TechTarget, Inc.

TTGT

Communication ServicesInternet Content & InformationNASDAQ

$6.47

Market Cap: $467.73M

TechTarget, Inc. (TTGT) Valuation Summary

Updated May 9, 2026 22:55

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$1.96 – $23.55	$3.10	-52.0%
▸ Trading Multiples
EV/Revenue	$7.10 – $49.55	$7.17	+10.8%

Valuation History

DCF Analysis

TechTarget, Inc. (TTGT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.10

Market Price

$6.47

Upside / Downside

-52.0%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -6.6% to a target of 10.4% over 5 years, discounted at a WACC of 7.6%, TechTarget, Inc. (TTGT) has an intrinsic value of $3.10 per share (range: $1.96 – $23.55).

Key Assumptions

Current Operating Margin

-6.6%

Target Operating Margin

10.4%

WACC

7.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

40.0%

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	498	2.4%	-3.2%	-16	-16	41	(15)	37	-27	-26
2027	512	2.8%	0.2%	1	1	42	(21)	3	19	17
2028	597	16.6%	3.6%	22	13	49	(31)	17	15	12
2029	696	16.6%	7.0%	49	29	57	(43)	19	24	19
2030	812	16.6%	10.4%	85	51	67	(58)	23	37	26
2031	928	14.3%	10.4%	97	58	76	(76)	23	35	24
2032	1,040	12.1%	10.4%	108	65	85	(96)	22	32	20
2033	1,142	9.8%	10.4%	119	71	94	(117)	20	28	16
2034	1,228	7.5%	10.4%	128	77	101	(139)	17	22	12
2035	1,293	5.3%	10.4%	135	81	106	(159)	13	15	8

Enterprise Value Bridge

Sum of PV(FCFF)127

Terminal Value (Gordon Growth at 3.0%)335

PV of Terminal Value166

Enterprise Value293

(–) Net Debt71

Equity Value223

(÷) Shares Outstanding72

Fair Value per Share$3.10

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.7%	$-2	$-0	$6	$15	$24
6.7%	$-2	$-0	$4	$10	$17
7.6%	$-2	$-0	$3	$8	$13
8.7%	$-2	$-0	$2	$6	$10
9.7%	$-2	$-1	$2	$5	$8

Current price: $6.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.6% 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

$7.17

Market Price

$6.47

Upside / Downside

+10.8%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), TechTarget, Inc. (TTGT) has a fair value of $7.17 based on 8 comparable companies in the Internet Content & Information industry.

EV/Revenue Valuation — Internet Content & Information

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TechTarget, Inc.TTGT	464	1.1x	2.4x
Anterix Inc.ATEX	1,048	166.7x	—
iHeartMedia, Inc.IHRT	738	1.7x	1.7x
Perion Network Ltd.PERI	445	0.9x	0.8x
Gray Media, Inc.GTN	402	1.9x	1.9x
Boston Omaha CorporationBOC	347	3.7x	3.9x
National CineMedia, Inc.NCMI	342	1.2x	1.2x
Thryv Holdings, Inc.THRY	165	0.5x	0.5x
Upexi, Inc.UPXI	93	7.4x	1.3x
Industry Median		1.8x	1.3x
(*) Revenue		487	225
= Enterprise Value		871	299
(-) Net Debt		71	71
Equity Value		800	228
(/) Outstanding shares		72	72
Fair Price		$11	$3

Selected Fair Value (avg of trailing + forward)

$7.17

+10.8%

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

$1.96 – $23.55

$3.10

-52.0%

▸ Trading Multiples

EV/Revenue

$7.10 – $49.55

$7.17

+10.8%

DCF Analysis

TechTarget, Inc. (TTGT) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.10

Market Price

$6.47

Upside / Downside

-52.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-6.6%

Target Operating Margin

10.4%

WACC

7.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.0%

Target CapEx/Rev

12.3%

D&A/Revenue

8.2%

Tax Rate

40.0%

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	498	2.4%	-3.2%	-16	-16	41	(15)	37	-27	-26
2027	512	2.8%	0.2%	1	1	42	(21)	3	19	17
2028	597	16.6%	3.6%	22	13	49	(31)	17	15	12
2029	696	16.6%	7.0%	49	29	57	(43)	19	24	19
2030	812	16.6%	10.4%	85	51	67	(58)	23	37	26
2031	928	14.3%	10.4%	97	58	76	(76)	23	35	24
2032	1,040	12.1%	10.4%	108	65	85	(96)	22	32	20
2033	1,142	9.8%	10.4%	119	71	94	(117)	20	28	16
2034	1,228	7.5%	10.4%	128	77	101	(139)	17	22	12
2035	1,293	5.3%	10.4%	135	81	106	(159)	13	15	8

Enterprise Value Bridge

Sum of PV(FCFF)127

Terminal Value (Gordon Growth at 3.0%)335

PV of Terminal Value166

Enterprise Value293

(–) Net Debt71

Equity Value223

(÷) Shares Outstanding72

Fair Value per Share$3.10

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
5.7%	$-2	$-0	$6	$15	$24
6.7%	$-2	$-0	$4	$10	$17
7.6%	$-2	$-0	$3	$8	$13
8.7%	$-2	$-0	$2	$6	$10
9.7%	$-2	$-1	$2	$5	$8

Current price: $6.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.6% 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

$7.17

Market Price

$6.47

Upside / Downside

+10.8%

Verdict

Undervalued

EV/Revenue Valuation — Internet Content & Information

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
TechTarget, Inc.TTGT	464	1.1x	2.4x
Anterix Inc.ATEX	1,048	166.7x	—
iHeartMedia, Inc.IHRT	738	1.7x	1.7x
Perion Network Ltd.PERI	445	0.9x	0.8x
Gray Media, Inc.GTN	402	1.9x	1.9x
Boston Omaha CorporationBOC	347	3.7x	3.9x
National CineMedia, Inc.NCMI	342	1.2x	1.2x
Thryv Holdings, Inc.THRY	165	0.5x	0.5x
Upexi, Inc.UPXI	93	7.4x	1.3x
Industry Median		1.8x	1.3x
(*) Revenue		487	225
= Enterprise Value		871	299
(-) Net Debt		71	71
Equity Value		800	228
(/) Outstanding shares		72	72
Fair Price		$11	$3

Selected Fair Value (avg of trailing + forward)

$7.17

+10.8%