Kardex (KARN) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Kardex stock CHF 130, price CHF 254, that is 48.7% below the price, quality 65 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range CHF 115.47 – CHF 327.54 · fair‑value band CHF 94.51 – CHF 164.22 · the CHF 254.00 price screens above the CHF 130.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Kardex Holding AG provides intralogistics solutions in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through two segments, Automated Products and Standardized Systems.
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The company provides intelligent entry into automation with its dynamic storage and retrieval systems; offers integrated material handling systems, multi-shuttle technology, small parts storage systems and automated high-bay warehouses; storage and picking solutions for small parts; bin shuttle systems for lightgoods; storage and order fulfillment solutions; and life cycle services, as well as system upgrades, support, and digital services.
It also provides vertical lift, Buffer, and carousel, as well as horizontal carousel modules; heavy-duty units; cubic bin storage solutions; power pick system; power pick cloud; control centers; machine interface software solutions; java machine interface; mobile data entry; plastic bins designed to store and transport goods for various industries; storage of heavy and oversized goods; vertical lift module boxes; stacker cranes; pick and place robotics; solutions for warehouse storage, order picking, packing, and shipping; and conveyor systems, as well as AutoStore solutions.
Its products are used in automated storage and retrieval systems, buffering and sequencing, production and distribution logistics, spare parts management, and controlled environment.
The company serves various sectors, such as automotive, chemicals, food and beverage, hospitals, mechanical engineering, pharmaceuticals, tyres, wood panel handling, E-commerce and retail, wholesale, third part logistics, public administration, and media storage and retrieval applications.
Kardex Holding AG was founded in 1922 and is based in Zurich, Switzerland.
Stock analysis
Kardex (KARN) currently trades at CHF 254.00, while our model-based Fair Value estimate is CHF 130.41, 49% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of CHF 149.88 per share, and 0 of the 26 models we run sit above the CHF 254.00 price.
Bear case: the Asset-Based group reads lowest at CHF 15.25, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 94.51 (bear) to CHF 164.22 (bull), the price of CHF 254.00 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 65/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Kardex reported revenue of €855M in FY2025 versus €456M in FY2021, a compound +17.1%/yr. Reported net income was €41.9M in FY2025, compounding −1.2%/yr from FY2021.
Key figures
Market cap CHF 2.0B Mid · P/E ratio 75.4 · P/S ratio 2.44 · EPS (TTM) CHF 3.37 · Dividend yield 2.3% · Net margin 3.2% · Return on equity 11.0% · Return on assets (EBIT) 18.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 13% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −47% fair-value upside, at −49%, KARN screens richer than that median.
Fair Value models
BearCHF 94.51Fair Value CHF 130.41BullCHF 164.22
Price CHF 254.00 · Downside -48.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.1%
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.
+14.8%
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.
+15.7%
Start year 2020 (pandemic). Over 10 years: +9.7% 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.
+3.6%
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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. Basis: EBIT basis.
+13.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.7%
Dividend (yield on the price)2.3%
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.−1.0% vs 3.9%, 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.13% → 12%
Pace: the 5-year rate starts in 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).
+29.6%
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.
+10.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +26.9% a year for the price and +8.3% 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.Specialty Industrial Machinery · 812 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−48.7% · Below median
Profitability
Return on equity (12 months)11.0% · Above median
Return on assets8.3% · Top 25%
Net margin (12 months)3.2% · Below median
Operating margin (12 months)6.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)6.0% · Above median
Dividend yield (12 months)2.3% · Above median
Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Kardex Fair Value". https://www.fairvalue-calculator.com/stock/KARN
Frequently asked questions
Is Kardex (KARN) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of CHF 130.41 versus a price of CHF 254.00, about 49% lower (overvalued).
What is the fair value of KARN?
Our model-based fair value for Kardex is CHF 130.41 (as of Nov 10, 2026), built from audited fundamentals. The current price: CHF 254.00.
What is the quality score of KARN?
Kardex has a Quality Score of 65/100. 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 Kardex (KARN)?
Our model-based price target is the fair value of CHF 130.41 (as of Nov 10, 2026) from 26 valuation models. Cautious scenario CHF 94.51, optimistic scenario CHF 164.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Kardex stock forecast for 2026?
Our models put fair value at CHF 130.41, about 49% lower versus a price of CHF 254.00 (overvalued). Cautious scenario CHF 94.51, optimistic scenario CHF 164.22. The calculation is refreshed regularly with new filings.
What is the revenue of Kardex (KARN)?
Kardex reported trailing-twelve-month revenue of about €875M (latest available figure, as of Nov 10, 2026).
