Ariston Holding N.V (ARSTY) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Ariston Holding N.V $5.92, price $17.80, upside -66.7%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Ariston Holding N.V., through its subsidiaries, produces and distributes hot water and space heating solutions in the Netherlands, Germany, Italy, Switzerland, and internationally. It operates in three segments: Thermal Comfort, Burners, and Components.
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Ariston Holding N.V., through its subsidiaries, produces and distributes hot water and space heating solutions in the Netherlands, Germany, Italy, Switzerland, and internationally. It operates in three segments: Thermal Comfort, Burners, and Components. The company offers water heating products, such as heat pumps, electric storage and instantaneous water heaters, gas storage and instantaneous water heaters, and solar water heaters and cylinders; air handling systems for private customers, as well as for commercial and industrial applications; combustion technologies for residential heating use and industrial sector; components; and end to end support during product development, including prototyping, homologation, and certification. The company offers its products under the brands of Ariston, Elco, Wolf, ATAG, Calorex, Brink, NTI, Racold, Domotec, Chromagen, Thermowatt, and Ecoflam brands. It also sells its products online. Ariston Holding N.V. was founded in 1930 and is headquartered in Milan, Italy. Ariston Holding N.V. operates as a subsidiary of Merloni Holding S.P.A.
Stock analysis
Ariston Holding N.V (ARSTY) currently trades at $17.80, while our model-based Fair Value estimate is $5.92, 66.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $6.89 per share, and 0 of the 22 models we run sit above the $17.80 price.
Bear case: the Earnings-Based group reads lowest at $2.81, and 22 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: $3.95 (bear) to $8.77 (bull), the price of $17.80 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 53/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ariston Holding N.V reported revenue of €2.7B in FY2025 versus €2.4B in FY2022, a compound +4.4%/yr. Reported net income was €132M in FY2025, compounding −1.9%/yr from FY2022.
Key figures
Market cap $6.5B · P/E ratio 42.4 · P/S ratio 2.07 · EPS (TTM) $0.4200 · Dividend yield 2.9% · Net margin 4.9% · Return on equity 9.0% · Return on assets (EBIT) 5.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
For context, the median of 10 Industrials peers we cover trades at −19% fair-value upside, at −67%, ARSTY screens richer than that median.
Fair Value models
Bear $3.95Fair Value $5.92Bull $8.77
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 9 months old). Earnings retained since then ($0.2420 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.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.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.8%
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.
+4.4%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
−5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.5%
Dividend (yield on the price)2.9%
Profit margin 2022 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.8% → 6%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +19.9% a year for the price and +2.9% for the forecasts.
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.Building Products & Equipment · 251 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+10.2% · Above median
Profitability
Return on equity (TTM)9.0% · Above median
Return on assets2.7% · Below median
Net margin (TTM)4.8% · Above median
Operating margin (TTM)7.3% · Above median
Growth and dividend
Revenue growth4.7% · Above median
Dividend yield (TTM)2.9% · Above median
Balance sheet
Debt / equity0.49× · Highest 25%
Valuation Multiplesvs Building Products & Equipment median · lower = cheaper
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Is Ariston Holding N.V (ARSTY) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $5.92 versus the last price from Sep 25, 2026 of $17.80, about −67% upside (overvalued).
What is the fair value of ARSTY?
Our model-based fair value for Ariston Holding N.V is $5.92 (as of Sep 23, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $17.80.
What is the quality score of ARSTY?
Ariston Holding N.V has a Quality Score of 53/100. 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 Ariston Holding N.V (ARSTY)?
Our model-based price target is the fair value of $5.92 (as of Sep 23, 2026) from 22 valuation models. Cautious scenario $3.95, optimistic scenario $8.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Ariston Holding N.V stock forecast for 2026?
Our models put fair value at $5.92, about −67% upside versus the last price from Sep 25, 2026 of $17.80 (overvalued). Cautious scenario $3.95, optimistic scenario $8.77. The calculation is refreshed regularly with new filings.
What is the revenue of Ariston Holding N.V (ARSTY)?
Ariston Holding N.V reported trailing-twelve-month revenue of about €2.7B (latest available figure, as of Sep 23, 2026).
Does Ariston Holding N.V pay a dividend?
Ariston Holding N.V currently shows a dividend yield of about 2.94% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Ariston Holding N.V (ARSTY)?
