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Alvotech (ALVO) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Alvotech stock $2.33, price $4.86, that is 52.1% below the price, quality 19 out of 100. Rating: strongly overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare US · Based in Germany · ISIN LU2458332611

A Alvotech logo Thin data Nov 8, 2026

Alvotech

ALVO · US
Very expensive, weak quality

Our calculation puts a fair price 52% below what the stock costs today.

Positive coverage
Expensive Growth (revenue 5y +54.5 %/yr in USD)
Loss over the last twelve months · -36.3% net margin (TTM) · fiscal year 2025 4.8%
Negative equity (buybacks among others)
Revenue last quarter 39% below a year ago.
Fair value $2.33 · Strongly overvalued (−52.1%)
Quality 19/100
Negative free cash flow
Trails peers (0/8)
Narrow moat 16/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$17.27 $3.00 Fair Value $2.33 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $3.00 – $17.27 · fair‑value band $1.63 – $3.03 · the $4.86 price screens above the $2.33 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Alvotech, through its subsidiaries, develops and manufactures biosimilar medicines for patients worldwide. It offers biosimilar products in the therapeutic areas of autoimmune, eye, and bone disorders, as well as cancer.

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The company provides AVT02, a high concentration, low-volume adalimumab formulation biosimilar to Humira to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, Crohn's disease, ankylosing spondylitis ulcerative colitis, and other indications; AVT04, a biosimilar to Stelara to treat various inflammatory conditions comprising psoriatic arthritis, Crohn's disease, ulcerative colitis, plaque psoriasis, and other indications; AVT06, a biosimilar to Eylea to treat various conditions, such as neovascular age-related macular degeneration, macular edema following retinal vein occlusion, diabetic macular edema and diabetic retinopathy; and AVT03, a biosimilar to Xgeva and Prolia to treat prevent bone fracture, spinal cord compression, and the need for radiation or bone surgery in patients with certain types of cancer, as well as prevent bone loss and increase bone mass.

In addition, it offers AVT05, a biosimilar to Simponi and Simponi Aria to treat various inflammatory conditions, including rheumatoid arthritis, psoriatic arthritis, ulcerative colitis, and other indications; AVT16, a biosimilar to an Entyvio product for the treatment of adult patients with moderate to severe ulcerative colitis and moderate to severely active Crohn's disease; AVT23, a biosimilar to Xolair to treat allergic asthma, chronic spontaneous urticaria (CSU), and nasal polyp; and AVT33, a biosimilar to Keytruda product which is in early phase development.

Alvotech was founded in 2013 and is based in Luxembourg, Luxembourg.

Stock analysis

Alvotech (ALVO) currently trades at $4.86, while our model-based Fair Value estimate is $2.33, 52% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of $3.64 per share, and 0 of the 8 models we run sit above the $4.86 price.

Bear case: the Multiples group reads lowest at $1.16, and 8 of the 8 models stay below the price. Data coverage for this calculation is low.

Scenario range: $1.63 (bear) to $3.03 (bull), the price of $4.86 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 19/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Alvotech reported revenue of $586M in FY2025 versus $36.8M in FY2021, a compound +99.8%/yr. Reported net income was $27.9M in FY2025.

Key figures

Market cap $1.7B Small · P/S ratio 3.42 · EPS (TTM) $−0.6200 · Net margin −36.3% · Return on assets (EBIT) −21.5% (5-year average) · Operating margin −11.1% · Revenue (TTM) $495M · Revenue growth (YoY) −38.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).

What moves the price

The share trades about 21% below its 52-week high and 62% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −52%, ALVO screens richer than that median.

Fair Value models

Bear $1.63 Fair Value $2.33 Bull $3.03
Price $4.86 · Downside -52.1%
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. 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.
Best data coverage
Growth-Adj P/E $2.54 $3.64 $4.73 65
P/E Multiple $1.29 $1.72 $2.15 63
EV/EBITDA n/a $0.9800 $2.11 62
All 9 models by family
Earnings-Based
Graham-Dodd $0.5300 $3.71 $5.21 61
Lynch FV $1.92 $2.74 $3.56 59
PEG = 1.0 $1.92 $2.74 $3.56 55
Multiples
P/E Multiple $1.29 $1.72 $2.15 63
P/S Multiple $1.00 $1.33 $1.66 58
EV/EBIT n/a $0.1500 >$0.6000 61
EV/EBITDA n/a $0.9800 $2.11 62
EV/Revenue n/a n/a $0.1300 50
Growth Earnings
Growth-Adj P/E $2.54 $3.64 $4.73 65

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 19/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 30
How much profit the company makes from its sales and capital
Quality Growth 71
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 14
Debt, balance sheet and risk of trouble
Investment 25
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 78
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 46
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+19.7%
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.
+91.9%
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.
+54.5%
Start year 2020 (pandemic)
Revenue growth 6 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.
+62.4%
Profit margin (trend) ⓘ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.
−206.5% (2020) → 13.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

ALVO screens overvalued: fair value 52% below the price. Compare with Merck KGaA →

Earlier news

News mood ⓘNews mood, the average tone of recent news (74 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.

