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Holy Stone Healthcare Co., Ltd. (4194) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Holy Stone Healthcare Co., Ltd. stock TWD 0.74, price TWD 6.10, that is 87.9% below the price, quality 45 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare TW · ISIN TW0004194006

HS Holy Stone Healthcare Co., Ltd. logo Thin data Nov 4, 2026

Holy Stone Healthcare Co., Ltd.

4194 · TWO
Very expensive, weak quality

Our calculation puts a fair price 88% below what the stock costs today.

Quality 45/100
Fair value 0.7400 TWD · Strongly overvalued
Weak Growth (revenue 5y −10.3 %/yr in TWD)
Negative free cash flow
Trails peers (3/8)
Narrow moat 15/100
Thin data
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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

46.48 TWD 5.70 TWD Fair Value 0.7400 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range 5.70 TWD – 46.48 TWD · fair‑value band 0.4900 TWD – 0.9300 TWD · the 6.10 TWD price screens above the 0.7400 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Holy Stone Healthcare Co., Ltd., together with its subsidiaries, develops and sells hyaluronic acid-related therapeutic products in Taiwan.

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The company offers RenehaVis and SportVis, which are injectable medical devices for osteoarthritis and soft tissue injuries; TRUD, a medical device that contains a mixture of hyaluronic acid used for the treatment and prevention of ulcerative colitis in inflammatory bowel disease (IBD); and GAF, a gel for anal fissure healing.

It also develops IBD98-M, an oral capsule that is in a Phase IIa trial for ulcerative colitis; CA102N, a receptor-targeted chemotherapy that is in a Phase II trial for metastatic colorectal cancer, as well as in a pre-clinical stage for pancreatic ductal adenocarcinoma and a discovery stage for triple-negative breast cancer; ND108E, a CNS-targeted HA conjugate that is in a pre-clinical trial for Alzheimer's disease; AMD112, a non-invasive HA-conjugated small molecule therapy that is in a pre-clinical trial for wet age-related macular degeneration and other neovascular retinal diseases; and HylCaryo, a hyaluronic acid (HA)-derived nanoparticle platform in a discovery stage.

In addition, the company engages in general investment; development and sale of medical devices; biotechnology services; and patent application for pharmaceutical products. Holy Stone Healthcare Co., Ltd. was founded in 2001 and is headquartered in Taipei, Taiwan.

Stock analysis

Holy Stone Healthcare Co., Ltd. (4194) currently trades at 6.10 TWD, while our model-based Fair Value estimate is 0.7400 TWD, 88% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: 0.4900 TWD (bear) to 0.9300 TWD (bull), the price of 6.10 TWD 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 45/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Holy Stone Healthcare Co., Ltd. reported revenue of 0 TWD in FY2025 versus 217M TWD in FY2021. Reported net income was −111M TWD in FY2025.

Key figures

Market cap 1.1B TWD (≈ $33.3M) Micro · P/S ratio 24.1 · EPS (TTM) −0.8600 TWD · Return on equity −67.2% · Return on assets (EBIT) −67.8% (5-year average) · Revenue (TTM) 47.5M TWD · Free cash flow −116M TWD · Net cash 252M TWD.

Competitive moat

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

What moves the price

The share trades about 35% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −88%, 4194 screens richer than that median.

Fair Value models

Bear 0.4900 TWD Fair Value 0.7400 TWD Bull 0.9300 TWD
Price 6.10 TWD · Downside -87.9%
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
NCAV (Graham) 0.4900 TWD 0.7400 TWD 0.9300 TWD 52
All 1 models by family
Asset-Based
NCAV (Graham) 0.4900 TWD 0.7400 TWD 0.9300 TWD 52

Open the full fair value analysis →

Quality Score breakdown

Overall quality 45/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 22
Are margins and returns getting better?
Cashflow 32
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 45
How calm the share price moves, does not count
Price momentum 29
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 2
Distance to the 52-week high, does not count
New shares 31
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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−49.9%
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.
−18.2%
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.
−10.3%
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.
−91.8% (2019) → −159.8% (2024)
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

4194 screens overvalued: fair value 88% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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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.Biotechnology · 558 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 45 · Above median
Fair Value upside −87.9% · Bottom 25%
Profitability
Return on assets −50.5% · Bottom 25%
Operating margin (12 months) 0.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 5.98× · Priciest 25%
P/S (12 months) 23.02× · 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 Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs 4194
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs 4194
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs 4194
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs 4194
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs 4194
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs 4194
argenx SE ARGX $927.21 $908.40 −2% vs 4194
CSL Limited CSL A$200.77 A$183.04 −9% vs 4194
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs 4194
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs 4194

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Holy Stone Healthcare Co., Ltd.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Holy Stone Healthcare Co., Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/4194

