Sight Sciences, Inc.

SGHT

HealthcareMedical - DevicesNASDAQ

$5.29

Market Cap: $285.69M

Sight Sciences, Inc. (SGHT) Valuation Summary

Updated May 11, 2026 02:12

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.25 – $3.55	$0.48	-90.8%
Revenue DCF 10Y	$0.17 – $5.41	$1.35	-74.4%
▸ Trading Multiples
EV/Revenue	$4.46 – $6.60	$5.04	-4.8%

Valuation History

DCF Analysis

Sight Sciences, Inc. (SGHT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.35

Market Price

$5.29

Upside / Downside

-74.4%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -48.0% to a target of 13.2% over 5 years, discounted at a WACC of 9.0%, Sight Sciences, Inc. (SGHT) has an intrinsic value of $1.35 per share (range: $0.17 – $5.41).

Key Assumptions

Current Operating Margin

-48.0%

Target Operating Margin

13.2%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

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	85	9.4%	-35.7%	-30	-30	1	(1)	2	-33	-32
2027	94	11.6%	-23.5%	-22	-22	1	(2)	2	-25	-22
2028	105	11.1%	-11.3%	-12	-12	1	(3)	2	-16	-13
2029	118	12.1%	1.0%	1	1	1	(3)	3	-4	-3
2030	132	12.1%	13.2%	17	14	1	(5)	3	7	5
2031	146	10.6%	13.2%	19	15	1	(6)	3	8	5
2032	159	9.1%	13.2%	21	17	1	(7)	3	8	5
2033	171	7.6%	13.2%	23	18	2	(9)	3	8	4
2034	182	6.0%	13.2%	24	19	2	(10)	2	8	4
2035	190	4.5%	13.2%	25	20	2	(11)	2	8	4

Enterprise Value Bridge

Sum of PV(FCFF)-44

Terminal Value (Gordon Growth at 3.0%)143

PV of Terminal Value63

Enterprise Value19

(–) Net Debt-51

Equity Value71

(÷) Shares Outstanding52

Fair Value per Share$1.35

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
7.0%	$-1	$1	$2	$4	$5
8.0%	$-1	$1	$2	$3	$4
9.0%	$-1	$0	$1	$2	$3
10.0%	$-1	$0	$1	$2	$3
11.0%	$-0	$0	$1	$2	$2

Current price: $5.29. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 21.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Sight Sciences, Inc. (SGHT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.48

Market Price

$5.29

Upside / Downside

-90.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-48.0%

Target Operating Margin

13.2%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

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	85	9.4%	-35.7%	-30	-30	1	(2)	2	-33	-32
2027	94	11.6%	-23.5%	-22	-22	1	(3)	2	-26	-23
2028	105	11.1%	-11.3%	-12	-12	1	(4)	2	-17	-14
2029	118	12.1%	1.0%	1	1	1	(6)	3	-7	-5
2030	132	12.1%	13.2%	17	14	1	(8)	3	4	3

Enterprise Value Bridge

Sum of PV(FCFF)-71

Terminal Value (Gordon Growth at 3.0%)67

PV of Terminal Value46

Enterprise Value-26

(–) Net Debt-51

Equity Value25

(÷) Shares Outstanding52

Fair Value per Share$0.48

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
7.0%	$-1	$-0	$1	$2	$4
8.0%	$-1	$-0	$1	$2	$3
9.0%	$-1	$-0	$0	$1	$2
10.0%	$-1	$-0	$0	$1	$2
11.0%	$-1	$-0	$0	$1	$1

Current price: $5.29. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 21.9% 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

