Schrödinger, Inc.

SDGR

HealthcareMedical - Healthcare Information ServicesNASDAQ

$13.28

Market Cap: $992.29M

Schrödinger, Inc. (SDGR) Valuation Summary

Updated Apr 6, 2026 22:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.17 – $19.00	$3.42	-70.3%
▸ Trading Multiples
EV/Revenue	$5.86 – $15.09	$6.64	-42.3%

Valuation History

DCF Analysis

Schrödinger, Inc. (SDGR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.42

Market Price

$13.28

Upside / Downside

-74.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -65.2% to a target of 13.3% over 5 years, discounted at a WACC of 8.5%, Schrödinger, Inc. (SDGR) has an intrinsic value of $3.42 per share (range: $0.17 – $19.00).

Key Assumptions

Current Operating Margin

-65.2%

Target Operating Margin

13.3%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.5%

Tax Rate

5.1%

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	254	-0.8%	-49.5%	-126	-126	6	(11)	48	-178	-171
2027	262	3.3%	-33.8%	-89	-89	6	(11)	4	-98	-86
2028	335	27.8%	-18.1%	-61	-61	8	(15)	34	-102	-83
2029	386	15.3%	-2.4%	-9	-9	10	(18)	24	-42	-32
2030	431	11.7%	13.3%	58	55	11	(22)	21	22	15
2031	493	14.4%	13.3%	66	62	12	(26)	29	20	13
2032	553	12.1%	13.3%	74	70	14	(30)	28	26	15
2033	608	9.8%	13.3%	81	77	15	(34)	26	32	17
2034	654	7.6%	13.3%	87	83	16	(38)	22	39	20
2035	688	5.3%	13.3%	92	87	17	(41)	16	47	21

Enterprise Value Bridge

Sum of PV(FCFF)-270

Terminal Value (Gordon Growth at 3.0%)870

PV of Terminal Value401

Enterprise Value130

(–) Net Debt-121

Equity Value251

(÷) Shares Outstanding73

Fair Value per Share$3.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$-3	$3	$8	$14	$19
7.5%	$-3	$1	$5	$9	$13
8.5%	$-3	$0	$3	$7	$10
9.5%	$-3	$-1	$2	$5	$8
10.5%	$-3	$-1	$1	$4	$6

Current price: $13.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.1% 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

$6.59

Market Price

$13.28

Upside / Downside

-50.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Schrödinger, Inc. (SDGR) has a fair value of $6.59 based on 9 comparable companies in the Medical - Healthcare Information Services industry.

EV/Revenue Valuation — Medical - Healthcare Information Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Schrödinger, Inc.SDGR	975	3.3x	3.4x
10x Genomics, Inc.TXG	2,796	3.9x	4.0x
Immunome, Inc.IMNM	1,887	178.3x	—
Omnicell, Inc.OMCL	1,550	1.3x	1.4x
Progyny, Inc.PGNY	1,374	1.0x	0.9x
Azenta, Inc.AZTA	1,041	1.5x	1.4x
AbCellera Biologics Inc.ABCL	1,028	13.5x	34.0x
Teladoc Health, Inc.TDOC	949	0.5x	0.5x
Omada HealthOMDA	741	2.0x	2.5x
Phreesia, Inc.PHR	552	1.2x	1.2x
Industry Median		1.5x	1.4x
(*) Revenue		256	248
= Enterprise Value		376	350
(-) Net Debt		-121	-121
Equity Value		497	471
(/) Outstanding shares		73	73
Fair Price		$7	$6

Selected Fair Value (avg of trailing + forward)

$6.59

-50.4%

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

—

N/A

—

Revenue DCF 10Y

$0.17 – $19.00

$3.42

-70.3%

▸ Trading Multiples

EV/Revenue

$5.86 – $15.09

$6.64

-42.3%

DCF Analysis

Schrödinger, Inc. (SDGR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.42

Market Price

$13.28

Upside / Downside

-74.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-65.2%

Target Operating Margin

13.3%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.0%

Target CapEx/Rev

6.0%

D&A/Revenue

2.5%

Tax Rate

5.1%

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	254	-0.8%	-49.5%	-126	-126	6	(11)	48	-178	-171
2027	262	3.3%	-33.8%	-89	-89	6	(11)	4	-98	-86
2028	335	27.8%	-18.1%	-61	-61	8	(15)	34	-102	-83
2029	386	15.3%	-2.4%	-9	-9	10	(18)	24	-42	-32
2030	431	11.7%	13.3%	58	55	11	(22)	21	22	15
2031	493	14.4%	13.3%	66	62	12	(26)	29	20	13
2032	553	12.1%	13.3%	74	70	14	(30)	28	26	15
2033	608	9.8%	13.3%	81	77	15	(34)	26	32	17
2034	654	7.6%	13.3%	87	83	16	(38)	22	39	20
2035	688	5.3%	13.3%	92	87	17	(41)	16	47	21

Enterprise Value Bridge

Sum of PV(FCFF)-270

Terminal Value (Gordon Growth at 3.0%)870

PV of Terminal Value401

Enterprise Value130

(–) Net Debt-121

Equity Value251

(÷) Shares Outstanding73

Fair Value per Share$3.42

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.5%	$-3	$3	$8	$14	$19
7.5%	$-3	$1	$5	$9	$13
8.5%	$-3	$0	$3	$7	$10
9.5%	$-3	$-1	$2	$5	$8
10.5%	$-3	$-1	$1	$4	$6

Current price: $13.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.1% 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

$6.59

Market Price

$13.28

Upside / Downside

-50.4%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Healthcare Information Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Schrödinger, Inc.SDGR	975	3.3x	3.4x
10x Genomics, Inc.TXG	2,796	3.9x	4.0x
Immunome, Inc.IMNM	1,887	178.3x	—
Omnicell, Inc.OMCL	1,550	1.3x	1.4x
Progyny, Inc.PGNY	1,374	1.0x	0.9x
Azenta, Inc.AZTA	1,041	1.5x	1.4x
AbCellera Biologics Inc.ABCL	1,028	13.5x	34.0x
Teladoc Health, Inc.TDOC	949	0.5x	0.5x
Omada HealthOMDA	741	2.0x	2.5x
Phreesia, Inc.PHR	552	1.2x	1.2x
Industry Median		1.5x	1.4x
(*) Revenue		256	248
= Enterprise Value		376	350
(-) Net Debt		-121	-121
Equity Value		497	471
(/) Outstanding shares		73	73
Fair Price		$7	$6

Selected Fair Value (avg of trailing + forward)

$6.59

-50.4%