ForFarmers NV (FFARM) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of ForFarmers NV €11.88, price €5.84, upside +103.4%, quality 64 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 27, 2026.
How to read this chart
60‑month range €1.86 – €6.55 · fair‑value band €8.91 – €14.85 · the €5.84 price screens below the €11.88 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 27, 2026.
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ForFarmers N.V., together with its subsidiaries, provides feed solutions for conventional and organic livestock farming under the ForFarmers brand in the Netherlands, Germany, the United Kingdom, Poland, Belgium, and internationally.
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ForFarmers N.V., together with its subsidiaries, provides feed solutions for conventional and organic livestock farming under the ForFarmers brand in the Netherlands, Germany, the United Kingdom, Poland, Belgium, and internationally. The company offers compound, young animal, and specialty feed products for ruminants, dairy cows, pigs, horses, and poultry; and moist co-products, loose raw materials, seeds, and fertilizers. It also provides logistics services; advice related to feed, livestock farming, and business development; and tools, such as programmes, products, and services for farmers to set business objectives, and monitor and benchmark results. The company serves dairy farmers. It exports its products to various countries within and outside of Europe. ForFarmers N.V. was founded in 1896 and is headquartered in Lochem, the Netherlands.
Stock analysis
ForFarmers NV (FFARM) currently trades at €5.84, while our model-based Fair Value estimate is €11.88, implying the stock looks roughly 50.8% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of €15.50 per share, and 20 of the 25 models we run sit above the €5.84 price.
Bear case: the Dividend Discount group reads lowest at €2.17, and 5 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: €8.91 (bear) to €14.85 (bull), the price of €5.84 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 64/100 (solid quality), in the Consumer Defensive sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ForFarmers NV reported revenue of €3.2B in FY2025 versus €2.7B in FY2021, a compound +4.2%/yr. Reported net income was €49.9M in FY2025, compounding +42.8%/yr from FY2021.
Key figures
Market cap €518M · P/E ratio 10.4 · P/S ratio 0.16 · EPS (TTM) €0.5632 · Dividend yield 5.1% · Net margin 1.6% · Return on equity 14.0% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Defensive peers we cover trades at 3% fair-value upside, at 103%, FFARM screens cheaper than that median.
Fair Value models
Bear €8.91Fair Value €11.88Bull €14.85
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 (€0.1938 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.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.71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.8%
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.
−1.7%
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.
+6.0%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 18 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.
+9.9%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+42.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+36.9%
Dividend (yield on the price)5.1%
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.30.7% vs 1.7%, picking up
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.1% → 3%
2025 sits 103% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
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).
−12.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −14.1% 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.Packaged Foods · 646 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Top 25%
Fair Value upside+103.4% · Top 25%
Profitability
Return on equity (TTM)14.0% · Top 25%
Return on assets5.3% · Above median
Net margin (TTM)1.6% · Below median
Operating margin (TTM)3.2% · Below median
Growth and dividend
Revenue growth13.7% · Above median
Dividend yield (TTM)5.1% · Top 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Packaged Foods median · lower = cheaper
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Cite: Fair Value Calculator (2026). "ForFarmers NV Fair Value". https://www.fairvalue-calculator.com/stock/FFARM
Frequently asked questions
Is ForFarmers NV (FFARM) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of €11.88 versus a price of €5.84, about +103% upside (undervalued).
What is the fair value of FFARM?
Our model-based fair value for ForFarmers NV is €11.88 (as of Sep 27, 2026), built from audited fundamentals. The current price: €5.84.
What is the quality score of FFARM?
ForFarmers NV has a Quality Score of 64/100. 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 ForFarmers NV (FFARM)?
Our model-based price target is the fair value of €11.88 (as of Sep 27, 2026) from 25 valuation models. Cautious scenario €8.91, optimistic scenario €14.85. It is a calculation from audited fundamentals, not an analyst target.
What is the ForFarmers NV stock forecast for 2026?
Our models put fair value at €11.88, about +103% upside versus a price of €5.84 (undervalued). Cautious scenario €8.91, optimistic scenario €14.85. The calculation is refreshed regularly with new filings.
What is the revenue of ForFarmers NV (FFARM)?
ForFarmers NV reported trailing-twelve-month revenue of about €3.2B (latest available figure, as of Sep 27, 2026).
Does ForFarmers NV pay a dividend?
ForFarmers NV currently shows a dividend yield of about 5.14% relative to its recent price (as of Sep 27, 2026).
What growth is priced into ForFarmers NV (FFARM)?
