Icares Medicus Inc (6612) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Icares Medicus Inc stock TWD 23.97, price TWD 69.70, that is 65.6% below the price, quality 32 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 59.00 TWD – 185.00 TWD · fair‑value band 17.98 TWD – 29.97 TWD · the 69.70 TWD price screens above the 23.97 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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ICARES Medicus, Inc., together with its subsidiaries, engages in the research, development, manufacturing, and sale of ophthalmic medical devices in Taiwan, the United States, United Kingdom, Japan, Spain, China, Germany, and internationally.
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The company is also involved in the manufacturing, sales, and service of intraocular lenses (IOLs) and its implantation systems for use in treating cataracts, myopia, farsightedness, presbyopia, or astigmatism, as well as related technical services.
In addition, it offers artificial crystal products; and lubricious implantable and invasive high-end nanomedicine material.
Further, the company engages in molding, mold design, and development; production of medical devices and electronic plastic products; and distribution of ophthalmic medical equipment. ICARES Medicus, Inc. was incorporated in 2011 and is based in Zhubei, Taiwan.
Stock analysis
Icares Medicus Inc (6612) currently trades at 69.70 TWD, while our model-based Fair Value estimate is 23.97 TWD, 66% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 36.57 TWD per share, and 1 of the 17 models we run sit above the 69.70 TWD price.
Bear case: the Economic Profit group reads lowest at 17.46 TWD, and 16 of the 17 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 17.98 TWD (bear) to 29.97 TWD (bull), the price of 69.70 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 32/100 (below-average quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Icares Medicus Inc reported revenue of 1.1B TWD in FY2025 versus 394M TWD in FY2021, a compound +30.2%/yr. Reported net income was 51.2M TWD in FY2025, compounding −3.3%/yr from FY2021.
Key figures
Market cap 3.3B TWD (≈ $101M) Micro · P/E ratio 38.9 · P/S ratio 3.00 · EPS (TTM) 1.79 TWD · Dividend yield 0.4% · Net margin 7.7% · Return on equity 1.6% · Return on assets (EBIT) 7.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −44% fair-value upside, at −66%, 6612 screens richer than that median.
Fair Value models
Bear17.98 TWDFair Value 23.97 TWDBull29.97 TWD
Price 69.70 TWD · Downside -65.6%
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 (1.30 TWD 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.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+31.5%
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.
+30.2%
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.
+25.5%
Start year 2020 (pandemic)
Revenue growth 8 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.
+19.8%
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What shareholders gained per year (last 5 years), in TWD ⓘ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. Basis: EBIT basis. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+4.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.7%
Dividend (yield on the price)0.4%
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.20% → 11%
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.Medical Instruments & Supplies · 181 stocks
Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score32 · Bottom 25%
Fair Value upside−65.0% · Bottom 25%
Profitability
Return on equity (12 months)1.6% · Below median
Return on assets3.1% · Below median
Net margin (12 months)15.0% · Above median
Operating margin (12 months)10.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)29.1% · Top 25%
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity0.06× · Below median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
P/E (12 months)38.9× · Pricier than median
P/B1.77× · Cheaper than median
P/S (12 months)5.22× · Priciest 25%
EV/EBITDA24.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)100· sector 40
PAST (return on equity)7· sector 30
HEALTH (low debt)97· sector 96
DIVIDEND (yield)8· sector 32
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). "Icares Medicus Inc Fair Value". https://www.fairvalue-calculator.com/stock/6612
Frequently asked questions
Is Icares Medicus Inc (6612) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 23.97 TWD versus a price of 69.70 TWD, about 66% lower (overvalued).
What is the fair value of 6612?
Our model-based fair value for Icares Medicus Inc is 23.97 TWD (as of Nov 6, 2026), built from audited fundamentals. The current price: 69.70 TWD.
What is the quality score of 6612?
Icares Medicus Inc has a Quality Score of 32/100. 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 Icares Medicus Inc (6612)?
Our model-based price target is the fair value of 23.97 TWD (as of Nov 6, 2026) from 17 valuation models. Cautious scenario 17.98 TWD, optimistic scenario 29.97 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Icares Medicus Inc stock forecast for 2026?
Our models put fair value at 23.97 TWD, about 66% lower versus a price of 69.70 TWD (overvalued). Cautious scenario 17.98 TWD, optimistic scenario 29.97 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Icares Medicus Inc (6612)?