Frequently asked questions

Is Holy Stone Healthcare Co., Ltd. (4194) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 0.7400 TWD versus a price of 6.10 TWD, about 88% lower (overvalued).
What is the fair value of 4194?
Our model-based fair value for Holy Stone Healthcare Co., Ltd. is 0.7400 TWD (as of Nov 4, 2026), built from audited fundamentals. The current price: 6.10 TWD.
What is the quality score of 4194?
Holy Stone Healthcare Co., Ltd. has a Quality Score of 45/100. 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 Holy Stone Healthcare Co., Ltd. (4194)?
Our model-based price target is the fair value of 0.7400 TWD (as of Nov 4, 2026) from 1 valuation models. Cautious scenario 0.4900 TWD, optimistic scenario 0.9300 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Holy Stone Healthcare Co., Ltd. stock forecast for 2026?
Our models put fair value at 0.7400 TWD, about 88% lower versus a price of 6.10 TWD (overvalued). Cautious scenario 0.4900 TWD, optimistic scenario 0.9300 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Holy Stone Healthcare Co., Ltd. (4194)?
Holy Stone Healthcare Co., Ltd. reported trailing-twelve-month revenue of about 47.5M TWD (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Holy Stone Healthcare Co., Ltd. (4194)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Holy Stone Healthcare Co., Ltd. it is 0.7400 TWD per share (as of Nov 4, 2026), against a price of 6.10 TWD. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Holy Stone Healthcare Co., Ltd. stock overvalued or undervalued in 2026?
As of Nov 4, 2026, 4194 trades above its calculated fair value: price 6.10 TWD, fair value 0.7400 TWD, a gap of about −88% (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 4194?
No. The price is what the market pays today (6.10 TWD); the fair value is what the company's own numbers justify (0.7400 TWD). For Holy Stone Healthcare Co., Ltd. the two are 5.36 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Holy Stone Healthcare Co., Ltd. worth?
The market values Holy Stone Healthcare Co., Ltd. at about 1.1B TWD (market capitalisation, as of Nov 4, 2026). Per share that is 6.10 TWD; our models calculate a fair value of 0.7400 TWD per share.
What do the bullish and bearish scenarios say about 4194?
Our models span a range for Holy Stone Healthcare Co., Ltd.: cautious scenario 0.4900 TWD, base 0.7400 TWD, optimistic 0.9300 TWD per share (as of Nov 4, 2026, price 6.10 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Holy Stone Healthcare Co., Ltd. (4194)?
Balance-sheet figures for Holy Stone Healthcare Co., Ltd. (as of Nov 4, 2026): return on equity −67.2%. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is 4194 from its 52-week high?
Holy Stone Healthcare Co., Ltd. trades at 6.10 TWD, about 35% below its 52-week high of 9.40 TWD and 2% above the low of 5.99 TWD (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.7400 TWD is for.
Which stocks are comparable to Holy Stone Healthcare Co., Ltd.?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, 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 Holy Stone Healthcare Co., Ltd. stock attractive at the current price?
The data as of Nov 4, 2026: price 6.10 TWD, calculated fair value 0.7400 TWD (−88%), Quality Score 45/100, from 1 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 4194 calculated?
We run Holy Stone Healthcare Co., Ltd. through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 0.7400 TWD 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. Holy Stone Healthcare Co., Ltd. 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 Holy Stone Healthcare Co., Ltd. (4194)?
The closing price on Nov 6, 2026 was 6.10 TWD. Our model-based fair value is 0.7400 TWD, about 88% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Holy Stone Healthcare Co., Ltd. right now?
The price sits above even our optimistic bull case (0.9300 TWD). The favourable scenario is already priced in. Weak quality (45/100) 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 (0.4900 TWD to 0.9300 TWD) leaves room in how you read the outcome.

Key figures of Holy Stone Healthcare Co., Ltd.

How large is the market capitalisation of Holy Stone Healthcare Co., Ltd. (4194)?
The market capitalisation of Holy Stone Healthcare Co., Ltd. is 1.1B TWD (≈ $33.3M). 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 Holy Stone Healthcare Co., Ltd. (4194)?
The price-to-sales ratio of Holy Stone Healthcare Co., Ltd. is 24.1 (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 Holy Stone Healthcare Co., Ltd. (4194)?
Earnings per share at Holy Stone Healthcare Co., Ltd. are −0.8600 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Holy Stone Healthcare Co., Ltd. (4194)?
The return on equity (ROE) of Holy Stone Healthcare Co., Ltd. is −67.2% (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 Holy Stone Healthcare Co., Ltd. (4194)?
On an EBIT basis the return on assets of Holy Stone Healthcare Co., Ltd. is −67.8% (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.
How much free cash flow does Holy Stone Healthcare Co., Ltd. (4194) generate?
The free cash flow of Holy Stone Healthcare Co., Ltd. is −116M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Holy Stone Healthcare Co., Ltd. (4194) hold?
Holy Stone Healthcare Co., Ltd. holds more cash than debt, 252M TWD net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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