Travere Therapeutics, Inc.

TVTX

HealthcareBiotechnologyNASDAQ

$43.51

Market Cap: $4.05B

Travere Therapeutics, Inc. (TVTX) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.70 – $50.58	$3.28	-89.7%
▸ Trading Multiples
EV/Revenue	$13.18 – $32.66	$25.23	-20.8%

Valuation History

DCF Analysis

Travere Therapeutics, Inc. (TVTX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.28

Market Price

$43.51

Upside / Downside

-92.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -12.8% to a target of 13.3% over 5 years, discounted at a WACC of 8.3%, Travere Therapeutics, Inc. (TVTX) has an intrinsic value of $3.28 per share (range: $0.70 – $50.58).

Key Assumptions

Current Operating Margin

-12.8%

Target Operating Margin

13.3%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

23.3%

Target CapEx/Rev

25.9%

D&A/Revenue

17.2%

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	692	41.1%	-7.6%	-52	-52	119	(163)	-35	-61	-58
2027	927	33.9%	-2.4%	-22	-22	160	(220)	9	-91	-81
2028	1,091	17.8%	2.9%	31	25	188	(262)	6	-56	-45
2029	1,312	20.2%	8.1%	106	84	226	(319)	8	-17	-13
2030	1,518	15.7%	13.3%	203	160	262	(373)	8	41	29
2031	1,974	30.0%	13.3%	263	208	340	(490)	17	41	27
2032	2,506	26.9%	13.3%	334	264	432	(628)	20	48	28
2033	3,030	20.9%	13.3%	404	319	522	(768)	20	54	30
2034	3,484	15.0%	13.3%	465	367	601	(892)	17	59	30
2035	3,797	9.0%	13.3%	506	400	654	(982)	12	61	29

Enterprise Value Bridge

Sum of PV(FCFF)-25

Terminal Value (Gordon Growth at 3.0%)1,183

PV of Terminal Value553

Enterprise Value528

(–) Net Debt236

Equity Value292

(÷) Shares Outstanding89

Fair Value per Share$3.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.3%	$-9	$-6	$9	$30	$51
7.3%	$-9	$-6	$6	$21	$36
8.3%	$-9	$-6	$3	$15	$27
9.3%	$-9	$-6	$2	$12	$21
10.3%	$-8	$-6	$1	$9	$17

Current price: $43.51. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 3.7% 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

$25.39

Market Price

$43.51

Upside / Downside

-41.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Travere Therapeutics, Inc. (TVTX) has a fair value of $25.39 based on 3 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Travere Therapeutics, Inc.TVTX	3,882	8.4x	5.9x
Legend Biotech CorporationLEGN	3,455	2.9x	2.1x
Tarsus Pharmaceuticals, Inc.TARS	2,987	6.4x	4.2x
Ultragenyx Pharmaceutical Inc.RARE	2,210	4.5x	4.0x
Industry Median		4.5x	4.0x
(*) Revenue		491	700
= Enterprise Value		2,225	2,776
(-) Net Debt		236	236
Equity Value		1,990	2,540
(/) Outstanding shares		89	89
Fair Price		$22	$28

Selected Fair Value (avg of trailing + forward)

$25.39

-41.6%

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

$0.70 – $50.58

$3.28

-89.7%

▸ Trading Multiples

EV/Revenue

$13.18 – $32.66

$25.23

-20.8%

DCF Analysis

Travere Therapeutics, Inc. (TVTX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.28

Market Price

$43.51

Upside / Downside

-92.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-12.8%

Target Operating Margin

13.3%

WACC

8.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

23.3%

Target CapEx/Rev

25.9%

D&A/Revenue

17.2%

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	692	41.1%	-7.6%	-52	-52	119	(163)	-35	-61	-58
2027	927	33.9%	-2.4%	-22	-22	160	(220)	9	-91	-81
2028	1,091	17.8%	2.9%	31	25	188	(262)	6	-56	-45
2029	1,312	20.2%	8.1%	106	84	226	(319)	8	-17	-13
2030	1,518	15.7%	13.3%	203	160	262	(373)	8	41	29
2031	1,974	30.0%	13.3%	263	208	340	(490)	17	41	27
2032	2,506	26.9%	13.3%	334	264	432	(628)	20	48	28
2033	3,030	20.9%	13.3%	404	319	522	(768)	20	54	30
2034	3,484	15.0%	13.3%	465	367	601	(892)	17	59	30
2035	3,797	9.0%	13.3%	506	400	654	(982)	12	61	29

Enterprise Value Bridge

Sum of PV(FCFF)-25

Terminal Value (Gordon Growth at 3.0%)1,183

PV of Terminal Value553

Enterprise Value528

(–) Net Debt236

Equity Value292

(÷) Shares Outstanding89

Fair Value per Share$3.28

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.3%	10.3%	13.3%	16.3%	19.3%
6.3%	$-9	$-6	$9	$30	$51
7.3%	$-9	$-6	$6	$21	$36
8.3%	$-9	$-6	$3	$15	$27
9.3%	$-9	$-6	$2	$12	$21
10.3%	$-8	$-6	$1	$9	$17

Current price: $43.51. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 3.7% 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

$25.39

Market Price

$43.51

Upside / Downside

-41.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Travere Therapeutics, Inc. (TVTX) has a fair value of $25.39 based on 3 comparable companies in the Biotechnology industry.

EV/Revenue Valuation — Biotechnology

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Travere Therapeutics, Inc.TVTX	3,882	8.4x	5.9x
Legend Biotech CorporationLEGN	3,455	2.9x	2.1x
Tarsus Pharmaceuticals, Inc.TARS	2,987	6.4x	4.2x
Ultragenyx Pharmaceutical Inc.RARE	2,210	4.5x	4.0x
Industry Median		4.5x	4.0x
(*) Revenue		491	700
= Enterprise Value		2,225	2,776
(-) Net Debt		236	236
Equity Value		1,990	2,540
(/) Outstanding shares		89	89
Fair Price		$22	$28

Selected Fair Value (avg of trailing + forward)

$25.39

-41.6%