Icares Medicus Inc reported trailing-twelve-month revenue of about 1.2B TWD (latest available figure, as of Nov 6, 2026).
Does Icares Medicus Inc pay a dividend?
Icares Medicus Inc currently shows a dividend yield of 0.39% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Icares Medicus Inc (6612) and when is the ex-dividend date?
Icares Medicus Inc pays a dividend of 0.275 TWD per share a year, a dividend yield of 0.4%. The last ex-dividend date was Aug 26, 2026. A dividend has been paid every year since at least 2018. The payout ratio is 15.4% of earnings. Our assessment: Token dividend. At a yield of 0.4% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.4% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of Icares Medicus Inc (6612)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Icares Medicus Inc it is 23.97 TWD per share (as of Nov 6, 2026), against a price of 69.70 TWD. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Icares Medicus Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 6612 trades above its calculated fair value: price 69.70 TWD, fair value 23.97 TWD, a gap of about −66% (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 6612?
No. The price is what the market pays today (69.70 TWD); the fair value is what the company's own numbers justify (23.97 TWD). For Icares Medicus Inc the two are 45.73 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Icares Medicus Inc worth?
The market values Icares Medicus Inc at about 3.3B TWD (market capitalisation, as of Nov 6, 2026). Per share that is 69.70 TWD; our models calculate a fair value of 23.97 TWD per share.
What do the bullish and bearish scenarios say about 6612?
Our models span a range for Icares Medicus Inc: cautious scenario 17.98 TWD, base 23.97 TWD, optimistic 29.97 TWD per share (as of Nov 6, 2026, price 69.70 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 6612?
Icares Medicus Inc trades at a price-to-earnings ratio of 38.9 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 23.97 TWD is built from several models across several years. Other multiples: P/B 1.8, P/S 5.2, EV/EBITDA 24.0.
How solid is the balance sheet of Icares Medicus Inc (6612)?
Balance-sheet figures for Icares Medicus Inc (as of Nov 6, 2026): return on equity 1.6%, debt of 0.06 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is 6612 from its 52-week high?
Icares Medicus Inc trades at 69.70 TWD, about 21% below its 52-week high of 88.10 TWD and 5% above the low of 66.11 TWD (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 23.97 TWD is for.
Which stocks are comparable to Icares Medicus Inc?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline Inc, 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 Icares Medicus Inc stock attractive at the current price?
The data as of Nov 6, 2026: price 69.70 TWD, calculated fair value 23.97 TWD (−66%), Quality Score 32/100, from 17 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 6612 calculated?
We run Icares Medicus Inc through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 23.97 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. Icares Medicus Inc 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 Icares Medicus Inc (6612)?
The closing price on Nov 9, 2026 was 69.70 TWD. Our model-based fair value is 23.97 TWD, about 66% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Icares Medicus Inc right now?
The price sits above even our optimistic bull case (29.97 TWD). The favourable scenario is already priced in. Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Icares Medicus Inc
How large is the market capitalisation of Icares Medicus Inc (6612)?
The market capitalisation of Icares Medicus Inc is 3.3B TWD (≈ $101M). 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 Icares Medicus Inc (6612)?
The price-to-sales ratio of Icares Medicus Inc is 3.00 (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 Icares Medicus Inc (6612)?
Earnings per share at Icares Medicus Inc are 1.79 TWD (price ÷ EPS = P/E 38.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Icares Medicus Inc (6612)?
The dividend yield of Icares Medicus Inc is 0.4% (payout 15.4%). 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 Icares Medicus Inc (6612)?
The net margin of Icares Medicus Inc is 7.7% (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 Icares Medicus Inc (6612)?
The return on equity (ROE) of Icares Medicus Inc is 1.6% (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 Icares Medicus Inc (6612)?
On an EBIT basis the return on assets of Icares Medicus Inc is 7.4% (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 Icares Medicus Inc (6612)?
The operating margin of Icares Medicus Inc is 10.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Icares Medicus Inc (6612)?
Revenue at Icares Medicus Inc is growing +29.1% versus a year earlier (3y avg +30.2%). 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 Icares Medicus Inc (6612)?
Earnings per share at Icares Medicus Inc are growing −20.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Icares Medicus Inc (6612) generate?
The free cash flow of Icares Medicus Inc is −112M 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 debt does Icares Medicus Inc (6612) carry?
The net debt of Icares Medicus Inc is 262M TWD (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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Nov 6, 2026