UroGen Pharma Ltd.

URGN

HealthcareBiotechnologyNASDAQ

$26.59

Market Cap: $1.29B

UroGen Pharma Ltd. (URGN) Valuation Summary

Updated May 11, 2026 01:28

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$0.52 – $44.40	$3.26	-87.7%
▸ Trading Multiples
EV/Revenue	$18.47 – $33.34	$58.01	+118.2%

Valuation History

DCF Analysis

UroGen Pharma Ltd. (URGN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.26

Market Price

$26.59

Upside / Downside

-87.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -113.7% to a target of 13.2% over 5 years, discounted at a WACC of 9.1%, UroGen Pharma Ltd. (URGN) has an intrinsic value of $3.26 per share (range: $0.52 – $44.40).

Key Assumptions

Current Operating Margin

-113.7%

Target Operating Margin

13.2%

WACC

9.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.6%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

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	254	131.4%	-88.3%	-224	-224	6	(3)	20	-241	-231
2027	424	66.8%	-63.0%	-267	-267	10	(7)	38	-302	-265
2028	539	27.2%	-37.6%	-203	-203	13	(12)	26	-227	-183
2029	753	39.7%	-12.2%	-92	-92	18	(21)	48	-142	-105
2030	960	27.5%	13.2%	127	100	23	(31)	47	45	31
2031	1,148	19.6%	13.2%	151	120	28	(44)	42	61	38
2032	1,335	16.3%	13.2%	176	139	32	(58)	42	71	40
2033	1,508	13.0%	13.2%	199	157	36	(74)	39	81	42
2034	1,654	9.7%	13.2%	218	172	40	(90)	33	89	43
2035	1,758	6.3%	13.2%	232	183	42	(106)	24	97	42

Enterprise Value Bridge

Sum of PV(FCFF)-548

Terminal Value (Gordon Growth at 3.0%)1,645

PV of Terminal Value722

Enterprise Value174

(–) Net Debt18

Equity Value157

(÷) Shares Outstanding48

Fair Value per Share$3.26

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
7.0%	$-14	$1	$15	$30	$44
8.1%	$-15	$-3	$8	$19	$31
9.1%	$-15	$-6	$3	$13	$22
10.1%	$-15	$-8	$0	$8	$15
11.1%	$-15	$-9	$-2	$4	$11

Current price: $26.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 22.5% 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

$58.01

Market Price

$26.59

Upside / Downside

+118.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), UroGen Pharma Ltd. (URGN) has a fair value of $58.01 based on 5 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
UroGen Pharma Ltd.URGN	1,279	11.8x	5.1x
AnaptysBio, Inc.ANAB	2,990	11.8x	27.5x
Tango Therapeutics, Inc.TNGX	2,728	42.5x	—
Nurix Therapeutics, Inc.NRIX	1,432	14.8x	22.3x
Phathom Pharmaceuticals, Inc.PHAT	975	4.8x	2.5x
Xencor, Inc.XNCR	903	8.3x	11.7x
Industry Median		11.8x	17.0x
(*) Revenue		110	254
= Enterprise Value		1,294	4,324
(-) Net Debt		18	18
Equity Value		1,277	4,306
(/) Outstanding shares		48	48
Fair Price		$27	$89

Selected Fair Value (avg of trailing + forward)

$58.01

+118.2%

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

$0.52 – $44.40

$3.26

-87.7%

▸ Trading Multiples

EV/Revenue

$18.47 – $33.34

$58.01

+118.2%

DCF Analysis

UroGen Pharma Ltd. (URGN) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$3.26

Market Price

$26.59

Upside / Downside

-87.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-113.7%

Target Operating Margin

13.2%

WACC

9.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.6%

Target CapEx/Rev

6.0%

D&A/Revenue

2.4%

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	254	131.4%	-88.3%	-224	-224	6	(3)	20	-241	-231
2027	424	66.8%	-63.0%	-267	-267	10	(7)	38	-302	-265
2028	539	27.2%	-37.6%	-203	-203	13	(12)	26	-227	-183
2029	753	39.7%	-12.2%	-92	-92	18	(21)	48	-142	-105
2030	960	27.5%	13.2%	127	100	23	(31)	47	45	31
2031	1,148	19.6%	13.2%	151	120	28	(44)	42	61	38
2032	1,335	16.3%	13.2%	176	139	32	(58)	42	71	40
2033	1,508	13.0%	13.2%	199	157	36	(74)	39	81	42
2034	1,654	9.7%	13.2%	218	172	40	(90)	33	89	43
2035	1,758	6.3%	13.2%	232	183	42	(106)	24	97	42

Enterprise Value Bridge

Sum of PV(FCFF)-548

Terminal Value (Gordon Growth at 3.0%)1,645

PV of Terminal Value722

Enterprise Value174

(–) Net Debt18

Equity Value157

(÷) Shares Outstanding48

Fair Value per Share$3.26

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
7.0%	$-14	$1	$15	$30	$44
8.1%	$-15	$-3	$8	$19	$31
9.1%	$-15	$-6	$3	$13	$22
10.1%	$-15	$-8	$0	$8	$15
11.1%	$-15	$-9	$-2	$4	$11

Current price: $26.59. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 22.5% 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

$58.01

Market Price

$26.59

Upside / Downside

+118.2%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), UroGen Pharma Ltd. (URGN) has a fair value of $58.01 based on 5 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
UroGen Pharma Ltd.URGN	1,279	11.8x	5.1x
AnaptysBio, Inc.ANAB	2,990	11.8x	27.5x
Tango Therapeutics, Inc.TNGX	2,728	42.5x	—
Nurix Therapeutics, Inc.NRIX	1,432	14.8x	22.3x
Phathom Pharmaceuticals, Inc.PHAT	975	4.8x	2.5x
Xencor, Inc.XNCR	903	8.3x	11.7x
Industry Median		11.8x	17.0x
(*) Revenue		110	254
= Enterprise Value		1,294	4,324
(-) Net Debt		18	18
Equity Value		1,277	4,306
(/) Outstanding shares		48	48
Fair Price		$27	$89

Selected Fair Value (avg of trailing + forward)

$58.01

+118.2%