biote Corp. (BTMD) valuation at a glance
- Price
- $1.34
- Forward P/E
- 3.0×
- Market cap
- $38M
- P/S (TTM)
- 0.2×
CompaniesBTMD
BTMD
biote Corp.
Healthcarehormone therapymicro-caphigh FCF yieldleveraged
Overview
$1.34-3.6%
Market Cap
$38M
SEC filings
P/E (TTM)
6.6×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
68.6%
SEC filings
FCF Yield
45.6%
Calculated from SEC filings
Fair Value
Not established
yfinance
Conviction
2/5Cash-generative hormone-pellet platform at a low EV/sales, but revenue is shrinking, guidance was cut, equity is negative and a term loan sits at 5x FCF.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 80/100
Value4/4
Future1/1
Past4/4
Health2/2
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
biote trains and supplies clinics for bioidentical hormone pellet therapy and sells nutraceuticals through those practices. It screens as deep value because trailing free cash flow of 19.9M USD (operating cash flow 24.4M USD less capex 4.5M USD for the twelve months to 2026-06-30) compares with a market value near 84M USD, EV/sales is about 1.1x, and the executive chairman bought 131,950 shares in the open market on 2026-08-12 at 1.53 to 1.55 USD. The counter-evidence is a business in decline: TTM revenue of 183.5M USD is down 9.5%, the FY2026 outlook was cut in August 2026 to above 175M USD revenue and above 25M USD adjusted EBITDA from above 190M USD and above 38M USD, an interim CEO has served since the June 2026 transition, and the balance sheet carries a 125M USD term loan against 11.2M USD of cash with stockholders equity of negative 65.8M USD under the Up-C structure. Confirmation would require the Q4 2026 revenue decline to narrow below 3% and debt to fall under 100M USD from free cash flow.
Bull Case
Cash flowTTM operating cash flow was 24.367M USD and capex 4.495M USD to 2026-06-30, giving free cash flow of 19.872M USD (10-Q filed 2026-08-07 and FY2025 10-K).
InsiderExecutive Chairman Marc Beer bought 115,950 shares at 1.53 USD and 16,000 at 1.55 USD on 2026-08-12 (Form 4 accession 0001314575-26-000007).
Share countDiluted Class A weighted shares fell 9.8% year over year to 28.6M in the June 2026 quarter.
Bear Case
GrowthTTM revenue of 183.531M USD was down 9.5%, and the FY2026 outlook was cut in August 2026 to above 175M USD from above 190M USD.
Balance sheetA 125.0M USD term loan under the Citizens credit agreement stands against 11.168M USD of cash, and equity was negative 65.8M USD at 2026-06-30.
GovernanceAn 8-K of 2026-06-02 (Item 5.02) recorded a CEO transition, leaving an interim CEO during the guidance cut.
Key Metrics
Market Cap
$38M
SEC filings
Enterprise Value
$163M
Calculated from SEC filings
Revenue (TTM)
$184M
SEC filings
P/E (TTM)
6.6×
SEC filings
Forward P/E
3.0×
yfinance
P/S (TTM)
0.2×
SEC filings
P/B
–
SEC filings
EV/EBITDA
7.0×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
68.6%
SEC filings
Operating Margin
8.0%
SEC filings
Net Margin
3.2%
SEC filings
Free Cash Flow
$18M
SEC filings
FCF Yield
45.6%
Calculated from SEC filings
Debt / Equity
–
SEC filings
Current Ratio
1.4×
SEC filings
Short Interest
6.9%
SEC filings
Institutional Own.
63.0%
SEC filings
Insider Own.
19.1%
SEC filings
Shares Out.
