Elma Electronic AG (ELMN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Elma Electronic AG CHF 209, price CHF 1,320, upside -84.2%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Weakest SetupStrongly overvalued and low quality.
!Fair value CHF 208.81 · Strongly overvalued (−84%)
!Quality 47/100
!Expensive Growth(revenue 5y +3.7 %/yr)
!Thin margins · 2.4% net margin (TTM)
!Moderate debt · negative free cash flow
·0.15% dividend yield
!Trails peers(1/14)
!Narrow moat31/100
!Evidence only low, so the estimate is less certain
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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 24, 2026.
How to read this chart
60‑month range CHF 322.79 – CHF 1,330 · fair‑value band CHF 206.57 – CHF 208.81 · the CHF 1,320 price screens above the CHF 208.81 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 24, 2026.
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Elma Electronic AG manufactures and sells electronic packaging products for the embedded systems market worldwide. It offers backplanes, cabinets, chassis platforms, embedded boards, embedded computing systems, enclosures and components, power solutions, and rotary switches.
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Elma Electronic AG manufactures and sells electronic packaging products for the embedded systems market worldwide. It offers backplanes, cabinets, chassis platforms, embedded boards, embedded computing systems, enclosures and components, power solutions, and rotary switches. The company also provides conformal coating, front panels, and online configurator services. It serves aerospace, defense, artificial intelligence, industrial automation, medical, science and research, test and measurement, and transportation industries. Elma Electronic AG was founded in 1960 and is headquartered in Wetzikon, Switzerland.
Stock analysis
Elma Electronic AG (ELMN) currently trades at CHF 1,320, while our model-based Fair Value estimate is CHF 208.81, implying the stock looks roughly 532.1% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of CHF 393.72 per share, and 0 of the 15 models we run sit above the CHF 1,320 price.
Bear case: the Dividend Discount group reads lowest at CHF 20.96, and 15 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: CHF 206.57 (bear) to CHF 208.81 (bull), the price of CHF 1,320 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 47/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Elma Electronic AG reported revenue of CHF 176M in FY2025 versus CHF 149M in FY2021, a compound +4.2%/yr. Reported net income was CHF 4.1M in FY2025, compounding −13.9%/yr from FY2021.
Key figures
Market cap CHF 302M · P/E ratio 73.0 · P/S ratio 1.72 · EPS (TTM) CHF 18.08 · Dividend yield 0.2% · Net margin 2.4% · Return on equity 6.5% · Return on assets (EBIT) 7.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 9% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −33% fair-value upside, at −84%, ELMN screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (CHF 20.96 to CHF 798.19). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear CHF 206.57Fair Value CHF 208.81Bull CHF 208.81
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 11.81 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.28/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−1.0%
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%
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.
+3.7%
Start year 2020 (pandemic). Over 10 years: +4.0% a year
Revenue growth 22 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.
+3.3%
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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.
−5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.8%
Dividend (yield on the price)0.2%
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.−6% vs 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.5% → 4%
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.Computer Hardware · 220 stocks
Beats the industry median on 1/14 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−84% · Bottom 25%
Profitability
Return on equity (TTM)6% · Below median
Return on assets3% · Above median
Net margin (TTM)2% · Below median
Operating margin (TTM)1% · Below median
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Computer Hardware median · lower = cheaper
P/E (TTM)73.0× · Priciest 25%
P/B5.77× · Priciest 25%
P/S (TTM)2.07× · Pricier than median
EV/EBITDA37.4× · Priciest 25%
PEG3.06× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 59
PAST (return on equity)26· sector 26
HEALTH (low debt)74· sector 97
DIVIDEND (yield)3· sector 40
VALUE 0: the price sits above our fair-value range.
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). "Elma Electronic AG Fair Value". https://www.fairvalue-calculator.com/stock/ELMN
Frequently asked questions
Is Elma Electronic AG (ELMN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of CHF 208.81 versus a price of CHF 1,320, about −84% upside (overvalued).
What is the fair value of ELMN?
Our model-based fair value for Elma Electronic AG is CHF 208.81 (as of Sep 24, 2026), built from audited fundamentals. The current price: CHF 1,320.
What is the quality score of ELMN?
Elma Electronic AG has a Quality Score of 47/100. 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 Elma Electronic AG (ELMN)?
Our model-based price target is the fair value of CHF 208.81 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario CHF 206.57, optimistic scenario CHF 208.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Elma Electronic AG stock forecast for 2026?
