92	$150	$208
13.2%	$-9	$30	$83	$135	$187

Current price: $4.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 27.1% 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

$703.40

Market Price

$4.96

Upside / Downside

+14081.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Solo Brands, Inc. (SBDS) has a fair value of $703.40 based on 2 comparable companies in the Specialty Retail industry.

EV/Revenue Valuation — Specialty Retail

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Solo Brands, Inc.SBDS	8	0.0x	0.0x
The Brand House Collective, Inc.TBHC	21	0.5x	0.4x
Sports Entertainment Gaming Global CorporationSEGG	7	12.2x	—
Industry Median		6.3x	0.4x
(*) Revenue		317	495
= Enterprise Value		2,006	210
(-) Net Debt		-4	-4
Equity Value		2,010	214
(/) Outstanding shares		2	2
Fair Price		$1271	$135

Selected Fair Value (avg of trailing + forward)

$703.40

+14081.4%