Jenoptik AG (JEN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Jenoptik AG stock €29.12, price €35.80, that is 18.7% below the price, quality 59 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €14.86 – €47.46 · fair‑value band €19.98 – €40.47 · the €35.80 price screens above the €29.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Jenoptik AG provides advanced photonic solutions and smart mobility solutions in Germany and internationally. The company operates through Semiconductor & Advanced Manufacturing, Biophotonics, Metrology & Production Solutions, and Smart Mobility Solutions segments.
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It provides imaging solutions and cameras, including microscope and thermographic camera, imaging modules, polymer-based camera modules, and miniaturized digital microscope subsystem; and laser and laser technology, such as laser ablation, scoring, cutting, and rangefinder, as well as laser OEM solutions comprising diode laser and disk laser technology, diode pumped disk lasers, laser systems, and LK heat sink.
The company offers optics and microoptics, including objective lenses for laser material processing, customized and standardized objective lenses, polymer optics, and optical and microoptical components; optical shaft measuring systems, optical 3D measurement technology, optical in-line inspection, vision-systems, and ultra-fast opto-electronic probe card; and optoelectronics and optoelectronic systems comprising system partner for optoelectronic systems, customized-specific optoelectronic systems, optoelectronics assemblies and subsystems, light modulation, and photodiodes and LEDs. In addition, it offers road safety solutions, such as speed enforcement, average speed cameras, red light cameras, evaluation software, and traffic services; and civil security solutions, including automatic number plate recognition and data analysis software, border security, combating organized crime, protecting public places, and monitoring suspect vehicles.
It serves automotive, defense and security, data communication, electronics and information technology, medical technology and life science, industry and mechanical engineering, semiconductor equipment, and public safety sectors. Jenoptik AG was founded in 1846 and is headquartered in Jena, Germany.
Stock analysis
Jenoptik AG (JEN) currently trades at €35.80, while our model-based Fair Value estimate is €29.12, 19% 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 €35.04 per share, and 4 of the 26 models we run sit above the €35.80 price.
Bear case: the Asset-Based group reads lowest at €3.89, and 22 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €19.98 (bear) to €40.47 (bull), the price of €35.80 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 59/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Jenoptik AG reported revenue of €1.0B in FY2025 versus €751M in FY2021, a compound +8.6%/yr. Reported net income was €72.0M in FY2025, compounding −3.2%/yr from FY2021.
Key figures
Market cap €2.0B Mid · P/E ratio 23.7 · P/S ratio 2.17 · EPS (TTM) €1.51 · Dividend yield 1.1% · Net margin 8.3% · Return on equity 8.9% · Return on assets (EBIT) 6.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 98% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at −19%, JEN screens richer than that median.
Fair Value models
Bear€19.98Fair Value €29.12Bull€40.47
Price €35.80 · Downside -18.7%
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 (€0.9488 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.70/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.3%
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.
+2.2%
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.
+11.2%
Start year 2020 (pandemic). Over 10 years: +4.6% 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.
−1.8%
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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.
+2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.3%
Dividend (yield on the price)1.1%
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.1.3% vs 3.8%, steady
Profit margin 2020 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.9% → 11%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far and about what 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).
+9.7%
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.
+9.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +7.3% a year for the price and +7.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (49 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: Strong order growth and high margins in semiconductors contrast with automotive weakness in metrology that may limit group-wide margin gains due to the segment split.
Main risk: Persistent automotive weakness in the metrology segment would hit group margins and prevent the large backlog from lifting overall profitability sustainably.
Jenoptik's semiconductor and advanced manufacturing activities drove first-half order intake up more than fifty percent while posting EBITDA margins near thirty-two percent. That strength prompted a tighter 2026 margin outlook, yet automotive-related weakness continues to weigh on the metrology business. Will the large backlog convert fast enough to offset those drags and lift group margins sustainably, or will the segment split limit the upside?
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.Electronic Components · 651 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−18.7% · Above median
Profitability
Return on equity (12 months)8.9% · Above median
Return on assets4.2% · Above median
Net margin (12 months)8.3% · Above median
Operating margin (12 months)13.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)2.8% · Below median
Dividend yield (12 months)1.1% · Below median
Balance sheet
Debt / equity0.22× · Above median
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (12 months)23.7× · Cheaper than median
P/B2.28× · Pricier than median
P/S (12 months)2.17× · Pricier than median
Price / free cash flow (fiscal year)19.3× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Jenoptik AG Fair Value". https://www.fairvalue-calculator.com/stock/JEN
Frequently asked questions
Is Jenoptik AG (JEN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €29.12 versus a price of €35.80, about 19% lower (overvalued).
What is the fair value of JEN?
Our model-based fair value for Jenoptik AG is €29.12 (as of Nov 8, 2026), built from audited fundamentals. The current price: €35.80.
What is the quality score of JEN?
Jenoptik AG has a Quality Score of 59/100. 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 Jenoptik AG (JEN)?
Our model-based price target is the fair value of €29.12 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario €19.98, optimistic scenario €40.47. It is a calculation from audited fundamentals, not an analyst target.
What is the Jenoptik AG stock forecast for 2026?
Our models put fair value at €29.12, about 19% lower versus a price of €35.80 (overvalued). Cautious scenario €19.98, optimistic scenario €40.47. The calculation is refreshed regularly with new filings.
