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CALIDA Holding (CALN) Fair Value & Analysis

Consumer Cyclical · CH · Market cap CHF 129M

CH CALIDA Holding CALN · SW
PriceCHF 15.00
Fair ValueCHF 21.80
Upside+45.3%
Quality73/100
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Weak Growth
Thin margins · 4.8% net margin
Low debt · generates free cash flow
1.33% dividend yield
Mixed vs. peers (8/14)
Narrow moat 41/100
Evidence: High Range CHF 16.35 – CHF 27.25 Share as image

Fair value as of: Jul 11, 2026

From 24 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from CHF 30.67 to CHF 21.80 (−28.9%) since Jun 24, 2026. Share price −19.4% over the past month.

A solid business, screening 45% undervalued on our models.

What matters now

  • The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (CHF 16.35). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

CHF 53.60 CHF 11.40 Fair Value CHF 21.80 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range CHF 11.40 – CHF 53.60 · fair‑value band CHF 16.35 – CHF 27.25 · the CHF 15.00 price screens below the CHF 21.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

CALIDA Holding (CALN) currently trades at CHF 15.00, while our model-based Fair Value estimate is CHF 21.80, implying the stock looks roughly 45.3% undervalued today. The Quality Score stands at 73/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, CALIDA Holding generated revenue of CHF 216M at a net margin of 4.8%. Revenue declined 5.3% year over year. It earns a return on equity of 8.4%. Net debt stands at CHF 4.3M. Fundamentals as of Jul 11, 2026

Our scenario range runs from CHF 16.35 (bear case) to CHF 27.25 (bull case); at CHF 15.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 15% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 45%, CALN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF CHF 21.21 CHF 25.40 CHF 31.63 80
Residual Income CHF 10.00 CHF 10.07 CHF 9.53 76
Rev-Margin DCF CHF 24.27 CHF 34.40 CHF 46.78 74
All 24 models by family
DCF Models
FCF DCF CHF 20.77 CHF 25.23 CHF 32.41 38
Owner Earnings CHF 23.00 CHF 28.03 CHF 36.14 31
5Y Revenue Exit CHF 24.27 CHF 33.92 CHF 47.94 39
5Y EBITDA Exit CHF 32.98 CHF 48.96 CHF 70.11 41
5Y P/E Exit CHF 19.12 CHF 25.01 CHF 32.09 38
10Y Revenue Exit CHF 22.00 CHF 28.18 CHF 34.78 36
10Y EBITDA Exit CHF 27.02 CHF 36.12 CHF 45.88 37
10Y P/E Exit CHF 19.82 CHF 23.47 CHF 26.85 35
Earnings-Based
Graham-Dodd CHF 6.74 CHF 8.24 CHF 9.27 54
EPV CHF 24.04 CHF 26.49 CHF 28.48 59
Dividend Discount
Gordon GGM CHF 1.21 CHF 1.30 CHF 1.42 70
DDM Multi-Stage CHF 1.21 CHF 1.41 CHF 1.64 61
Multiples
P/E Multiple CHF 16.35 CHF 21.80 CHF 27.25 63
P/S Multiple CHF 12.64 CHF 16.85 CHF 21.06 58
P/B Multiple CHF 12.64 CHF 16.85 CHF 21.06 55
EV/EBIT CHF 46.53 CHF 60.85 CHF 75.16 53
EV/EBITDA CHF 50.73 CHF 66.45 CHF 82.16 54
EV/Revenue CHF 29.54 CHF 40.66 CHF 51.78 43
Asset-Based
NCAV (Graham) CHF 6.86 CHF 9.19 CHF 13.72 50
Growth DCF
Growth DCF CHF 21.21 CHF 25.40 CHF 31.63 80
Rev-Margin DCF CHF 24.27 CHF 34.40 CHF 46.78 74
Economic Profit
Residual Income CHF 10.00 CHF 10.07 CHF 9.53 76
ROIC Compounder CHF 24.04 CHF 27.06 CHF 29.82 72
Growth Earnings
Growth-Adj P/E CHF 11.53 CHF 16.47 CHF 21.41 68

Widest divergence: DCF Models (CHF 28.03) versus Dividend Discount (CHF 1.30). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) CHF 216M
Revenue growth (YoY) -5.3%
Net margin 4.8%
Return on equity 8.4%
Free cash flow CHF 16.6M FY2025
P/E ratio 18.1
More key figures
Operating margin 8.9%
EPS (TTM) CHF 1.02
Dividend yield 1.4%
EPS growth (YoY) -31.9%
Net debt CHF 4.3M FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 73/100

Of which business quality 73 · Market factors (momentum, volatility) 57

Profitability 52
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CALIDA Holding AG, together with its subsidiaries, engages in the apparel business in Switzerland, France, Germany, rest of Europe, Asia, the United States, and internationally. The company operates through three segments: CALIDA, AUBADE, and COSABELLA.

