Tungray Technologies Inc Class A Ordinary Shares

TRSG

IndustrialsManufacturing - Metal FabricationNASDAQ

$1.31

Market Cap: $21.37M

Tungray Technologies Inc Class A Ordinary Shares (TRSG) Valuation Summary

Updated Apr 21, 2026 22:14

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.13 – $3.21	$1.03	-19.9%
Revenue DCF 10Y	$0.42 – $4.21	$1.23	-4.5%
▸ Trading Multiples
EV/Revenue	$0.73 – $2.10	$1.06	-17.5%

Valuation History

DCF Analysis

Tungray Technologies Inc Class A Ordinary Shares (TRSG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.23

Market Price

$1.31

Upside / Downside

-5.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -5.1% to a target of 10.2% over 5 years, discounted at a WACC of 8.4%, Tungray Technologies Inc Class A Ordinary Shares (TRSG) has an intrinsic value of $1.23 per share (range: $0.42 – $4.21).

Key Assumptions

Current Operating Margin

-5.1%

Target Operating Margin

10.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.2%

Tax Rate

14.8%

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)
2025	15	15.5%	-2.0%	-0	-0	0	(1)	0	-1	-1
2026	17	14.3%	1.0%	0	0	1	(1)	1	-1	-1
2027	19	13.0%	4.1%	1	1	1	(2)	1	-1	-1
2028	21	11.8%	7.2%	2	1	1	(2)	1	-0	-0
2029	24	10.5%	10.2%	2	2	1	(2)	1	0	0
2030	26	9.3%	10.2%	3	2	1	(2)	1	1	0
2031	28	8.0%	10.2%	3	2	1	(2)	1	1	0
2032	30	6.8%	10.2%	3	3	1	(2)	1	1	1
2033	31	5.5%	10.2%	3	3	1	(2)	0	1	1
2034	33	4.3%	10.2%	3	3	1	(2)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-0

Terminal Value (Gordon Growth at 3.0%)30

PV of Terminal Value14

Enterprise Value14

(–) Net Debt-6

Equity Value20

(÷) Shares Outstanding16

Fair Value per Share$1.23

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.4%	$-0	$1	$2	$3	$4
7.4%	$-0	$1	$2	$2	$3
8.4%	$-0	$1	$1	$2	$3
9.4%	$-0	$0	$1	$2	$2
10.4%	$0	$0	$1	$1	$2

Current price: $1.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 29.5% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Tungray Technologies Inc Class A Ordinary Shares (TRSG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.03

Market Price

$1.31

Upside / Downside

-21.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-5.1%

Target Operating Margin

10.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.2%

Tax Rate

14.8%

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)
2025	15	14.5%	-2.0%	-0	-0	0	(1)	0	-1	-1
2026	16	12.2%	1.0%	0	0	1	(1)	1	-1	-1
2027	18	9.9%	4.1%	1	1	1	(1)	0	-1	-0
2028	19	7.6%	7.2%	1	1	1	(1)	0	0	0
2029	20	5.3%	10.2%	2	2	1	(1)	0	1	1

Enterprise Value Bridge

Sum of PV(FCFF)-2

Terminal Value (Gordon Growth at 3.0%)18

PV of Terminal Value12

Enterprise Value10

(–) Net Debt-6

Equity Value17

(÷) Shares Outstanding16

Fair Value per Share$1.03

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.4%	$0	$1	$2	$2	$3
7.4%	$0	$1	$1	$2	$2
8.4%	$0	$1	$1	$2	$2
9.4%	$0	$0	$1	$1	$2
10.4%	$0	$0	$1	$1	$1

Current price: $1.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 29.5% 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

$0.80

Market Price

$1.31

Upside / Downside

-38.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Tungray Technologies Inc Class A Ordinary Shares (TRSG) has a fair value of $0.80 based on 6 comparable companies in the Manufacturing - Metal Fabrication industry.

EV/Revenue Valuation — Manufacturing - Metal Fabrication

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tungray Technologies Inc Class A Ordinary SharesTRSG	21	1.5x	—
Globus Maritime LimitedGLBS	44	2.9x	4.1x
LiqTech International, Inc.LIQT	24	2.2x	2.0x
Toppoint Holdings Inc.TOPP	16	1.0x	—
Xos, Inc.XOS	16	0.4x	0.4x
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
Megan Holdings Limited Ordinary SharesMGN	3	0.1x	—
Industry Median		0.9x	1.4x
(*) Revenue		12
= Enterprise Value		10
(-) Net Debt		-3
Equity Value		13
(/) Outstanding shares		16
Fair Price		$1

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

$0.13 – $3.21

$1.03

-19.9%

Revenue DCF 10Y

$0.42 – $4.21

$1.23

-4.5%

▸ Trading Multiples

EV/Revenue

$0.73 – $2.10

$1.06

-17.5%

DCF Analysis

Tungray Technologies Inc Class A Ordinary Shares (TRSG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.23

Market Price

$1.31

Upside / Downside

-5.8%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-5.1%

Target Operating Margin

10.2%

WACC

8.4%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

8.8%

Target CapEx/Rev

6.0%

D&A/Revenue

3.2%

Tax Rate

14.8%

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)
2025	15	15.5%	-2.0%	-0	-0	0	(1)	0	-1	-1
2026	17	14.3%	1.0%	0	0	1	(1)	1	-1	-1
2027	19	13.0%	4.1%	1	1	1	(2)	1	-1	-1
2028	21	11.8%	7.2%	2	1	1	(2)	1	-0	-0
2029	24	10.5%	10.2%	2	2	1	(2)	1	0	0
2030	26	9.3%	10.2%	3	2	1	(2)	1	1	0
2031	28	8.0%	10.2%	3	2	1	(2)	1	1	0
2032	30	6.8%	10.2%	3	3	1	(2)	1	1	1
2033	31	5.5%	10.2%	3	3	1	(2)	0	1	1
2034	33	4.3%	10.2%	3	3	1	(2)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-0

Terminal Value (Gordon Growth at 3.0%)30

PV of Terminal Value14

Enterprise Value14

(–) Net Debt-6

Equity Value20

(÷) Shares Outstanding16

Fair Value per Share$1.23

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.4%	$-0	$1	$2	$3	$4
7.4%	$-0	$1	$2	$2	$3
8.4%	$-0	$1	$1	$2	$3
9.4%	$-0	$0	$1	$2	$2
10.4%	$0	$0	$1	$1	$2

Current price: $1.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 29.5% 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

$0.80

Market Price

$1.31

Upside / Downside

-38.5%

Verdict

Overvalued

EV/Revenue Valuation — Manufacturing - Metal Fabrication

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Tungray Technologies Inc Class A Ordinary SharesTRSG	21	1.5x	—
Globus Maritime LimitedGLBS	44	2.9x	4.1x
LiqTech International, Inc.LIQT	24	2.2x	2.0x
Toppoint Holdings Inc.TOPP	16	1.0x	—
Xos, Inc.XOS	16	0.4x	0.4x
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
Megan Holdings Limited Ordinary SharesMGN	3	0.1x	—
Industry Median		0.9x	1.4x
(*) Revenue		12
= Enterprise Value		10
(-) Net Debt		-3
Equity Value		13
(/) Outstanding shares		16
Fair Price		$1