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KONE Oyj (KNYJF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of KONE Oyj $50.69, price $58.05, upside -12.7%, quality 77 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
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Industrials · US · Home Finland · ISIN FI0009013403

KO KONE Oyj logo Broad data Sep 29, 2026

KONE Oyj

KNYJF · US

Great Company, Expensive PriceHigh Quality, but the stock trades above estimated Fair Value.

!Fair value $50.69 · Overvalued (−12.7%)
✓Quality 77/100
✓Healthy Growth (revenue 5y +2.5 %/yr)
!Thin margins · 8.7% net margin (TTM)
✓Low debt · generates free cash flow
✓3.1% dividend yield · Sustainable
✓Wide moat 68/100

What runs behind every stock

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

Price vs Fair Value

$71.76 $30.68 Fair Value $50.69 May 2017 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.

How to read this chart

60‑month range $30.68 – $71.76 · fair‑value band $34.68 – $66.16 · the $58.05 price screens above the $50.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.

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Company profile

KONE Oyj, together with its subsidiaries, engages in the elevator and escalator business worldwide. The company provides elevators, escalators, automatic building doors, and integrated access control solutions, as well as maintenance and modernization solutions.

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KONE Oyj, together with its subsidiaries, engages in the elevator and escalator business worldwide. The company provides elevators, escalators, automatic building doors, and integrated access control solutions, as well as maintenance and modernization solutions. It also offers KONE Office Flow, a modular connected people flow solution that delivers personalized access and enhanced user experiences in workplaces; health and well-being solutions for elevators, escalators, and doors; KONE Access, an access control system, which is integrated with elevator system and building doors; KONE Destination, a destination control system that reduce waiting and travel times; KONE infotainment, a communication channel for building tenants and visitors; and monitoring solutions that enable real-time inspection of elevators and escalators. In addition, the company provides people flow planning and consulting services; solutions for special buildings and large projects; cybersecurity solutions; and energy solutions for greener buildings. It also offers hands-on, immersive training to technicians, engineers, and service professional through a training center in Egypt. KONE Oyj was founded in 1908 and is based in Espoo, Finland.

Stock analysis

KONE Oyj (KNYJF) currently trades at $58.05, while our model-based Fair Value estimate is $50.69, 12.7% 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 $48.70 per share, and 1 of the 25 models we run sit above the $58.05 price.

Bear case: the Economic Profit group reads lowest at $16.59, and 24 of the 25 models stay below the price. Evidence for this calculation is high.

Scenario range: $34.68 (bear) to $66.16 (bull), the price of $58.05 sits inside 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 77/100 (high quality), in the Industrials sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

KONE Oyj reported revenue of €11.2B in FY2025 versus €10.5B in FY2021, a compound +1.7%/yr. Reported net income was €980M in FY2025, compounding −0.9%/yr from FY2021.

Key figures

Market cap $30.1B · P/E ratio 25.9 · P/S ratio 2.26 · EPS (TTM) $2.19 · Dividend yield 3.1% · Net margin 8.7% · Return on equity 46.6% · Return on assets (EBIT) 13.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 57 out of 100 (medium confidence).

What moves the price

The share trades about 19% 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 −49% fair-value upside, at −13%, KNYJF screens cheaper than that median.

Fair Value models

Bear $34.68 Fair Value $50.69 Bull $66.16
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 ($0.2949 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
FCF DCF $33.50 $48.70 $70.63 80
Growth DCF $34.40 $48.41 $67.69 79
Owner Earnings $33.06 $48.06 $69.69 76
All 25 models by family
DCF Models
FCF DCF $33.50 $48.70 $70.63 80
Owner Earnings $33.06 $48.06 $69.69 76
5Y Revenue Exit $31.09 $46.96 $66.55 72
5Y EBITDA Exit $35.55 $54.95 $76.73 75
5Y P/E Exit $34.53 $53.13 $71.78 71
10Y Revenue Exit $30.79 $45.19 $63.16 67
10Y EBITDA Exit $34.48 $50.62 $70.63 68
10Y P/E Exit $33.84 $49.38 $67.00 64
Earnings-Based
Graham-Dodd $16.97 $41.97 $54.39 65
PEG = 1.0 $7.60 $10.86 $14.11 57
EPV $24.90 $28.95 $32.49 74
Dividend Discount
Gordon GGM $21.79 $40.27 $65.21 66
DDM Multi-Stage $21.79 $32.86 $44.91 66
Multiples
P/E Multiple $39.31 $52.41 $65.52 63
P/S Multiple $31.82 $42.43 $53.04 58
P/B Multiple $24.04 $32.06 $40.07 55
EV/EBIT $44.00 $58.46 $72.92 66
EV/EBITDA $41.73 $55.44 $69.14 67
EV/Revenue $31.58 $44.85 $58.12 53
Asset-Based
NCAV (Graham) $3.56 $4.77 $7.12 54
Growth DCF
Growth DCF $34.40 $48.41 $67.69 79
Rev-Margin DCF $31.09 $47.27 $64.85 73
Economic Profit
Residual Income $13.76 $16.59 $27.11 74
ROIC Compounder $25.81 $31.13 $36.59 72
Growth Earnings
Growth-Adj P/E $30.20 $43.14 $56.08 67