$5.04

Market Price

$5.29

Upside / Downside

-4.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sight Sciences, Inc. (SGHT) has a fair value of $5.04 based on 8 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
Sight Sciences, Inc.SGHT	276	2.9x	2.8x
Cerus CorporationCERS	523	2.9x	3.0x
Viemed Healthcare, Inc.VMD	353	1.3x	1.6x
908 Devices Inc.MASS	309	3.8x	3.9x
Senseonics Holdings, Inc.SENS	224	6.4x	3.7x
CVRx, Inc.CVRX	180	2.7x	2.7x
Lifecore Biomedical, Inc.LFCR	180	2.3x	2.4x
SANUWAVE Health, Inc.SNWV	143	3.5x	2.4x
Quanterix CorporationQTRX	129	1.0x	0.8x
Industry Median		2.8x	2.6x
(*) Revenue		77	80
= Enterprise Value		218	205
(-) Net Debt		-51	-51
Equity Value		269	256
(/) Outstanding shares		52	52
Fair Price		$5	$5

Selected Fair Value (avg of trailing + forward)

$5.04

-4.8%

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

$0.25 – $3.55

$0.48

-90.8%

Revenue DCF 10Y

$0.17 – $5.41

$1.35

-74.4%

▸ Trading Multiples

EV/Revenue

$4.46 – $6.60

$5.04

-4.8%

DCF Analysis

Sight Sciences, Inc. (SGHT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.35

Market Price

$5.29

Upside / Downside

-74.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-48.0%

Target Operating Margin

13.2%

WACC

9.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.9%

Target CapEx/Rev

6.0%

D&A/Revenue

0.9%

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	85	9.4%	-35.7%	-30	-30	1	(1)	2	-33	-32
2027	94	11.6%	-23.5%	-22	-22	1	(2)	2	-25	-22
2028	105	11.1%	-11.3%	-12	-12	1	(3)	2	-16	-13
2029	118	12.1%	1.0%	1	1	1	(3)	3	-4	-3
2030	132	12.1%	13.2%	17	14	1	(5)	3	7	5
2031	146	10.6%	13.2%	19	15	1	(6)	3	8	5
2032	159	9.1%	13.2%	21	17	1	(7)	3	8	5
2033	171	7.6%	13.2%	23	18	2	(9)	3	8	4
2034	182	6.0%	13.2%	24	19	2	(10)	2	8	4
2035	190	4.5%	13.2%	25	20	2	(11)	2	8	4

Enterprise Value Bridge

Sum of PV(FCFF)-44

Terminal Value (Gordon Growth at 3.0%)143

PV of Terminal Value63

Enterprise Value19

(–) Net Debt-51

Equity Value71

(÷) Shares Outstanding52

Fair Value per Share$1.35

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
7.0%	$-1	$1	$2	$4	$5
8.0%	$-1	$1	$2	$3	$4
9.0%	$-1	$0	$1	$2	$3
10.0%	$-1	$0	$1	$2	$3
11.0%	$-0	$0	$1	$2	$2

Current price: $5.29. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 21.9% 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

$5.04

Market Price

$5.29

Upside / Downside

-4.8%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sight Sciences, Inc. (SGHT) has a fair value of $5.04 based on 8 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
Sight Sciences, Inc.SGHT	276	2.9x	2.8x
Cerus CorporationCERS	523	2.9x	3.0x
Viemed Healthcare, Inc.VMD	353	1.3x	1.6x
908 Devices Inc.MASS	309	3.8x	3.9x
Senseonics Holdings, Inc.SENS	224	6.4x	3.7x
CVRx, Inc.CVRX	180	2.7x	2.7x
Lifecore Biomedical, Inc.LFCR	180	2.3x	2.4x
SANUWAVE Health, Inc.SNWV	143	3.5x	2.4x
Quanterix CorporationQTRX	129	1.0x	0.8x
Industry Median		2.8x	2.6x
(*) Revenue		77	80
= Enterprise Value		218	205
(-) Net Debt		-51	-51
Equity Value		269	256
(/) Outstanding shares		52	52
Fair Price		$5	$5

Selected Fair Value (avg of trailing + forward)

$5.04

-4.8%