For today's price to be fair in a discounted-cash-flow model, ForFarmers NV would have to grow free cash flow by -12.2 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of FFARM use?
Our models discount ForFarmers NV at 11.2 %: a base by market capitalisation (small), damped by beta 1.08, country premium for Netherlands. 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 ForFarmers NV that is -12.2 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has ForFarmers NV (FFARM) delivered so far?
Over the past 5 years revenue at ForFarmers NV grew +6.0 % a year. The price currently implies -12.2 % 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 ForFarmers NV (FFARM) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into ForFarmers NV (-12.2 % 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 ForFarmers NV (FFARM)?
The free-cash-flow yield on the price is 19.01 %: that much free cash flow ForFarmers NV produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ForFarmers NV (FFARM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ForFarmers NV it is €11.88 per share (as of Sep 27, 2026), against a price of €5.84. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is ForFarmers NV stock overvalued or undervalued in 2026?
As of Sep 27, 2026, FFARM trades below its calculated fair value: price €5.84, fair value €11.88, a gap of about +103% (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 FFARM?
No. The price is what the market pays today (€5.84); the fair value is what the company's own numbers justify (€11.88). For ForFarmers NV the two are €6.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is ForFarmers NV worth?
The market values ForFarmers NV at about €518M (market capitalisation, as of Sep 27, 2026). Per share that is €5.84; our models calculate a fair value of €11.88 per share.
What do the bullish and bearish scenarios say about FFARM?
Our models span a range for ForFarmers NV: cautious scenario €8.91, base €11.88, optimistic €14.85 per share (as of Sep 27, 2026, price €5.84). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FFARM?
ForFarmers NV trades at a price-to-earnings ratio of 10.4 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €11.88 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 8.3 (reported 10.4). Other multiples: P/B 1.5, P/S 0.2, EV/EBITDA 3.2.
How solid is the balance sheet of ForFarmers NV (FFARM)?
Balance-sheet figures for ForFarmers NV (as of Sep 27, 2026): return on equity 14.0%, debt of 0.04 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is FFARM from its 52-week high?
ForFarmers NV trades at €5.84, about 11% below its 52-week high of €6.55 and 47% above the low of €3.98 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of €11.88 is for.
Which stocks are comparable to ForFarmers NV?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, 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 ForFarmers NV stock attractive at the current price?
The data as of Sep 27, 2026: price €5.84, calculated fair value €11.88 (+103%), Quality Score 64/100, from 25 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 FFARM calculated?
We run ForFarmers NV through 25 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 €11.88, 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 15.9 % above its aggregate fair value. ForFarmers NV currently trades 51 % 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 ForFarmers NV (FFARM)?
The closing price on Sep 29, 2026 was €5.84. Our model-based fair value is €11.88, about +103% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ForFarmers NV right now?
The price is below even our cautious bear case (€8.91). The market is more pessimistic than our downside scenario. Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of ForFarmers NV (FFARM) come from?
Earnings per share at ForFarmers NV grew −0.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +5.2 %, EBIT margin −1.2 %, tax rate +0.0 %, residual (interest, one-offs) −4.2 %. 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 ForFarmers NV
How large is the market capitalisation of ForFarmers NV (FFARM)?
The market capitalisation of ForFarmers NV is €518M. 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 ForFarmers NV (FFARM)?
The price-to-sales ratio of ForFarmers NV is 0.16 (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 ForFarmers NV (FFARM)?
Earnings per share at ForFarmers NV are €0.5632 (price ÷ EPS = P/E 10.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ForFarmers NV (FFARM)?
The dividend yield of ForFarmers NV is 5.1% (payout 43.1%, on adjusted earnings, reported 53.6%). 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 ForFarmers NV (FFARM)?
The net margin of ForFarmers NV is 1.6% (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 ForFarmers NV (FFARM)?
The return on equity (ROE) of ForFarmers NV is 14.0% (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 ForFarmers NV (FFARM)?
On an EBIT basis the return on assets of ForFarmers NV is 4.0% (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 ForFarmers NV (FFARM)?
The operating margin of ForFarmers NV is 3.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ForFarmers NV (FFARM)?
Revenue at ForFarmers NV is growing +13.7% versus a year earlier (3y avg −1.7%). 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 ForFarmers NV (FFARM)?
Earnings per share at ForFarmers NV are growing +4.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ForFarmers NV (FFARM) carry?
The net debt of ForFarmers NV is €118M (fiscal year 2025, ≈ 1.2 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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