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Data-driven stock valuation

Tonner Drones S.A. (ALTD) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Tonner Drones S.A. stock €0.02, price €0.02, upside +9.7%, quality 44 out of 100. Rating: fairly valued. Calculated from audited financials with 5 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials FR

TD Tonner Drones S.A. logo Thin data Nov 5, 2026

Tonner Drones S.A.

ALTD · PA
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Costs just 0 times its yearly profit.
Fair value €0.0213 · Fairly valued
Quality 44/100
Weak Growth (revenue 5y −62.1 %/yr in EUR)
High debt
Trails peers (3/8)
Narrow moat 43/100 · thin data
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

€1,000,000 €0.0082 Fair Value €0.0213 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range €0.0082 – €1,000,000 · fair‑value band €0.0194 – €0.0232 · the €0.0194 price screens below the €0.0213 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Tonner Drones S.A. develops drones and drone-related technology for the military and homeland security sectors. The company provides civilian drone services for professional use in France, Belgium, Morocco, South Africa, Ghana, and Australia.

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It offers Inhibitor and Countbot, an inventory drone solution that enhance the reliability of stock management; and SPOTTER BOT, a mobile video security solution for construction sites, industrial sites, sporting events, concerts, fairs, etc.

The company was formerly known as Delta Drone SA and changed its name to Tonner Drones S.A. in October 2023. Tonner Drones S.A. was founded in 2011 and is headquartered in Schiltigheim, France.

Stock analysis

Tonner Drones S.A. (ALTD) currently trades at €0.0194, while our model-based Fair Value estimate is €0.0213, so the stock looks roughly fairly valued today (gap 8.8%).

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Valuation

Bull case: the Multiples group reads highest at a median of €0.1450 per share, and 3 of the 4 models we run sit above the €0.0194 price.

Bear case: the Earnings-Based group reads lowest at €0.0100, and 1 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: €0.0194 (bear) to €0.0232 (bull), the price of €0.0194 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 44/100 (below-average quality), in the Industrials sector.

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

Tonner Drones S.A. reported revenue of €105K in FY2025 versus €15.9M in FY2021, a compound −71.5%/yr. Reported net income was €987K in FY2025.

Key figures

Market cap €12.1M Micro · P/E ratio 0.0 · P/S ratio 0.34 · EPS (TTM) €0.5400 · Return on equity 1.5% · Return on assets (EBIT) −207% (5-year average) · Operating margin −234% · Revenue (TTM) €105K.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 53% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −23% fair-value upside, at 10%, ALTD screens cheaper than that median.

Fair Value models

Bear €0.0194 Fair Value €0.0213 Bull €0.0232
Price €0.0194 · Upside +9.7%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.4631 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.
Best data coverage
Growth-Adj P/E €0.0200 €0.0200 €0.0300 68
Graham-Dodd €0.0100 €0.0100 €0.0100 67
EV/EBITDA €0.1900 €0.2600 €0.3200 67
All 5 models by family
Earnings-Based
Graham-Dodd €0.0100 €0.0100 €0.0100 67
Multiples
P/E Multiple €0.0200 €0.0300 €0.0400 62
P/B Multiple n/a n/a €0.0100 51
EV/EBITDA €0.1900 €0.2600 €0.3200 67
Growth Earnings
Growth-Adj P/E €0.0200 €0.0200 €0.0300 68

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Quality Score breakdown

Overall quality 44/100

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

Profitability 56
How much profit the company makes from its sales and capital
Quality Growth 44
Are margins and returns getting better?
Cashflow 50
Do the profits arrive as real cash?
Financial strength 5
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 39
How calm the share price moves, does not count
Price momentum 3
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 6
Distance to the 52-week high, does not count
New shares 14
Buys back shares or issues new ones?

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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. 19/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−11.3%
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.
−80.0%
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.
−62.1%
Start year 2020 (pandemic)
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.
−64.2% (2020) → −608.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed

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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 · 238 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Below median
Fair Value upside +9.8% · Top 25%
Profitability
Return on equity (12 months) 1.5% · Below median
Return on assets 13.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Below median
Balance sheet
Debt / equity 7.93× · Highest 25%

Valuation Multiplesvs Aerospace & Defense median · lower = cheaper

P/E (12 months) 0.0× · Cheapest 25%
P/B 15.92× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)46 · sector 0
FUTURE (revenue growth)0 · sector 65
PAST (return on equity)6 · sector 41
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)0 · sector 19

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
TransDigm Group TDG $1,197 $1,317 +10% vs ALTD
Honeywell Aerospace Inc HONA $152.92 $168.21 +10% vs ALTD
Lockheed Martin Corporation LMT $567.08 $439.21 −23% vs ALTD
General Dynamics Corporation GD $354.06 $274.19 −23% vs ALTD
Thales S.A HO €221.70 €170.99 −23% vs ALTD
Northrop Grumman Corporation NOC $525.01 $382.98 −27% vs ALTD
Airbus SE AIR €196.40 €112.14 −43% vs ALTD
RTX Corporation RTX $189.53 $88.19 −53% vs ALTD
General Electric Company GE $323.24 $92.26 −71% vs ALTD
Howmet Aerospace Inc HWM $205.81 $52.65 −74% vs ALTD

