OHB SE (OHB) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of OHB SE stock €38.06, price €196, that is 80.6% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 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 2, 2026.
How to read this chart
60‑month range €26.61 – €613.11 · fair‑value band €26.64 – €49.47 · the €196.20 price screens above the €38.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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OHB SE operates as a space and technology company in Germany, rest of Europe, and internationally. The company operates through Space Systems, Access to Space, and Digital segments. The Space Systems segment focuses on developing and executing space projects.
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This segment primarily develops and manufactures near-earth orbit and geostationary satellites for navigation, science, communication, earth and weather observation and reconnaissance, including scientific payloads; explores, studies areas of security and reconnaissance with a focus on the moon, asteroids, and Mars.
The Access to Space segment is involved in assembling and developing aviation and space products; and other industrial activities.
The Digital segment provides mechatronic systems for antennas, and telescopes; and engages in the operation of purchasing rocket launches and the provision of IT services. OHB SE was incorporated in 1993 and is headquartered in Bremen, Germany.
Stock analysis
OHB SE (OHB) currently trades at €196.20, while our model-based Fair Value estimate is €38.06, 81% 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 €49.40 per share, and 0 of the 25 models we run sit above the €196.20 price.
Bear case: the Dividend Discount group reads lowest at €8.71, and 25 of the 25 models stay below the price. Data coverage for this calculation is low.
Scenario range: €26.64 (bear) to €49.47 (bull), the price of €196.20 sits above 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 44/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
OHB SE reported revenue of €1.2B in FY2025 versus €905M in FY2021, a compound +7.7%/yr. Reported net income was €49.5M in FY2025, compounding +15.8%/yr from FY2021.
Key figures
Market cap €4.0B Mid · P/E ratio 88.0 · P/S ratio 3.14 · EPS (TTM) €2.23 · Dividend yield 0.3% · Net margin 3.4% · Return on equity 6.5% · Return on assets (EBIT) 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 68% below its 52-week high and 103% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −27% fair-value upside, at −81%, OHB screens richer than that median.
Fair Value models
Bear€26.64Fair Value €38.06Bull€49.47
Price €196.20 · Downside -80.6%
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 (€1.39 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.53/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+21.4%
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.
+8.8%
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.
+6.7%
Start year 2020 (pandemic). Over 10 years: +5.4% 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.
+12.6%
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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.
+12.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.9%
Dividend (yield on the price)0.3%
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.11.9% vs 7.3%, picking up
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.5% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
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).
more than +80 %
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.
+20.6%
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 +18.0% a year for the forecasts.
News mood ⓘNews mood, the average tone of recent news (19 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.Positive
Recent news coverage is more positive than average.
AI conclusion: The large order backlog forms the core strength while thin evidence, low margins and weak free cash flow remain the main limitations.
Main risk: Conversion of early-stage alliances into execution risks delayed or margin-thin projects that would hit profitability.
OHB is expanding its reach in satellite communications and orbital services through a new stake in MediaMobil and an MoU with Astroscale, yet these steps remain early-stage partnerships without disclosed contract values. The company's large order backlog provides a foundation, but converting studies and alliances into profitable execution will determine whether growth materializes. Our models see it as overvalued. Does the business gain more from these capability builds than it risks in delayed or margin-thin projects?
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.Aerospace & Defense · 241 stocks
Beats the industry median on 1/14 measures
Overall it trails its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside−80.6% · Bottom 25%
Profitability
Return on equity (12 months)6.5% · Below median
Return on assets3.1% · Below median
Net margin (12 months)3.4% · Bottom 25%
Operating margin (12 months)−0.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)7.0% · Below median
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.14× · Above median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (12 months)88.0× · Priciest 25%
P/B9.32× · Priciest 25%
P/S (12 months)3.14× · Pricier than median
EV/EBITDA43.9× · Priciest 25%
PEG1.08× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)35· sector 64
PAST (return on equity)26· sector 40
HEALTH (low debt)93· sector 94
DIVIDEND (yield)6· sector 18
VALUE 0: the price sits above our fair-value range.
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). "OHB SE Fair Value". https://www.fairvalue-calculator.com/stock/OHB
Frequently asked questions
Is OHB SE (OHB) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of €38.06 versus a price of €196.20, about 81% lower (overvalued).
What is the fair value of OHB?
Our model-based fair value for OHB SE is €38.06 (as of Nov 2, 2026), built from audited fundamentals. The current price: €196.20.
What is the quality score of OHB?
OHB SE has a Quality Score of 44/100. 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 OHB SE (OHB)?
Our model-based price target is the fair value of €38.06 (as of Nov 2, 2026) from 25 valuation models. Cautious scenario €26.64, optimistic scenario €49.47. It is a calculation from audited fundamentals, not an analyst target.
