Sandoz Group AG (SDZ) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Sandoz Group AG stock CHF 39.70, price CHF 83.62, that is 52.5% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 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 5, 2026.
How to read this chart
37‑month range CHF 22.61 – CHF 83.62 · fair‑value band CHF 22.77 – CHF 49.62 · the CHF 83.62 price screens above the CHF 39.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Sandoz Group AG develops, manufactures, and markets generic and biosimilars worldwide.
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The company covers therapeutic areas, including cardiovascular, central nervous system, oncology, infectious diseases, pain and respiratory, supportive care, rare diseases, diabetes, immunology, endocrinology, neurology, osteoporosis, nephrology, hematology, and ophthalmology.
It also provides a portfolio of active pharmaceutical ingredients and finished dosage forms. Sandoz Group AG was founded in 1886 and is headquartered in Basel, Switzerland.
Stock analysis
Sandoz Group AG (SDZ) currently trades at CHF 83.62, while our model-based Fair Value estimate is CHF 39.70, 53% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of CHF 43.45 per share, and 0 of the 24 models we run sit above the CHF 83.62 price.
Bear case: the Dividend Discount group reads lowest at CHF 11.17, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 22.77 (bear) to CHF 49.62 (bull), the price of CHF 83.62 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 56/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Sandoz Group AG reported revenue of $11.6B in FY2025 versus $8.8B in FY2021, a compound +7.1%/yr. Reported net income was $957M in FY2025, compounding +3.7%/yr from FY2021.
Key figures
Market cap CHF 36.5B Large · P/E ratio 49.5 · P/S ratio 3.27 · EPS (TTM) CHF 1.69 · Dividend yield 1.2% · Net margin 8.2% · Return on equity 10.4% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades at its 52-week high and 60% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −6% fair-value upside, at −53%, SDZ screens richer than that median.
Fair Value models
BearCHF 22.77Fair Value CHF 39.70BullCHF 49.62
Price CHF 83.62 · Downside -52.5%
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 0.5784 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.67/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+27.3%
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.
+9.4%
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.
+6.3%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−21.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.0%
Dividend (yield on the price)1.2%
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.8% → 15%
2025 sits 2,324% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
+20.7%
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.
+4.7%
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 +20.0% a year for the price and +4.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (94 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: Generics operations supply steady cash flows as the core strength, yet the business shows only limited public signals of durable advantage with thin evidence overall.
Main risk: Rivals such as Biocon, Amgen and Samsung Bioepis could launch competing biosimilars at lower prices and erode margins of Sandoz in its growing biosimilar segment.
Bull case: Sandoz could leverage its new manufacturing capacity and pipeline to gain share in biosimilars faster than rivals and offset any pricing pressure through volume growth.
Bear case: Persistent price competition from multiple biosimilar entrants combined with repeated legal payouts could squeeze cash flows and slow the shift to a broader biosimilar portfolio.
Sandoz has opened a new high-volume biosimilar drug substance manufacturing centre in Lendava, Slovenia, as part of building greater in-house capacity across its European network. This step advances the push toward a much broader biosimilar portfolio in the years ahead while the generics business remains the main source of steady cash flows. Will the added manufacturing scale ultimately lift overall margins more than it increases exposure to development and regulatory risks?
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.Drug Manufacturers - Specialty & Generic · 550 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−52.5% · Below median
Profitability
Return on equity (12 months)10.4% · Above median
Return on assets4.4% · Above median
Net margin (12 months)8.2% · Above median
Operating margin (12 months)14.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)10.7% · Above median
Dividend yield (12 months)1.2% · Below median
Balance sheet
Debt / equity0.50× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (12 months)49.5× · Priciest 25%
P/B3.89× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "Sandoz Group AG Fair Value". https://www.fairvalue-calculator.com/stock/SDZ
Frequently asked questions
Is Sandoz Group AG (SDZ) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of CHF 39.70 versus a price of CHF 83.62, about 53% lower (overvalued).
What is the fair value of SDZ?
Our model-based fair value for Sandoz Group AG is CHF 39.70 (as of Nov 5, 2026), built from audited fundamentals. The current price: CHF 83.62.
What is the quality score of SDZ?
Sandoz Group AG has a Quality Score of 56/100. 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 Sandoz Group AG (SDZ)?
Our model-based price target is the fair value of CHF 39.70 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario CHF 22.77, optimistic scenario CHF 49.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Sandoz Group AG stock forecast for 2026?
Our models put fair value at CHF 39.70, about 53% lower versus a price of CHF 83.62 (overvalued). Cautious scenario CHF 22.77, optimistic scenario CHF 49.62. The calculation is refreshed regularly with new filings.
What is the revenue of Sandoz Group AG (SDZ)?
Sandoz Group AG reported trailing-twelve-month revenue of about CHF 11.2B (latest available figure, as of Nov 5, 2026).
