Neuronetics FY26E EV/Sales valuation

Neuronetics Inc. (STIM)
By@grokius
Assumptions as of 2026-08-26
USD
Updated Aug 26, 2026
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Neuronetics FY26E EV/Sales valuation

Vertically integrated TMS device plus Greenbrook clinic valuation. Capitalize FY2026 company-guided revenue at a target EV/Sales multiple, subtract net financial debt, and divide by shares. This is not an FCF-yield model (FY26 cash from operations and investing is still guided negative $10.5-$14.5M), not a bank P/TBV, and not a current-year EV/EBITDA (Q2 adj. EBITDA just turned +$0.3M; H1 adj. EBITDA was -$6.3M). Closest listed TMS peer BrainsWay trades ~10x sales as a profitable ~75% gross-margin device company; STIM is ~65% lower-margin clinics with a going-concern revenue-covenant overhang, so the multiple should sit far below BWAY.

as of 2026-08-26

Fair value per share
$3.44
Upside vs current price
14.6%
Implied enterprise value
307.8
Implied equity value
262.0
FY2026E cash from ops and investing
-12.5
FY2026E adjusted EBITDA
-6.0
FY2027E adjusted EBITDA
8.0
Current EV / FY26E sales
1.69
Implied EV / FY27E adj. EBITDA
38.5

Capital structure

76.20millions
65.0USD millions
19.2USD millions

Market

3.00USD
Latest STIM quote · updated Aug 26, 2026 2:00 PM MDT

Operating

-6.0USD millions
-12.5USD millions
162.0USD millions
8.0USD millions

Valuation

1.90

Capitalization ($M)

Valuation
FY26E revenue162.0
Target EV/Sales1.90
Implied EV307.8
Net debt45.8
Implied equity262.0

Sources

  1. Q2 2026 revenue $41.6M (+9.1%): NeuroStar $14.7M (-2.7%), Greenbrook $26.9M (+16.8%). Gross margin 51.1% vs 46.6%. Operating expenses $22.7M (-12%). Loss from operations $1.5M. Adj. EBITDA +$0.3M vs -$5.6M. Net loss $3.4M or $0.05/share on 73.1M WASO. Total cash $25.0M ($19.2M unrestricted + $5.8M restricted). Q2 cash used in operations and investing $1.4M. FY2026 guide: revenue $160-$164M, gross margin 48-50%, opex $95-$100M or $91-$96M ex ~$4M SBC, cash from ops and investing -$10.5 to -$14.5M. H1 adj. EBITDA -$6.3M. — ir.neuronetics.com
  2. 10-Q for quarter ended June 30, 2026: cash and equivalents $19.2M, restricted cash $5.75M, long-term debt net $61.5M, Perceptive facility principal $65.0M maturing July 2029, operating lease liabilities $25.0M, 76,193,000 shares outstanding at June 30 and 76,197,222 as of August 5, 2026. ATM sold 6.05M shares at $1.31 average for $7.6M net; $33.7M remaining. Substantial doubt as a going concern because TTM revenue for the period ending March 31, 2027 is projected below the credit-agreement minimum, which could let the lender call the facility. — sec.gov
  3. Q2 2026 call (Neuronetics Inc., August 11, 2026; CEO Dan Reuvers, CFO Nir Naor): NeuroStar go-to-market now includes outright purchase and lease alongside the session model; session revenue down double digits, capital up double digits; active-account utilization +10%; Greenbrook still has as much as 40% unused clinic capacity; second-half revenue may be choppy; collaboration with Compass Pathways on COMP360; constructive understanding with a large shareholder. Canaccord, Citizens, and BTIG on the call. — fool.com
  4. BTIG initiated STIM at Buy with a $5 target on July 20, 2026 (pre Q2 print), citing the Dec 2024 Greenbrook acquisition (93 clinics) and Compass COMP360 NDA targeted Q4 2026 / possible 1H27 entry. Same note initiated BWAY at Buy / $18. — biotuesdays.com
  5. BrainsWay (BWAY), the closest listed TMS device peer, trades at about 10x EV/Sales with a ~$564-$618M EV as a profitable, high-gross-margin, capital-light TMS platform; STIM should not inherit that multiple given clinic mix, negative FY26 cash flow, and the Perceptive covenant. — stockanalysis.com

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