A shift to a Circular Economy requires more than the implementation of new processes and activities. It also requires identification of new opportunities to create and capture value by analyzing value captured and uncaptured across the product life cycle. However, previous studies focusing on value captured and uncaptured have consistently employed the value uncaptured (VU) framework in isolation. Hence, this study combines the VU framework with extended value stream mapping (EVSM), to identify waste and value improvement opportunities with ‘high’ circularity. Based on an in-depth case study of a firm that produces patient simulators, both approaches have been applied. The findings of the current study prove the effectiveness of integrating EVSM and the VU framework when firms are to evaluate the possibilities for realizing value opportunities for a circular economy.