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Airway (AWM) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Airway stock PLN 0.25, price PLN 0.24, upside +3.8%, quality 15 out of 100. Rating: fairly valued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare PL · ISIN PLAIRWY00017

A Airway logo Thin data Nov 7, 2026

Airway

AWM · WAR
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Fair value 0.2465 PLN · Fairly valued
Mixed Growth (revenue 5y −47.3 %/yr in PLN)
Negative equity (buybacks among others)
Mixed vs. peers (2/4)
Revenue last quarter 64% below a year ago.
Quality 15/100
Negative free cash flow
Narrow moat 36/100 · thin data
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

1.39 PLN 0.2100 PLN Fair Value 0.2465 PLN Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 0.2100 PLN – 1.39 PLN · fair‑value band 0.1785 PLN – 0.3570 PLN · the 0.2375 PLN price screens below the 0.2465 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Airway Medix S.A. engages in the research, development, and commercialization of medical devices for the mechanically ventilated patients in the intensive care units and for the patients in life-threatening conditions in the anaesthesiology departments in Poland and internationally.

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It offers Closed Suction System, a dual operation of balloon swiping and suction; B-Oral Care for intubated hospital patients; Hyper Form, a ventilation laryngeal masks and tube cuffs; and Cuff Pressure Regulator, single-patient use device that provides continuous regulation of pressure in inflatable ventilation tube cuffs.

Airway Medix S.A. was founded in 2010 and is based in Warsaw, Poland.

Stock analysis

Airway (AWM) currently trades at 0.2375 PLN, while our model-based Fair Value estimate is 0.2465 PLN, so the stock looks roughly fairly valued today (gap 3.7%).

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Valuation

Bull case: the Multiples group reads highest at a median of 0.3300 PLN per share, and 3 of the 4 models we run sit above the 0.2375 PLN price.

Bear case: the Earnings-Based group reads lowest at 0.1300 PLN, and 1 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: 0.1785 PLN (bear) to 0.3570 PLN (bull), the price of 0.2375 PLN 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 15/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.

Airway reported revenue of 4.0K PLN in FY2025 versus 6.0K PLN in FY2021, a compound −9.6%/yr. Reported net income was 1.7M PLN in FY2025.

Key figures

Market cap 27.3M PLN (≈ $7.0M) Micro · EPS (TTM) −0.0700 PLN · Return on equity 11.3% · Return on assets (EBIT) −71.1% (5-year average) · Operating margin −1,974% · Revenue growth (YoY) −63.6% · Free cash flow −3.6M PLN · Net debt 12.7M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −44% fair-value upside, at 4%, AWM screens cheaper than that median.

Fair Value models

Bear 0.1785 PLN Fair Value 0.2465 PLN Bull 0.3570 PLN
Price 0.2375 PLN · Upside +3.8%
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
Owner Earnings 0.2100 PLN 0.2900 PLN 0.4300 PLN 76
Graham-Dodd 0.1000 PLN 0.1300 PLN 0.1400 PLN 67
Growth-Adj P/E 0.1800 PLN 0.2500 PLN 0.3300 PLN 67
All 4 models by family
DCF Models
Owner Earnings 0.2100 PLN 0.2900 PLN 0.4300 PLN 76
Earnings-Based
Graham-Dodd 0.1000 PLN 0.1300 PLN 0.1400 PLN 67
Multiples
P/E Multiple 0.2500 PLN 0.3300 PLN 0.4200 PLN 63
Growth Earnings
Growth-Adj P/E 0.1800 PLN 0.2500 PLN 0.3300 PLN 67

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

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Quality Score breakdown

Overall quality 15/100

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

Profitability 46
How much profit the company makes from its sales and capital
Quality Growth 50
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 2
Debt, balance sheet and risk of trouble
Investment 0
Does it invest with discipline instead of growing at any price?
Low Volatility 70
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

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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. 55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−47.3%
Revenue growth 8 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.
−17.7%
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.
−879.8% (2020) → −147,775.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

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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.Medical Instruments & Supplies · 181 stocks

Beats the industry median on 2/4 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 15 · Bottom 25%
Fair Value upside +5.1% · Above 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 14.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −63.6% · 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 Medical Instruments & Supplies 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.

