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Talgo SA (TLGO) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Talgo SA stock €2.04, price €2.17, that is 6.0% below the price, quality 23 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Industrials ES · ISIN ES0105065009

TS Talgo SA logo Thin data Nov 10, 2026

Talgo SA

TLGO · MC
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Last quarter vs. a year ago: revenue +39%, profit +107%.
Fair value €2.04 · Fairly valued
Expensive Growth (revenue 5y +4.9 %/yr in EUR)
Quality 23/100
Loss-making · -8.3% net margin (TTM)
High debt
Negative free cash flow
Trails peers (3/10)
Narrow moat 15/100 · thin data
Thin data
Estimate
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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

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Price vs Fair Value

€5.29 €2.10 Fair Value €2.04 Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range €2.10 – €5.29 · fair‑value band €1.53 – €2.55 · the €2.17 price screens above the €2.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Talgo, S.A. engages in design, manufacture, and maintenance of railway and auxiliary machinery for the maintenance of railway systems rolling stock worldwide. The company offers high speed, intercity, commuter and regional, and locomotive railway products.

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It is also involved in the manufacture, delivery, and maintenance of commercialized rolling stock, auxiliary and other, machines, such as pit lathes, measuring equipment, and shunting cars, as well as rolling stock renovations/remodelling.

Talgo, S.A. was formerly known as Pegaso Rail International, S.A. The company was founded in 1942 and is headquartered in Madrid, Spain.

Stock analysis

Talgo SA (TLGO) currently trades at €2.17, while our estimate is €2.04, so the stock looks roughly fairly valued today (gap 6.4%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: €1.53 (bear) to €2.55 (bull), the price of €2.17 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 23/100 (below-average quality), in the Industrials sector.

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

Talgo SA reported revenue of €618M in FY2025 versus €555M in FY2021, a compound +2.7%/yr. Reported net income was −€101M in FY2025.

Key figures

Market cap €291M Small · P/S ratio 0.42 · EPS (TTM) €−0.4600 · Net margin −8.3% · Return on equity −39.2% · Return on assets (EBIT) 0.5% (5-year average) · Operating margin 3.1% · Revenue (TTM) €726M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 15 out of 100 (low confidence).

What moves the price

The share trades about 31% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −21% fair-value upside, at −6%, TLGO screens cheaper than that median.

Fair Value

Bear €1.53 Fair Value €2.04 Bull €2.55
Price €2.17 · Downside -6.0%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 23/100

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

Profitability 5
How much profit the company makes from its sales and capital
Quality Growth 33
Are margins and returns getting better?
Cashflow 10
Do the profits arrive as real cash?
Financial strength 15
Debt, balance sheet and risk of trouble
Investment 74
Does it invest with discipline instead of growing at any price?
Low Volatility 74
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 6
Distance to the 52-week high, does not count
New shares 29
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. 17/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−7.6%
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.
+9.6%
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.
+4.9%
Start year 2020 (pandemic). Over 10 years: +1.7% a year
Revenue growth 14 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.
+3.9%
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.
−0.7% (2020) → −9.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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.Railroads · 113 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside −6.0% · Above median
Profitability
Return on assets −6.7% · Bottom 25%
Net margin (12 months) −8.3% · Bottom 25%
Operating margin (12 months) 3.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 38.7% · Top 25%
Balance sheet
Debt / equity 1.69× · Highest 25%

Valuation Multiplesvs Railroads median · lower = cheaper

P/B 1.30× · 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.
P/S (12 months) 0.40× · Cheapest 25%
EV/EBITDA 69.9× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)25 · sector 18
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)0 · sector 29
HEALTH (low debt)16 · sector 91
DIVIDEND (yield)0 · sector 42

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 Railroads stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
CRRC Corporation 601766 ¥6.42 ¥9.21 +43% vs TLGO
Beijing-Shanghai High-Speed Railway Co 601816 ¥5.27 ¥5.80 +10% vs TLGO
Westinghouse Air Brake Technologies Corporation WAB $303.49 $290.92 −4% vs TLGO
Daqin Railway Co 601006 ¥4.86 ¥4.66 −4% vs TLGO
Canadian National Railway Company CNI $126.78 $100.13 −21% vs TLGO
MTR Corporation 0066 HK$34.82 HK$25.72 −26% vs TLGO
Union Pacific Corporation UNP $300.62 $153.89 −49% vs TLGO
Canadian Pacific Kansas City Limited CP $93.79 $38.04 −59% vs TLGO
Norfolk Southern Corporation NSC $327.93 $132.55 −60% vs TLGO
CSX Corporation CSX $51.08 $12.92 −75% vs TLGO

