TruGolf Holdings, Inc.

TRUG

TechnologyElectronic Gaming & MultimediaNASDAQ

$2.25

Market Cap: $1.21M

TruGolf Holdings, Inc. (TRUG) Valuation Summary

Updated May 10, 2026 04:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.53 – $63.12	$4.18	+85.9%
Revenue DCF 10Y	$0.52 – $53.07	$0.52	-76.9%
▸ Trading Multiples
EV/Revenue	$34.06 – $502.58	$45.30	+1913.3%

Valuation History

DCF Analysis

TruGolf Holdings, Inc. (TRUG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.52

Market Price

$2.25

Upside / Downside

-76.9%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -32.3% to a target of 10.2% over 5 years, discounted at a WACC of 13.3%, TruGolf Holdings, Inc. (TRUG) has an intrinsic value of $0.52 per share (range: $0.52 – $53.07).

Key Assumptions

Current Operating Margin

-32.3%

Target Operating Margin

10.2%

WACC

13.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

Tax Rate

0.0%

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	22	13.9%	-23.8%	-5	-5	1	(1)	2	-8	-8
2027	26	20.9%	-15.3%	-4	-4	1	(1)	0	-5	-4
2028	25	-2.9%	-6.8%	-2	-2	1	(1)	-0	-2	-2
2029	25	-2.9%	1.7%	0	0	1	(1)	-0	-0	-0
2030	24	-2.1%	10.2%	2	2	1	(1)	-0	2	1
2031	24	-1.2%	10.2%	2	2	1	(1)	-0	2	1
2032	24	-0.4%	10.2%	2	2	1	(1)	-0	2	1
2033	24	0.5%	10.2%	2	2	1	(1)	0	2	1
2034	24	1.3%	10.2%	2	2	1	(1)	0	2	1
2035	25	2.2%	10.2%	3	3	1	(1)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)16

PV of Terminal Value5

Enterprise Value-4

(–) Net Debt-5

Equity Value0

(÷) Shares Outstanding0

Fair Value per Share$0.52

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
11.3%	$-34	$-13	$9	$31	$53
12.3%	$-34	$-15	$4	$24	$43
13.3%	$-34	$-17	$1	$18	$35
14.3%	$-34	$-18	$-3	$13	$29
15.3%	$-34	$-19	$-5	$9	$24

Current price: $2.25. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 7.1% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

TruGolf Holdings, Inc. (TRUG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.18

Market Price

$2.25

Upside / Downside

+85.9%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-32.3%

Target Operating Margin

10.2%

WACC

13.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

Tax Rate

0.0%

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	22	13.9%	-23.8%	-5	-5	1	(1)	2	-8	-8
2027	26	20.9%	-15.3%	-4	-4	1	(1)	0	-5	-4
2028	25	-2.9%	-6.8%	-2	-2	1	(1)	-0	-2	-2
2029	25	-2.9%	1.7%	0	0	1	(1)	-0	-0	-0
2030	25	0.1%	10.2%	3	3	1	(1)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-13

Terminal Value (Gordon Growth at 3.0%)17

PV of Terminal Value10

Enterprise Value-3

(–) Net Debt-5

Equity Value1

(÷) Shares Outstanding0

Fair Value per Share$4.18

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
11.3%	$-34	$-10	$15	$39	$63
12.3%	$-34	$-13	$9	$30	$52
13.3%	$-34	$-15	$4	$23	$43
14.3%	$-34	$-17	$1	$18	$35
15.3%	$-34	$-18	$-2	$13	$29

Current price: $2.25. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 7.1% 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

$45.30

Market Price

$2.25

Upside / Downside

+1913.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), TruGolf Holdings, Inc. (TRUG) has a fair value of $45.30 based on 4 comparable companies in the Electronic Gaming & Multimedia industry.

EV/Revenue Valuation — Electronic Gaming & Multimedia

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TruGolf Holdings, Inc.TRUG	1	-0.2x	-0.2x
GDEV Inc.GDEV	326	0.8x	0.7x
WM Technology, Inc.MAPS	65	0.2x	0.2x
Treasure Global Inc.TGL	18	7.6x	0.3x
Taoping Inc.TAOP	1	0.3x	0.4x
Industry Median		0.6x	0.3x
(*) Revenue		19	23
= Enterprise Value		10	7
(-) Net Debt		-5	-5
Equity Value		15	12
(/) Outstanding shares		0	0
Fair Price		$50	$40

Selected Fair Value (avg of trailing + forward)

$45.30

+1913.3%

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

$0.53 – $63.12

$4.18

+85.9%

Revenue DCF 10Y

$0.52 – $53.07

$0.52

-76.9%

▸ Trading Multiples

EV/Revenue

$34.06 – $502.58

$45.30

+1913.3%

DCF Analysis

TruGolf Holdings, Inc. (TRUG) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.52

Market Price

$2.25

Upside / Downside

-76.9%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-32.3%

Target Operating Margin

10.2%

WACC

13.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

5.4%

Target CapEx/Rev

6.0%

D&A/Revenue

2.6%

Tax Rate

0.0%

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	22	13.9%	-23.8%	-5	-5	1	(1)	2	-8	-8
2027	26	20.9%	-15.3%	-4	-4	1	(1)	0	-5	-4
2028	25	-2.9%	-6.8%	-2	-2	1	(1)	-0	-2	-2
2029	25	-2.9%	1.7%	0	0	1	(1)	-0	-0	-0
2030	24	-2.1%	10.2%	2	2	1	(1)	-0	2	1
2031	24	-1.2%	10.2%	2	2	1	(1)	-0	2	1
2032	24	-0.4%	10.2%	2	2	1	(1)	-0	2	1
2033	24	0.5%	10.2%	2	2	1	(1)	0	2	1
2034	24	1.3%	10.2%	2	2	1	(1)	0	2	1
2035	25	2.2%	10.2%	3	3	1	(1)	0	2	1

Enterprise Value Bridge

Sum of PV(FCFF)-9

Terminal Value (Gordon Growth at 3.0%)16

PV of Terminal Value5

Enterprise Value-4

(–) Net Debt-5

Equity Value0

(÷) Shares Outstanding0

Fair Value per Share$0.52

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
11.3%	$-34	$-13	$9	$31	$53
12.3%	$-34	$-15	$4	$24	$43
13.3%	$-34	$-17	$1	$18	$35
14.3%	$-34	$-18	$-3	$13	$29
15.3%	$-34	$-19	$-5	$9	$24

Current price: $2.25. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 7.1% 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

$45.30

Market Price

$2.25

Upside / Downside

+1913.3%

Verdict

Undervalued

EV/Revenue Valuation — Electronic Gaming & Multimedia

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TruGolf Holdings, Inc.TRUG	1	-0.2x	-0.2x
GDEV Inc.GDEV	326	0.8x	0.7x
WM Technology, Inc.MAPS	65	0.2x	0.2x
Treasure Global Inc.TGL	18	7.6x	0.3x
Taoping Inc.TAOP	1	0.3x	0.4x
Industry Median		0.6x	0.3x
(*) Revenue		19	23
= Enterprise Value		10	7
(-) Net Debt		-5	-5
Equity Value		15	12
(/) Outstanding shares		0	0
Fair Price		$50	$40

Selected Fair Value (avg of trailing + forward)

$45.30

+1913.3%