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Tonner Drones S.A.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Tonner Drones S.A. Fair Value". https://www.fairvalue-calculator.com/stock/ALTD

Frequently asked questions

Is Tonner Drones S.A. (ALTD) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €0.0213 versus a price of €0.0194, about +10% upside (fairly valued).
What is the fair value of ALTD?
Our model-based fair value for Tonner Drones S.A. is €0.0213 (as of Nov 5, 2026), built from audited fundamentals. The current price: €0.0194.
What is the quality score of ALTD?
Tonner Drones S.A. has a Quality Score of 44/100. 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 Tonner Drones S.A. (ALTD)?
Our model-based price target is the fair value of €0.0213 (as of Nov 5, 2026) from 5 valuation models. Cautious scenario €0.0194, optimistic scenario €0.0232. It is a calculation from audited fundamentals, not an analyst target.
What is the Tonner Drones S.A. stock forecast for 2026?
Our models put fair value at €0.0213, about +10% upside versus a price of €0.0194 (fairly valued). Cautious scenario €0.0194, optimistic scenario €0.0232. The calculation is refreshed regularly with new filings.
What is the revenue of Tonner Drones S.A. (ALTD)?
Tonner Drones S.A. reported trailing-twelve-month revenue of about €105K (latest available figure, as of Nov 5, 2026).
What is the intrinsic value of Tonner Drones S.A. (ALTD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tonner Drones S.A. it is €0.0213 per share (as of Nov 5, 2026), against a price of €0.0194. It is the blended result of 5 valuation models in 3 families (Earnings-Based, Multiples, Growth Earnings).
Is Tonner Drones S.A. stock overvalued or undervalued in 2026?
As of Nov 5, 2026, ALTD trades below its calculated fair value: price €0.0194, fair value €0.0213, a gap of about +10% (fairly valued). 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 ALTD?
No. The price is what the market pays today (€0.0194); the fair value is what the company's own numbers justify (€0.0213). For Tonner Drones S.A. the two are €0.0019 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tonner Drones S.A. worth?
The market values Tonner Drones S.A. at about €12.1M (market capitalisation, as of Nov 5, 2026). Per share that is €0.0194; our models calculate a fair value of €0.0213 per share.
What do the bullish and bearish scenarios say about ALTD?
Our models span a range for Tonner Drones S.A.: cautious scenario €0.0194, base €0.0213, optimistic €0.0232 per share (as of Nov 5, 2026, price €0.0194). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALTD?
Tonner Drones S.A. trades at a price-to-earnings ratio of 0.0 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €0.0213 is built from several models across several years. Other multiples: P/B 15.9.
How solid is the balance sheet of Tonner Drones S.A. (ALTD)?
Balance-sheet figures for Tonner Drones S.A. (as of Nov 5, 2026): return on equity 1.5%, debt of 7.93 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is ALTD from its 52-week high?
Tonner Drones S.A. trades at €0.0194, about 53% below its 52-week high of €0.0412 and 13% above the low of €0.0172 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €0.0213 is for.
Which stocks are comparable to Tonner Drones S.A.?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, 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 Tonner Drones S.A. stock attractive at the current price?
The data as of Nov 5, 2026: price €0.0194, calculated fair value €0.0213 (+10%), Quality Score 44/100, from 5 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 ALTD calculated?
We run Tonner Drones S.A. through 5 models from 3 families: Earnings-Based, Multiples, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €0.0213 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. Tonner Drones S.A. currently trades 9% below its own fair value, and the market average says nothing about that. 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 Tonner Drones S.A. (ALTD)?
The closing price on Nov 6, 2026 was €0.0194. Our model-based fair value is €0.0213, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tonner Drones S.A. right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Tonner Drones S.A.

How large is the market capitalisation of Tonner Drones S.A. (ALTD)?
The market capitalisation of Tonner Drones S.A. is €12.1M. 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 Tonner Drones S.A. (ALTD)?
The price-to-sales ratio of Tonner Drones S.A. is 0.34 (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 Tonner Drones S.A. (ALTD)?
Earnings per share at Tonner Drones S.A. are €0.5400 (price ÷ EPS = P/E 0.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Tonner Drones S.A. (ALTD)?
The return on equity (ROE) of Tonner Drones S.A. is 1.5% (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 Tonner Drones S.A. (ALTD)?
On an EBIT basis the return on assets of Tonner Drones S.A. is −207% (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 Tonner Drones S.A. (ALTD)?
The operating margin of Tonner Drones S.A. is −234% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much net debt does Tonner Drones S.A. (ALTD) carry?
The net debt of Tonner Drones S.A. is €5.6M (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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