Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Toro Corp.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -6.1% to 1.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 145, DPO 41, DIO 20). At a 8.6% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $9.43 per share, suggesting TORO is undervalued by 73.0% at the current price of $5.45.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | Terminal | |
|---|---|---|---|---|---|---|
| Profit Before Tax | -1 | -1 | -1 | -1 | -1 | -1 |
| (−) Net Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 50 | 36 | 44 | 37 | 44 | 46 |
| EBITDA | 50 | 36 | 44 | 37 | 44 | 45 |
| (−) Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| (−) CapEx | 41 | 39 | 38 | 38 | 38 | 39 |
| (−) ΔWC | 0 | -0 | -0 | -0 | 0 | 0 |
| Free Cash Flow (FCFF) | 9 | -3 | 6 | -1 | 6 | 6 |
| Terminal Value | 101 | |||||
| WACC / Discount Rate | 8.6% | |||||
| Long-term Growth Rate | 2.5% | |||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5 |
| Present Value of FCF | 9 | -2 | 5 | -1 | 4 | 67 |
| Enterprise Value | 81 | |||||
| Projection Period | 14 | 17.5% | ||||
| Terminal Value | 67 | 82.5% | ||||
| (−) Current Net Debt | (87) | |||||
| Equity Value | 169 | |||||
| (/) Outstanding Shares | 18 | |||||
| Fair Price | $9.43 | |||||
| WACC \ Terminal Growth Rate | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 6.5% | $11 | $11 | $12 | $13 | $14 |
| 7.5% | $10 | $10 | $10 | $11 | $12 |
| 8.5% | $9 | $9 | $9 | $10 | $10 |
| 9.5% | $8 | $9 | $9 | $9 | $9 |
| 10.5% | $8 | $8 | $8 | $8 | $9 |
Current price: $5.45. Green = undervalued, Red = overvalued.
Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Toro Corp.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -6.9% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 145, DPO 41, DIO 20). At a 8.6% WACC with mid-year discounting, the terminal value (-40% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $5.90 per share, suggesting TORO is fairly valued by 8.2% at the current price of $5.45.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit Before Tax | -1 | -1 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| (−) Net Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 50 | 36 | 43 | 36 | 43 | 37 | 35 | 34 | 33 | 33 | 34 |
| EBITDA | 50 | 36 | 43 | 36 | 43 | 36 | 35 | 34 | 33 | 33 | 34 |
| (−) Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (−) CapEx | 40 | 38 | 36 | 35 | 34 | 33 | 33 | 33 | 33 | 34 | 35 |
| (−) ΔWC | 0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 |
| Free Cash Flow (FCFF) | 9 | -2 | 8 | 2 | 10 | 3 | 2 | 1 | 0 | -1 | -1 |
| Terminal Value | -16 | ||||||||||
| WACC / Discount Rate | 8.6% | ||||||||||
| Long-term Growth Rate | 2.5% | ||||||||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | 6.5 | 7.5 | 8.5 | 9.5 | 5 |
| Present Value of FCF | 9 | -1 | 6 | 1 | 7 | 2 | 1 | 1 | 0 | -0 | -7 |
| Enterprise Value | 18 | ||||||||||
| Projection Period | 25 | 139.7% | |||||||||
| Terminal Value | -7 | -39.7% | |||||||||
| (−) Current Net Debt | (87) | ||||||||||
| Equity Value | 106 | ||||||||||
| (/) Outstanding Shares | 18 | ||||||||||
| Fair Price | $5.90 | ||||||||||
| WACC \ Terminal Growth Rate | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 6.5% | $6 | $6 | $6 | $6 | $5 |
| 7.5% | $6 | $6 | $6 | $6 | $6 |
| 8.5% | $6 | $6 | $6 | $6 | $6 |
| 9.5% | $6 | $6 | $6 | $6 | $6 |
| 10.5% | $6 | $6 | $6 | $6 | $6 |
Current price: $5.45. Green = undervalued, Red = overvalued.
Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Toro Corp.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -6.1% to 1.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 145, DPO 41, DIO 20). At a 8.6% WACC with mid-year discounting, the terminal value (96% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 10.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $22.78 per share, suggesting TORO is undervalued by 318.0% at the current price of $5.45.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | Terminal | |
|---|---|---|---|---|---|---|
| Profit Before Tax | -1 | -1 | -1 | -1 | -1 | -1 |
| (−) Net Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 50 | 36 | 44 | 37 | 44 | 46 |
| EBITDA | 50 | 36 | 44 | 37 | 44 | 45 |
| (−) Tax | 0 | 0 | 0 | 0 | 0 | — |
| (−) CapEx | 41 | 39 | 38 | 38 | 38 | — |
| (−) ΔWC | 0 | -0 | -0 | -0 | 0 | — |
| Free Cash Flow (FCF) | 9 | -3 | 6 | -1 | 6 | — |
| Peers' EBITDA Multiple | 10.2x | |||||
| Terminal Value | 461 | |||||
| WACC / Discount Rate | 8.55% | |||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5 |
| Present Value of FCF | 9 | -2 | 5 | -1 | 4 | 306 |
| Enterprise Value | 320 | |||||
| Projection Period | 14 | 4.4% | ||||
| Terminal Value | 306 | 95.6% | ||||
| (−) Current Net Debt | (87) | |||||
| Equity Value | 407 | |||||
| (÷) Outstanding Shares | 18M | |||||
| Fair Price | $23 | +318.0% | ||||
| WACC \ EV/EBITDA Exit Multiple | 6.2x | 8.2x | 10.2x | 12.2x | 14.2x |
|---|---|---|---|---|---|
| 6.5% | $17 | $21 | $24 | $28 | $32 |
| 7.5% | $17 | $20 | $24 | $27 | $31 |
| 8.5% | $16 | $19 | $23 | $26 | $30 |
| 9.5% | $16 | $19 | $22 | $25 | $28 |
| 10.5% | $15 | $18 | $21 | $24 | $27 |
Current price: $5.45. Green = undervalued, Red = overvalued.
Based on default parameters
Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Toro Corp.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -6.9% to 2.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 145, DPO 41, DIO 20). At a 8.6% WACC with mid-year discounting, the terminal value (86% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 10.2x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $14.72 per share, suggesting TORO is undervalued by 170.2% at the current price of $5.45.
Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.
| 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit Before Tax | -1 | -1 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| (−) Net Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 50 | 36 | 43 | 36 | 43 | 37 | 35 | 34 | 33 | 33 | 34 |
| EBITDA | 50 | 36 | 43 | 36 | 43 | 36 | 35 | 34 | 33 | 33 | 34 |
| (−) Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| (−) CapEx | 40 | 38 | 36 | 35 | 34 | 33 | 33 | 33 | 33 | 34 | — |
| (−) ΔWC | 0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 0 | 0 | — |
| Free Cash Flow (FCF) | 9 | -2 | 8 | 2 | 10 | 3 | 2 | 1 | 0 | -1 | — |
| Peers' EBITDA Multiple | 10.2x | ||||||||||
| Terminal Value | 342 | ||||||||||
| WACC / Discount Rate | 8.55% | ||||||||||
| Timing of FCF (mid year) | 0.5 | 1.5 | 2.5 | 3.5 | 4.5 | 5.5 | 6.5 | 7.5 | 8.5 | 9.5 | 5 |
| Present Value of FCF | 9 | -1 | 6 | 1 | 7 | 2 | 1 | 1 | 0 | -0 | 151 |
| Enterprise Value | 176 | ||||||||||
| Projection Period | 25 | 14.4% | |||||||||
| Terminal Value | 151 | 85.6% | |||||||||
| (−) Current Net Debt | (87) | ||||||||||
| Equity Value | 263 | ||||||||||
| (÷) Outstanding Shares | 18M | ||||||||||
| Fair Price | $15 | +170.2% | |||||||||
| WACC \ EV/EBITDA Exit Multiple | 6.2x | 8.2x | 10.2x | 12.2x | 14.2x |
|---|---|---|---|---|---|
| 6.5% | $13 | $15 | $17 | $19 | $21 |
| 7.5% | $12 | $14 | $16 | $17 | $19 |
| 8.5% | $11 | $13 | $15 | $16 | $18 |
| 9.5% | $11 | $12 | $14 | $15 | $17 |
| 10.5% | $10 | $12 | $13 | $15 | $16 |
Current price: $5.45. Green = undervalued, Red = overvalued.
