Sarepta Therapeutics, Inc.

SRPT

HealthcareBiotechnologyNASDAQ

$20.80

Market Cap: $2.18B

Sarepta Therapeutics, Inc. (SRPT) Valuation Summary

Updated May 11, 2026 01:46

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.10 – $94.87	$21.56	+3.6%
Revenue DCF 10Y	$2.80 – $141.20	$25.18	+21.1%
▸ Trading Multiples
EV/Revenue	$190.53 – $628.89	$312.81	+1403.9%

Valuation History

DCF Analysis

Sarepta Therapeutics, Inc. (SRPT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$25.18

Market Price

$20.80

Upside / Downside

+21.1%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -29.9% to a target of 13.2% over 5 years, discounted at a WACC of 6.7%, Sarepta Therapeutics, Inc. (SRPT) has an intrinsic value of $25.18 per share (range: $2.80 – $141.20).

Key Assumptions

Current Operating Margin

-29.9%

Target Operating Margin

13.2%

WACC

6.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.7%

Target CapEx/Rev

6.0%

D&A/Revenue

3.5%

Tax Rate

9.8%

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	1,701	-22.6%	-21.3%	-362	-362	59	(97)	-226	-174	-168
2027	1,453	-14.6%	-12.7%	-184	-184	51	(83)	-118	-99	-90
2028	1,424	-2.0%	-4.1%	-58	-58	50	(82)	-14	-76	-65
2029	1,435	0.8%	4.6%	66	59	50	(83)	6	20	16
2030	1,445	0.7%	13.2%	191	172	51	(84)	4	134	100
2031	1,850	28.0%	13.2%	244	220	65	(109)	192	-16	-11
2032	2,276	23.0%	13.2%	300	271	80	(134)	202	14	9
2033	2,686	18.0%	13.2%	354	320	94	(159)	194	60	37
2034	3,035	13.0%	13.2%	400	361	106	(181)	166	121	69
2035	3,278	8.0%	13.2%	432	390	115	(197)	115	193	104

Enterprise Value Bridge

Sum of PV(FCFF)2

Terminal Value (Gordon Growth at 3.0%)5,335

PV of Terminal Value2,876

Enterprise Value2,877

(–) Net Debt238

Equity Value2,639

(÷) Shares Outstanding105

Fair Value per Share$25.18

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
4.7%	$-3	$33	$69	$105	$141
5.7%	$-5	$17	$39	$61	$83
6.7%	$-6	$10	$25	$41	$56
7.7%	$-7	$5	$17	$29	$41
8.7%	$-7	$3	$12	$22	$32

Current price: $20.80. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Sarepta Therapeutics, Inc. (SRPT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$21.56

Market Price

$20.80

Upside / Downside

+3.6%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-29.9%

Target Operating Margin

13.2%

WACC

6.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.7%

Target CapEx/Rev

6.0%

D&A/Revenue

3.5%

Tax Rate

9.8%

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	1,701	-22.6%	-21.3%	-362	-362	59	(97)	-226	-174	-169
2027	1,453	-14.6%	-12.7%	-184	-184	51	(84)	-118	-100	-91
2028	1,424	-2.0%	-4.1%	-58	-58	50	(84)	-14	-78	-66
2029	1,435	0.8%	4.6%	66	59	50	(85)	6	19	15
2030	1,445	0.7%	13.2%	191	172	51	(87)	4	131	98

Enterprise Value Bridge

Sum of PV(FCFF)-213

Terminal Value (Gordon Growth at 3.0%)3,632

PV of Terminal Value2,710

Enterprise Value2,497

(–) Net Debt238

Equity Value2,259

(÷) Shares Outstanding105

Fair Value per Share$21.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
4.7%	$18	$37	$57	$76	$95
5.7%	$9	$21	$33	$45	$57
6.7%	$4	$13	$22	$30	$39
7.7%	$2	$8	$15	$22	$29
8.7%	$0	$6	$11	$17	$22

Current price: $20.80. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.4% 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

