TELA Bio, Inc.

TELA

HealthcareMedical - DevicesNASDAQ

$1.02

Market Cap: $45.64M

TELA Bio, Inc. (TELA) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.25 – $8.97	$1.12	+81.2%
▸ Trading Multiples
EV/Revenue	$2.65 – $58.93	$4.01	+546.1%

Valuation History

DCF Analysis

TELA Bio, Inc. (TELA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.12

Market Price

$1.02

Upside / Downside

+9.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -42.0% to a target of 13.3% over 5 years, discounted at a WACC of 9.2%, TELA Bio, Inc. (TELA) has an intrinsic value of $1.12 per share (range: $0.25 – $8.97).

Key Assumptions

Current Operating Margin

-42.0%

Target Operating Margin

13.3%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

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	87	8.1%	-31.0%	-27	-27	2	(2)	9	-37	-35
2027	97	12.1%	-19.9%	-19	-19	2	(3)	3	-24	-21
2028	110	13.6%	-8.8%	-10	-10	2	(3)	4	-16	-13
2029	142	28.5%	2.3%	3	3	2	(5)	10	-10	-8
2030	182	28.5%	13.3%	24	19	3	(7)	13	2	1
2031	226	24.2%	13.3%	30	24	4	(10)	14	4	2
2032	272	20.0%	13.3%	36	29	5	(13)	15	6	3
2033	315	15.7%	13.3%	42	33	6	(16)	14	8	4
2034	351	11.5%	13.3%	47	37	6	(20)	12	12	6
2035	376	7.2%	13.3%	50	40	7	(23)	8	15	7

Enterprise Value Bridge

Sum of PV(FCFF)-53

Terminal Value (Gordon Growth at 3.0%)255

PV of Terminal Value110

Enterprise Value58

(–) Net Debt5

Equity Value53

(÷) Shares Outstanding47

Fair Value per Share$1.12

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.2%	$-2	$-0	$3	$6	$9
8.2%	$-2	$-1	$2	$4	$7
9.2%	$-2	$-1	$1	$3	$5
10.2%	$-2	$-1	$1	$2	$4
11.2%	$-2	$-1	$0	$2	$3

Current price: $1.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.6% 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

$4.01

Market Price

$1.02

Upside / Downside

+292.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), TELA Bio, Inc. (TELA) has a fair value of $4.01 based on 7 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
TELA Bio, Inc.TELA	48	0.7x	0.7x
Sensus Healthcare, Inc.SRTS	66	1.6x	1.4x
Spectral AI, Inc.MDAI	57	2.6x	2.7x
Cue Biopharma, Inc.CUE	53	1.1x	4.6x
Coeptis Therapeutics, Inc.COEP	52	34.5x	13.4x
NRx Pharmaceuticals, Inc.NRXP	51	35.8x	0.3x
Cytosorbents CorporationCTSO	39	1.7x	1.5x
IceCure Medical LtdICCM	24	4.5x	1.9x
Industry Median		2.6x	1.9x
(*) Revenue		80	75
= Enterprise Value		211	175
(-) Net Debt		5	5
Equity Value		206	170
(/) Outstanding shares		47	47
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$4.01

+292.7%

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

$0.25 – $8.97

$1.12

+81.2%

▸ Trading Multiples

EV/Revenue

$2.65 – $58.93

$4.01

+546.1%

DCF Analysis

TELA Bio, Inc. (TELA) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.12

Market Price

$1.02

Upside / Downside

+9.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-42.0%

Target Operating Margin

13.3%

WACC

9.2%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.9%

Target CapEx/Rev

6.0%

D&A/Revenue

1.8%

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	87	8.1%	-31.0%	-27	-27	2	(2)	9	-37	-35
2027	97	12.1%	-19.9%	-19	-19	2	(3)	3	-24	-21
2028	110	13.6%	-8.8%	-10	-10	2	(3)	4	-16	-13
2029	142	28.5%	2.3%	3	3	2	(5)	10	-10	-8
2030	182	28.5%	13.3%	24	19	3	(7)	13	2	1
2031	226	24.2%	13.3%	30	24	4	(10)	14	4	2
2032	272	20.0%	13.3%	36	29	5	(13)	15	6	3
2033	315	15.7%	13.3%	42	33	6	(16)	14	8	4
2034	351	11.5%	13.3%	47	37	6	(20)	12	12	6
2035	376	7.2%	13.3%	50	40	7	(23)	8	15	7

Enterprise Value Bridge

Sum of PV(FCFF)-53

Terminal Value (Gordon Growth at 3.0%)255

PV of Terminal Value110

Enterprise Value58

(–) Net Debt5

Equity Value53

(÷) Shares Outstanding47

Fair Value per Share$1.12

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.2%	$-2	$-0	$3	$6	$9
8.2%	$-2	$-1	$2	$4	$7
9.2%	$-2	$-1	$1	$3	$5
10.2%	$-2	$-1	$1	$2	$4
11.2%	$-2	$-1	$0	$2	$3

Current price: $1.02. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 32.6% 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

$4.01

Market Price

$1.02

Upside / Downside

+292.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), TELA Bio, Inc. (TELA) has a fair value of $4.01 based on 7 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
TELA Bio, Inc.TELA	48	0.7x	0.7x
Sensus Healthcare, Inc.SRTS	66	1.6x	1.4x
Spectral AI, Inc.MDAI	57	2.6x	2.7x
Cue Biopharma, Inc.CUE	53	1.1x	4.6x
Coeptis Therapeutics, Inc.COEP	52	34.5x	13.4x
NRx Pharmaceuticals, Inc.NRXP	51	35.8x	0.3x
Cytosorbents CorporationCTSO	39	1.7x	1.5x
IceCure Medical LtdICCM	24	4.5x	1.9x
Industry Median		2.6x	1.9x
(*) Revenue		80	75
= Enterprise Value		211	175
(-) Net Debt		5	5
Equity Value		206	170
(/) Outstanding shares		47	47
Fair Price		$4	$4

Selected Fair Value (avg of trailing + forward)

$4.01

+292.7%