TriSalus Life Sciences, Inc.

TLSI

HealthcareMedical - DevicesNASDAQ

$4.56

Market Cap: $172.87M

TriSalus Life Sciences, Inc. (TLSI) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.21 – $6.63	$0.70	-84.6%
Revenue DCF 10Y	$0.04 – $19.87	$5.56	+22.8%
▸ Trading Multiples
EV/Revenue	$0.74 – $123.81	$3.32	-26.8%

Valuation History

DCF Analysis

TriSalus Life Sciences, Inc. (TLSI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.56

Market Price

$4.56

Upside / Downside

+21.9%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -59.7% to a target of 13.3% over 5 years, discounted at a WACC of 9.4%, TriSalus Life Sciences, Inc. (TLSI) has an intrinsic value of $5.56 per share (range: $0.04 – $19.87).

Key Assumptions

Current Operating Margin

-59.7%

Target Operating Margin

13.3%

WACC

9.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

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	60	32.8%	-45.1%	-27	-27	2	(3)	-0	-28	-27
2027	81	34.8%	-30.5%	-25	-25	3	(5)	2	-29	-25
2028	112	38.6%	-15.9%	-18	-18	4	(6)	3	-24	-19
2029	146	30.0%	-1.3%	-2	-2	5	(8)	4	-9	-7
2030	180	24.0%	13.3%	24	19	6	(10)	4	11	7
2031	235	30.0%	13.3%	31	25	8	(14)	6	13	8
2032	305	30.0%	13.3%	41	32	10	(18)	7	17	9
2033	389	27.6%	13.3%	52	41	13	(23)	9	22	11
2034	465	19.4%	13.3%	62	49	15	(28)	8	28	13
2035	517	11.2%	13.3%	69	54	17	(31)	6	35	15

Enterprise Value Bridge

Sum of PV(FCFF)-14

Terminal Value (Gordon Growth at 3.0%)561

PV of Terminal Value239

Enterprise Value225

(–) Net Debt14

Equity Value211

(÷) Shares Outstanding38

Fair Value per Share$5.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.4%	$1	$6	$10	$15	$20
8.4%	$0	$4	$8	$11	$15
9.4%	$-0	$3	$6	$9	$12
10.4%	$-1	$2	$4	$7	$9
11.4%	$-1	$1	$3	$5	$7

Current price: $4.56. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

TriSalus Life Sciences, Inc. (TLSI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.70

Market Price

$4.56

Upside / Downside

-84.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-59.7%

Target Operating Margin

13.3%

WACC

9.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

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	60	32.8%	-45.1%	-27	-27	2	(3)	-0	-28	-27
2027	81	34.8%	-30.5%	-25	-25	3	(5)	2	-29	-25
2028	112	38.6%	-15.9%	-18	-18	4	(7)	3	-24	-19
2029	146	30.0%	-1.3%	-2	-2	5	(9)	4	-9	-7
2030	180	24.0%	13.3%	24	19	6	(11)	4	10	7

Enterprise Value Bridge

Sum of PV(FCFF)-71

Terminal Value (Gordon Growth at 3.0%)167

PV of Terminal Value112

Enterprise Value40

(–) Net Debt14

Equity Value26

(÷) Shares Outstanding38

Fair Value per Share$0.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.4%	$-2	$0	$2	$5	$7
8.4%	$-2	$-0	$1	$3	$5
9.4%	$-2	$-1	$1	$2	$4
10.4%	$-2	$-1	$0	$1	$3
11.4%	$-2	$-1	$-0	$1	$2

Current price: $4.56. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.6% 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

$3.32

Market Price

$4.56

Upside / Downside

-27.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), TriSalus Life Sciences, Inc. (TLSI) has a fair value of $3.32 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
TriSalus Life Sciences, Inc.TLSI	173	4.1x	3.1x
Armata Pharmaceuticals, Inc.ARMP	542	167.5x	161.7x
Anteris Technologies Global Corp.AVR	210	104.2x	22.3x
Nano-X Imaging Ltd.NNOX	151	8.2x	8.0x
Owlet, Inc.OWLT	105	0.8x	0.8x
Neuronetics, Inc.STIM	104	1.1x	1.0x
MaxCyte, Inc.MXCT	93	2.8x	2.6x
LENSAR, Inc.LNSR	65	0.9x	1.2x
Industry Median		2.8x	2.6x
(*) Revenue		45	60
= Enterprise Value		124	155
(-) Net Debt		14	14
Equity Value		110	141
(/) Outstanding shares		38	38
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.32

-27.3%

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

$0.21 – $6.63

$0.70

-84.6%

Revenue DCF 10Y

$0.04 – $19.87

$5.56

+22.8%

▸ Trading Multiples

EV/Revenue

$0.74 – $123.81

$3.32

-26.8%

DCF Analysis

TriSalus Life Sciences, Inc. (TLSI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$5.56

Market Price

$4.56

Upside / Downside

+21.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-59.7%

Target Operating Margin

13.3%

WACC

9.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.5%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

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	60	32.8%	-45.1%	-27	-27	2	(3)	-0	-28	-27
2027	81	34.8%	-30.5%	-25	-25	3	(5)	2	-29	-25
2028	112	38.6%	-15.9%	-18	-18	4	(6)	3	-24	-19
2029	146	30.0%	-1.3%	-2	-2	5	(8)	4	-9	-7
2030	180	24.0%	13.3%	24	19	6	(10)	4	11	7
2031	235	30.0%	13.3%	31	25	8	(14)	6	13	8
2032	305	30.0%	13.3%	41	32	10	(18)	7	17	9
2033	389	27.6%	13.3%	52	41	13	(23)	9	22	11
2034	465	19.4%	13.3%	62	49	15	(28)	8	28	13
2035	517	11.2%	13.3%	69	54	17	(31)	6	35	15

Enterprise Value Bridge

Sum of PV(FCFF)-14

Terminal Value (Gordon Growth at 3.0%)561

PV of Terminal Value239

Enterprise Value225

(–) Net Debt14

Equity Value211

(÷) Shares Outstanding38

Fair Value per Share$5.56

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
7.4%	$1	$6	$10	$15	$20
8.4%	$0	$4	$8	$11	$15
9.4%	$-0	$3	$6	$9	$12
10.4%	$-1	$2	$4	$7	$9
11.4%	$-1	$1	$3	$5	$7

Current price: $4.56. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 10.6% 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

$3.32

Market Price

$4.56

Upside / Downside

-27.3%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TriSalus Life Sciences, Inc.TLSI	173	4.1x	3.1x
Armata Pharmaceuticals, Inc.ARMP	542	167.5x	161.7x
Anteris Technologies Global Corp.AVR	210	104.2x	22.3x
Nano-X Imaging Ltd.NNOX	151	8.2x	8.0x
Owlet, Inc.OWLT	105	0.8x	0.8x
Neuronetics, Inc.STIM	104	1.1x	1.0x
MaxCyte, Inc.MXCT	93	2.8x	2.6x
LENSAR, Inc.LNSR	65	0.9x	1.2x
Industry Median		2.8x	2.6x
(*) Revenue		45	60
= Enterprise Value		124	155
(-) Net Debt		14	14
Equity Value		110	141
(/) Outstanding shares		38	38
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.32

-27.3%