BARK, Inc.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: revenue falls from FY2026 actual $394.8M to FY2027 guidance midpoint $332.5M (-15.8%), then grows ~2-5%/yr to ~$433M by FY2036; unlevered FCF margin ramps from about -1% (FY2027) to a 5% terminal margin as Commerce/BARK Air scale; discount rate 14% (4.3% risk-free + 5.5% ERP + ~4pt small-cap/execution-risk premium); terminal growth 2.5%. PV of explicit 10-yr FCF ~$49M + PV of terminal value ~$52M = EV ~$101M; plus cash $16.1M, zero debt, equity value ~$117M; divided by ~9.93M diluted shares = ~$11.80/share.

Reasoning: BARK is a small, currently loss-making consumer subscription/commerce company mid-pivot from DTC subscriptions to Commerce and BARK Air, so an explicit multi-year FCF DCF with a margin-ramp path and risk-adjusted discount rate captures its route to profitability better than a static multiple; this is corroborated by a September 2026 non-binding proposal to explore an $11.00/share cash tender offer, versus the $8.16 market price.