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Celyad SA (CYAD) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Celyad SA €0.35, price €0.25, upside +40.0%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Healthcare · BE · ISIN BE0974260896

CS Thin data Sep 23, 2026

Celyad SA

CYAD · BR

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value €0.3485 · Undervalued (+40%)
!Quality 54/100
!Mixed Growth (revenue 5y +33.2 %/yr)
!Low debt · negative free cash flow
✓Ranks above peers (5/8)
!Narrow moat 43/100
!Evidence only low, so the estimate is less certain
!The models disagree: range €0.2635 to €0.9520
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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

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Price vs Fair Value

€4.54 €0.1680 Fair Value €0.3485 Aug 2021 Sep 2026

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 €0.1680 – €4.54 · fair‑value band €0.2635 – €0.9520 · the €0.2490 price screens below the €0.3485 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Celyad Oncology SA, a biotechnology company, focuses on unlocking the potential of its intellectual property. Its portfolio comprises multiple foundational US patents focused on TCR-deficient T cell compositions, and it broadly covers allogeneic CAR T cell therapies.

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Celyad Oncology SA, a biotechnology company, focuses on unlocking the potential of its intellectual property. Its portfolio comprises multiple foundational US patents focused on TCR-deficient T cell compositions, and it broadly covers allogeneic CAR T cell therapies. The company was formerly known as Celyad SA and changed its name to Celyad Oncology SA in June 2020. Celyad Oncology SA was founded in 2004 and is headquartered in Mont-Saint-Guibert, Belgium.

Stock analysis

Celyad SA (CYAD) currently trades at €0.2490, while our model-based Fair Value estimate is €0.3485, implying the stock looks roughly 28.6% undervalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of €0.8600 per share, and 5 of the 8 models we run sit above the €0.2490 price.

Bear case: the Asset-Based group reads lowest at €0.0400, and 3 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: €0.2635 (bear) to €0.9520 (bull), the price of €0.2490 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 54/100 (solid quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Celyad SA reported revenue of €21.0K in FY2025 versus €0 in FY2021. Reported net income was €830K in FY2025.

Key figures

Market cap €11.5M · P/E ratio 12.5 · EPS (TTM) €0.0200 · Net margin 3,952% · Return on equity 56.3% · Return on assets (EBIT) −95.5% · Operating margin 30,414% · Revenue (TTM) €21.0K.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).

What moves the price

The share trades about 50% below its 52-week high and 48% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at 40%, CYAD screens cheaper than that median.

Fair Value models

Bear €0.2635 Fair Value €0.3485 Bull €0.9520
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 (€0.0146 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.
Highest evidence
Growth-Adj P/E €0.6000 €0.8600 €1.12 64
P/E Multiple €0.3100 €0.4100 €0.5100 63
Graham-Dodd €0.1300 €0.8800 €1.23 59
All 8 models by family
Earnings-Based
Graham-Dodd €0.1300 €0.8800 €1.23 59
Lynch FV €0.4500 €0.6500 €0.8400 57
PEG = 1.0 €0.4500 €0.6500 €0.8400 54
Multiples
P/E Multiple €0.3100 €0.4100 €0.5100 63
P/B Multiple €0.1800 €0.2400 €0.3100 55
Asset-Based
NCAV (Graham) €0.0300 €0.0400 €0.0500 55
Economic Profit
Residual Income €0.1300 €0.1900 €1.73 54
Growth Earnings
Growth-Adj P/E €0.6000 €0.8600 €1.12 64

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Quality Score breakdown

Overall quality 54/100

Of which business quality 55 · Market factors (momentum, volatility) 25

Profitability 76
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 23
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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. 52/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−88.7%
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.
+33.2%
Start year 2020 (pandemic)
Revenue growth 15 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.
−24.8%
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.
−339,740.0% (2020) → −34,200.0% (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.Biotechnology · 649 stocks

Beats the industry median on 4/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 54 · Above median
Fair Value upside +40% · Top 25%
Profitability
Return on equity (TTM) 56% · Top 25%
Return on assets −13% · Below median
Growth and dividend
Revenue growth −96% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/E (TTM) 12.5× · Cheapest 25%
P/B 5.38× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)87 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)100 · sector 0
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 23

