Emmi AG (EMMN) fair value: what the stock is really worth
As of Nov 2, 2026: fair value (intrinsic value) of Emmi AG stock CHF 733, price CHF 946, that is 22.6% below the price, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range CHF 665.63 – CHF 1,040 · fair‑value band CHF 448.19 – CHF 1,081 · the CHF 946.00 price screens above the CHF 732.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Emmi AG, together with its subsidiaries, manufactures and sells dairy products in Switzerland, North and South America, the rest of Europe, Africa, and the Asia Pacific.
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The company offers dairy products comprising milk, cream, and butter; cheese, including raclette and fondue; fresh products consisting of yogurts, yogurt drinks, kefir products, and desserts; fresh cheese, which consists of mozzarella, protein-rich cottage cheese, goat's milk fresh cheese, and goat's cheese curds; powders and concentrates, including milk powder; and other products and services, such as ready-to-drink coffee and trading business.
It sells its products under the Emmi Caffè Latte, Gerber, Emmi Energy Milk High Protein, Kaltbach, Emmi Jogurt Pur, Emmi High Protein Water, Aktifit, Luzerner, Emmi Benecol, Emmi Good Day, Le petit chevrier, Emmi Raclette, Tonis mozzarella, Pierrot Ice Cream, and beleaf brands.
The company also exports its products. The company was founded in 1907 and is headquartered in Lucerne, Switzerland. Emmi AG is a subsidiary of ZMP Invest AG.
Stock analysis
Emmi AG (EMMN) currently trades at CHF 946.00, while our model-based Fair Value estimate is CHF 732.61, 22.6% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 721.65 per share, and 2 of the 25 models we run sit above the CHF 946.00 price.
Bear case: the Asset-Based group reads lowest at CHF 81.89, and 23 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 448.19 (bear) to CHF 1,081 (bull), the price of CHF 946.00 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Emmi AG reported revenue of CHF 4.7B in FY2025 versus CHF 3.9B in FY2021, a compound +5.0%/yr. Reported net income was CHF 227M in FY2025, compounding +1.2%/yr from FY2021.
Key figures
Market cap CHF 5.1B Mid · P/E ratio 21.9 · P/S ratio 1.06 · EPS (TTM) CHF 43.11 · Dividend yield 1.8% · Net margin 4.8% · Return on equity 21.9% · Return on assets (EBIT) 15.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 3% fair-value upside, at −23%, EMMN screens richer than that median.
Fair Value models
BearCHF 448.19Fair Value CHF 732.61BullCHF 1,081
Price CHF 946.00 · Downside -22.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 21.54 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+4.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.1% vs 6.6%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 7%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +8.6% a year for the price and +2.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (22 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Emmi demonstrates strength through measurable sustainability progress with partners in Swiss dairy but its main weak point remains thin evidence overall and typical sector margins.
Main risk: Ongoing investments to achieve supply-chain efficiencies may keep pressure on returns even as emissions per kilogram decline in Swiss dairy operations.
Emmi is making measurable progress with Nestlé and other partners on reducing feed-food competition, land use and emissions per kilogram in Swiss dairy farming, already surpassing one of the 2027 targets. At the same time total emissions have risen slightly with higher milk output, and our models continue to see the shares as overvalued. Will these supply-chain efficiencies ultimately lift margins enough to close the valuation gap or will the ongoing investments keep pressure on returns?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Packaged Foods · 624 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−22.6% · Below median
Profitability
Return on equity (12 months)21.9% · Top 25%
Return on assets6.5% · Above median
Net margin (12 months)4.8% · Above median
Operating margin (12 months)6.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)2.2% · Below median
Dividend yield (12 months)1.8% · Below median
Balance sheet
Debt / equity1.01× · Highest 25%
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Emmi AG Fair Value". https://www.fairvalue-calculator.com/stock/EMMN
Frequently asked questions
Is Emmi AG (EMMN) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of CHF 732.61 versus a price of CHF 946.00, about 23% lower (overvalued).
What is the fair value of EMMN?
Our model-based fair value for Emmi AG is CHF 732.61 (as of Nov 1, 2026), built from audited fundamentals. The current price: CHF 946.00.
What is the quality score of EMMN?
Emmi AG has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Emmi AG (EMMN)?
Our model-based price target is the fair value of CHF 732.61 (as of Nov 1, 2026) from 25 valuation models. Cautious scenario CHF 448.19, optimistic scenario CHF 1,081. It is a calculation from audited fundamentals, not an analyst target.
What is the Emmi AG stock forecast for 2026?
Our models put fair value at CHF 732.61, about 23% lower versus a price of CHF 946.00 (overvalued). Cautious scenario CHF 448.19, optimistic scenario CHF 1,081. The calculation is refreshed regularly with new filings.
