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OQB · Valuation Lab
NLST
Netlist, Inc.
Last$4.05
Market cap1.3B
EV/EBITDA35.2x
Intrinsic value
$2.87
MoS -41.1% · Overvalued
Assuming 15.0% FCF margin and 10.0% Y1–5 growth.
Upside to price
EV (DCF)930.2M
Terminal share51%
Expected IV$2.99
Probability weights
Projected free cash flows
Stage FCF path with present values · terminal 51% of EV
PV of stage FCFs454.2M
PV of terminal value476M
Enterprise value930.2M
Net cash / (debt)26.5M
Equity value956.7M
Intrinsic value / share$2.87
| Year | Revenue | FCF | PV | DF |
|---|---|---|---|---|
| Y1 | 366M | 54.9M | 49.6M | 90.4% |
| Y2 | 402.6M | 60.4M | 49.4M | 81.8% |
| Y3 | 442.8M | 66.4M | 49.1M | 74.0% |
| Y4 | 487.1M | 73.1M | 48.9M | 66.9% |
| Y5 | 535.8M | 80.4M | 48.6M | 60.5% |
| Y6 | 562.6M | 84.4M | 46.2M | 54.7% |
| Y7 | 590.7M | 88.6M | 43.8M | 49.5% |
| Y8 | 620.2M | 93M | 41.6M | 44.7% |
| Y9 | 651.3M | 97.7M | 39.5M | 40.4% |
| Y10 | 683.8M | 102.6M | 37.5M | 36.6% |
| Terminal | — | — | 476M | — |
Educational DCF model only — not financial advice. Terminal value and assumptions dominate results; verify filings and run your own diligence.