Context: sector, industry, market

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

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $516.34 $567.97 +10%
Regeneron Pharmaceuticals, Inc REGN $801.82 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.12 A$197.03 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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Celyad SA · Fair Value
€0.3485 +29%Fair Value
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Cite: Fair Value Calculator (2026). "Celyad SA Fair Value". https://www.fairvalue-calculator.com/stock/CYAD

Frequently asked questions

Is Celyad SA (CYAD) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.3485 versus a price of €0.2490, about +40% upside (undervalued).
What is the fair value of CYAD?
Our model-based fair value for Celyad SA is €0.3485 (as of Sep 23, 2026), built from audited fundamentals. The current price: €0.2490.
What is the quality score of CYAD?
Celyad SA has a Quality Score of 54/100. 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 Celyad SA (CYAD)?
Our model-based price target is the fair value of €0.3485 (as of Sep 23, 2026) from 8 valuation models. Cautious scenario €0.2635, optimistic scenario €0.9520. It is a calculation from audited fundamentals, not an analyst target.
What is the Celyad SA stock forecast for 2026?
Our models put fair value at €0.3485, about +40% upside versus a price of €0.2490 (undervalued). Cautious scenario €0.2635, optimistic scenario €0.9520. The calculation is refreshed regularly with new filings.
What is the revenue of Celyad SA (CYAD)?
Celyad SA reported trailing-twelve-month revenue of about €21.0K (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Celyad SA (CYAD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Celyad SA it is €0.3485 per share (as of Sep 23, 2026), against a price of €0.2490. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Celyad SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CYAD trades below its calculated fair value: price €0.2490, fair value €0.3485, a gap of about +40% (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 CYAD?
No. The price is what the market pays today (€0.2490); the fair value is what the company's own numbers justify (€0.3485). For Celyad SA the two are €0.0995 per share apart. That gap is exactly why we show both numbers side by side.
How much is Celyad SA worth?
The market values Celyad SA at about €11.5M (market capitalisation, as of Sep 23, 2026). Per share that is €0.2490; our models calculate a fair value of €0.3485 per share.
What do the bullish and bearish scenarios say about CYAD?
Our models span a range for Celyad SA: cautious scenario €0.2635, base €0.3485, optimistic €0.9520 per share (as of Sep 23, 2026, price €0.2490). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CYAD?
Celyad SA trades at a price-to-earnings ratio of 12.5 (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 €0.3485 is built from several models across several years. Other multiples: P/B 5.4.
How solid is the balance sheet of Celyad SA (CYAD)?
Balance-sheet figures for Celyad SA (as of Sep 23, 2026): return on equity 56.3%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is CYAD from its 52-week high?
Celyad SA trades at €0.2490, about 50% below its 52-week high of €0.4950 and 48% above the low of €0.1680 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.3485 is for.
Which stocks are comparable to Celyad SA?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics 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 Celyad SA stock attractive at the current price?
The data as of Sep 23, 2026: price €0.2490, calculated fair value €0.3485 (+40%), Quality Score 54/100, from 8 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 CYAD calculated?
We run Celyad SA through 8 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 €0.3485, 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 13.0 % above its aggregate fair value. Celyad SA currently trades 40 % 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 Celyad SA (CYAD)?
The closing price on Sep 24, 2026 was €0.2490. Our model-based fair value is €0.3485, about +40% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Celyad SA right now?
The price is below even our cautious bear case (€0.2635). The market is more pessimistic than our downside scenario. The model range is unusually wide (€0.2635 to €0.9520). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Celyad SA

How large is the market capitalisation of Celyad SA (CYAD)?
The market capitalisation of Celyad SA is €11.5M. 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 are the earnings per share of Celyad SA (CYAD)?
Earnings per share at Celyad SA are €0.0200 (price ÷ EPS = P/E 12.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Celyad SA (CYAD)?
The net margin of Celyad SA is 3,952% (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 Celyad SA (CYAD)?
The return on equity (ROE) of Celyad SA is 56.3% (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 Celyad SA (CYAD)?
On an EBIT basis the return on assets of Celyad SA is −95.5% (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 Celyad SA (CYAD)?
The operating margin of Celyad SA is 30,414% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Celyad SA (CYAD)?
Revenue at Celyad SA is growing −95.9% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Celyad SA (CYAD) generate?
The free cash flow of Celyad SA is −€6.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Celyad SA (CYAD) hold?
Celyad SA holds more cash than debt, €1.7M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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