ZeroStack Corp.

ZSTK

Financial ServicesAsset ManagementNASDAQ

$5.56

Market Cap: $5.82M

ZeroStack Corp. (ZSTK) Valuation Summary

Updated May 11, 2026 17:12

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$29.84 – $1,698,861,059,154,588,700.00	$173.65	+3023.3%
Revenue DCF 10Y	$110.43 – $4,006,539,827,375,814,700.00	$442.59	+7860.3%

Valuation History

DCF Analysis

ZeroStack Corp. (ZSTK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$442.59

Market Price

$5.56

Upside / Downside

+7860.3%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -26.8% to a target of 23.6% over 5 years, discounted at a WACC of 5.0%, ZeroStack Corp. (ZSTK) has an intrinsic value of $442.59 per share (range: $110.43 – $4,006,539,827,375,814,700.00).

Key Assumptions

Current Operating Margin

-26.8%

Target Operating Margin

23.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.8%

Target CapEx/Rev

6.8%

D&A/Revenue

4.5%

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	41	13.5%	-16.7%	-7	-7	2	(4)	10	-19	-18
2027	53	30.0%	-6.6%	-3	-3	2	(5)	3	-9	-8
2028	68	30.0%	3.4%	2	2	3	(6)	4	-5	-5
2029	89	30.0%	13.5%	12	9	4	(8)	5	1	1
2030	116	30.0%	23.6%	27	22	5	(10)	7	10	8
2031	147	26.9%	23.6%	35	27	7	(12)	8	14	11
2032	179	22.1%	23.6%	42	33	8	(14)	8	20	14
2033	210	17.3%	23.6%	50	39	9	(16)	8	25	18
2034	237	12.6%	23.6%	56	44	11	(17)	7	31	21
2035	255	7.8%	23.6%	60	48	12	(17)	5	37	23

Enterprise Value Bridge

Sum of PV(FCFF)65

Terminal Value (Gordon Growth at 3.0%)1,911

PV of Terminal Value1,202

Enterprise Value1,267

(–) Net Debt49

Equity Value1,218

(÷) Shares Outstanding3

Fair Value per Share$442.59

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.6%	20.6%	23.6%	26.6%	29.6%
3.0%	$2038344789905806080	$2530393549273307136	$3022442308640809984	$3514491068008312320	$4006539827375814656
4.0%	$636	$801	$965	$1129	$1294
5.0%	$284	$363	$443	$522	$601
6.0%	$168	$219	$270	$320	$371
7.0%	$110	$147	$184	$221	$258

Current price: $5.56. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

ZeroStack Corp. (ZSTK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$173.65

Market Price

$5.56

Upside / Downside

+3023.3%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -26.8% to a target of 23.6% over 5 years, discounted at a WACC of 5.0%, ZeroStack Corp. (ZSTK) has an intrinsic value of $173.65 per share (range: $29.84 – $1,698,861,059,154,588,700.00).

Key Assumptions

Current Operating Margin

-26.8%

Target Operating Margin

23.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.8%

Target CapEx/Rev

6.8%

D&A/Revenue

4.5%

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	41	13.5%	-16.7%	-7	-7	2	(4)	10	-19	-18
2027	53	30.0%	-6.6%	-3	-3	2	(5)	3	-9	-8
2028	68	30.0%	3.4%	2	2	3	(5)	4	-5	-4
2029	88	28.4%	13.5%	12	9	4	(6)	5	2	2
2030	102	15.7%	23.6%	24	19	5	(7)	3	13	11

Enterprise Value Bridge

Sum of PV(FCFF)-18

Terminal Value (Gordon Growth at 3.0%)678

PV of Terminal Value545

Enterprise Value527

(–) Net Debt49

Equity Value478

(÷) Shares Outstanding3

Fair Value per Share$173.65

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.6%	20.6%	23.6%	26.6%	29.6%
3.0%	$788247394041447040	$1015900810319731968	$1243554226598017536	$1471207642876303104	$1698861059154588672
4.0%	$234	$311	$389	$466	$544
5.0%	$98	$136	$174	$212	$250
6.0%	$52	$77	$102	$127	$152
7.0%	$30	$48	$67	$85	$103

Current price: $5.56. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

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

$29.84 – $1,698,861,059,154,588,700.00

$173.65

+3023.3%

Revenue DCF 10Y

$110.43 – $4,006,539,827,375,814,700.00

$442.59

+7860.3%

DCF Analysis

ZeroStack Corp. (ZSTK) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$442.59

Market Price

$5.56

Upside / Downside

+7860.3%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-26.8%

Target Operating Margin

23.6%

WACC

5.0%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

9.8%

Target CapEx/Rev

6.8%

D&A/Revenue

4.5%

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	41	13.5%	-16.7%	-7	-7	2	(4)	10	-19	-18
2027	53	30.0%	-6.6%	-3	-3	2	(5)	3	-9	-8
2028	68	30.0%	3.4%	2	2	3	(6)	4	-5	-5
2029	89	30.0%	13.5%	12	9	4	(8)	5	1	1
2030	116	30.0%	23.6%	27	22	5	(10)	7	10	8
2031	147	26.9%	23.6%	35	27	7	(12)	8	14	11
2032	179	22.1%	23.6%	42	33	8	(14)	8	20	14
2033	210	17.3%	23.6%	50	39	9	(16)	8	25	18
2034	237	12.6%	23.6%	56	44	11	(17)	7	31	21
2035	255	7.8%	23.6%	60	48	12	(17)	5	37	23

Enterprise Value Bridge

Sum of PV(FCFF)65

Terminal Value (Gordon Growth at 3.0%)1,911

PV of Terminal Value1,202

Enterprise Value1,267

(–) Net Debt49

Equity Value1,218

(÷) Shares Outstanding3

Fair Value per Share$442.59

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	17.6%	20.6%	23.6%	26.6%	29.6%
3.0%	$2038344789905806080	$2530393549273307136	$3022442308640809984	$3514491068008312320	$4006539827375814656
4.0%	$636	$801	$965	$1129	$1294
5.0%	$284	$363	$443	$522	$601
6.0%	$168	$219	$270	$320	$371
7.0%	$110	$147	$184	$221	$258

Current price: $5.56. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.3% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.