Does Sandoz Group AG pay a dividend?
Sandoz Group AG currently shows a dividend yield of 1.21% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Sandoz Group AG (SDZ)?
For today's price to be fair in a discounted-cash-flow model, Sandoz Group AG would have to grow free cash flow by +20.7 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.3 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of SDZ use?
Our models discount Sandoz Group AG at 7.9 %: a base by market capitalisation (large), damped by beta 0.50, 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 Sandoz Group AG that is +20.7 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Sandoz Group AG (SDZ) delivered so far?
Over the past 5 years revenue at Sandoz Group AG grew +6.3 % a year. The price currently implies +20.7 % 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 Sandoz Group AG (SDZ) growing?
The median revenue growth in the sector is +1.9 % a year. That is the yardstick for the growth priced into Sandoz Group AG (+20.7 % 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 Sandoz Group AG (SDZ)?
The free-cash-flow yield on the price is 2.22 %: that much free cash flow Sandoz Group AG produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sandoz Group AG (SDZ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sandoz Group AG it is CHF 39.70 per share (as of Nov 5, 2026), against a price of CHF 83.62. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Sandoz Group AG stock overvalued or undervalued in 2026?
As of Nov 5, 2026, SDZ trades above its calculated fair value: price CHF 83.62, fair value CHF 39.70, a gap of about −53% (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 SDZ?
No. The price is what the market pays today (CHF 83.62); the fair value is what the company's own numbers justify (CHF 39.70). For Sandoz Group AG the two are CHF 43.92 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sandoz Group AG worth?
The market values Sandoz Group AG at about CHF 36.5B (market capitalisation, as of Nov 5, 2026). Per share that is CHF 83.62; our models calculate a fair value of CHF 39.70 per share.
What do the bullish and bearish scenarios say about SDZ?
Our models span a range for Sandoz Group AG: cautious scenario CHF 22.77, base CHF 39.70, optimistic CHF 49.62 per share (as of Nov 5, 2026, price CHF 83.62). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SDZ?
Sandoz Group AG trades at a price-to-earnings ratio of 49.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 39.70 is built from several models across several years. Other multiples: PEG 0.9, P/B 3.9, P/S 3.3, EV/EBITDA 20.9.
What is the PEG ratio of SDZ?
The PEG ratio of Sandoz Group AG is 0.86 (P/E divided by earnings growth, as of Nov 5, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Sandoz Group AG (SDZ)?
Balance-sheet figures for Sandoz Group AG (as of Nov 5, 2026): return on equity 10.4%, debt of 0.50 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is SDZ from its 52-week high?
Sandoz Group AG trades at CHF 83.62, at its 52-week high of CHF 83.62 and 60% above the low of CHF 52.25 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 39.70 is for.
Which stocks are comparable to Sandoz Group AG?
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 Sandoz Group AG stock attractive at the current price?
The data as of Nov 5, 2026: price CHF 83.62, calculated fair value CHF 39.70 (−53%), Quality Score 56/100, from 24 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 SDZ calculated?
We run Sandoz Group AG through 24 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 39.70, 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. Sandoz Group 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 Sandoz Group AG (SDZ)?
The closing price on Nov 5, 2026 was CHF 83.62. Our model-based fair value is CHF 39.70, about 53% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sandoz Group AG right now?
The price sits above even our optimistic bull case (CHF 49.62). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 22.77 to CHF 49.62) leaves room in how you read the outcome.
Key figures of Sandoz Group AG
How large is the market capitalisation of Sandoz Group AG (SDZ)?
The market capitalisation of Sandoz Group AG is CHF 36.5B. 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 Sandoz Group AG (SDZ)?
The price-to-sales ratio of Sandoz Group AG is 3.27 (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 Sandoz Group AG (SDZ)?
Earnings per share at Sandoz Group AG are CHF 1.69 (price ÷ EPS = P/E 49.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sandoz Group AG (SDZ)?
The dividend yield of Sandoz Group AG is 1.2% (payout 59.7%). 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 Sandoz Group AG (SDZ)?
The net margin of Sandoz Group AG is 8.2% (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 Sandoz Group AG (SDZ)?
The return on equity (ROE) of Sandoz Group AG is 10.4% (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 Sandoz Group AG (SDZ)?
On an EBIT basis the return on assets of Sandoz Group AG is 0.5% (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 Sandoz Group AG (SDZ)?
The operating margin of Sandoz Group AG is 14.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sandoz Group AG (SDZ)?
Revenue at Sandoz Group AG is growing +10.7% versus a year earlier (3y avg +9.4%). 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 Sandoz Group AG (SDZ)?
Earnings per share at Sandoz Group AG are growing +150% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sandoz Group AG (SDZ) carry?
The net debt of Sandoz Group AG is CHF 3.9B (fiscal year 2025, ≈ 4.9 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 5, 2026