The Beauty Health Company

SKIN

Consumer DefensiveHousehold & Personal ProductsNASDAQ

$0.91

Market Cap: $117.92M

The Beauty Health Company (SKIN) Valuation Summary

Updated May 11, 2026 15:01

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.06 – $28.61	$1.22	+33.8%
Revenue DCF 10Y	$0.29 – $29.94	$1.69	+86.2%
▸ Trading Multiples
EV/Revenue	$1.03 – $5.42	$1.95	+114.0%

Valuation History

DCF Analysis

The Beauty Health Company (SKIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.69

Market Price

$0.91

Upside / Downside

+86.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -6.9% to a target of 7.6% over 5 years, discounted at a WACC of 5.7%, The Beauty Health Company (SKIN) has an intrinsic value of $1.69 per share (range: $0.29 – $29.94).

Key Assumptions

Current Operating Margin

-6.9%

Target Operating Margin

7.6%

WACC

5.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

9.9%

D&A/Revenue

6.6%

Tax Rate

2.5%

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	297	-1.3%	-4.0%	-12	-12	20	(12)	23	-27	-26
2027	310	4.3%	-1.1%	-3	-3	20	(14)	3	-1	-1
2028	322	4.0%	1.8%	6	6	21	(17)	3	7	6
2029	334	3.7%	4.7%	16	15	22	(20)	3	14	12
2030	346	3.7%	7.6%	26	26	23	(23)	3	23	18
2031	359	3.6%	7.6%	27	27	24	(26)	3	21	16
2032	371	3.5%	7.6%	28	28	24	(29)	3	19	14
2033	384	3.4%	7.6%	29	28	25	(33)	3	18	12
2034	396	3.2%	7.6%	30	29	26	(36)	3	16	10
2035	408	3.1%	7.6%	31	30	27	(40)	3	14	8

Enterprise Value Bridge

Sum of PV(FCFF)68

Terminal Value (Gordon Growth at 3.0%)522

PV of Terminal Value308

Enterprise Value376

(–) Net Debt146

Equity Value230

(÷) Shares Outstanding136

Fair Value per Share$1.69

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.7%	$-2	$0	$10	$20	$30
4.7%	$-2	$-1	$3	$7	$11
5.7%	$-1	$-1	$2	$4	$7
6.7%	$-1	$-1	$1	$3	$4
7.7%	$-1	$-1	$0	$2	$3

Current price: $0.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

The Beauty Health Company (SKIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.22

Market Price

$0.91

Upside / Downside

+33.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6.9%

Target Operating Margin

7.6%

WACC

5.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

9.9%

D&A/Revenue

6.6%

Tax Rate

2.5%

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	297	-1.3%	-4.0%	-12	-12	20	(14)	23	-29	-28
2027	310	4.3%	-1.1%	-3	-3	20	(18)	3	-5	-4
2028	322	4.0%	1.8%	6	6	21	(23)	3	0	0
2029	334	3.7%	4.7%	16	15	22	(29)	3	6	5
2030	346	3.7%	7.6%	26	26	23	(34)	3	11	9

Enterprise Value Bridge

Sum of PV(FCFF)-19

Terminal Value (Gordon Growth at 3.0%)423

PV of Terminal Value330

Enterprise Value311

(–) Net Debt146

Equity Value165

(÷) Shares Outstanding136

Fair Value per Share$1.22

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.7%	$-2	$-1	$9	$19	$29
4.7%	$-2	$-1	$3	$7	$11
5.7%	$-2	$-1	$1	$4	$6
6.7%	$-2	$-1	$0	$2	$4
7.7%	$-2	$-1	$0	$1	$3

Current price: $0.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.5% 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

$1.95

Market Price

$0.91

Upside / Downside

+114.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), The Beauty Health Company (SKIN) has a fair value of $1.95 based on 7 comparable companies in the Household & Personal Products industry.

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
The Beauty Health CompanySKIN	124	0.9x	0.8x
European Wax Center, Inc.EWCZ	319	3.0x	2.9x
Acme United CorporationACU	158	1.0x	1.0x
Solesence, Inc. Common StockSLSN	92	1.9x	—
FitLife Brands, Inc.FTLF	90	1.6x	1.6x
Zevia PBCZVIA	88	0.4x	0.4x
Skillsoft Corp.SKIL	73	1.1x	1.0x
Epsium Enterprise Limited Ordinary SharesEPSM	17	2.9x	—
Industry Median		1.6x	1.0x
(*) Revenue		301	328
= Enterprise Value		492	329
(-) Net Debt		146	146
Equity Value		346	183
(/) Outstanding shares		136	136
Fair Price		$3	$1

Selected Fair Value (avg of trailing + forward)

$1.95

+114.0%

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

$0.06 – $28.61

$1.22

+33.8%

Revenue DCF 10Y

$0.29 – $29.94

$1.69

+86.2%

▸ Trading Multiples

EV/Revenue

$1.03 – $5.42

$1.95

+114.0%

DCF Analysis

The Beauty Health Company (SKIN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.69

Market Price

$0.91

Upside / Downside

+86.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6.9%

Target Operating Margin

7.6%

WACC

5.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

3.2%

Target CapEx/Rev

9.9%

D&A/Revenue

6.6%

Tax Rate

2.5%

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	297	-1.3%	-4.0%	-12	-12	20	(12)	23	-27	-26
2027	310	4.3%	-1.1%	-3	-3	20	(14)	3	-1	-1
2028	322	4.0%	1.8%	6	6	21	(17)	3	7	6
2029	334	3.7%	4.7%	16	15	22	(20)	3	14	12
2030	346	3.7%	7.6%	26	26	23	(23)	3	23	18
2031	359	3.6%	7.6%	27	27	24	(26)	3	21	16
2032	371	3.5%	7.6%	28	28	24	(29)	3	19	14
2033	384	3.4%	7.6%	29	28	25	(33)	3	18	12
2034	396	3.2%	7.6%	30	29	26	(36)	3	16	10
2035	408	3.1%	7.6%	31	30	27	(40)	3	14	8

Enterprise Value Bridge

Sum of PV(FCFF)68

Terminal Value (Gordon Growth at 3.0%)522

PV of Terminal Value308

Enterprise Value376

(–) Net Debt146

Equity Value230

(÷) Shares Outstanding136

Fair Value per Share$1.69

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	1.6%	4.6%	7.6%	10.6%	13.6%
3.7%	$-2	$0	$10	$20	$30
4.7%	$-2	$-1	$3	$7	$11
5.7%	$-1	$-1	$2	$4	$7
6.7%	$-1	$-1	$1	$3	$4
7.7%	$-1	$-1	$0	$2	$3

Current price: $0.91. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 26.5% 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

$1.95

Market Price

$0.91

Upside / Downside

+114.0%

Verdict

Undervalued

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
The Beauty Health CompanySKIN	124	0.9x	0.8x
European Wax Center, Inc.EWCZ	319	3.0x	2.9x
Acme United CorporationACU	158	1.0x	1.0x
Solesence, Inc. Common StockSLSN	92	1.9x	—
FitLife Brands, Inc.FTLF	90	1.6x	1.6x
Zevia PBCZVIA	88	0.4x	0.4x
Skillsoft Corp.SKIL	73	1.1x	1.0x
Epsium Enterprise Limited Ordinary SharesEPSM	17	2.9x	—
Industry Median		1.6x	1.0x
(*) Revenue		301	328
= Enterprise Value		492	329
(-) Net Debt		146	146
Equity Value		346	183
(/) Outstanding shares		136	136
Fair Price		$3	$1

Selected Fair Value (avg of trailing + forward)

$1.95

+114.0%