Twist Bioscience Corporation

TWST

HealthcareMedical - Diagnostics & ResearchNASDAQ

$58.54

Market Cap: $3.65B

Twist Bioscience Corporation (TWST) Valuation Summary

Updated May 10, 2026 05:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.37 – $39.19	$4.47	-92.4%
▸ Trading Multiples
EV/Revenue	$10.57 – $683.14	$21.39	-63.5%

Valuation History

DCF Analysis

Twist Bioscience Corporation (TWST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.47

Market Price

$58.54

Upside / Downside

-92.4%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -36.2% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, Twist Bioscience Corporation (TWST) has an intrinsic value of $4.47 per share (range: $0.37 – $39.19).

Key Assumptions

Current Operating Margin

-36.2%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

18.2%

Target CapEx/Rev

13.2%

D&A/Revenue

8.8%

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	447	18.6%	-26.3%	-117	-117	39	(79)	39	-196	-188
2027	519	16.1%	-16.4%	-85	-85	46	(89)	18	-147	-130
2028	596	14.9%	-6.6%	-39	-39	53	(99)	20	-106	-86
2029	677	13.6%	3.3%	22	18	60	(110)	21	-53	-40
2030	779	15.0%	13.2%	103	81	69	(122)	26	2	1
2031	977	25.4%	13.2%	129	102	86	(149)	50	-11	-7
2032	1,181	20.9%	13.2%	156	123	104	(174)	52	2	1
2033	1,375	16.4%	13.2%	181	143	121	(195)	49	20	11
2034	1,540	12.0%	13.2%	203	160	136	(211)	42	43	22
2035	1,655	7.5%	13.2%	218	172	146	(219)	29	70	32

Enterprise Value Bridge

Sum of PV(FCFF)-384

Terminal Value (Gordon Growth at 3.0%)1,315

PV of Terminal Value606

Enterprise Value221

(–) Net Debt-46

Equity Value267

(÷) Shares Outstanding60

Fair Value per Share$4.47

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-10	$0	$13	$26	$39
7.5%	$-10	$-2	$8	$18	$27
8.5%	$-10	$-3	$4	$12	$20
9.5%	$-10	$-4	$2	$9	$15
10.5%	$-9	$-5	$1	$6	$11

Current price: $58.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% 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

$21.39

Market Price

$58.54

Upside / Downside

-63.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Twist Bioscience Corporation (TWST) has a fair value of $21.39 based on 8 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Twist Bioscience CorporationTWST	3,501	9.2x	7.7x
Guardian Pharmacy Services, Inc.GRDN	2,285	1.6x	1.8x
Mesoblast LimitedMESO	1,897	108.4x	14.9x
Clover Health Investments, Corp.CLOV	1,617	0.8x	0.5x
uniQure N.V.QURE	1,488	120.8x	93.6x
PROCEPT BioRobotics CorporationPRCT	1,448	3.9x	3.0x
Viridian Therapeutics, Inc.VRDN	1,442	18.1x	22.7x
QuidelOrtho CorporationQDEL	733	1.2x	1.2x
BGM Group Ltd.BGM	59	2.0x	—
Industry Median		2.9x	3.0x
(*) Revenue		377	447
= Enterprise Value		1,109	1,358
(-) Net Debt		-46	-46
Equity Value		1,155	1,404
(/) Outstanding shares		60	60
Fair Price		$19	$23

Selected Fair Value (avg of trailing + forward)

$21.39

-63.5%

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

$0.37 – $39.19

$4.47

-92.4%

▸ Trading Multiples

EV/Revenue

$10.57 – $683.14

$21.39

-63.5%

DCF Analysis

Twist Bioscience Corporation (TWST) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.47

Market Price

$58.54

Upside / Downside

-92.4%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-36.2%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

18.2%

Target CapEx/Rev

13.2%

D&A/Revenue

8.8%

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	447	18.6%	-26.3%	-117	-117	39	(79)	39	-196	-188
2027	519	16.1%	-16.4%	-85	-85	46	(89)	18	-147	-130
2028	596	14.9%	-6.6%	-39	-39	53	(99)	20	-106	-86
2029	677	13.6%	3.3%	22	18	60	(110)	21	-53	-40
2030	779	15.0%	13.2%	103	81	69	(122)	26	2	1
2031	977	25.4%	13.2%	129	102	86	(149)	50	-11	-7
2032	1,181	20.9%	13.2%	156	123	104	(174)	52	2	1
2033	1,375	16.4%	13.2%	181	143	121	(195)	49	20	11
2034	1,540	12.0%	13.2%	203	160	136	(211)	42	43	22
2035	1,655	7.5%	13.2%	218	172	146	(219)	29	70	32

Enterprise Value Bridge

Sum of PV(FCFF)-384

Terminal Value (Gordon Growth at 3.0%)1,315

PV of Terminal Value606

Enterprise Value221

(–) Net Debt-46

Equity Value267

(÷) Shares Outstanding60

Fair Value per Share$4.47

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-10	$0	$13	$26	$39
7.5%	$-10	$-2	$8	$18	$27
8.5%	$-10	$-3	$4	$12	$20
9.5%	$-10	$-4	$2	$9	$15
10.5%	$-9	$-5	$1	$6	$11

Current price: $58.54. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% 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

$21.39

Market Price

$58.54

Upside / Downside

-63.5%

Verdict

Overvalued

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Twist Bioscience CorporationTWST	3,501	9.2x	7.7x
Guardian Pharmacy Services, Inc.GRDN	2,285	1.6x	1.8x
Mesoblast LimitedMESO	1,897	108.4x	14.9x
Clover Health Investments, Corp.CLOV	1,617	0.8x	0.5x
uniQure N.V.QURE	1,488	120.8x	93.6x
PROCEPT BioRobotics CorporationPRCT	1,448	3.9x	3.0x
Viridian Therapeutics, Inc.VRDN	1,442	18.1x	22.7x
QuidelOrtho CorporationQDEL	733	1.2x	1.2x
BGM Group Ltd.BGM	59	2.0x	—
Industry Median		2.9x	3.0x
(*) Revenue		377	447
= Enterprise Value		1,109	1,358
(-) Net Debt		-46	-46
Equity Value		1,155	1,404
(/) Outstanding shares		60	60
Fair Price		$19	$23

Selected Fair Value (avg of trailing + forward)

$21.39

-63.5%