$312.81

Market Price

$20.80

Upside / Downside

+1403.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sarepta Therapeutics, Inc. (SRPT) has a fair value of $312.81 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sarepta Therapeutics, Inc.SRPT	2,180	1.1x	1.4x
ImmunityBio, Inc.IBRX	8,749	84.2x	45.5x
Beam Therapeutics Inc.BEAM	3,321	23.8x	57.3x
Denali Therapeutics Inc.DNLI	3,113	9.2x	74.8x
Arcus Biosciences, Inc.RCUS	2,495	9.6x	25.0x
Adaptive Biotechnologies CorporationADPT	2,210	8.7x	8.5x
Agios Pharmaceuticals, Inc.AGIO	1,653	30.1x	13.5x
Recursion Pharmaceuticals, Inc.RXRX	1,462	10.7x	13.0x
Industry Median		10.7x	25.0x
(*) Revenue		2,198	1,701
= Enterprise Value		23,459	42,577
(-) Net Debt		238	238
Equity Value		23,221	42,339
(/) Outstanding shares		105	105
Fair Price		$222	$404

Selected Fair Value (avg of trailing + forward)

$312.81

+1403.9%

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

$0.10 – $94.87

$21.56

+3.6%

Revenue DCF 10Y

$2.80 – $141.20

$25.18

+21.1%

▸ Trading Multiples

EV/Revenue

$190.53 – $628.89

$312.81

+1403.9%

DCF Analysis

Sarepta Therapeutics, Inc. (SRPT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$25.18

Market Price

$20.80

Upside / Downside

+21.1%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-29.9%

Target Operating Margin

13.2%

WACC

6.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.7%

Target CapEx/Rev

6.0%

D&A/Revenue

3.5%

Tax Rate

9.8%

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	1,701	-22.6%	-21.3%	-362	-362	59	(97)	-226	-174	-168
2027	1,453	-14.6%	-12.7%	-184	-184	51	(83)	-118	-99	-90
2028	1,424	-2.0%	-4.1%	-58	-58	50	(82)	-14	-76	-65
2029	1,435	0.8%	4.6%	66	59	50	(83)	6	20	16
2030	1,445	0.7%	13.2%	191	172	51	(84)	4	134	100
2031	1,850	28.0%	13.2%	244	220	65	(109)	192	-16	-11
2032	2,276	23.0%	13.2%	300	271	80	(134)	202	14	9
2033	2,686	18.0%	13.2%	354	320	94	(159)	194	60	37
2034	3,035	13.0%	13.2%	400	361	106	(181)	166	121	69
2035	3,278	8.0%	13.2%	432	390	115	(197)	115	193	104

Enterprise Value Bridge

Sum of PV(FCFF)2

Terminal Value (Gordon Growth at 3.0%)5,335

PV of Terminal Value2,876

Enterprise Value2,877

(–) Net Debt238

Equity Value2,639

(÷) Shares Outstanding105

Fair Value per Share$25.18

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
4.7%	$-3	$33	$69	$105	$141
5.7%	$-5	$17	$39	$61	$83
6.7%	$-6	$10	$25	$41	$56
7.7%	$-7	$5	$17	$29	$41
8.7%	$-7	$3	$12	$22	$32

Current price: $20.80. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 47.4% 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

$312.81

Market Price

$20.80

Upside / Downside

+1403.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Sarepta Therapeutics, Inc. (SRPT) has a fair value of $312.81 based on 7 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Sarepta Therapeutics, Inc.SRPT	2,180	1.1x	1.4x
ImmunityBio, Inc.IBRX	8,749	84.2x	45.5x
Beam Therapeutics Inc.BEAM	3,321	23.8x	57.3x
Denali Therapeutics Inc.DNLI	3,113	9.2x	74.8x
Arcus Biosciences, Inc.RCUS	2,495	9.6x	25.0x
Adaptive Biotechnologies CorporationADPT	2,210	8.7x	8.5x
Agios Pharmaceuticals, Inc.AGIO	1,653	30.1x	13.5x
Recursion Pharmaceuticals, Inc.RXRX	1,462	10.7x	13.0x
Industry Median		10.7x	25.0x
(*) Revenue		2,198	1,701
= Enterprise Value		23,459	42,577
(-) Net Debt		238	238
Equity Value		23,221	42,339
(/) Outstanding shares		105	105
Fair Price		$222	$404

Selected Fair Value (avg of trailing + forward)

$312.81

+1403.9%