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Talgo SA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Talgo SA Fair Value". https://www.fairvalue-calculator.com/stock/TLGO

Frequently asked questions

Is Talgo SA (TLGO) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €2.04 versus a price of €2.17, about 6% lower (fairly valued).
What is the fair value of TLGO?
Our estimate for Talgo SA is €2.04 (as of Nov 10, 2026), built from audited fundamentals. The current price: €2.17.
What is the quality score of TLGO?
Talgo SA has a Quality Score of 23/100. 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 Talgo SA (TLGO)?
Our calculated price target is the estimate of €2.04 (as of Nov 10, 2026). Cautious scenario €1.53, optimistic scenario €2.55. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Talgo SA stock forecast for 2026?
Our estimate puts fair value at €2.04, about 6% lower versus a price of €2.17 (fairly valued). Cautious scenario €1.53, optimistic scenario €2.55. The calculation is refreshed regularly with new filings.
What is the revenue of Talgo SA (TLGO)?
Talgo SA reported trailing-twelve-month revenue of about €726M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Talgo SA (TLGO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Talgo SA it is €2.04 per share (as of Nov 10, 2026), against a price of €2.17.
Is Talgo SA stock overvalued or undervalued in 2026?
As of Nov 10, 2026, TLGO trades above its calculated fair value: price €2.17, fair value €2.04, a gap of about −6% (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 TLGO?
No. The price is what the market pays today (€2.17); the fair value is what the company's own numbers justify (€2.04). For Talgo SA the two are €0.1300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Talgo SA worth?
The market values Talgo SA at about €291M (market capitalisation, as of Nov 10, 2026). Per share that is €2.17; our models calculate a fair value of €2.04 per share.
What do the bullish and bearish scenarios say about TLGO?
Our models span a range for Talgo SA: cautious scenario €1.53, base €2.04, optimistic €2.55 per share (as of Nov 10, 2026, price €2.17). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Talgo SA (TLGO)?
Balance-sheet figures for Talgo SA (as of Nov 10, 2026): return on equity −39.2%, debt of 1.69 per unit of equity. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is TLGO from its 52-week high?
Talgo SA trades at €2.17, about 31% below its 52-week high of €3.15 and 4% above the low of €2.10 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €2.04 is for.
Which stocks are comparable to Talgo SA?
From the same area (Industrials) we also value Union Pacific Corporation, CSX Corporation, Canadian Pacific Kansas City Limited, Norfolk Southern 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 Talgo SA stock attractive at the current price?
The data as of Nov 10, 2026: price €2.17, calculated fair value €2.04 (−6%), Quality Score 23/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Talgo SA 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 Talgo SA (TLGO)?
The closing price on Nov 10, 2026 was €2.17. Our estimate is €2.04, about 6% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Talgo SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Talgo SA

How large is the market capitalisation of Talgo SA (TLGO)?
The market capitalisation of Talgo SA is €291M. 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 Talgo SA (TLGO)?
The price-to-sales ratio of Talgo SA is 0.42 (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 Talgo SA (TLGO)?
Earnings per share at Talgo SA are €−0.4600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Talgo SA (TLGO)?
The net margin of Talgo SA 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 Talgo SA (TLGO)?
The return on equity (ROE) of Talgo SA is −39.2% (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 Talgo SA (TLGO)?
On an EBIT basis the return on assets of Talgo SA 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 Talgo SA (TLGO)?
The operating margin of Talgo SA is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Talgo SA (TLGO)?
Revenue at Talgo SA is growing +38.7% versus a year earlier (3y avg +9.6%). 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 Talgo SA (TLGO)?
Earnings per share at Talgo SA are growing +107% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Talgo SA (TLGO) generate?
The free cash flow of Talgo SA is −€140M (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 Talgo SA (TLGO) carry?
The net debt of Talgo SA is €385M (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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