Xperi Inc.

XPER

TechnologySemiconductorsNYSE

$7.72

Market Cap: $362.61M

Xperi Inc. (XPER) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.26 – $3.36	$0.83	-85.8%
Revenue DCF 10Y	$1.51 – $4.45	$2.59	-55.5%
▸ Trading Multiples
EV/Revenue	$10.86 – $51.47	$17.18	+195.8%

Valuation History

DCF Analysis

Xperi Inc. (XPER) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.59

Market Price

$7.72

Upside / Downside

-66.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -9.8% to a target of 10.0% over 5 years, discounted at a WACC of 9.5%, Xperi Inc. (XPER) has an intrinsic value of $2.59 per share (range: $1.51 – $4.45).

Key Assumptions

Current Operating Margin

-9.8%

Target Operating Margin

10.0%

WACC

9.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.2%

Target CapEx/Rev

24.4%

D&A/Revenue

16.3%

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	457	2.0%	-5.8%	-27	-27	74	(20)	-73	101	97
2027	494	8.1%	-1.9%	-9	-9	80	(33)	11	28	24
2028	555	12.3%	2.1%	12	7	90	(49)	17	31	25
2029	699	26.0%	6.0%	42	25	114	(78)	41	21	15
2030	685	-2.0%	10.0%	68	41	112	(91)	-4	65	43
2031	677	-1.2%	10.0%	68	41	110	(105)	-2	48	29
2032	674	-0.4%	10.0%	67	40	110	(120)	-1	31	17
2033	678	0.5%	10.0%	68	41	110	(135)	1	15	7
2034	687	1.3%	10.0%	68	41	112	(153)	3	-2	-1
2035	701	2.2%	10.0%	70	42	114	(171)	4	-19	-8

Enterprise Value Bridge

Sum of PV(FCFF)248

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value248

(–) Net Debt-43

Equity Value292

(÷) Shares Outstanding113

Fair Value per Share$2.59

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.5%	$2	$2	$3	$3	$4
8.5%	$2	$2	$3	$3	$4
9.5%	$2	$2	$3	$3	$4
10.5%	$2	$2	$3	$3	$4
11.5%	$2	$2	$2	$3	$4

Current price: $7.72. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 28.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Xperi Inc. (XPER) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.83

Market Price

$7.72

Upside / Downside

-89.2%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -9.8% to a target of 10.0% over 5 years, discounted at a WACC of 9.5%, Xperi Inc. (XPER) has an intrinsic value of $0.83 per share (range: $0.26 – $3.36).

Key Assumptions

Current Operating Margin

-9.8%

Target Operating Margin

10.0%

WACC

9.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.2%

Target CapEx/Rev

24.4%

D&A/Revenue

16.3%

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	457	2.0%	-5.8%	-27	-27	74	(30)	-73	91	87
2027	494	8.1%	-1.9%	-9	-9	80	(55)	11	6	5
2028	555	12.3%	2.1%	12	7	90	(86)	17	-6	-5
2029	699	26.0%	6.0%	42	25	114	(140)	41	-41	-30
2030	685	-2.0%	10.0%	68	41	112	(167)	-4	-11	-7

Enterprise Value Bridge

Sum of PV(FCFF)50

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value50

(–) Net Debt-43

Equity Value93

(÷) Shares Outstanding113

Fair Value per Share$0.83

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.5%	$0	$1	$1	$1	$3
8.5%	$0	$1	$1	$1	$3
9.5%	$0	$1	$1	$1	$3
10.5%	$0	$1	$1	$1	$2
11.5%	$0	$1	$1	$1	$2

Current price: $7.72. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 28.4% 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

$17.18

Market Price

$7.72

Upside / Downside

+122.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Xperi Inc. (XPER) has a fair value of $17.18 based on 9 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Xperi Inc.XPER	870	1.8x	1.9x
AXT, Inc.AXTI	1,845	20.2x	22.5x
NVE CorporationNVEC	340	12.9x	9.4x
Blaize Holdings, Inc.BZAI	230	4.8x	77.5x
Everspin Technologies, Inc.MRAM	220	3.3x	3.7x
Aeluma, Inc.ALMU	166	35.1x	35.9x
GSI Technology, Inc.GSIT	158	7.5x	3.5x
GoPro, Inc.GPRO	128	0.2x	0.2x
Valens Semiconductor Ltd.VLN	125	1.6x	1.6x
Rekor Systems, Inc.REKR	115	2.6x	3.0x
Industry Median		4.8x	3.7x
(*) Revenue		448	446
= Enterprise Value		2,156	1,632
(-) Net Debt		-43	-43
Equity Value		2,200	1,675
(/) Outstanding shares		113	113
Fair Price		$20	$15

Selected Fair Value (avg of trailing + forward)

$17.18

+122.6%

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.