Full company description

CALIDA Holding AG, together with its subsidiaries, engages in the apparel business in Switzerland, France, Germany, rest of Europe, Asia, the United States, and internationally. The company operates through three segments: CALIDA, AUBADE, and COSABELLA. It offers underwear, sleepwear, loungewear, and loungewear products for men, women, and children under the CALIDA, AUBADE, and COSABELLA brand names. The company sells its products through bricks-and "mortar and e-commerce channels. CALIDA Holding AG was founded in 1941 and is headquartered in Sursee, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CALIDA Holding reported revenue of CHF 216M in FY2025 versus CHF 298M in FY2021, a compound −7.8%/yr. Reported net income was CHF 6.9M in FY2025, compounding −23.5%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
CHF 216M
Latest YoY
−6.6%
Avg. growth/yr (3Y) 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.
−12.2%
Avg. growth/yr (5Y) 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.
−2.8%
Avg. growth/yr (23Y) 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.
+1.9%
Revenue −7.8%/yr
FY21 CHF 298M
FY22 CHF 319M
FY23 CHF 257M
FY24 CHF 231M
FY25 CHF 216M
Net income −23.5%/yr
FY21 CHF 20.3M
FY22 CHF 23.2M
FY23 −CHF 68.1M
FY24 −CHF 1.4M
FY25 CHF 6.9M

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Cite: Fair Value Calculator (2026). "CALIDA Holding Fair Value". https://www.fairvalue-calculator.com/stock/CALN

Peer Group

Apparel Manufacturing · 212 stocks

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.

Quality Score 73 · Top 25%
Fair Value upside +45% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth -5% · Below median
Dividend yield (TTM) 1.3% · Below median

Valuation Multiples vs Apparel Manufacturing median · lower = cheaper

P/E (TTM) 18.1× · Cheaper than median
P/B 1.67× · Pricier than median
P/S (TTM) 0.74× · Pricier than median
P/FCF 9.6× · Pricier than 75% of peers
EV/EBITDA 10.5× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 94 · sector 32
FUTURE 0 · sector 4
PAST 34 · sector 21
HEALTH 100 · sector 98
DIVIDEND 27 · sector 49

Insider activity: 45/100

Values & ESG

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

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
H & M Hennes & Mauritz AB HMB kr 163.45 kr 165.47 +1%
Ralph Lauren Corporation RL $374.08 $224.21 -40%
Moncler S.p.A MONC €52.08 €50.69 -3%
LPP SA LPP 19,380 PLN 17,754 PLN -8%
Bosideng International Holdings 3998 HK$4.88 HK$5.92 +21%
Youngor Fashion Co 600177 ¥7.57 ¥5.59 -26%
Page Industries Limited PAGEIND ₹39,900 ₹12,395 -69%
Hla Group 600398 ¥6.05 ¥9.92 +64%
Eclat Textile Co 1476 333.50 TWD 357.81 TWD +7%
Youngone Corporation 111770 87,600 KRW 196,629 KRW +124%

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Frequently asked questions

Is CALIDA Holding (CALN) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of CHF 21.80 versus a price of CHF 15.00, about +45% (undervalued).
What is the fair value of CALN?
Our model-based fair value for CALIDA Holding is CHF 21.80 (as of Jul 11, 2026), built from audited fundamentals. The current price is CHF 15.00.
What is the quality score of CALN?
CALIDA Holding has a Quality Score of 73/100. 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 revenue of CALIDA Holding (CALN)?
CALIDA Holding reported trailing-twelve-month revenue of about CHF 216M (latest available figure, as of Jul 11, 2026).
What is the net profit margin of CALN?
The net profit margin of CALIDA Holding is about 4.8%, meaning it keeps roughly 4.8% of revenue as net income. Based on the latest reported figures.
Does CALIDA Holding pay a dividend?
CALIDA Holding currently shows a dividend yield of about 1.44% relative to its recent price (as of Jul 11, 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.

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