Forbo Holding AG (FORN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Forbo Holding AG CHF 656, price CHF 946, upside -30.6%, quality 60 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 659.48 – CHF 1,770 · fair‑value band CHF 435.07 – CHF 887.49 · the CHF 946.00 price screens above the CHF 656.36 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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Forbo Holding AG engages in the production and sell of floor coverings, building and construction adhesives, and belt for power transmission and conveyor technology worldwide. The company operates through two divisions, Flooring Systems and Movement Systems.
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Forbo Holding AG engages in the production and sell of floor coverings, building and construction adhesives, and belt for power transmission and conveyor technology worldwide. The company operates through two divisions, Flooring Systems and Movement Systems. The Flooring Systems division develops, produces, and sells linoleum, vinyl floorings, entrance flooring systems, carpet tiles, and needle felt floor coverings; Flotex, the washable textile floorings; and building and construction adhesives, as well as various accessory products for laying, processing, cleaning, and care of flooring. This division also provides installation solutions, including adhesives, subfloors, and leveling compounds under the trade name of Eurocol. Its products are used in healthcare, education, public buildings, retail, hospitality, data centers, industrial facilities, and transport sector. The Movement Systems division develops, produces, and sells conveyor and processing belts; plastic modular belts; power transmission belts; and drive, timing, and flat belts under the Siegling brand name. Its products are used in various applications in the recycling, logistics, and food industry. Forbo Holding AG was founded in 1928 and is headquartered in Baar, Switzerland.
Stock analysis
Forbo Holding AG (FORN) currently trades at CHF 946.00, while our model-based Fair Value estimate is CHF 656.36, implying the stock looks roughly 44.1% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 875.35 per share, and 3 of the 24 models we run sit above the CHF 946.00 price.
Bear case: the Dividend Discount group reads lowest at CHF 208.35, and 21 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 435.07 (bear) to CHF 887.49 (bull), the price of CHF 946.00 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 60/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Forbo Holding AG reported revenue of CHF 1.1B in FY2025 versus CHF 1.3B in FY2021, a compound −3.5%/yr. Reported net income was CHF 68.9M in FY2025, compounding −16.4%/yr from FY2021.
Key figures
Market cap CHF 1.3B · P/E ratio 19.4 · P/S ratio 1.23 · EPS (TTM) CHF 48.76 · Dividend yield 2.6% · Net margin 6.3% · Return on equity 10.8% · Return on assets (EBIT) 13.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −20% fair-value upside, at −31%, FORN screens richer than that median.
Fair Value models
Bear CHF 435.07Fair Value CHF 656.36Bull CHF 887.49
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 17.38 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.35/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−3.3%
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.
−5.7%
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.
−0.6%
Start year 2020 (pandemic). Over 10 years: −0.5% 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.
−1.5%
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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.
−8.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.8%
Dividend (yield on the price)2.6%
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.−11% vs −2%, 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.12% → 8%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+25.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +24.9% a year for the price and +1.1% for the forecasts.
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.Building Products & Equipment · 253 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−31% · Below median
Profitability
Return on equity (TTM)11% · Above median
Return on assets6% · Top 25%
Net margin (TTM)6% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth−2% · Below median
Dividend yield (TTM)2.6% · Above median
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Building Products & Equipment median · lower = cheaper
P/E (TTM)19.4× · Pricier than median
P/B2.50× · Pricier than median
P/S (TTM)1.49× · Pricier than median
P/FCF51.8× · Priciest 25%
EV/EBITDA13.1× · Pricier than median
PEG8.17× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 14
FUTURE (revenue growth)0· sector 11
PAST (return on equity)43· sector 23
HEALTH (low debt)98· sector 95
DIVIDEND (yield)53· sector 42
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). "Forbo Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/FORN
Frequently asked questions
Is Forbo Holding AG (FORN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of CHF 656.36 versus a price of CHF 946.00, about −31% upside (overvalued).
What is the fair value of FORN?
Our model-based fair value for Forbo Holding AG is CHF 656.36 (as of Sep 23, 2026), built from audited fundamentals. The current price: CHF 946.00.
What is the quality score of FORN?
Forbo Holding AG has a Quality Score of 60/100. 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 Forbo Holding AG (FORN)?
Our model-based price target is the fair value of CHF 656.36 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario CHF 435.07, optimistic scenario CHF 887.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Forbo Holding AG stock forecast for 2026?
Our models put fair value at CHF 656.36, about −31% upside versus a price of CHF 946.00 (overvalued). Cautious scenario CHF 435.07, optimistic scenario CHF 887.49. The calculation is refreshed regularly with new filings.
What is the revenue of Forbo Holding AG (FORN)?
Forbo Holding AG reported trailing-twelve-month revenue of about CHF 1.1B (latest available figure, as of Sep 23, 2026).
Does Forbo Holding AG pay a dividend?
Forbo Holding AG currently shows a dividend yield of about 2.64% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Forbo Holding AG (FORN)?
