Tarrahan Parseh Transportation Research Institute International Journal of Transportation Engineering 2322-259X Articles in Press 2026 07 18 An Optimized Operational Model for the Development of Micromobility Systems in Metropolitan Areas: A Case Study of Tehran 247416 10.22119/ijte.2026.577725.1726 EN Kamran Akhbari PHD Candidate of Transportation Engineering, Department of Civil Engineering, SR.C., Islamic Azad University, Tehran, Iran Ali Naderan Assistant Professor, Department of Civil Engineering, SR.C., Islamic Azad University, Tehran, Iran Hassan Khaksar Iran University of Science and Technology: Tehran, Tehran, IR 0000-0003-0291-9128 Journal Article 2026 04 28 Micromobility has emerged as a flexible, low-emission alternative for short urban trips, attracting growing interest in densely populated cities. This study evaluates the financial viability of implementing a micromobility network in Tehran from the perspective of a private or institutional investor. Employing a discounted cash flow (DCF) model over a five-year planning horizon (2024–2029), the analysis considers only direct monetary flows, including capital expenditures (CAPEX), operating costs (OPEX), and revenue streams derived from trip-based fare structures. Demand is disaggregated by trip duration and monetized using calibrated fare multipliers aligned with real-world usage patterns. A real discount rate of 46.5% is applied, consistent with local economic conditions and infrastructure investment benchmarks. Results reveal that while the project operates at a deficit in its initial two years, it reaches operational breakeven in year three and achieves significant profitability thereafter, generating a cumulative net surplus of over 44 billion rial by the end of the analysis period. The findings underscore the financial feasibility of micromobility systems in emerging urban contexts and offer a replicable methodology for evaluating clean transport investments under inflationary and uncertain financial conditions..