Kalray SA (ALKAL) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Kalray SA stock €2.75, price €3.92, upside -29.7%, quality 31 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value 30%+ above price?No
Quality 50+?No
In an uptrend?Yes
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.
How to read this chart
60‑month range €0.4200 – €40.00 · fair‑value band €1.54 – €4.69 · the €3.92 price screens above the €2.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
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Kalray S.A. provides processors and acceleration cards in France. It offers acceleration cards; AI and compute acceleration cards; and storage acceleration cards, as well as MPPA processor for various data transfers.
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It serves AI, media and entertainment, life science, scientific research, storage, edge computing, artificial intelligence, embedded, automotive, and other sectors. Kalray S.A. was founded in 2008 and is headquartered in Montbonnot-Saint-Martin, France.
Stock analysis
Kalray SA (ALKAL) currently trades at €3.92, while our model-based Fair Value estimate is €2.75, 29.7% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: €1.54 (bear) to €4.69 (bull), the price of €3.92 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 31/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Kalray SA reported revenue of €16.5M in FY2025 versus €1.5M in FY2021, a compound +83.4%/yr. Reported net income was −€4.5M in FY2025.
Key figures
Market cap €71.2M Micro · P/S ratio 2.98 · EPS (TTM) €−0.3500 · Net margin −27.6% · Return on equity −4.9% · Return on assets (EBIT) −30.8% · Operating margin 1.3% · Revenue (TTM) €23.9M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 11 out of 100 (low confidence).
What moves the price
The share trades about 73% below its 52-week high and 478% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at −30%, ALKAL screens richer than that median.
Fair Value models
Bear€1.54Fair Value €2.75Bull€4.69
Price €3.92 · Upside -29.7%
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
Owner Earnings€1.81€3.24€5.5272
EV/EBITDA€0.3600€0.5700€0.790066
All 2 models by family
DCF Models
Owner Earnings€1.81€3.24€5.5272
Multiples
EV/EBITDA€0.3600€0.5700€0.790066
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−33.7%
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.
+0.1%
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.
+73.9%
Start year 2020 (pandemic)
Revenue growth 9 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.
+32.2%
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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.
−1,629.3% (2020) → −82.1% (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
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.Semiconductors · 344 stocks
Beats the industry median on 4/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score31 · Bottom 25%
Fair Value upside−29.7% · Above median
Profitability
Return on assets−8.1% · Bottom 25%
Net margin (12 months)−6.9% · Bottom 25%
Operating margin (12 months)1.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)−8.5% · Bottom 25%
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Semiconductors median · lower = cheaper
P/B2.18× · 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)2.98× · Cheaper than median
EV/EBITDA8.5× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 95
PAST (return on equity)0· sector 28
HEALTH (low debt)96· sector 96
DIVIDEND (yield)0· sector 18
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). "Kalray SA Fair Value". https://www.fairvalue-calculator.com/stock/ALKAL
Frequently asked questions
Is Kalray SA (ALKAL) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of €2.75 versus a price of €3.92, about −30% upside (overvalued).
What is the fair value of ALKAL?
Our model-based fair value for Kalray SA is €2.75 (as of Oct 28, 2026), built from audited fundamentals. The current price: €3.92.
What is the quality score of ALKAL?
Kalray SA has a Quality Score of 31/100. 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 Kalray SA (ALKAL)?
Our model-based price target is the fair value of €2.75 (as of Oct 28, 2026) from 2 valuation models. Cautious scenario €1.54, optimistic scenario €4.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Kalray SA stock forecast for 2026?
Our models put fair value at €2.75, about −30% upside versus a price of €3.92 (overvalued). Cautious scenario €1.54, optimistic scenario €4.69. The calculation is refreshed regularly with new filings.
What is the revenue of Kalray SA (ALKAL)?
Kalray SA reported trailing-twelve-month revenue of about €23.9M (latest available figure, as of Oct 28, 2026).
What is the intrinsic value of Kalray SA (ALKAL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kalray SA it is €2.75 per share (as of Oct 28, 2026), against a price of €3.92. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Kalray SA stock overvalued or undervalued in 2026?
As of Oct 28, 2026, ALKAL trades above its calculated fair value: price €3.92, fair value €2.75, a gap of about −30% (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 ALKAL?
No. The price is what the market pays today (€3.92); the fair value is what the company's own numbers justify (€2.75). For Kalray SA the two are €1.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kalray SA worth?
The market values Kalray SA at about €71.2M (market capitalisation, as of Oct 28, 2026). Per share that is €3.92; our models calculate a fair value of €2.75 per share.
What do the bullish and bearish scenarios say about ALKAL?
Our models span a range for Kalray SA: cautious scenario €1.54, base €2.75, optimistic €4.69 per share (as of Oct 28, 2026, price €3.92). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Kalray SA (ALKAL)?
Balance-sheet figures for Kalray SA (as of Oct 28, 2026): return on equity −4.9%, debt of 0.09 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is ALKAL from its 52-week high?
Kalray SA trades at €3.92, about 73% below its 52-week high of €14.54 and 478% above the low of €0.6770 (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of €2.75 is for.
Which stocks are comparable to Kalray SA?
From the same area (Technology) we also value NVIDIA Corporation, Taiwan Semiconductor Manufacturing Company, Broadcom Inc, Micron Technology, 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 Kalray SA stock attractive at the current price?
The data as of Oct 28, 2026: price €3.92, calculated fair value €2.75 (−30%), Quality Score 31/100, from 2 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 ALKAL calculated?
We run Kalray SA through 2 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 €2.75, 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 13.4 % above its aggregate fair value. Kalray 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 Kalray SA (ALKAL)?
The closing price on Oct 28, 2026 was €3.92. Our model-based fair value is €2.75, about −30% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kalray SA right now?
Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (€1.54 to €4.69). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Kalray SA
How large is the market capitalisation of Kalray SA (ALKAL)?
The market capitalisation of Kalray SA is €71.2M. 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 Kalray SA (ALKAL)?
The price-to-sales ratio of Kalray SA is 2.98 (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 Kalray SA (ALKAL)?
Earnings per share at Kalray SA are €−0.3500. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kalray SA (ALKAL)?
The net margin of Kalray SA is −27.6% (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 Kalray SA (ALKAL)?
The return on equity (ROE) of Kalray SA is −4.9% (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 Kalray SA (ALKAL)?
On an EBIT basis the return on assets of Kalray SA is −30.8% (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.
What is the operating margin of Kalray SA (ALKAL)?
The operating margin of Kalray SA is 1.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kalray SA (ALKAL)?
Revenue at Kalray SA is growing −8.5% versus a year earlier (3y avg +0.1%). 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 Kalray SA (ALKAL) generate?
The free cash flow of Kalray SA is −€5.5M (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 Kalray SA (ALKAL) carry?
The net debt of Kalray SA is €5.4M (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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Thin data
Oct 28, 2026