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Almirall, S.A (ALM) Fair Value & Analysis

Healthcare · ES · Market cap €2.4B

AS Almirall, S.A ALM · MC
Price€11.26
Fair Value€4.74
Upside-57.9%
Quality94/100
Evidence: High Range €3.55 – €5.92

Fair value as of: Jun 24, 2026

From 25 valuation models · updated 5 days ago

Share price −0.4% over the past month.

Price vs Fair Value (12 months)

€13.54 €9.94 Fair Value €4.74 Jul 2025 Jun 2026

12‑month range €9.94 – €13.54 · fair‑value band €3.55 – €5.92 · the €11.26 price screens above the €4.74 fair value. As of Jun 24, 2026.

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Analysis

Almirall, S.A (ALM) currently trades at €11.26, while our model-based Fair Value estimate is €4.74 — implying the stock looks roughly 57.9% overvalued today. We read business quality at 94/100 (high quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).

Over the trailing twelve months, Almirall, S.A generated revenue of €1.1B at a net margin of 3.6%. Revenue grew 2.2% year over year. It earns a return on equity of 2.7%. Net debt stands at €5.1M. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) €1.1B
Revenue growth (YoY) +2.2%
Net margin 3.6%
Return on equity 2.7%
Free cash flow €134M FY2025
P/E ratio 59.9
More key figures
Operating margin 10.3%
EPS (TTM) €0.1900
Dividend yield 1.6%
EPS growth (YoY) +138%
Net debt €5.1M FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

Almirall, S.A. operates as a skin health-focused biopharmaceutical company in Spain, Europe, the Middle East, the United States, Asia, and Africa. The company offers its products for skin diseases comprising Psoriasis, atopic dermatitis, acne, actinic keratosis, onychomycosis, androgenic alopecia, oncodermatology, and orphan indications, as well as for alimentary tract and metabolism, anti-infective for systemic use, cardiovascular system, dermatological, genito urinary system and sex hormones, immunostimulants, metabolism, musculo-skeletal system, nervous system, respiratory system, systemic hormonal preparations. It also develops tirbanibulin for actinic keratosis, and tildrakizumab for psoriatic arthritis under the registration phase, as well as lebrikizumab for atopic dermatitis pediatric in phase 2; Anti-IL-1RAP mAb for hidradenitis suppurativa, anti-IL-1RAP mAb for inflammatory skin disease, Anti-IL-21 mAb for hidradenitis suppurativa, IL-2muFc for alopecia areata, IL-2muFc fo…

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Almirall, S.A reported revenue of €1.1B in FY2025 versus €827M in FY2021, a compound +7.6%/yr. Reported net income was €46.2M in FY2025.

Revenue +7.6%/yr
FY21 €827M
FY22 €863M
FY23 €895M
FY24 €986M
FY25 €1.1B
Net income
FY21 −€40.9M
FY22 €4.3M
FY23 −€38.5M
FY24 €10.1M
FY25 €46.2M

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Jiangsu Hengrui Pharmaceuticals Co 600276 ¥49.36 ¥30.99 -37%
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Zoetis Inc Z1TS34 R$26.19 R$26.01 -1%
Hansoh Pharmaceutical Group 3692 HK$29.32 HK$23.94 -18%
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Swedish Orphan Biovitrum AB SOBI kr 444.80 kr 440.64 -1%

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Frequently asked questions

Is Almirall, S.A (ALM) undervalued?
As of Jun 24, 2026, our model estimates a fair value of €4.74 versus a price of €11.26 — about −58% (overvalued). Model-based estimate, not financial advice.
What is the fair value of ALM?
Our 21-model fair value for Almirall, S.A is €4.74 (as of Jun 24, 2026), built from audited fundamentals. The current price is €11.26.
What is the quality score of ALM?
Almirall, S.A has a Quality Score of 94/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Almirall, S.A (ALM)?
Almirall, S.A reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Jun 24, 2026).
What is the net profit margin of ALM?
The net profit margin of Almirall, S.A is about 3.6%, meaning it keeps roughly 3.6% of revenue as net income. Based on the latest reported figures.
Does Almirall, S.A pay a dividend?
Almirall, S.A currently shows a dividend yield of about 1.63% relative to its recent price (as of Jun 24, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.