Xperi Inc. (XPER) Valuation Summary

Updated Apr 6, 2026 22:29

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.26 – $3.36	$0.83	-85.8%
Revenue DCF 10Y	$1.51 – $4.45	$2.59	-55.5%
▸ Trading Multiples
EV/Revenue	$10.86 – $51.47	$17.18	+195.8%

Valuation History

DCF Analysis

Xperi Inc. (XPER) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.59

Market Price

$7.72

Upside / Downside

-66.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-9.8%

Target Operating Margin

10.0%

WACC

9.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.2%

Target CapEx/Rev

24.4%

D&A/Revenue

16.3%

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	457	2.0%	-5.8%	-27	-27	74	(20)	-73	101	97
2027	494	8.1%	-1.9%	-9	-9	80	(33)	11	28	24
2028	555	12.3%	2.1%	12	7	90	(49)	17	31	25
2029	699	26.0%	6.0%	42	25	114	(78)	41	21	15
2030	685	-2.0%	10.0%	68	41	112	(91)	-4	65	43
2031	677	-1.2%	10.0%	68	41	110	(105)	-2	48	29
2032	674	-0.4%	10.0%	67	40	110	(120)	-1	31	17
2033	678	0.5%	10.0%	68	41	110	(135)	1	15	7
2034	687	1.3%	10.0%	68	41	112	(153)	3	-2	-1
2035	701	2.2%	10.0%	70	42	114	(171)	4	-19	-8

Enterprise Value Bridge

Sum of PV(FCFF)248

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value248

(–) Net Debt-43

Equity Value292

(÷) Shares Outstanding113

Fair Value per Share$2.59

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.5%	$2	$2	$3	$3	$4
8.5%	$2	$2	$3	$3	$4
9.5%	$2	$2	$3	$3	$4
10.5%	$2	$2	$3	$3	$4
11.5%	$2	$2	$2	$3	$4

Current price: $7.72. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 28.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Xperi Inc. (XPER) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.83

Market Price

$7.72

Upside / Downside

-89.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-9.8%

Target Operating Margin

10.0%

WACC

9.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.2%

Target CapEx/Rev

24.4%

D&A/Revenue

16.3%

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	457	2.0%	-5.8%	-27	-27	74	(30)	-73	91	87
2027	494	8.1%	-1.9%	-9	-9	80	(55)	11	6	5
2028	555	12.3%	2.1%	12	7	90	(86)	17	-6	-5
2029	699	26.0%	6.0%	42	25	114	(140)	41	-41	-30
2030	685	-2.0%	10.0%	68	41	112	(167)	-4	-11	-7

Enterprise Value Bridge

Sum of PV(FCFF)50

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value50

(–) Net Debt-43

Equity Value93

(÷) Shares Outstanding113

Fair Value per Share$0.83

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
7.5%	$0	$1	$1	$1	$3
8.5%	$0	$1	$1	$1	$3
9.5%	$0	$1	$1	$1	$3
10.5%	$0	$1	$1	$1	$2
11.5%	$0	$1	$1	$1	$2

Current price: $7.72. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 28.4% 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

$17.18

Market Price

$7.72

Upside / Downside

+122.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Xperi Inc. (XPER) has a fair value of $17.18 based on 9 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Xperi Inc.XPER	870	1.8x	1.9x
AXT, Inc.AXTI	1,845	20.2x	22.5x
NVE CorporationNVEC	340	12.9x	9.4x
Blaize Holdings, Inc.BZAI	230	4.8x	77.5x
Everspin Technologies, Inc.MRAM	220	3.3x	3.7x
Aeluma, Inc.ALMU	166	35.1x	35.9x
GSI Technology, Inc.GSIT	158	7.5x	3.5x
GoPro, Inc.GPRO	128	0.2x	0.2x
Valens Semiconductor Ltd.VLN	125	1.6x	1.6x
Rekor Systems, Inc.REKR	115	2.6x	3.0x
Industry Median		4.8x	3.7x
(*) Revenue		448	446
= Enterprise Value		2,156	1,632
(-) Net Debt		-43	-43
Equity Value		2,200	1,675
(/) Outstanding shares		113	113
Fair Price		$20	$15

Selected Fair Value (avg of trailing + forward)

$17.18

+122.6%