biote Corp.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $24M normalized FCF base (blend of FY2025 FCF of $30.2M and TTM-Jun2026 FCF of $19.9M, reflecting post-recall normalization); 8% FCF growth years 1-5, 4% years 6-10; 12% discount rate; 3% terminal growth. Present value of the 10-year FCF stream plus terminal value gives an enterprise value of about $346M; less net debt of $117.5M (total debt $128.6M less cash $11.2M) gives equity value of about $229M; divided by 33.90M shares outstanding = $6.76/share.

Reasoning: Biote generates real, substantial free cash flow ($20-30M/yr) from an established national hormone-pellet-therapy practitioner network, making a standard FCF DCF appropriate; the result implies meaningful value above the recent depressed market price, a gap likely explained by market concern over a 2025-2026 product recall and the company's leveraged Up-C/Tax-Receivable-Agreement capital structure.