28.7M
SEC filings
Float
16.7M
SEC filings
Valuation
Price vs Fair Value
Now $1.34
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| BTMD | $46M | 9.7× | 0.3× | 6.4× | -10.0% | 69.0% | 3.0% |
| GDRX | $1.17B | 57.2× | 1.5× | 12.9× | -1.0% | 91.0% | 2.0% |
| HIMS | $6.64B | – | 2.6× | – | +38.0% | 70.0% | -6.0% |
| LFMD | $154M | – | 0.8× | – | -4.0% | 88.0% | 0.0% |
| EVEX | $709M | – | – | – | – | 0.0% | 0.0% |
| OPRX | $143M | 30.4× | 1.5× | 8.8× | -30.0% | 73.0% | 5.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 165.0 | 185.4 | 197.2 | 192.2 |
| Cost of Revenue | 54.6 | 57.9 | 58.1 | 54.9 |
| Gross Profit | 110.4 | 127.5 | 139.1 | 137.4 |
| Operating Income | (60.7) | 28.7 | 31.6 | 35.6 |
| EBITDA | 8.0 | 9.2 | 15.6 | 52.2 |
| Net Income | (1.0) | 3.3 | 3.2 | 27.0 |
| Diluted EPS | -0.12 | 0.13 | 0.09 | 0.74 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 79.2 | 89.0 | 39.3 | 24.1 |
| Total Assets | 111.6 | 155.3 | 122.4 | 107.6 |
| Total Debt | 120.4 | 114.9 | 110.9 | 109.9 |
| Total Liabilities | 169.9 | 191.8 | 224.6 | 158.0 |
| Shareholders' Equity | (44.5) | (29.4) | (105.9) | (58.5) |
| Shares Out. (M) | 9.7 | 34.3 | 31.5 | 30.7 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | (9.2) | 26.9 | 45.2 | 35.2 |
| Capital Expenditure | (1.8) | (2.7) | (7.0) | (6.9) |
| Free Cash Flow | (11.0) | 24.2 | 38.3 | 28.3 |
| Investing Cash Flow | (1.8) | (2.7) | (18.8) | (6.9) |
| Financing Cash Flow | 63.5 | (14.4) | (76.1) | (43.6) |
Figures normalized from Biote Corp.'s SEC 10-K filed 2026-03-13. USD millions; EPS and share count per their units. Annual periods. Source: 10-K filed 2026-03-13 ↗
Catalysts
Q3 2026 10-Q, early November
Earningshigh relevance
Third quarter 2026 results
First full quarter after the guidance cut; tests whether procedure revenue decline is narrowing.
By year end
Governance
Permanent CEO appointment
An interim CEO has led since June 2026; a permanent appointment would reduce the management-stability discount.
FY2026 10-K, March 2027
Earnings
Covenant and debt paydown status
Shows whether free cash flow reduced the term loan and whether any covenant amendment was required.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Continued double-digit procedure revenue decline | Competition | High | Medium | Free cash flow shrinks toward the level needed for debt service on the 125M USD loan. |
| Covenant amendment on the term loan | Financial | High | Medium | Higher cost or equity dilution; equity is already negative under the Up-C structure. |
| Regulatory scrutiny of compounded hormone therapy | Regulatory | Medium | Medium | Restrictions on pellet compounding would hit the core revenue line. |
| Management instability | Governance | Medium | Medium | Interim leadership during a guidance cut delays a turnaround plan. |
Technical Snapshot
52-Week Range
–$1.34–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Up-C structure with Class A and Class V shares; the research file uses 58.2M total shares outstanding. Four Form 4s from 2026-06-10 to 2026-09-10 with two open-market purchases and no sales: Executive Chairman Marc Beer bought 131,950 shares on 2026-08-12. A 13G was filed 2026-08-28. The 8-K of 2026-06-02 recorded the CEO transition.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Beer Marc D | Executive Chairman | Buy | 116K | $1.53 | 2026-08-10 | $177.4K |
| Beer Marc D | Executive Chairman | Buy | 16K | $1.55 | 2026-08-11 | $24.8K |
Additional issuer disclosures: SEC EDGAR company filings. Availability and filing forms vary by issuer.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| BTMD | $46M | 9.7× | 0.3× | 6.4× | -10.0% | 69.0% | 3.0% |
| GDRX | $1.17B | 57.2× | 1.5× | 12.9× | -1.0% | 91.0% | 2.0% |
| HIMS | $6.64B | – | 2.6× | – | +38.0% | 70.0% | -6.0% |
| LFMD | $154M | – | 0.8× | – | -4.0% | 88.0% | 0.0% |
| EVEX | $709M | – | – | – | – | 0.0% | 0.0% |
| OPRX | $143M | 30.4× | 1.5× | 8.8× | -30.0% | 73.0% | 5.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 10-Q
Q2 2026 balance sheet
At 2026-06-30 the company served 11.168M USD of cash against a 125.0M USD term loan (Citizens credit agreement, exhibit 10.1), with stockholders equity of negative 65.8M USD. TTM net income was 5.856M USD.
2026-09-17Company release
FY2026 guidance cut
With Q2 2026 results in August 2026 the company lowered its FY2026 outlook to above 175M USD revenue and above 25M USD adjusted EBITDA, from above 190M USD and above 38M USD. No SEC filing since 2026-09-10.
Sources
biote Corp. valuation questions
What is biote Corp.'s forward P/E ratio?
biote Corp. (BTMD) trades at a forward P/E of 3.0×, and 0.2× trailing sales.
What is biote Corp.'s market cap?
biote Corp. (BTMD) has a market capitalization (its market value, often searched as "net worth") of $38M, and an enterprise value of $163M.