North Electro-Optic Co Ltd (600184) fair value: what the stock is really worth
We calculate from audited financials what North Electro-Optic Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value ¥2.08 · Strongly overvalued (−90%)
!Quality 42/100
!Weak Growth(revenue 5y −0.4 %/yr)
!Thin margins · 2.1% net margin (TTM)
!Low debt · negative free cash flow
·0.16% dividend yield
!Trails peers(2/13)
!Narrow moat21/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range ¥7.61 – ¥32.01 · fair‑value band ¥1.56 – ¥2.40 · the ¥20.58 price screens above the ¥2.08 fair value. Dashed = 300-day average. As of Sep 13, 2026.
North Electro-Optic Co.,Ltd. researches, develops, produces, and sells optoelectronic materials and devices in China and internationally. The company also provides optoelectronic defense products, including large weapon systems, precision guidance seekers, and optoelectronic information equipment.
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North Electro-Optic Co.,Ltd. researches, develops, produces, and sells optoelectronic materials and devices in China and internationally. The company also provides optoelectronic defense products, including large weapon systems, precision guidance seekers, and optoelectronic information equipment. The company was founded in 2000 and is headquartered in Xi'an, China.
Stock analysis
North Electro-Optic Co Ltd (600184) currently trades at ¥20.58, while our model-based Fair Value estimate is ¥2.08, implying the stock looks roughly 888.1% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ¥3.93 per share, and 0 of the 16 models we run sit above the ¥20.58 price.
Bear case: the Earnings-Based group reads lowest at ¥0.9000, and 16 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: ¥1.56 (bear) to ¥2.40 (bull), the price of ¥20.58 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 42/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
North Electro-Optic Co Ltd reported revenue of 2.4B CNY in FY2025 versus 3.3B CNY in FY2021, a compound −7.3%/yr. Reported net income was 51.1M CNY in FY2025, compounding −4.9%/yr from FY2021.
Key figures
Market cap 12.0B CNY (≈ $1.8B) · P/E ratio 205.8 · P/S ratio 4.31 · EPS (TTM) ¥0.1000 · Dividend yield 0.2% · Net margin 2.1% · Return on equity 1.8% · Return on assets (EBIT) 0.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 33% below its 52-week high and 56% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −23% fair-value upside, at −90%, 600184 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥0.0500 to ¥6.68). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ¥1.56Fair Value ¥2.08Bull ¥2.40
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 8 months old). Earnings retained since then (¥0.0474 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.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.
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.24/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+88.2%
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.
−1.0%
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.
−0.4%
Revenue growth 25 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.
+14.6%
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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.
−6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−6.4%
Dividend (yield on the price)0.2%
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.−6% vs −2%, slowing
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.3% → 2%
⚠ Revenue per share shrinking 7.3%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare North Electro-Optic Co Ltd with another stock
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.Aerospace & Defense · 234 stocks
Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score42 · Bottom 25%
Fair Value upside−86% · Bottom 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets0% · Bottom 25%
Net margin (TTM)2% · Bottom 25%
Operating margin (TTM)−2% · Bottom 25%
Growth and dividend
Revenue growth3% · Below median
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (TTM)205.8× · Priciest 25%
P/B3.03× · Cheaper than median
P/S (TTM)4.22× · Pricier than median
EV/EBITDA72.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)15· sector 44
PAST (return on equity)7· sector 36
HEALTH (low debt)99· sector 93
DIVIDEND (yield)3· sector 17
VALUE 0: the price sits above our fair-value range.
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). "North Electro-Optic Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600184
Frequently asked questions
Is North Electro-Optic Co Ltd (600184) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of ¥2.08 versus a price of ¥20.58, about −90% upside (overvalued).
What is the fair value of 600184?
Our model-based fair value for North Electro-Optic Co Ltd is ¥2.08 (as of Sep 13, 2026), built from audited fundamentals. The current price: ¥20.58.
What is the quality score of 600184?
North Electro-Optic Co Ltd has a Quality Score of 42/100. 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 North Electro-Optic Co Ltd (600184)?
Our model-based price target is the fair value of ¥2.08 (as of Sep 13, 2026) from 16 valuation models. Cautious scenario ¥1.56, optimistic scenario ¥2.40. It is a calculation from audited fundamentals, not an analyst target.
What is the North Electro-Optic Co Ltd stock forecast for 2026?
Our models put fair value at ¥2.08, about −90% upside versus a price of ¥20.58 (overvalued). Cautious scenario ¥1.56, optimistic scenario ¥2.40. The calculation is refreshed regularly with new filings.
What is the revenue of North Electro-Optic Co Ltd (600184)?