For today's price to be fair in a discounted-cash-flow model, Forbo Holding AG would have to grow free cash flow by +25.7 % per year for five years (discount rate 10.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.6 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of FORN use?
Our models discount Forbo Holding AG at 10.6 %: a base by market capitalisation (small), damped by beta 0.84, 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 Forbo Holding AG that is +25.7 % per year a year over ten years, using the same discount rate (10.6 %) and the same formula as our fair value.
How much growth has Forbo Holding AG (FORN) delivered so far?
Over the past 5 years revenue at Forbo Holding AG grew -0.6 % a year. The price currently implies +25.7 % 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 Forbo Holding AG (FORN) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Forbo Holding AG (+25.7 % 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 Forbo Holding AG (FORN)?
The free-cash-flow yield on the price is 2.34 %: that much free cash flow Forbo Holding AG produces per unit of market value. When it exceeds the discount rate of our models (10.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Forbo Holding AG (FORN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forbo Holding AG it is CHF 656.36 per share (as of Sep 23, 2026), against a price of CHF 946.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Forbo Holding AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FORN trades above its calculated fair value: price CHF 946.00, fair value CHF 656.36, a gap of about −31% (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 FORN?
No. The price is what the market pays today (CHF 946.00); the fair value is what the company's own numbers justify (CHF 656.36). For Forbo Holding AG the two are CHF 289.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Forbo Holding AG worth?
The market values Forbo Holding AG at about CHF 1.3B (market capitalisation, as of Sep 23, 2026). Per share that is CHF 946.00; our models calculate a fair value of CHF 656.36 per share.
What do the bullish and bearish scenarios say about FORN?
Our models span a range for Forbo Holding AG: cautious scenario CHF 435.07, base CHF 656.36, optimistic CHF 887.49 per share (as of Sep 23, 2026, price CHF 946.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FORN?
Forbo Holding AG trades at a price-to-earnings ratio of 19.4 (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 656.36 is built from several models across several years. Other multiples: PEG 8.2, P/B 2.5, P/S 1.5, EV/EBITDA 13.1.
What is the PEG ratio of FORN?
The PEG ratio of Forbo Holding AG is 8.17 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Forbo Holding AG (FORN)?
Balance-sheet figures for Forbo Holding AG (as of Sep 23, 2026): return on equity 10.8%, debt of 0.05 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is FORN from its 52-week high?
Forbo Holding AG trades at CHF 946.00, about 4% below its 52-week high of CHF 990.00 and 43% above the low of CHF 659.48 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 656.36 is for.
Which stocks are comparable to Forbo Holding AG?
From the same area (Industrials) we also value Trane Technologies plc, Johnson Controls International plc, Carrier Global Corporation, Compagnie de Saint-Gobain S.A, 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 Forbo Holding AG stock attractive at the current price?
The data as of Sep 23, 2026: price CHF 946.00, calculated fair value CHF 656.36 (−31%), Quality Score 60/100, 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 FORN calculated?
We run Forbo 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 656.36, 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 14.1 % above its aggregate fair value. Forbo Holding 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 Forbo Holding AG (FORN)?
The closing price on Sep 23, 2026 was CHF 946.00. Our model-based fair value is CHF 656.36, about −31% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forbo Holding AG right now?
The price sits above even our optimistic bull case (CHF 887.49). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 435.07 to CHF 887.49) leaves room in how you read the outcome.
Where does the earnings growth of Forbo Holding AG (FORN) come from?
Earnings per share at Forbo Holding AG grew −0.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.5 %, EBIT margin −2.2 %, tax rate −0.3 %, residual (interest, one-offs) −0.5 %. 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 Forbo Holding AG
How large is the market capitalisation of Forbo Holding AG (FORN)?
The market capitalisation of Forbo Holding AG is CHF 1.3B. 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 Forbo Holding AG (FORN)?
The price-to-sales ratio of Forbo Holding AG is 1.23 (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 Forbo Holding AG (FORN)?
Earnings per share at Forbo Holding AG are CHF 48.76 (price ÷ EPS = P/E 19.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Forbo Holding AG (FORN)?
The dividend yield of Forbo Holding AG is 2.6% (payout 51.3%). 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 Forbo Holding AG (FORN)?
The net margin of Forbo Holding AG is 6.3% (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 Forbo Holding AG (FORN)?
The return on equity (ROE) of Forbo Holding AG is 10.8% (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 Forbo Holding AG (FORN)?
On an EBIT basis the return on assets of Forbo Holding AG is 13.5% (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 Forbo Holding AG (FORN)?
The operating margin of Forbo Holding AG is 8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Forbo Holding AG (FORN)?
Revenue at Forbo Holding AG is growing −2.4% versus a year earlier (3y avg −5.7%). 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 Forbo Holding AG (FORN)?
Earnings per share at Forbo Holding AG are growing −24.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Forbo Holding AG (FORN) hold?
Forbo Holding AG holds more cash than debt, CHF 42.5M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 23, 2026