What is the revenue of Jenoptik AG (JEN)?
Jenoptik AG reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Nov 8, 2026).
Does Jenoptik AG pay a dividend?
Jenoptik AG currently shows a dividend yield of 1.12% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Jenoptik AG (JEN) and when is the ex-dividend date?
Jenoptik AG pays a dividend of €0.4 per share a year, a dividend yield of 1.1%. The last ex-dividend date was Jun 10, 2026. A dividend has been paid every year since 2012. The payout ratio is 26.5% of earnings. Free cash flow covers the dividend 5.17 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Jenoptik AG (JEN)?
For today's price to be fair in a discounted-cash-flow model, Jenoptik AG would have to grow free cash flow by +9.7 % per year for five years (discount rate 10.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.2 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of JEN use?
Our models discount Jenoptik AG at 10.0 %: a base by market capitalisation (mid), damped by beta 1.19, country premium for Germany. 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 Jenoptik AG that is +9.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.0 %) and the same formula as our fair value.
How much growth has Jenoptik AG (JEN) delivered so far?
Over the past 5 years revenue at Jenoptik AG grew +11.2 % a year. The price currently implies free-cash-flow growth of +9.7 % per 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 Jenoptik AG (JEN) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Jenoptik AG (+9.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Jenoptik AG (JEN)?
The free-cash-flow yield on the price is 5.77 %: that much free cash flow Jenoptik AG produces per unit of market value. When it exceeds the discount rate of our models (10.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Jenoptik AG (JEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jenoptik AG it is €29.12 per share (as of Nov 8, 2026), against a price of €35.80. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Jenoptik AG stock overvalued or undervalued in 2026?
As of Nov 8, 2026, JEN trades above its calculated fair value: price €35.80, fair value €29.12, a gap of about −19% (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 JEN?
No. The price is what the market pays today (€35.80); the fair value is what the company's own numbers justify (€29.12). For Jenoptik AG the two are €6.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jenoptik AG worth?
The market values Jenoptik AG at about €2.0B (market capitalisation, as of Nov 8, 2026). Per share that is €35.80; our models calculate a fair value of €29.12 per share.
What do the bullish and bearish scenarios say about JEN?
Our models span a range for Jenoptik AG: cautious scenario €19.98, base €29.12, optimistic €40.47 per share (as of Nov 8, 2026, price €35.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JEN?
Jenoptik AG trades at a price-to-earnings ratio of 23.7 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €29.12 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 21.7. Other multiples: PEG 1.1, P/B 2.3, P/S 2.2, EV/EBITDA 12.3.
What is the PEG ratio of JEN?
The PEG ratio of Jenoptik AG is 1.13 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Jenoptik AG (JEN)?
Balance-sheet figures for Jenoptik AG (as of Nov 8, 2026): return on equity 8.9%, debt of 0.22 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is JEN from its 52-week high?
Jenoptik AG trades at €35.80, about 25% below its 52-week high of €47.46 and 98% above the low of €18.05 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €29.12 is for.
Which stocks are comparable to Jenoptik AG?
From the same area (Technology) we also value Amphenol Corporation, Hon Hai Precision Industry Co, Corning Incorporated, Delta Electronics, Inc, 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 Jenoptik AG stock attractive at the current price?
The data as of Nov 8, 2026: price €35.80, calculated fair value €29.12 (−19%), Quality Score 59/100, from 26 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 JEN calculated?
We run Jenoptik AG through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €29.12 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Jenoptik 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 Jenoptik AG (JEN)?
The closing price on Nov 6, 2026 was €35.80. Our model-based fair value is €29.12, about 19% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jenoptik AG right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (€19.98 to €40.47) leaves room in how you read the outcome.
Where does the earnings growth of Jenoptik AG (JEN) come from?
Earnings per share at Jenoptik AG grew +5.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.8 %, EBIT margin +4.0 %, tax rate −2.7 %, residual (interest, one-offs) −1.7 %. 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 Jenoptik AG
How large is the market capitalisation of Jenoptik AG (JEN)?
The market capitalisation of Jenoptik AG is €2.0B. 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 Jenoptik AG (JEN)?
The price-to-sales ratio of Jenoptik AG is 2.17 (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 Jenoptik AG (JEN)?
Earnings per share at Jenoptik AG are €1.51 (price ÷ EPS = P/E 23.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jenoptik AG (JEN)?
The dividend yield of Jenoptik AG is 1.1% (payout 26.5%). 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 Jenoptik AG (JEN)?
The net margin of Jenoptik AG is 8.3% (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 Jenoptik AG (JEN)?
The return on equity (ROE) of Jenoptik AG is 8.9% (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 Jenoptik AG (JEN)?
On an EBIT basis the return on assets of Jenoptik AG is 6.6% (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 Jenoptik AG (JEN)?
The operating margin of Jenoptik AG is 13.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jenoptik AG (JEN)?
Revenue at Jenoptik AG is growing +2.8% versus a year earlier (3y avg +2.2%). 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 Jenoptik AG (JEN)?
Earnings per share at Jenoptik AG are growing +53.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Jenoptik AG (JEN) carry?
The net debt of Jenoptik AG is €319M (fiscal year 2025, ≈ 2.7 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 8, 2026