Based on default parameters
Using the industry peer median P/E Multiples multiple (trailing + forward), Toro Corp. (TORO) has a fair value of $1.85 based on 3 comparable companies in the Marine Shipping industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| Toro Corp.TORO | 97 | 60.4x | — |
| VirTra, Inc. | 50 | 191.3x | 7.0x |
| Performance Shipping Inc. | 23 | 1.4x | 1.8x |
| Castor Maritime Inc. | 19 | 5.6x | — |
| Industry Median | 5.6x | 4.4x | |
| (*) Profit after tax | 6 | ||
| Equity Value | 33 | ||
| (/) Outstanding shares | 18 | ||
| Fair Price | $2 | ||
Using the industry peer median EV/EBITDA multiple (trailing + forward), Toro Corp. (TORO) has a fair value of $10.92 based on 4 comparable companies in the Marine Shipping industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/EBITDA | Forward EV/EBITDA | |
|---|---|---|---|
| Toro Corp.TORO | 97 | 0.9x | — |
| INNOVATE Corp. | 173 | 12.0x | 9.3x |
| Team, Inc. | 79 | 8.3x | 5.9x |
| VirTra, Inc. | 50 | 16.4x | 11.5x |
| Performance Shipping Inc. | 23 | 0.5x | 0.3x |
| Industry Median | 10.2x | 7.6x | |
| (*) EBITDA | 11 | ||
| = Enterprise Value | 108 | ||
| (-) Net Debt | -87 | ||
| Equity Value | 195 | ||
| (/) Outstanding shares | 18 | ||
| Fair Price | $11 | ||
Using the industry peer median EV/Revenue multiple (trailing + forward), Toro Corp. (TORO) has a fair value of $5.32 based on 8 comparable companies in the Marine Shipping industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing EV/Revenue | Forward EV/Revenue | |
|---|---|---|---|
| Toro Corp.TORO | 97 | 0.5x | — |
| INNOVATE Corp. | 173 | 0.6x | 0.5x |
| Team, Inc. | 79 | 0.5x | 0.3x |
| VirTra, Inc. | 50 | 1.7x | 1.2x |
| Heidmar Maritime Holdings Corp. | 48 | 0.5x | 0.6x |
| High-Trend International Group | 32 | 0.1x | — |
| Uni-Fuels Holdings Limited | 26 | 0.1x | 0.1x |
| Performance Shipping Inc. | 23 | 0.3x | 0.2x |
| Dragonfly Energy Holdings Corp. | 1 | 0.3x | 0.3x |
| Industry Median | 0.4x | 0.3x | |
| (*) Revenue | 21 | ||
| = Enterprise Value | 8 | ||
| (-) Net Debt | -87 | ||
| Equity Value | 95 | ||
| (/) Outstanding shares | 18 | ||
| Fair Price | $5 | ||
Using the PEG framework with historical EPS growth of 8.0%, the company has a fair value of $0.72 based on TTM EPS (FY2025) of $0.09.
| EPS Growth RateHistorical | -44.7% |
| Adjusted Growth (clamped 8–25%)Clamped | 8.0% |
| Fair P/E | 8.0x |
| TTM EPS (FY2025) | $0.09 |
| Fair Value | $0.72 |
No analyst estimates available.
| Year | Net Income | EPS | YoY |
|---|---|---|---|
| FY2021 | $-1.4M | $-0.15 | — |
| FY2022 | $49.9M | $5.28 | — |
| FY2023 | $140.6M | $7.56 | +43.2% |
| FY2024 | $25.2M | $1.09 | -85.6% |
| FY2025 | $5.9M | $0.09 | -91.7% |
4Y Historical EPS CAGR: -44.7%
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.