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)40 · sector 25
FUTURE (revenue growth)0 · sector 40
PAST (return on equity)0 · sector 30
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 32

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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 Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Solventum Corporation SOLV $90.38 $131.27 +45% vs AWM
EssilorLuxottica Société anonyme EL €193.80 €196.22 +1% vs AWM
Intuitive Surgical, Inc ISRG $452.80 $353.90 −22% vs AWM
Medline Inc MDLN $39.64 $28.59 −28% vs AWM
Alcon Inc ALC CHF 61.30 CHF 34.06 −44% vs AWM
Becton, Dickinson and Company BDX $211.88 $97.80 −54% vs AWM
Straumann Holding STMN CHF 104.50 CHF 45.50 −56% vs AWM
West Pharmaceutical Services, Inc WST $399.81 $139.22 −65% vs AWM
Sartorius Stedim Biotech S.A DIM €225.80 €54.82 −76% vs AWM
Sartorius Aktiengesellschaft SRT €227.00 €42.50 −81% vs AWM

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Airway: fair value per Fair Value Calculator

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

Frequently asked questions

Is Airway (AWM) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 0.2465 PLN versus a price of 0.2375 PLN, about +4% upside (fairly valued).
What is the fair value of AWM?
Our model-based fair value for Airway is 0.2465 PLN (as of Nov 7, 2026), built from audited fundamentals. The current price: 0.2375 PLN.
What is the quality score of AWM?
Airway has a Quality Score of 15/100. 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 Airway (AWM)?
Our model-based price target is the fair value of 0.2465 PLN (as of Nov 7, 2026) from 4 valuation models. Cautious scenario 0.1785 PLN, optimistic scenario 0.3570 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Airway stock forecast for 2026?
Our models put fair value at 0.2465 PLN, about +4% upside versus a price of 0.2375 PLN (fairly valued). Cautious scenario 0.1785 PLN, optimistic scenario 0.3570 PLN. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Airway (AWM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Airway it is 0.2465 PLN per share (as of Nov 7, 2026), against a price of 0.2375 PLN. It is the blended result of 4 valuation models in 4 families (DCF Models, Earnings-Based, Multiples, Growth Earnings).
Is Airway stock overvalued or undervalued in 2026?
As of Nov 7, 2026, AWM trades below its calculated fair value: price 0.2375 PLN, fair value 0.2465 PLN, a gap of about +4% (fairly valued). 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 AWM?
No. The price is what the market pays today (0.2375 PLN); the fair value is what the company's own numbers justify (0.2465 PLN). For Airway the two are 0.0090 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Airway worth?
The market values Airway at about 27.3M PLN (market capitalisation, as of Nov 7, 2026). Per share that is 0.2375 PLN; our models calculate a fair value of 0.2465 PLN per share.
What do the bullish and bearish scenarios say about AWM?
Our models span a range for Airway: cautious scenario 0.1785 PLN, base 0.2465 PLN, optimistic 0.3570 PLN per share (as of Nov 7, 2026, price 0.2375 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Airway (AWM)?
Balance-sheet figures for Airway (as of Nov 7, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 15/100, which measures business quality independently of the share price.
How far is AWM from its 52-week high?
Airway trades at 0.2375 PLN, about 35% below its 52-week high of 0.3680 PLN and 1% above the low of 0.2345 PLN (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 0.2465 PLN is for.
Which stocks are comparable to Airway?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline 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 Airway stock attractive at the current price?
The data as of Nov 7, 2026: price 0.2375 PLN, calculated fair value 0.2465 PLN (+4%), Quality Score 15/100, from 4 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 AWM calculated?
We run Airway through 4 models from 4 families: DCF Models, Earnings-Based, Multiples, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 0.2465 PLN 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 13.3% above its aggregate fair value. Airway currently trades 4% below its own fair value, and the market average says nothing about that. 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 Airway (AWM)?
The closing price on Nov 9, 2026 was 0.2375 PLN. Our model-based fair value is 0.2465 PLN, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Airway right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (0.1785 PLN to 0.3570 PLN) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Airway

How large is the market capitalisation of Airway (AWM)?
The market capitalisation of Airway is 27.3M PLN (≈ $7.0M). 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 are the earnings per share of Airway (AWM)?
Earnings per share at Airway are −0.0700 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Airway (AWM)?
The return on equity (ROE) of Airway is 11.3% (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 Airway (AWM)?
On an EBIT basis the return on assets of Airway is −71.1% (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 Airway (AWM)?
The operating margin of Airway is −1,974% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Airway (AWM)?
Revenue at Airway is growing −63.6% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Airway (AWM) generate?
The free cash flow of Airway is −3.6M PLN (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 Airway (AWM) carry?
The net debt of Airway is 12.7M PLN (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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