Kardex Holding (KARN) Fair Value & Analysis

Industrials · CH · Market cap CHF 1.9B

A solid business, but screening 57% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (CHF 131.51). 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.
• A fairly wide model range (CHF 70.12 to CHF 131.51) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range CHF 115.47 – CHF 327.54 · fair‑value band CHF 70.12 – CHF 131.51 · the CHF 246.50 price screens above the CHF 105.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Kardex Holding (KARN) currently trades at CHF 246.50, while our model-based Fair Value estimate is CHF 105.21, implying the stock looks roughly 57.3% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Kardex Holding generated revenue of CHF 850M at a net margin of 4.9%. Revenue grew 3.1% year over year. It earns a return on equity of 15.1%. The balance sheet holds a net cash position of CHF 96.7M. Fundamentals as of Jul 18, 2026

Our scenario range runs from CHF 70.12 (bear case) to CHF 131.51 (bull case); at CHF 246.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. 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 26% below its 52-week high and 10% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -57%, KARN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (CHF 121.69) versus Asset-Based (CHF 23.28). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kardex Holding reported revenue of CHF 855M in FY2025 versus CHF 456M in FY2021, a compound +17.1%/yr. Reported net income was CHF 41.9M in FY2025, compounding −1.2%/yr from FY2021.

KARN screens 57% overvalued. Compare with GE Vernova Inc →

Peer Group

Specialty Industrial Machinery · 809 stocks

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.

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.