Sharplink, Inc.

SBET

Financial ServicesFinancial - Capital MarketsNASDAQ

$6.96

Market Cap: $1.37B

Sharplink, Inc. (SBET) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.49 – $20.85	$7.29	+14.3%
Revenue DCF 10Y	$8.06 – $54.22	$19.80	+210.4%
▸ Trading Multiples
EV/Revenue	$0.61 – $0.94	$0.50	-92.1%

Valuation History

DCF Analysis

Sharplink, Inc. (SBET) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$19.80

Market Price

$6.96

Upside / Downside

+184.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -116.7% to a target of 24.1% over 5 years, discounted at a WACC of 7.3%, Sharplink, Inc. (SBET) has an intrinsic value of $19.80 per share (range: $8.06 – $54.22).

Key Assumptions

Current Operating Margin

-116.7%

Target Operating Margin

24.1%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

11.7%

D&A/Revenue

7.8%

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	74	164.4%	-88.5%	-66	-66	6	(3)	5	-68	-66
2027	126	70.3%	-60.4%	-76	-76	10	(6)	-5	-68	-61
2028	164	30.0%	-32.2%	-53	-53	13	(9)	-4	-46	-38
2029	213	30.0%	-4.0%	-9	-9	17	(14)	-5	-1	-1
2030	277	30.0%	24.1%	67	53	22	(21)	-6	60	44
2031	361	30.0%	24.1%	87	69	28	(30)	-8	75	51
2032	469	30.0%	24.1%	113	89	37	(43)	-11	94	59
2033	610	30.0%	24.1%	147	116	47	(61)	-14	117	69
2034	763	25.2%	24.1%	184	146	59	(83)	-15	137	75
2035	871	14.1%	24.1%	210	166	68	(102)	-11	143	73

Enterprise Value Bridge

Sum of PV(FCFF)205

Terminal Value (Gordon Growth at 3.0%)3,406

PV of Terminal Value1,741

Enterprise Value1,946

(–) Net Debt-29

Equity Value1,975

(÷) Shares Outstanding100

Fair Value per Share$19.80

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
5.3%	$29	$35	$42	$48	$54
6.3%	$19	$23	$27	$32	$36
7.3%	$14	$17	$20	$23	$26
8.3%	$10	$13	$15	$18	$20
9.3%	$8	$10	$12	$14	$16

Current price: $6.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -9.8% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Sharplink, Inc. (SBET) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.29

Market Price

$6.96

Upside / Downside

+4.7%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-116.7%

Target Operating Margin

24.1%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

11.7%

D&A/Revenue

7.8%

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	74	164.4%	-88.5%	-66	-66	6	(4)	5	-69	-66
2027	126	70.3%	-60.4%	-76	-76	10	(8)	-5	-70	-63
2028	164	30.0%	-32.2%	-53	-53	13	(14)	-4	-50	-42
2029	213	30.0%	-4.0%	-9	-9	17	(21)	-5	-8	-7
2030	277	30.0%	24.1%	67	53	22	(32)	-6	48	35

Enterprise Value Bridge

Sum of PV(FCFF)-142

Terminal Value (Gordon Growth at 3.0%)1,155

PV of Terminal Value841

Enterprise Value698

(–) Net Debt-29

Equity Value727

(÷) Shares Outstanding100

Fair Value per Share$7.29

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
5.3%	$11	$13	$16	$18	$21
6.3%	$7	$9	$10	$12	$14
7.3%	$5	$6	$7	$9	$10
8.3%	$3	$4	$5	$6	$7
9.3%	$2	$3	$4	$5	$6

Current price: $6.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -9.8% 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

$0.50

Market Price

$6.96

Upside / Downside

-92.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sharplink, Inc. (SBET) has a fair value of $0.50 based on 9 comparable companies in the Financial - Capital Markets industry.