Our models put fair value at CHF 208.81, about −84% upside versus a price of CHF 1,320 (overvalued). Cautious scenario CHF 206.57, optimistic scenario CHF 208.81. The calculation is refreshed regularly with new filings.
What is the revenue of Elma Electronic AG (ELMN)?
Elma Electronic AG reported trailing-twelve-month revenue of about CHF 176M (latest available figure, as of Sep 24, 2026).
Does Elma Electronic AG pay a dividend?
Elma Electronic AG currently shows a dividend yield of about 0.15% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Elma Electronic AG (ELMN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Elma Electronic AG it is CHF 208.81 per share (as of Sep 24, 2026), against a price of CHF 1,320. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Elma Electronic AG stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ELMN trades above its calculated fair value: price CHF 1,320, fair value CHF 208.81, a gap of about −84% (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 ELMN?
No. The price is what the market pays today (CHF 1,320); the fair value is what the company's own numbers justify (CHF 208.81). For Elma Electronic AG the two are CHF 1,111 per share apart. That gap is exactly why we show both numbers side by side.
How much is Elma Electronic AG worth?
The market values Elma Electronic AG at about CHF 302M (market capitalisation, as of Sep 24, 2026). Per share that is CHF 1,320; our models calculate a fair value of CHF 208.81 per share.
What do the bullish and bearish scenarios say about ELMN?
Our models span a range for Elma Electronic AG: cautious scenario CHF 206.57, base CHF 208.81, optimistic CHF 208.81 per share (as of Sep 24, 2026, price CHF 1,320). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ELMN?
Elma Electronic AG trades at a price-to-earnings ratio of 73.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 208.81 is built from several models across several years. Other multiples: PEG 3.1, P/B 5.8, P/S 2.1, EV/EBITDA 37.4.
What is the PEG ratio of ELMN?
The PEG ratio of Elma Electronic AG is 3.06 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Elma Electronic AG (ELMN)?
Balance-sheet figures for Elma Electronic AG (as of Sep 24, 2026): return on equity 6.5%, debt of 0.52 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is ELMN from its 52-week high?
Elma Electronic AG trades at CHF 1,320, about 1% below its 52-week high of CHF 1,330 and 9% above the low of CHF 1,208 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 208.81 is for.
Which stocks are comparable to Elma Electronic AG?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Western Digital Corporation, Wiwynn Corporation, 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 Elma Electronic AG stock attractive at the current price?
The data as of Sep 24, 2026: price CHF 1,320, calculated fair value CHF 208.81 (−84%), Quality Score 47/100, from 15 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 ELMN calculated?
We run Elma Electronic AG through 15 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 208.81, 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. Elma Electronic AG 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 Elma Electronic AG (ELMN)?
The closing price on Sep 23, 2026 was CHF 1,320. Our model-based fair value is CHF 208.81, about −84% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Elma Electronic AG right now?
The price sits above even our optimistic bull case (CHF 208.81). The favourable scenario is already priced in. 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 but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (CHF 206.57 to CHF 208.81), unusually little disagreement for a valuation.
Where does the earnings growth of Elma Electronic AG (ELMN) come from?
Earnings per share at Elma Electronic AG grew +10.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin +6.5 %, tax rate +0.4 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Elma Electronic AG
How large is the market capitalisation of Elma Electronic AG (ELMN)?
The market capitalisation of Elma Electronic AG is CHF 302M. 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 Elma Electronic AG (ELMN)?
The price-to-sales ratio of Elma Electronic AG is 1.72 (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 Elma Electronic AG (ELMN)?
Earnings per share at Elma Electronic AG are CHF 18.08 (price ÷ EPS = P/E 73.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Elma Electronic AG (ELMN)?
The dividend yield of Elma Electronic AG is 0.2% (payout 11.1%). 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 Elma Electronic AG (ELMN)?
The net margin of Elma Electronic AG is 2.4% (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 Elma Electronic AG (ELMN)?
The return on equity (ROE) of Elma Electronic AG is 6.5% (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 Elma Electronic AG (ELMN)?
On an EBIT basis the return on assets of Elma Electronic AG is 7.0% (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 Elma Electronic AG (ELMN)?
The operating margin of Elma Electronic AG is 1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Elma Electronic AG (ELMN)?
Revenue at Elma Electronic AG is growing −2.7% 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 Elma Electronic AG (ELMN)?
Earnings per share at Elma Electronic AG are growing −1.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Elma Electronic AG (ELMN) generate?
The free cash flow of Elma Electronic AG is −CHF 17.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Elma Electronic AG (ELMN) carry?
The net debt of Elma Electronic AG is CHF 19.9M (fiscal year 2025). 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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