What is the revenue of Emmi AG (EMMN)?
Emmi AG reported trailing-twelve-month revenue of about CHF 4.8B (latest available figure, as of Nov 1, 2026).
Does Emmi AG pay a dividend?
Emmi AG currently shows a dividend yield of 1.85% relative to its recent price (as of Nov 1, 2026).
What growth is priced into Emmi AG (EMMN)?
For today's price to be fair in a discounted-cash-flow model, Emmi AG would have to grow free cash flow by +9.3 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.1 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of EMMN use?
Our models discount Emmi AG at 8.3 %: a base by market capitalisation (mid), damped by beta 0.31, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Emmi AG that is +9.3 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Emmi AG (EMMN) delivered so far?
Over the past 5 years revenue at Emmi AG grew +5.1 % a year. The price currently implies +9.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Emmi AG (EMMN) growing?
The median revenue growth in the sector is +3.4 % a year. That is the yardstick for the growth priced into Emmi AG (+9.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Emmi AG (EMMN)?
The free-cash-flow yield on the price is 4.83 %: that much free cash flow Emmi AG produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Emmi AG (EMMN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Emmi AG it is CHF 732.61 per share (as of Nov 1, 2026), against a price of CHF 946.00. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Emmi AG stock overvalued or undervalued in 2026?
As of Nov 1, 2026, EMMN trades above its calculated fair value: price CHF 946.00, fair value CHF 732.61, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of EMMN?
No. The price is what the market pays today (CHF 946.00); the fair value is what the company's own numbers justify (CHF 732.61). For Emmi AG the two are CHF 213.39 per share apart. That gap is exactly why we show both numbers side by side.
How much is Emmi AG worth?
The market values Emmi AG at about CHF 5.1B (market capitalisation, as of Nov 1, 2026). Per share that is CHF 946.00; our models calculate a fair value of CHF 732.61 per share.
What do the bullish and bearish scenarios say about EMMN?
Our models span a range for Emmi AG: cautious scenario CHF 448.19, base CHF 732.61, optimistic CHF 1,081 per share (as of Nov 1, 2026, price CHF 946.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EMMN?
Emmi AG trades at a price-to-earnings ratio of 21.9 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 732.61 is built from several models across several years. Other multiples: PEG 7.4, P/B 4.7, P/S 1.1, EV/EBITDA 11.7.
What is the PEG ratio of EMMN?
The PEG ratio of Emmi AG is 7.40 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Emmi AG (EMMN)?
Balance-sheet figures for Emmi AG (as of Nov 1, 2026): return on equity 21.9%, debt of 1.01 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is EMMN from its 52-week high?
Emmi AG trades at CHF 946.00, at its 52-week high of CHF 946.00 and 37% above the low of CHF 693.04 (as of Nov 2, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 732.61 is for.
Which stocks are comparable to Emmi AG?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Emmi AG stock attractive at the current price?
The data as of Nov 1, 2026: price CHF 946.00, calculated fair value CHF 732.61 (−23%), Quality Score 63/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of EMMN calculated?
We run Emmi AG through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 732.61, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.2 % above its aggregate fair value. Emmi AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Emmi AG (EMMN)?
The closing price on Nov 2, 2026 was CHF 946.00. Our model-based fair value is CHF 732.61, about 23% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Emmi AG right now?
Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 448.19 to CHF 1,081) leaves room in how you read the outcome.
Where does the earnings growth of Emmi AG (EMMN) come from?
Earnings per share at Emmi AG grew +7.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.4 %, EBIT margin +2.3 %, tax rate +0.7 %, residual (interest, one-offs) +0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Emmi AG
How large is the market capitalisation of Emmi AG (EMMN)?
The market capitalisation of Emmi AG is CHF 5.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Emmi AG (EMMN)?
The price-to-sales ratio of Emmi AG is 1.06 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Emmi AG (EMMN)?
Earnings per share at Emmi AG are CHF 43.11 (price ÷ EPS = P/E 21.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Emmi AG (EMMN)?
The dividend yield of Emmi AG is 1.8% (payout 40.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Emmi AG (EMMN)?
The net margin of Emmi AG is 4.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Emmi AG (EMMN)?
The return on equity (ROE) of Emmi AG is 21.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Emmi AG (EMMN)?
On an EBIT basis the return on assets of Emmi AG is 15.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Emmi AG (EMMN)?
The operating margin of Emmi AG is 6.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Emmi AG (EMMN)?
Revenue at Emmi AG is growing +2.2% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Emmi AG (EMMN)?
Earnings per share at Emmi AG are growing +3.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Emmi AG (EMMN) carry?
The net debt of Emmi AG is CHF 931M (fiscal year 2025, ≈ 3.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 1, 2026