Complete SSYS Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
SSYS DCF Analysis
SSYS (Stratasys Ltd.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $651.5M | $627.6M | $572.5M | $563.9M | $556.3M | $549.5M | $543.5M | $538.2M |
| Revenue Growth % | - | -3.7% | -8.8% | -1.5% | -1.3% | -1.2% | -1.1% | -1.0% |
| EBIT | $-57.2M | $-87.6M | $-85.7M | $28.2M | $27.8M | $27.5M | $27.2M | $26.9M |
| EBIT Margin % | -8.8% | -14.0% | -15.0% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $-42.9M | $-65.7M | $-64.2M | $21.1M | $20.9M | $20.6M | $20.4M | $20.2M |
| NOPAT Margin % | -6.6% | -10.5% | -11.2% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $19.8M | $15.0M | $12.7M | $19.9M | $18.6M | $17.5M | $16.4M | $15.5M |
| Capex / Revenue % | 3.0% | 2.4% | 2.2% | 3.5% | 3.3% | 3.2% | 3.0% | 2.9% |
| Depreciation | $59.8M | $49.0M | $45.3M | $46.8M | $46.2M | $45.6M | $45.1M | $44.7M |
| D&A / Revenue % | 9.2% | 7.8% | 7.9% | 8.3% | 8.3% | 8.3% | 8.3% | 8.3% |
| Change in NWC | $-100.7M | $-105.9M | $-37.9M | $-18.7M | $-14.7M | $-11.6M | $-9.2M | $-7.3M |
| NWC Change / Revenue % | -15.5% | -16.9% | -6.6% | -3.3% | -2.6% | -2.1% | -1.7% | -1.4% |
| Unlevered FCF | $97.8M | $74.2M | $6.3M | $66.7M | $63.1M | $60.4M | $58.3M | $56.7M |
| UFCF % Chg. | - | -24.2% | -91.5% | 959.4% | -5.4% | -4.4% | -3.5% | -2.7% |
| FCF / Revenue % | 15.0% | 11.8% | 1.1% | 11.8% | 11.4% | 11.0% | 10.7% | 10.5% |
| Discount Factor | - | - | - | 0.903 | 0.816 | 0.737 | 0.666 | 0.601 |
| Present Value of FCF | - | - | - | $60.3M | $51.5M | $44.5M | $38.8M | $34.1M |
| Sum of PV of UFCF | - | - | - | $60.3M | $111.8M | $156.3M | $195.1M | $229.2M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.8% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.1% |
| Risk Free Rate | 4.29% |
| Market Risk Premium | 4.3% |
| Beta | 1.53 |
| Cost of Equity | 10.9% |
| Total Debt | $32.1M |
| Market Cap | $945.5M |
| Total Capital | $977.6M |
| Debt Weighting | 3.3% |
| Equity Weighting | 96.7% |
| WACC | 10.7% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $56.7M |
| Terminal Value | $707.4M |
| PV of Terminal Value | $425.2M |
| Cumulative PV of UFCF | $229.2M |
| Net Debt | $-38.1M |
| Equity Value | $692.5M |
| Shares Outstanding | 70.9M |
| Implied Share Price | $10 |
| Current Share Price | $11 |
| Implied Upside/(Downside) | -13.1% |
Valuation Summary
$9.77
Implied Price
$11.25
Current Price
-13.1%
Upside/Downside
10.7%
WACC
SSYS Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Technology
P/E Ratio
$-44.98
-499.8%
Peer Median: 30.2x
EV/EBITDA
$0.00
-100.0%
Peer Median: 11.7x
P/S Ratio
$9.86
-12.4%
Peer Median: 1.5x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for SSYS's business model and current situation.
Multiple Comparison
| Multiple | SSYS Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -7.5x | 30.2x | 33.0x | -125.0% | Undervalued |
| EV/EBITDA | Infinityx | 11.7x | 14.9x | Infinity% | Overvalued |
| P/S Ratio | 1.7x | 1.5x | 1.9x | 14.1% | Fair Value |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $1.44B | 14.1x | 8.6x | 0.5x | |
| $1.45B | 21.6x | 11.3x | 1.1x | |
| $1.12B | 30.2x | 10.2x | 1.4x | |
| $0.97B | 21.9x | 11.7x | 1.5x | |
| $0.97B | 66.5x | 18.8x | 1.9x | |
| $0.95B | 0.0x | 0.0x | 1.7x | |
| $0.71B | 7.2x | 4.5x | 0.2x | |
| $0.69B | 32.5x | 24.6x | 4.9x | |
| $0.45B | 48.2x | 9.1x | 0.5x | |
| $0.55B | 60.8x | 32.0x | 2.8x | |
| $89.51B | 27.0x | 18.6x | 4.5x |