What is the OHB SE stock forecast for 2026?
Our models put fair value at €38.06, about 81% lower versus a price of €196.20 (overvalued). Cautious scenario €26.64, optimistic scenario €49.47. The calculation is refreshed regularly with new filings.
What is the revenue of OHB SE (OHB)?
OHB SE reported trailing-twelve-month revenue of about €1.3B (latest available figure, as of Nov 2, 2026).
Does OHB SE pay a dividend?
OHB SE currently shows a dividend yield of 0.30% relative to its recent price (as of Nov 2, 2026).
What growth is priced into OHB SE (OHB)?
For today's price to be fair in a discounted-cash-flow model, OHB SE would have to grow free cash flow by more than 80 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.7 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of OHB use?
Our models discount OHB SE at 9.2 %: a base by market capitalisation (mid), damped by beta 0.86, 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 OHB SE that is more than 80 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has OHB SE (OHB) delivered so far?
Over the past 5 years revenue at OHB SE grew +6.7 % a year. The price currently implies more than 80 % 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 OHB SE (OHB) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into OHB SE (more than 80 % 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 OHB SE (OHB)?
The free-cash-flow yield on the price is 0.13 %: that much free cash flow OHB SE produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of OHB SE (OHB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For OHB SE it is €38.06 per share (as of Nov 2, 2026), against a price of €196.20. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is OHB SE stock overvalued or undervalued in 2026?
As of Nov 2, 2026, OHB trades above its calculated fair value: price €196.20, fair value €38.06, a gap of about −81% (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 OHB?
No. The price is what the market pays today (€196.20); the fair value is what the company's own numbers justify (€38.06). For OHB SE the two are €158.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is OHB SE worth?
The market values OHB SE at about €4.0B (market capitalisation, as of Nov 2, 2026). Per share that is €196.20; our models calculate a fair value of €38.06 per share.
What do the bullish and bearish scenarios say about OHB?
Our models span a range for OHB SE: cautious scenario €26.64, base €38.06, optimistic €49.47 per share (as of Nov 2, 2026, price €196.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of OHB?
OHB SE trades at a price-to-earnings ratio of 88.0 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €38.06 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 22.8. Other multiples: PEG 1.1, P/B 9.3, P/S 3.1, EV/EBITDA 43.9.
What is the PEG ratio of OHB?
The PEG ratio of OHB SE is 1.08 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of OHB SE (OHB)?
Balance-sheet figures for OHB SE (as of Nov 2, 2026): return on equity 6.5%, debt of 0.14 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is OHB from its 52-week high?
OHB SE trades at €196.20, about 68% below its 52-week high of €613.11 and 103% above the low of €96.86 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €38.06 is for.
Which stocks are comparable to OHB SE?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, 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 OHB SE stock attractive at the current price?
The data as of Nov 2, 2026: price €196.20, calculated fair value €38.06 (−81%), Quality Score 44/100, 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 OHB calculated?
We run OHB SE 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 €38.06, 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 15.5% above its aggregate fair value. OHB SE 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 OHB SE (OHB)?
The closing price on Nov 5, 2026 was €196.20. Our model-based fair value is €38.06, about 81% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with OHB SE right now?
The price sits above even our optimistic bull case (€49.47). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€26.64 to €49.47) leaves room in how you read the outcome.
Where does the earnings growth of OHB SE (OHB) come from?
Earnings per share at OHB SE grew +10.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.6 %, EBIT margin +4.4 %, tax rate +1.0 %, residual (interest, one-offs) +0.4 %. 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 OHB SE
How large is the market capitalisation of OHB SE (OHB)?
The market capitalisation of OHB SE is €4.0B. 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 OHB SE (OHB)?
The price-to-sales ratio of OHB SE is 3.14 (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 OHB SE (OHB)?
Earnings per share at OHB SE are €2.23 (price ÷ EPS = P/E 88.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of OHB SE (OHB)?
The dividend yield of OHB SE is 0.3% (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 OHB SE (OHB)?
The net margin of OHB SE is 3.4% (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 OHB SE (OHB)?
The return on equity (ROE) of OHB SE is 6.5% (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 OHB SE (OHB)?
On an EBIT basis the return on assets of OHB SE is 4.4% (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 OHB SE (OHB)?
The operating margin of OHB SE is −0.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at OHB SE (OHB)?
Revenue at OHB SE is growing +7.0% versus a year earlier (3y avg +8.8%). 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 OHB SE (OHB)?
Earnings per share at OHB SE are growing +165% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does OHB SE (OHB) carry?
The net debt of OHB SE is €99.2M (fiscal year 2025, ≈ 20.7 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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Thin data
Nov 2, 2026