North Electro-Optic Co Ltd reported trailing-twelve-month revenue of about 2.5B CNY (latest available figure, as of Sep 13, 2026).
Does North Electro-Optic Co Ltd pay a dividend?
North Electro-Optic Co Ltd currently shows a dividend yield of about 0.16% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of North Electro-Optic Co Ltd (600184)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For North Electro-Optic Co Ltd it is ¥2.08 per share (as of Sep 13, 2026), against a price of ¥20.58. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is North Electro-Optic Co Ltd stock overvalued or undervalued in 2026?
As of Sep 13, 2026, 600184 trades above its calculated fair value: price ¥20.58, fair value ¥2.08, a gap of about −90% (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 600184?
No. The price is what the market pays today (¥20.58); the fair value is what the company's own numbers justify (¥2.08). For North Electro-Optic Co Ltd the two are ¥18.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is North Electro-Optic Co Ltd worth?
The market values North Electro-Optic Co Ltd at about 12.0B CNY (market capitalisation, as of Sep 13, 2026). Per share that is ¥20.58; our models calculate a fair value of ¥2.08 per share.
What do the bullish and bearish scenarios say about 600184?
Our models span a range for North Electro-Optic Co Ltd: cautious scenario ¥1.56, base ¥2.08, optimistic ¥2.40 per share (as of Sep 13, 2026, price ¥20.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600184?
North Electro-Optic Co Ltd trades at a price-to-earnings ratio of 205.8 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥2.08 is built from several models across several years. Other multiples: P/B 3.0, P/S 4.2, EV/EBITDA 72.4.
How solid is the balance sheet of North Electro-Optic Co Ltd (600184)?
Balance-sheet figures for North Electro-Optic Co Ltd (as of Sep 13, 2026): return on equity 1.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 600184 from its 52-week high?
North Electro-Optic Co Ltd trades at ¥20.58, about 33% below its 52-week high of ¥30.89 and 56% above the low of ¥13.18 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of ¥2.08 is for.
Which stocks are comparable to North Electro-Optic Co Ltd?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Safran SA, 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 North Electro-Optic Co Ltd stock attractive at the current price?
The data as of Sep 13, 2026: price ¥20.58, calculated fair value ¥2.08 (−90%), Quality Score 42/100, from 16 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 600184 calculated?
We run North Electro-Optic Co Ltd through 16 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 ¥2.08, 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 15.6 % above its aggregate fair value. North Electro-Optic 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 North Electro-Optic Co Ltd (600184)?
The closing price on Sep 14, 2026 was ¥20.58. Our model-based fair value is ¥2.08, about −90% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with North Electro-Optic Co Ltd right now?
The price sits above even our optimistic bull case (¥2.40). The favourable scenario is already priced in. Weak quality (42/100) 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.
Where does the earnings growth of North Electro-Optic Co Ltd (600184) come from?
Earnings per share at North Electro-Optic Co Ltd grew −2.7 % a year from 2014 to 2024. Broken into its drivers: revenue per share −5.4 %, EBIT margin +2.2 %, tax rate −0.4 %, residual (interest, one-offs) +1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of North Electro-Optic Co Ltd
How large is the market capitalisation of North Electro-Optic Co Ltd (600184)?
The market capitalisation of North Electro-Optic Co Ltd is 12.0B CNY (≈ $1.8B). 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 North Electro-Optic Co Ltd (600184)?
The price-to-sales ratio of North Electro-Optic Co Ltd is 4.31 (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 North Electro-Optic Co Ltd (600184)?
Earnings per share at North Electro-Optic Co Ltd are ¥0.1000 (price ÷ EPS = P/E 205.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of North Electro-Optic Co Ltd (600184)?
The dividend yield of North Electro-Optic Co Ltd is 0.2% (payout 33.0%). 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 North Electro-Optic Co Ltd (600184)?
The net margin of North Electro-Optic Co Ltd is 2.1% (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 North Electro-Optic Co Ltd (600184)?
The return on equity (ROE) of North Electro-Optic Co Ltd is 1.8% (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 North Electro-Optic Co Ltd (600184)?
On an EBIT basis the return on assets of North Electro-Optic Co Ltd is 0.1% (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 North Electro-Optic Co Ltd (600184)?
The operating margin of North Electro-Optic Co Ltd is −1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at North Electro-Optic Co Ltd (600184)?
Revenue at North Electro-Optic Co Ltd is growing +3.0% versus a year earlier (3y avg −1.0%). 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 North Electro-Optic Co Ltd (600184) generate?
The free cash flow of North Electro-Optic Co Ltd is −544M CNY (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 North Electro-Optic Co Ltd (600184) hold?
North Electro-Optic Co Ltd holds more cash than debt, 426M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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