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Ion Beam Applications SA (IOBCF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Ion Beam Applications SA $5.72, price $18.00, upside -68.2%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Healthcare · US · ISIN BE0003766806

IB Ion Beam Applications SA logo Broad data Sep 24, 2026

Ion Beam Applications SA

IOBCF · US

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value $5.72 · Strongly overvalued (−68.2%)
!Quality 53/100
!Expensive Growth (revenue 5y +14.7 %/yr)
!Thin margins · 2.1% net margin (TTM)
!Low debt · negative free cash flow
!1.4% dividend yield · Watch coverage
!Narrow moat 38/100
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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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$54.26 $5.62 Fair Value $5.72 Jun 2015 Oct 2026

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 $5.62 – $54.26 · fair‑value band $4.02 – $6.22 · the $18.00 price screens above the $5.72 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Ion Beam Applications SA designs, produces, and markets solutions for cancer diagnosis and treatments, serious illnesses, and industrial applications in Belgium, the United States, China, Germany, and India. It operates through four segments, Clinical Proton Therapy; Clinical Dosimetry; IBA Technologies; and IBA Corporate.

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Ion Beam Applications SA designs, produces, and markets solutions for cancer diagnosis and treatments, serious illnesses, and industrial applications in Belgium, the United States, China, Germany, and India. It operates through four segments, Clinical Proton Therapy; Clinical Dosimetry; IBA Technologies; and IBA Corporate. The company develops ConformalFLASH, a novel technique using the proton Bragg peak; DynamicARC, a technique that allows dynamic spot scanning irradiation and energy switching while the gantry is rotating; Proteus ONE, a compact proton therapy system transforming cancer treatment; Proteus PLUS, a proton therapy solution for cancer centers; and dosimetry solutions that includes radiation therapy; medical imaging; and QUASAR that offers a portfolio of sophisticated phantoms supporting MR guided radiation therapy, motion management, surface guided radiation therapy, geometric distortion analysis, and machine targeting solutions. It also offers radio pharma solutions, including radioisotopes, cyclotrons, and radiochemistry, as well as other integrated and industrial solutions, and services. In addition, the company is involved in construction of proton therapy, and other accelerators equipment and installation services; and operation and maintenance services, as well as sales a license for intellectual property. The company has strategic research and development partnership with SCK CEN, a Belgian nuclear research center focusing on the development of Actinium-225, a radioactive isotope for the treatment of cancer. Ion Beam Applications SA was incorporated in 1986 and is headquartered in Louvain-la-Neuve, Belgium.

Stock analysis

Ion Beam Applications SA (IOBCF) currently trades at $18.00, while our model-based Fair Value estimate is $5.72, 68.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $11.95 per share, and 1 of the 15 models we run sit above the $18.00 price.

Bear case: the Asset-Based group reads lowest at $3.30, and 14 of the 15 models stay below the price. Evidence for this calculation is high.

Scenario range: $4.02 (bear) to $6.22 (bull), the price of $18.00 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 53/100 (solid quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Ion Beam Applications SA reported revenue of €620M in FY2025 versus €313M in FY2021, a compound +18.6%/yr. Reported net income was €12.7M in FY2025, compounding +34.5%/yr from FY2021.

Key figures

Market cap $532M · P/E ratio 36.7 · P/S ratio 0.75 · EPS (TTM) $0.4900 · Dividend yield 1.4% · Net margin 2.0% · Return on equity 10.7% · Return on assets (EBIT) 2.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 61% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at −68%, IOBCF screens richer than that median.