Does Kardex pay a dividend?
Kardex currently shows a dividend yield of 2.33% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Kardex (KARN) and when is the ex-dividend date?
Kardex pays a dividend of CHF 5.93 per share a year, a dividend yield of 2.3%. The last ex-dividend date was May 4, 2026. A dividend has been paid every year since 2013. The payout ratio is 119% of earnings. Free cash flow covers the dividend 0.79 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Kardex (KARN)?
For today's price to be fair in a discounted-cash-flow model, Kardex would have to grow free cash flow by +29.6 % per year for five years (discount rate 10.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.7 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of KARN use?
Our models discount Kardex at 10.5 %: a base by market capitalisation (mid), damped by beta 1.43, 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 Kardex that is +29.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.5 %) and the same formula as our fair value.
How much growth has Kardex (KARN) delivered so far?
Over the past 5 years revenue at Kardex grew +15.7 % a year. The price currently implies free-cash-flow growth of +29.6 % per 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 Kardex (KARN) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Kardex (+29.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Kardex (KARN)?
The free-cash-flow yield on the price is 1.84 %: that much free cash flow Kardex produces per unit of market value. When it exceeds the discount rate of our models (10.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kardex (KARN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kardex it is CHF 130.41 per share (as of Nov 10, 2026), against a price of CHF 254.00. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Kardex stock overvalued or undervalued in 2026?
As of Nov 10, 2026, KARN trades above its calculated fair value: price CHF 254.00, fair value CHF 130.41, a gap of about −49% (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 KARN?
No. The price is what the market pays today (CHF 254.00); the fair value is what the company's own numbers justify (CHF 130.41). For Kardex the two are CHF 123.59 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kardex worth?
The market values Kardex at about CHF 2.0B (market capitalisation, as of Nov 10, 2026). Per share that is CHF 254.00; our models calculate a fair value of CHF 130.41 per share.
What do the bullish and bearish scenarios say about KARN?
Our models span a range for Kardex: cautious scenario CHF 94.51, base CHF 130.41, optimistic CHF 164.22 per share (as of Nov 10, 2026, price CHF 254.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KARN?
Kardex trades at a price-to-earnings ratio of 75.4 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 130.41 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 27.3. Other multiples: P/B 8.0, P/S 2.4, EV/EBITDA 15.8.
How solid is the balance sheet of Kardex (KARN)?
Balance-sheet figures for Kardex (as of Nov 10, 2026): return on equity 11.0%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is KARN from its 52-week high?
Kardex trades at CHF 254.00, about 13% below its 52-week high of CHF 291.37 and 18% above the low of CHF 215.50 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 130.41 is for.
Which stocks are comparable to Kardex?
From the same area (Industrials) we also value SIE, GE Vernova Inc, Eaton Corporation, Parker-Hannifin 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 Kardex stock attractive at the current price?
The data as of Nov 10, 2026: price CHF 254.00, calculated fair value CHF 130.41 (−49%), Quality Score 65/100, from 26 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 KARN calculated?
We run Kardex through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of CHF 130.41 builds on their evidence-weighted average, 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 13.7% above its aggregate fair value. Kardex 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 Kardex (KARN)?
The closing price on Nov 9, 2026 was CHF 254.00. Our model-based fair value is CHF 130.41, about 49% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kardex right now?
The price sits above even our optimistic bull case (CHF 164.22). The favourable scenario is already priced in. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Kardex (KARN) come from?
Earnings per share at Kardex grew +9.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.9 %, EBIT margin +1.3 %, tax rate −0.8 %, residual (interest, one-offs) −0.7 %. 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 Kardex
How large is the market capitalisation of Kardex (KARN)?
The market capitalisation of Kardex is CHF 2.0B. 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 Kardex (KARN)?
The price-to-sales ratio of Kardex is 2.44 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kardex (KARN)?
Earnings per share at Kardex are CHF 3.37 (price ÷ EPS = P/E 75.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kardex (KARN)?
The dividend yield of Kardex is 2.3% (payout 176%). 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 Kardex (KARN)?
The net margin of Kardex is 3.2% (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 Kardex (KARN)?
The return on equity (ROE) of Kardex is 11.0% (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 Kardex (KARN)?
On an EBIT basis the return on assets of Kardex is 18.7% (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 Kardex (KARN)?
The operating margin of Kardex is 6.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kardex (KARN)?
Revenue at Kardex is growing +6.0% versus a year earlier (3y avg +14.8%). 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 Kardex (KARN)?
Earnings per share at Kardex are growing −37.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Kardex (KARN) hold?
Kardex holds more cash than debt, €96.7M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 10, 2026