For today's price to be fair in a discounted-cash-flow model, Ariston Holding N.V would have to grow free cash flow by +22.5 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +4.4 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ARSTY use?
Our models discount Ariston Holding N.V at 9.6 %: a base by market capitalisation (mid), damped by beta 0.96, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ariston Holding N.V that is +22.5 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Ariston Holding N.V (ARSTY) delivered so far?
Over the past 3 years revenue at Ariston Holding N.V grew +4.4 % a year. The price currently implies +22.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ariston Holding N.V (ARSTY) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Ariston Holding N.V (+22.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ariston Holding N.V (ARSTY)?
The free-cash-flow yield on the price is 2.71 %: that much free cash flow Ariston Holding N.V produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ariston Holding N.V (ARSTY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ariston Holding N.V it is $5.92 per share (as of Sep 23, 2026), against a price of $17.80. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Ariston Holding N.V stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ARSTY trades above its calculated fair value: price $17.80, fair value $5.92, a gap of about −67% (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 ARSTY?
No. The price is what the market pays today ($17.80); the fair value is what the company's own numbers justify ($5.92). For Ariston Holding N.V the two are $11.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ariston Holding N.V worth?
The market values Ariston Holding N.V at about $6.5B (market capitalisation, as of Sep 23, 2026). Per share that is $17.80; our models calculate a fair value of $5.92 per share.
What do the bullish and bearish scenarios say about ARSTY?
Our models span a range for Ariston Holding N.V: cautious scenario $3.95, base $5.92, optimistic $8.77 per share (as of Sep 23, 2026, price $17.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ARSTY?
Ariston Holding N.V trades at a price-to-earnings ratio of 42.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $5.92 is built from several models across several years. Other multiples: P/B 3.8, P/S 2.1, EV/EBITDA 27.1.
How solid is the balance sheet of Ariston Holding N.V (ARSTY)?
Balance-sheet figures for Ariston Holding N.V (as of Sep 23, 2026): return on equity 9.0%, debt of 0.49 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
Which stocks are comparable to Ariston Holding N.V?
From the same area (Industrials) we also value Trane Technologies plc, Johnson Controls International plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, 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 Ariston Holding N.V stock attractive at the current price?
The data as of Sep 23, 2026: price $17.80, calculated fair value $5.92 (−67%), Quality Score 53/100, from 22 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 ARSTY calculated?
We run Ariston Holding N.V through 22 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 $5.92, 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 14.5 % above its aggregate fair value. Ariston Holding N.V 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 Ariston Holding N.V (ARSTY)?
The latest price we hold is from Sep 25, 2026 and stands at $17.80. Our model-based fair value is $5.92, about −67% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ariston Holding N.V right now?
The price sits above even our optimistic bull case ($8.77). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($3.95 to $8.77) leaves room in how you read the outcome.
Key figures of Ariston Holding N.V
How large is the market capitalisation of Ariston Holding N.V (ARSTY)?
The market capitalisation of Ariston Holding N.V is $6.5B. 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 Ariston Holding N.V (ARSTY)?
The price-to-sales ratio of Ariston Holding N.V is 2.07 (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 Ariston Holding N.V (ARSTY)?
Earnings per share at Ariston Holding N.V are $0.4200 (price ÷ EPS = P/E 42.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ariston Holding N.V (ARSTY)?
The dividend yield of Ariston Holding N.V is 2.9% (payout 125%). 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 Ariston Holding N.V (ARSTY)?
The net margin of Ariston Holding N.V is 4.9% (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 Ariston Holding N.V (ARSTY)?
The return on equity (ROE) of Ariston Holding N.V is 9.0% (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 Ariston Holding N.V (ARSTY)?
On an EBIT basis the return on assets of Ariston Holding N.V is 5.4% (avg 4y). 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 Ariston Holding N.V (ARSTY)?
The operating margin of Ariston Holding N.V is 7.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ariston Holding N.V (ARSTY)?
Revenue at Ariston Holding N.V is growing +4.7% versus a year earlier (3y avg +4.4%). 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 Ariston Holding N.V (ARSTY)?
Earnings per share at Ariston Holding N.V are growing +114% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ariston Holding N.V (ARSTY) carry?
The net debt of Ariston Holding N.V is €535M (fiscal year 2025, ≈ 3.4 yrs of FCF). 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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Broad data
Sep 23, 2026