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Alcon Inc (0A0D) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Alcon Inc $68.04, price $52.86, upside +28.7%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Industrials · GB · Home Switzerland · ISIN CH0432492467

AI Broad data Sep 24, 2026

Alcon Inc

0A0D · LSE

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value $68.04 · Undervalued (+28.7%)
✓Quality 64/100
✓Healthy Growth (revenue 5y +9.8 %/yr)
!Thin margins · 7.7% net margin (TTM)
✓Low debt · generates free cash flow
✓0.7% dividend yield · Well covered
!Narrow moat 35/100

What runs behind every stock

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

Price vs Fair Value

$86.41 $48.22 Fair Value $68.04 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $48.22 – $86.41 · fair‑value band $47.96 – $88.12 · the $52.86 price screens below the $68.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Alcon Inc. researches, develops, manufactures, distributes, and sells eye care products worldwide. The company operates through two segments, Surgical and Vision Care.

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Alcon Inc. researches, develops, manufactures, distributes, and sells eye care products worldwide. The company operates through two segments, Surgical and Vision Care. It offers equipment, instrumentation and diagnostics, intraocular lenses (IOLs), and other implantables; and consumables, including viscoelastics, surgical solutions, incisional instruments, surgical custom packs, and other products for surgical procedures. The company's cataract products include Unity CS, LenSx laser system, Verion reference unit and Verion digital marker, ARGOS biometer, SMARTCATARACT health platform, NGENUITY 3D visualization system, LuxOR surgical ophthalmic microscope, and ORA system for intra-operative measurements; ADI cloud-based platform; and implantable products, including monofocal, Toric, and Presbyopia-Correcting IOLs, as well as delivery systems, such as AutonoMe and UltraSert. In addition, it provides Custom Pak surgical procedure packs vitreoretinal products comprising constellation vision systems, procedure packs, lasers and hand-held microsurgical instruments, Grieshaber, MIVS instruments; scissors, forceps and micro-instruments, medical grade vitreous tamponades, and Hypervit probes; and refractive surgery products, including WaveLight and Contoura Vision used for LASIK refractive procedure. Further, the company offers daily disposable, reusable, and color-enhancing contact lenses; ocular health products, such as dry eye, ocular allergies, glaucoma, and contact lens care, as well as ocular vitamins and redness relievers. The company was formerly known as Alcon Universal S.A. and changed its name to Alcon Inc. in December 2001. Alcon Inc. was founded in 1945 and is headquartered in Geneva, Switzerland.

Stock analysis

Alcon Inc (0A0D) currently trades at $52.86, while our model-based Fair Value estimate is $68.04, implying the stock looks roughly 22.3% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $79.74 per share, and 19 of the 26 models we run sit above the $52.86 price.

Bear case: the Dividend Discount group reads lowest at $8.24, and 7 of the 26 models stay below the price. Evidence for this calculation is high.

Scenario range: $47.96 (bear) to $88.12 (bull), the price of $52.86 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 64/100 (solid quality), in the Industrials sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Alcon Inc reported revenue of $10.9B in FY2025 versus $8.3B in FY2021, a compound +7.1%/yr. Reported net income was $1.0B in FY2025, compounding +28.5%/yr from FY2021.

Key figures

Market cap $26.2B · P/E ratio 0.8 · P/S ratio 0.07 · EPS (TTM) $0.9090 · Dividend yield 0.7% · Net margin 9.4% · Return on equity 3.7% · Return on assets (EBIT) 3.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 22% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −40% fair-value upside, at 29%, 0A0D screens cheaper than that median.

Fair Value models

Bear $47.96 Fair Value $68.04 Bull $88.12
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.4204 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF $63.39 $101.13 $156.55 79
Growth DCF $64.35 $97.49 $143.10 78
Residual Income $54.47 $53.92 $56.47 76
All 26 models by family
DCF Models
FCF DCF $63.39 $101.13 $156.55 79
Owner Earnings $65.04 $103.65 $160.35 75
5Y Revenue Exit $43.95 $69.91 $102.39 72
5Y EBITDA Exit $69.56 $117.91 $174.15 74
5Y P/E Exit $48.15 $77.79 $108.53 70
10Y Revenue Exit $49.28 $74.38 $107.06 66
10Y EBITDA Exit $66.52 $106.99 $160.69 67
10Y P/E Exit $53.16 $79.74 $111.65 64
Earnings-Based
Graham-Dodd $23.09 $72.57 $96.60 64
Lynch FV $15.88 $22.68 $29.48 61
PEG = 1.0 $15.88 $22.68 $29.48 57
EPV $29.28 $35.16 $40.24 74
Dividend Discount
Gordon GGM $5.05 $10.06 $15.24 67
DDM Multi-Stage $5.05 $8.24 $10.62 66
Multiples
P/E Multiple $53.47 $71.30 $89.12 63
P/S Multiple $43.29 $57.72 $72.14 58
P/B Multiple $43.29 $57.72 $72.14 55
EV/EBIT $52.24 $72.32 $92.40 66
EV/EBITDA $83.15 $113.54 $143.93 67
EV/Revenue $34.99 $53.42 $71.85 53
Asset-Based
NCAV (Graham) $36.41 $48.79 $72.82 54
Growth DCF
Growth DCF $64.35 $97.49 $143.10 78
Rev-Margin DCF $43.95 $70.53 $101.40 72
Economic Profit
Residual Income $54.47 $53.92 $56.47 76
ROIC Compounder $29.28 $35.16 $40.24 72
Growth Earnings
Growth-Adj P/E $44.36 $63.38 $82.39 67

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Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 44