EV/Revenue Valuation — Financial - Capital Markets

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sharplink, Inc.SBET	694	23.7x	211.7x
Steven Madden, Ltd.SHOO	2,567	1.2x	1.2x
Marriott Vacations Worldwide CorporationVAC	2,330	1.5x	1.5x
Capri Holdings LimitedCPRI	2,234	1.2x	1.0x
Sonic Automotive, Inc.SAH	2,153	0.4x	0.5x
Driven Brands Holdings Inc.DRVN	2,018	2.5x	3.0x
National Vision Holdings, Inc.EYE	1,968	1.3x	1.3x
PENN Entertainment, Inc.PENN	1,958	1.4x	1.4x
Six Flags Entertainment CorporationFUN	1,821	2.3x	2.3x
Monarch Casino & Resort, Inc.MCRI	1,756	3.1x	3.3x
Industry Median		1.4x	1.4x
(*) Revenue		28	3
= Enterprise Value		39	4
(-) Net Debt		-29	-29
Equity Value		67	33
(/) Outstanding shares		100	100
Fair Price		$1	$0

Selected Fair Value (avg of trailing + forward)

$0.50

-92.8%

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

$2.49 – $20.85

$7.29

+14.3%

Revenue DCF 10Y

$8.06 – $54.22

$19.80

+210.4%

▸ Trading Multiples

EV/Revenue

$0.61 – $0.94

$0.50

-92.1%

DCF Analysis

Sharplink, Inc. (SBET) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$19.80

Market Price

$6.96

Upside / Downside

+184.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-116.7%

Target Operating Margin

24.1%

WACC

7.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

11.7%

D&A/Revenue

7.8%

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	74	164.4%	-88.5%	-66	-66	6	(3)	5	-68	-66
2027	126	70.3%	-60.4%	-76	-76	10	(6)	-5	-68	-61
2028	164	30.0%	-32.2%	-53	-53	13	(9)	-4	-46	-38
2029	213	30.0%	-4.0%	-9	-9	17	(14)	-5	-1	-1
2030	277	30.0%	24.1%	67	53	22	(21)	-6	60	44
2031	361	30.0%	24.1%	87	69	28	(30)	-8	75	51
2032	469	30.0%	24.1%	113	89	37	(43)	-11	94	59
2033	610	30.0%	24.1%	147	116	47	(61)	-14	117	69
2034	763	25.2%	24.1%	184	146	59	(83)	-15	137	75
2035	871	14.1%	24.1%	210	166	68	(102)	-11	143	73

Enterprise Value Bridge

Sum of PV(FCFF)205

Terminal Value (Gordon Growth at 3.0%)3,406

PV of Terminal Value1,741

Enterprise Value1,946

(–) Net Debt-29

Equity Value1,975

(÷) Shares Outstanding100

Fair Value per Share$19.80

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	18.1%	21.1%	24.1%	27.1%	30.1%
5.3%	$29	$35	$42	$48	$54
6.3%	$19	$23	$27	$32	$36
7.3%	$14	$17	$20	$23	$26
8.3%	$10	$13	$15	$18	$20
9.3%	$8	$10	$12	$14	$16

Current price: $6.96. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at -9.8% 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

$0.50

Market Price

$6.96

Upside / Downside

-92.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sharplink, Inc. (SBET) has a fair value of $0.50 based on 9 comparable companies in the Financial - Capital Markets industry.

EV/Revenue Valuation — Financial - Capital Markets

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sharplink, Inc.SBET	694	23.7x	211.7x
Steven Madden, Ltd.SHOO	2,567	1.2x	1.2x
Marriott Vacations Worldwide CorporationVAC	2,330	1.5x	1.5x
Capri Holdings LimitedCPRI	2,234	1.2x	1.0x
Sonic Automotive, Inc.SAH	2,153	0.4x	0.5x
Driven Brands Holdings Inc.DRVN	2,018	2.5x	3.0x
National Vision Holdings, Inc.EYE	1,968	1.3x	1.3x
PENN Entertainment, Inc.PENN	1,958	1.4x	1.4x
Six Flags Entertainment CorporationFUN	1,821	2.3x	2.3x
Monarch Casino & Resort, Inc.MCRI	1,756	3.1x	3.3x
Industry Median		1.4x	1.4x
(*) Revenue		28	3
= Enterprise Value		39	4
(-) Net Debt		-29	-29
Equity Value		67	33
(/) Outstanding shares		100	100
Fair Price		$1	$0

Selected Fair Value (avg of trailing + forward)

$0.50

-92.8%