Fair Value models

Bear $4.02 Fair Value $5.72 Bull $6.22
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 ($0.1815 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.
Highest evidence
Owner Earnings $7.97 $11.95 $17.53 76
Residual Income $4.09 $4.41 $5.12 76
EPV $5.36 $6.05 $6.61 74
All 15 models by family
DCF Models
Owner Earnings $7.97 $11.95 $17.53 76
Earnings-Based
Graham-Dodd $3.34 $12.28 $16.58 64
Lynch FV $2.93 $4.19 $5.45 61
PEG = 1.0 $2.93 $4.19 $5.45 57
EPV $5.36 $6.05 $6.61 74
Multiples
P/E Multiple $8.11 $10.81 $13.51 63
P/S Multiple $6.26 $8.35 $10.44 58
P/B Multiple $6.26 $8.35 $10.44 55
EV/EBIT $11.31 $14.96 $18.61 66
EV/EBITDA $14.95 $19.81 $24.67 67
EV/Revenue $8.18 $11.53 $14.88 54
Asset-Based
NCAV (Graham) $2.46 $3.30 $4.92 54
Economic Profit
Residual Income $4.09 $4.41 $5.12 76
ROIC Compounder $5.49 $6.67 $8.12 72
Growth Earnings
Growth-Adj P/E $5.66 $8.08 $10.50 67

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Quality Score breakdown

Overall quality 53/100

Of which business quality 48 · Market factors (momentum, volatility) 64

Profitability 42
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 22
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 93
Distance to the 52-week high (market factor)
Net Issuance 84
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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+24.5%
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.
+19.7%
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.
+14.7%
Start year 2020 (pandemic). Over 10 years: +8.7% a year
Revenue growth 24 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.
+3.8%
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.
+28.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.0%
Dividend (yield on the price)1.4%
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.10.7% vs −6.7%, 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.13% → 4%
2025 sits 67% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)

IOBCF screens overvalued: fair value 68% below the price. Compare with Abbott Laboratories, →

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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.Medical Devices · 326 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Above median
Fair Value upside −60.2% · Below median
Profitability
Return on equity (TTM) 10.7% · Above median
Return on assets 3.3% · Above median
Net margin (TTM) 2.1% · Below median
Operating margin (TTM) 8.8% · Below median
Growth and dividend
Revenue growth 12.3% · Above median
Dividend yield (TTM) 1.4% · Below median
Balance sheet
Debt / equity 0.44× · Highest 25%

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/E (TTM) 36.7× · Pricier than median
P/B 4.41× · Priciest 25%
P/S (TTM) 0.91× · Cheaper than median
EV/EBITDA 13.8× · Cheaper than median

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 Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $98.83 $74.79 −24%
Medtronic plc MDT $87.09 $65.61 −25%
Stryker Corporation SYK $278.77 $306.65 +10%
Boston Scientific Corporation BSX $43.65 $48.02 +10%
Edwards Lifesciences Corporation EW $85.19 $81.94 −4%
Siemens Healthineers AG SHL €37.86 €35.19 −7%
DexCom, Inc DXCM $86.68 $95.35 +10%
GE HealthCare Technologies Inc GEHC $66.63 $70.37 +6%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥153.86 ¥169.25 +10%
Koninklijke Philips N.V PHIA €21.87 €15.23 −30%

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Cite: Fair Value Calculator (2026). "Ion Beam Applications SA Fair Value". https://www.fairvalue-calculator.com/stock/IOBCF