Profitability 32
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 79
Earnings quality: real cash, not paper profit
Fin. Strength 63
Balance sheet, leverage, solvency risk
Investment 83
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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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. 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.9%
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.
+7.7%
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.
+9.8%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 10 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%
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.
+22.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.1%
Dividend (yield on the price)0.7%
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.22.1% vs 12.7%, 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.−7% → 13%
Start year 2020 (pandemic)

Growth Forecast

Price in line with expectations
The price assumes less growth than the company has delivered so far and about what 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).
+4.7%
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 (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +2.3% a year for the price and +2.3% for the forecasts.
Forecast 2026 (sales)+2.2%
Forecast 2027 (sales)+6.1%
Projected 2028 (sales)+5.6%
Projected 2029 (sales)+5.1%
Projected 2030 (sales)+4.6%

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Values & ESG

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Cite: Fair Value Calculator (2026). "Alcon Inc Fair Value". https://www.fairvalue-calculator.com/stock/0A0D

Frequently asked questions

Is Alcon Inc (0A0D) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $68.04 versus a price of $52.86, about +29% upside (undervalued).
What is the fair value of 0A0D?
Our model-based fair value for Alcon Inc is $68.04 (as of Sep 24, 2026), built from audited fundamentals. The current price: $52.86.
What is the quality score of 0A0D?
Alcon Inc has a Quality Score of 64/100. 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 Alcon Inc (0A0D)?
Our model-based price target is the fair value of $68.04 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $47.96, optimistic scenario $88.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Alcon Inc stock forecast for 2026?
Our models put fair value at $68.04, about +29% upside versus a price of $52.86 (undervalued). Cautious scenario $47.96, optimistic scenario $88.12. The calculation is refreshed regularly with new filings.
What is the revenue of Alcon Inc (0A0D)?
Alcon Inc reported trailing-twelve-month revenue of about $10.6B (latest available figure, as of Sep 24, 2026).
Does Alcon Inc pay a dividend?
Alcon Inc currently shows a dividend yield of about 0.67% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Alcon Inc (0A0D)?
For today's price to be fair in a discounted-cash-flow model, Alcon Inc would have to grow free cash flow by +4.7 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0A0D use?
Our models discount Alcon Inc at 9.5 %: a base by market capitalisation (unknown), damped by beta 0.70, country premium for United Kingdom. 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 Alcon Inc that is +4.7 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Alcon Inc (0A0D) delivered so far?
Over the past 5 years revenue at Alcon Inc grew +9.8 % a year. The price currently implies +4.7 % 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 Alcon Inc (0A0D) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Alcon Inc (+4.7 % 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 Alcon Inc (0A0D)?
The free-cash-flow yield on the price is 6.90 %: that much free cash flow Alcon Inc produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Alcon Inc (0A0D)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alcon Inc it is $68.04 per share (as of Sep 24, 2026), against a price of $52.86. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Alcon Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0A0D trades below its calculated fair value: price $52.86, fair value $68.04, a gap of about +29% (undervalued). 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 0A0D?
No. The price is what the market pays today ($52.86); the fair value is what the company's own numbers justify ($68.04). For Alcon Inc the two are $15.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Alcon Inc worth?
The market values Alcon Inc at about $26.2B (market capitalisation, as of Sep 24, 2026). Per share that is $52.86; our models calculate a fair value of $68.04 per share.
What do the bullish and bearish scenarios say about 0A0D?
Our models span a range for Alcon Inc: cautious scenario $47.96, base $68.04, optimistic $88.12 per share (as of Sep 24, 2026, price $52.86). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0A0D from its 52-week high?
Alcon Inc trades at $52.86, about 22% below its 52-week high of $67.35 and 10% above the low of $48.22 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $68.04 is for.
Which stocks are comparable to Alcon Inc?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, Delta Electronics (Thailand) Public Company, Larsen & Toubro Limited, Samsung C&T 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 Alcon Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $52.86, calculated fair value $68.04 (+29%), Quality Score 64/100, from 26 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 0A0D calculated?
We run Alcon Inc through 26 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 $68.04, 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 14.5 % above its aggregate fair value. Alcon Inc currently trades 22 % 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 Alcon Inc (0A0D)?
The closing price on Oct 2, 2026 was $52.86. Our model-based fair value is $68.04, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alcon Inc right now?
Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($47.96 to $88.12) leaves room in how you read the outcome.

Key figures of Alcon Inc

How large is the market capitalisation of Alcon Inc (0A0D)?
The market capitalisation of Alcon Inc is $26.2B. 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/E ratio of Alcon Inc (0A0D)?
The price-to-earnings ratio of Alcon Inc is 0.8 (as of Jul 24, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Alcon Inc (0A0D)?
The price-to-sales ratio of Alcon Inc is 0.07 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Alcon Inc (0A0D)?
Earnings per share at Alcon Inc are $0.9090 (price ÷ EPS = P/E 0.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Alcon Inc (0A0D)?
The dividend yield of Alcon Inc is 0.7% (payout 38.8%). 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 Alcon Inc (0A0D)?
The net margin of Alcon Inc is 9.4% (fiscal year 2025). 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 Alcon Inc (0A0D)?
The return on equity (ROE) of Alcon Inc is 3.7% (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 Alcon Inc (0A0D)?
On an EBIT basis the return on assets of Alcon Inc is 3.4% (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 Alcon Inc (0A0D)?
The operating margin of Alcon Inc is 12.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alcon Inc (0A0D)?
Revenue at Alcon Inc is growing +9.4% versus a year earlier (3y avg +7.7%). 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 Alcon Inc (0A0D)?
Earnings per share at Alcon Inc are growing −44.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Alcon Inc (0A0D) carry?
The net debt of Alcon Inc is $3.7B (fiscal year 2025, ≈ 2.1 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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