Calida Holding AG (CALN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Calida Holding AG stock CHF 29.59, price CHF 13.92, upside +112.6%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range CHF 11.40 – CHF 53.60 · fair‑value band CHF 24.08 – CHF 38.03 · the CHF 13.92 price screens below the CHF 29.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 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.
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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 13.92, while our model-based Fair Value estimate is CHF 29.59, implying the stock looks roughly 53% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 39.73 per share, and 19 of the 24 models we run sit above the CHF 13.92 price.
Bear case: the Growth Earnings group reads lowest at CHF 16.47, and 5 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 24.08 (bear) to CHF 38.03 (bull), the price of CHF 13.92 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 71/100 (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 97.3M Micro · P/E ratio 11.5 · P/S ratio 0.47 · EPS (TTM) CHF 1.21 · Dividend yield 1.8% · Net margin 4.4% · Return on equity 8.2% · Return on assets (EBIT) 7.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The share trades about 31% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −7% fair-value upside, at 113%, CALN screens cheaper than that median.
Fair Value models
BearCHF 24.08Fair Value CHF 29.59BullCHF 38.03
Price CHF 13.92 · Upside +112.6%
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 (CHF 0.8232 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.
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.
−12.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−14.4%
Dividend (yield on the price)1.8%
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.−14.4% vs −6.6%, 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%
Pace: the 5-year rate starts in 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).
−15.5%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −16.0% 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 · 213 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+112.6% · Top 25%
Profitability
Return on equity (12 months)8.2% · Above median
Return on assets4.0% · Above median
Net margin (12 months)4.4% · Above median
Operating margin (12 months)−0.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)−7.9% · Bottom 25%
Dividend yield (12 months)1.8% · Below median
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Nov 9, 2026, our model estimates a fair value of CHF 29.59 versus a price of CHF 13.92, about +113% upside (undervalued).
What is the fair value of CALN?
Our model-based fair value for Calida Holding AG is CHF 29.59 (as of Nov 9, 2026), built from audited fundamentals. The current price: CHF 13.92.
What is the quality score of CALN?
Calida Holding AG has a Quality Score of 71/100. 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 29.59 (as of Nov 9, 2026) from 24 valuation models. Cautious scenario CHF 24.08, optimistic scenario CHF 38.03. 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 29.59, about +113% upside versus a price of CHF 13.92 (undervalued). Cautious scenario CHF 24.08, optimistic scenario CHF 38.03. 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 208M (latest available figure, as of Nov 9, 2026).
Does Calida Holding AG pay a dividend?
Calida Holding AG currently shows a dividend yield of 1.80% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Calida Holding AG (CALN) and when is the ex-dividend date?
Calida Holding AG pays a dividend of CHF 0.25 per share a year, a dividend yield of 1.8%. The last ex-dividend date was Apr 21, 2026. A dividend has been paid every year since 2021. The payout ratio is 13.5% of earnings (on adjusted earnings, reported 20.7%). Free cash flow covers the dividend 9.51 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
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 -15.5 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.8 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of CALN use?
Our models discount Calida Holding AG at 11.3 %: a base by market capitalisation (micro), damped by beta 0.62, 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 -15.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.3 %) 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 free-cash-flow growth of -15.5 % per 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 +4.7 % a year. That is the yardstick for the growth priced into Calida Holding AG (-15.5 % per 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 17.09 %: that much free cash flow Calida Holding AG produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), 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 29.59 per share (as of Nov 9, 2026), against a price of CHF 13.92. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Calida Holding AG stock overvalued or undervalued in 2026?
As of Nov 9, 2026, CALN trades below its calculated fair value: price CHF 13.92, fair value CHF 29.59, a gap of about +113% (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 13.92); the fair value is what the company's own numbers justify (CHF 29.59). For Calida Holding AG the two are CHF 15.67 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 97.3M (market capitalisation, as of Nov 9, 2026). Per share that is CHF 13.92; our models calculate a fair value of CHF 29.59 per share.
What do the bullish and bearish scenarios say about CALN?
Our models span a range for Calida Holding AG: cautious scenario CHF 24.08, base CHF 29.59, optimistic CHF 38.03 per share (as of Nov 9, 2026, price CHF 13.92). 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 11.5 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 29.59 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 9.2 (reported for FY2025: 14.1). Other multiples: P/B 1.0, P/S 0.5, EV/EBITDA 7.0.
How solid is the balance sheet of Calida Holding AG (CALN)?
Balance-sheet figures for Calida Holding AG (as of Nov 9, 2026): return on equity 8.2%. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is CALN from its 52-week high?
Calida Holding AG trades at CHF 13.92, about 31% below its 52-week high of CHF 20.25 and 22% above the low of CHF 11.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 29.59 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, LPP SA, Levi Strauss & Co, 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 Nov 9, 2026: price CHF 13.92, calculated fair value CHF 29.59 (+113%), Quality Score 71/100, 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 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of CHF 29.59 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. Calida Holding AG currently trades 53% 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 Nov 6, 2026 was CHF 13.92. Our model-based fair value is CHF 29.59, about +113% 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 price is below even our cautious bear case (CHF 24.08). The market is more pessimistic than our downside scenario. Solid quality (71/100) at a price below fair value, the discount is the argument here, not the business quality.
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 97.3M. 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 0.47 (last twelve months). 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 1.21 (price ÷ EPS = P/E 11.5). 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 1.8% (payout 13.5%, on adjusted earnings, reported 20.7%). 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 4.4% (last twelve months). 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 8.2% (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 −0.3% (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 −7.9% 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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Broad data
Nov 9, 2026