Frequently asked questions

Is Ion Beam Applications SA (IOBCF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $5.72 versus a price of $18.00, about −68% upside (overvalued).
What is the fair value of IOBCF?
Our model-based fair value for Ion Beam Applications SA is $5.72 (as of Sep 24, 2026), built from audited fundamentals. The current price: $18.00.
What is the quality score of IOBCF?
Ion Beam Applications SA has a Quality Score of 53/100. 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 Ion Beam Applications SA (IOBCF)?
Our model-based price target is the fair value of $5.72 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario $4.02, optimistic scenario $6.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Ion Beam Applications SA stock forecast for 2026?
Our models put fair value at $5.72, about −68% upside versus a price of $18.00 (overvalued). Cautious scenario $4.02, optimistic scenario $6.22. The calculation is refreshed regularly with new filings.
What is the revenue of Ion Beam Applications SA (IOBCF)?
Ion Beam Applications SA reported trailing-twelve-month revenue of about €620M (latest available figure, as of Sep 24, 2026).
Does Ion Beam Applications SA pay a dividend?
Ion Beam Applications SA currently shows a dividend yield of about 1.39% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Ion Beam Applications SA (IOBCF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ion Beam Applications SA it is $5.72 per share (as of Sep 24, 2026), against a price of $18.00. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Ion Beam Applications SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IOBCF trades above its calculated fair value: price $18.00, fair value $5.72, a gap of about −68% (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 IOBCF?
No. The price is what the market pays today ($18.00); the fair value is what the company's own numbers justify ($5.72). For Ion Beam Applications SA the two are $12.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ion Beam Applications SA worth?
The market values Ion Beam Applications SA at about $532M (market capitalisation, as of Sep 24, 2026). Per share that is $18.00; our models calculate a fair value of $5.72 per share.
What do the bullish and bearish scenarios say about IOBCF?
Our models span a range for Ion Beam Applications SA: cautious scenario $4.02, base $5.72, optimistic $6.22 per share (as of Sep 24, 2026, price $18.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IOBCF?
Ion Beam Applications SA trades at a price-to-earnings ratio of 36.7 (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 $5.72 is built from several models across several years. Other multiples: P/B 4.4, P/S 0.9, EV/EBITDA 13.8.
How solid is the balance sheet of Ion Beam Applications SA (IOBCF)?
Balance-sheet figures for Ion Beam Applications SA (as of Sep 24, 2026): return on equity 10.7%, debt of 0.44 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is IOBCF from its 52-week high?
Ion Beam Applications SA trades at $18.00, about 8% below its 52-week high of $19.62 and 61% above the low of $11.16 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $5.72 is for.
Which stocks are comparable to Ion Beam Applications SA?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific 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 Ion Beam Applications SA stock attractive at the current price?
The data as of Sep 24, 2026: price $18.00, calculated fair value $5.72 (−68%), Quality Score 53/100, 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 IOBCF calculated?
We run Ion Beam Applications SA 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 $5.72, 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 14.5 % above its aggregate fair value. Ion Beam Applications SA 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 Ion Beam Applications SA (IOBCF)?
The closing price on Oct 2, 2026 was $18.00. Our model-based fair value is $5.72, about −68% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ion Beam Applications SA right now?
The price sits above even our optimistic bull case ($6.22). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Ion Beam Applications SA (IOBCF) come from?
Earnings per share at Ion Beam Applications SA grew −12.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.6 %, EBIT margin −9.7 %, tax rate −4.0 %, residual (interest, one-offs) −5.7 %. 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 Ion Beam Applications SA

How large is the market capitalisation of Ion Beam Applications SA (IOBCF)?
The market capitalisation of Ion Beam Applications SA is $532M. 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 Ion Beam Applications SA (IOBCF)?
The price-to-sales ratio of Ion Beam Applications SA is 0.75 (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 Ion Beam Applications SA (IOBCF)?
Earnings per share at Ion Beam Applications SA are $0.4900 (price ÷ EPS = P/E 36.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ion Beam Applications SA (IOBCF)?
The dividend yield of Ion Beam Applications SA is 1.4% (payout 51.0%). 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 Ion Beam Applications SA (IOBCF)?
The net margin of Ion Beam Applications SA is 2.0% (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 Ion Beam Applications SA (IOBCF)?
The return on equity (ROE) of Ion Beam Applications SA is 10.7% (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 Ion Beam Applications SA (IOBCF)?
On an EBIT basis the return on assets of Ion Beam Applications SA is 2.1% (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 Ion Beam Applications SA (IOBCF)?
The operating margin of Ion Beam Applications SA is 8.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ion Beam Applications SA (IOBCF)?
Revenue at Ion Beam Applications SA is growing +12.3% versus a year earlier (3y avg +19.7%). 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 Ion Beam Applications SA (IOBCF)?
Earnings per share at Ion Beam Applications SA are growing −21.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ion Beam Applications SA (IOBCF) generate?
The free cash flow of Ion Beam Applications SA is −€35.0M (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 Ion Beam Applications SA (IOBCF) carry?
The net debt of Ion Beam Applications SA is €52.1M (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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