Calida Holding AG (CALN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Calida Holding AG CHF 21.80, price CHF 13.02, upside +67.4%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 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 13.02 price screens below the CHF 21.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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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.
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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.
Stock analysis
Calida Holding AG (CALN) currently trades at CHF 13.02, while our model-based Fair Value estimate is CHF 21.80, implying the stock looks roughly 40.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of CHF 28.93 per share, and 19 of the 24 models we run sit above the CHF 13.02 price.
Bear case: the Earnings-Based group reads lowest at CHF 8.24, and 5 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 16.35 (bear) to CHF 27.25 (bull), the price of CHF 13.02 sits below 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 73/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Calida Holding AG 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.
Key figures
Market cap CHF 129M · P/E ratio 12.8 · P/S ratio 0.41 · EPS (TTM) CHF 1.02 · Dividend yield 1.9% · Net margin 3.2% · Return on equity 8.4% · Return on assets (EBIT) 7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at 67%, CALN screens cheaper than that median.
Fair Value models
Bear CHF 16.35Fair Value CHF 21.80Bull CHF 27.25
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 (CHF 0.5654 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.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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−6.6%
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.
−12.2%
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.
−2.8%
Start year 2020 (pandemic). Over 10 years: −5.0% a year
Revenue growth 23 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.
+1.9%
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What shareholders gained per year (last 5 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 5 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.
−12.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.4%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−14% vs −7%, slowing
Profit margin 2020 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.6% → 10%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 3.7%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−17.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about −17.6% a year for the price.
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.Apparel Manufacturing · 225 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+63% · Top 25%
Profitability
Return on equity (TTM)8% · Above median
Return on assets3% · Above median
Net margin (TTM)5% · Above median
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)1.9% · Below median
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Calida Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/CALN
Frequently asked questions
Is Calida Holding AG (CALN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 21.80 versus a price of CHF 13.02, about +67% upside (undervalued).
What is the fair value of CALN?
Our model-based fair value for Calida Holding AG is CHF 21.80 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 13.02.
What is the quality score of CALN?
Calida Holding AG 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 price target for Calida Holding AG (CALN)?
Our model-based price target is the fair value of CHF 21.80 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario CHF 16.35, optimistic scenario CHF 27.25. It is a calculation from audited fundamentals, not an analyst target.
What is the Calida Holding AG stock forecast for 2026?
Our models put fair value at CHF 21.80, about +67% upside versus a price of CHF 13.02 (undervalued). Cautious scenario CHF 16.35, optimistic scenario CHF 27.25. The calculation is refreshed regularly with new filings.
What is the revenue of Calida Holding AG (CALN)?
Calida Holding AG reported trailing-twelve-month revenue of about CHF 216M (latest available figure, as of Sep 23, 2026).
Does Calida Holding AG pay a dividend?
Calida Holding AG currently shows a dividend yield of about 1.92% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Calida Holding AG (CALN)?
For today's price to be fair in a discounted-cash-flow model, Calida Holding AG would have to grow free cash flow by -17.1 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of CALN use?
Our models discount Calida Holding AG at 11.5 %: a base by market capitalisation (micro), damped by beta 0.68, country premium for Switzerland. 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 Calida Holding AG that is -17.1 % per year a year over ten years, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has Calida Holding AG (CALN) delivered so far?
Over the past 5 years revenue at Calida Holding AG grew -2.8 % a year. The price currently implies -17.1 % 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 Calida Holding AG (CALN) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Calida Holding AG (-17.1 % 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 Calida Holding AG (CALN)?
The free-cash-flow yield on the price is 18.38 %: that much free cash flow Calida Holding AG produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Calida Holding AG (CALN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Calida Holding AG it is CHF 21.80 per share (as of Sep 23, 2026), against a price of CHF 13.02. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Calida Holding AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CALN trades below its calculated fair value: price CHF 13.02, fair value CHF 21.80, a gap of about +67% (undervalued). 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 CALN?
No. The price is what the market pays today (CHF 13.02); the fair value is what the company's own numbers justify (CHF 21.80). For Calida Holding AG the two are CHF 8.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is Calida Holding AG worth?
The market values Calida Holding AG at about CHF 129M (market capitalisation, as of Sep 23, 2026). Per share that is CHF 13.02; our models calculate a fair value of CHF 21.80 per share.
What do the bullish and bearish scenarios say about CALN?
Our models span a range for Calida Holding AG: cautious scenario CHF 16.35, base CHF 21.80, optimistic CHF 27.25 per share (as of Sep 23, 2026, price CHF 13.02). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CALN?
Calida Holding AG trades at a price-to-earnings ratio of 12.8 (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 CHF 21.80 is built from several models across several years. Other multiples: P/B 1.6, P/S 0.7, EV/EBITDA 10.3.
How solid is the balance sheet of Calida Holding AG (CALN)?
Balance-sheet figures for Calida Holding AG (as of Sep 23, 2026): return on equity 8.4%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is CALN from its 52-week high?
Calida Holding AG trades at CHF 13.02, about 36% below its 52-week high of CHF 20.25 and 14% above the low of CHF 11.40 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 21.80 is for.
Which stocks are comparable to Calida Holding AG?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, Gildan Activewear Inc, LPP SA, 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 Calida Holding AG stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 13.02, calculated fair value CHF 21.80 (+67%), Quality Score 73/100, from 24 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 CALN calculated?
We run Calida Holding AG through 24 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 CHF 21.80, 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 13.2 % above its aggregate fair value. Calida Holding AG currently trades 67 % 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 Calida Holding AG (CALN)?
The closing price on Sep 24, 2026 was CHF 13.02. Our model-based fair value is CHF 21.80, about +67% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Calida Holding AG right 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.
Key figures of Calida Holding AG
How large is the market capitalisation of Calida Holding AG (CALN)?
The market capitalisation of Calida Holding AG is CHF 129M. 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 Calida Holding AG (CALN)?
The price-to-sales ratio of Calida Holding AG is 0.41 (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 Calida Holding AG (CALN)?
Earnings per share at Calida Holding AG are CHF 1.02 (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Calida Holding AG (CALN)?
The dividend yield of Calida Holding AG is 1.9% (payout 24.5%). 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 Calida Holding AG (CALN)?
The net margin of Calida Holding AG is 3.2% (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 Calida Holding AG (CALN)?
The return on equity (ROE) of Calida Holding AG is 8.4% (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 Calida Holding AG (CALN)?
On an EBIT basis the return on assets of Calida Holding AG is 7.6% (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 Calida Holding AG (CALN)?
The operating margin of Calida Holding AG is 8.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Calida Holding AG (CALN)?
Revenue at Calida Holding AG is growing −5.3% versus a year earlier (3y avg −12.2%). 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 Calida Holding AG (CALN)?
Earnings per share at Calida Holding AG are growing −31.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Calida Holding AG (CALN) carry?
The net debt of Calida Holding AG is CHF 4.3M (fiscal year 2025, ≈ 0.3 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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