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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.Drug Manufacturers - Specialty & Generic · 549 stocks

Beats the industry median on 0/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 19 · Bottom 25%
Fair Value upside −52.1% · Below median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets 1.9% · Below median
Net margin (12 months) −36.3% · Bottom 25%
Operating margin (12 months) −11.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −38.9% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 3.51× · Pricier than median
EV/EBITDA 37.3× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Zoetis Inc ZTS $79.40 $111.63 +41% vs ALVO
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥50.43 ¥55.21 +9% vs ALVO
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,860 ₹1,947 +5% vs ALVO
Haleon plc HLN $9.14 $8.61 −6% vs ALVO
Merck KGaA MRK €148.75 €109.18 −27% vs ALVO
Galderma Group GALD CHF 191.75 CHF 109.86 −43% vs ALVO
Takeda Pharmaceutical Company TAK $21.02 $11.31 −46% vs ALVO
Teva Pharmaceutical Industries Limited TEVA $42.61 $20.74 −51% vs ALVO
Sandoz Group SDZ CHF 83.78 CHF 39.70 −53% vs ALVO
Divi's Laboratories Limited DIVISLAB ₹10,321 ₹1,567 −85% vs ALVO

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Alvotech: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Alvotech Fair Value". https://www.fairvalue-calculator.com/stock/ALVO

Frequently asked questions

Is Alvotech (ALVO) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $2.33 versus a price of $4.86, about 52% lower (overvalued).
What is the fair value of ALVO?
Our model-based fair value for Alvotech is $2.33 (as of Nov 8, 2026), built from audited fundamentals. The current price: $4.86.
What is the quality score of ALVO?
Alvotech has a Quality Score of 19/100. 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 Alvotech (ALVO)?
Our model-based price target is the fair value of $2.33 (as of Nov 8, 2026) from 9 valuation models. Cautious scenario $1.63, optimistic scenario $3.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Alvotech stock forecast for 2026?
Our models put fair value at $2.33, about 52% lower versus a price of $4.86 (overvalued). Cautious scenario $1.63, optimistic scenario $3.03. The calculation is refreshed regularly with new filings.
What is the revenue of Alvotech (ALVO)?
Alvotech reported trailing-twelve-month revenue of about $495M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Alvotech (ALVO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alvotech it is $2.33 per share (as of Nov 8, 2026), against a price of $4.86. It is the blended result of 9 valuation models in 3 families (Earnings-Based, Multiples, Growth Earnings).
Is Alvotech stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ALVO trades above its calculated fair value: price $4.86, fair value $2.33, a gap of about −52% (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 ALVO?
No. The price is what the market pays today ($4.86); the fair value is what the company's own numbers justify ($2.33). For Alvotech the two are $2.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is Alvotech worth?
The market values Alvotech at about $1.7B (market capitalisation, as of Nov 8, 2026). Per share that is $4.86; our models calculate a fair value of $2.33 per share.
What do the bullish and bearish scenarios say about ALVO?
Our models span a range for Alvotech: cautious scenario $1.63, base $2.33, optimistic $3.03 per share (as of Nov 8, 2026, price $4.86). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Alvotech (ALVO)?
Balance-sheet figures for Alvotech (as of Nov 8, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 19/100, which measures business quality independently of the share price.
How far is ALVO from its 52-week high?
Alvotech trades at $4.86, about 21% below its 52-week high of $6.15 and 62% above the low of $3.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $2.33 is for.
Which stocks are comparable to Alvotech?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, 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 Alvotech stock attractive at the current price?
The data as of Nov 8, 2026: price $4.86, calculated fair value $2.33 (−52%), Quality Score 19/100, from 9 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 ALVO calculated?
We run Alvotech through 9 models from 3 families: Earnings-Based, Multiples, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $2.33 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. Alvotech 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 Alvotech (ALVO)?
The closing price on Nov 6, 2026 was $4.86. Our model-based fair value is $2.33, about 52% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alvotech right now?
The price sits above even our optimistic bull case ($3.03). The favourable scenario is already priced in. Weak quality (19/100) 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 ($1.63 to $3.03) leaves room in how you read the outcome.

Key figures of Alvotech

How large is the market capitalisation of Alvotech (ALVO)?
The market capitalisation of Alvotech is $1.7B. 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 Alvotech (ALVO)?
The price-to-sales ratio of Alvotech is 3.42 (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 Alvotech (ALVO)?
Earnings per share at Alvotech are $−0.6200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Alvotech (ALVO)?
The net margin of Alvotech is −36.3% (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 EBIT return on assets of Alvotech (ALVO)?
On an EBIT basis the return on assets of Alvotech is −21.5% (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 Alvotech (ALVO)?
The operating margin of Alvotech is −11.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alvotech (ALVO)?
Revenue at Alvotech is growing −38.9% versus a year earlier (3y avg +91.9%). 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 Alvotech (ALVO)?
Earnings per share at Alvotech are growing −99.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Alvotech (ALVO) generate?
The free cash flow of Alvotech is −$115M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Alvotech (ALVO) carry?
The net debt of Alvotech is $1.3B (fiscal year 2025). 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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