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Quality Score breakdown

Overall quality 77/100

Of which business quality 73 · Market factors (momentum, volatility) 48

Profitability 81
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 54
Distance to the 52-week high (market factor)
Net Issuance 82
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. 68/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.3%
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.
+1.0%
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.
+2.5%
Start year 2020 (pandemic). Over 10 years: +2.7% 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.
+4.2%
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.
+4.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.9%
Dividend (yield on the price)3.1%
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.0.9% vs −0.5%, steady
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% → 12%
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).
+8.6%
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.
+4.9%
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 +6.3% a year for the price and +2.7% for the forecasts.
Forecast 2026 (sales)+4.3%
Forecast 2027 (sales)+5.8%
Projected 2028 (sales)+5.3%
Projected 2029 (sales)+4.8%
Projected 2030 (sales)+4.4%

KNYJF screens overvalued: fair value 13% below the price. Compare with GE Vernova Inc →

Earlier news

News mood ⓘNews mood, the average tone of recent news (75 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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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

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AMETEK, Inc AME $250.74 $125.77 −50%
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Cite: Fair Value Calculator (2026). "KONE Oyj Fair Value". https://www.fairvalue-calculator.com/stock/KNYJF

Frequently asked questions

Is KONE Oyj (KNYJF) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $50.69 versus a price of $58.05, about −13% upside (overvalued).
What is the fair value of KNYJF?
Our model-based fair value for KONE Oyj is $50.69 (as of Sep 29, 2026), built from audited fundamentals. The current price: $58.05.
What is the quality score of KNYJF?
KONE Oyj has a Quality Score of 77/100. 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 KONE Oyj (KNYJF)?
Our model-based price target is the fair value of $50.69 (as of Sep 29, 2026) from 25 valuation models. Cautious scenario $34.68, optimistic scenario $66.16. It is a calculation from audited fundamentals, not an analyst target.
What is the KONE Oyj stock forecast for 2026?
Our models put fair value at $50.69, about −13% upside versus a price of $58.05 (overvalued). Cautious scenario $34.68, optimistic scenario $66.16. The calculation is refreshed regularly with new filings.
What is the revenue of KONE Oyj (KNYJF)?
KONE Oyj reported trailing-twelve-month revenue of about €11.3B (latest available figure, as of Sep 29, 2026).
Does KONE Oyj pay a dividend?
KONE Oyj currently shows a dividend yield of about 3.10% relative to its recent price (as of Sep 29, 2026).
What growth is priced into KONE Oyj (KNYJF)?
For today's price to be fair in a discounted-cash-flow model, KONE Oyj would have to grow free cash flow by +8.6 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of KNYJF use?
Our models discount KONE Oyj at 8.8 %: a base by market capitalisation (large), damped by beta 0.80, country premium for USA. 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 KONE Oyj that is +8.6 % per year a year over ten years, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has KONE Oyj (KNYJF) delivered so far?
Over the past 5 years revenue at KONE Oyj grew +2.5 % a year. The price currently implies +8.6 % 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 KONE Oyj (KNYJF) growing?
The median revenue growth in the sector is +7.1 % a year. That is the yardstick for the growth priced into KONE Oyj (+8.6 % 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 KONE Oyj (KNYJF)?
The free-cash-flow yield on the price is 4.35 %: that much free cash flow KONE Oyj produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KONE Oyj (KNYJF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KONE Oyj it is $50.69 per share (as of Sep 29, 2026), against a price of $58.05. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is KONE Oyj stock overvalued or undervalued in 2026?
As of Sep 29, 2026, KNYJF trades above its calculated fair value: price $58.05, fair value $50.69, a gap of about −13% (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 KNYJF?
No. The price is what the market pays today ($58.05); the fair value is what the company's own numbers justify ($50.69). For KONE Oyj the two are $7.36 per share apart. That gap is exactly why we show both numbers side by side.
How much is KONE Oyj worth?
The market values KONE Oyj at about $30.1B (market capitalisation, as of Sep 29, 2026). Per share that is $58.05; our models calculate a fair value of $50.69 per share.
What do the bullish and bearish scenarios say about KNYJF?
Our models span a range for KONE Oyj: cautious scenario $34.68, base $50.69, optimistic $66.16 per share (as of Sep 29, 2026, price $58.05). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is KNYJF from its 52-week high?
KONE Oyj trades at $58.05, about 19% below its 52-week high of $71.76 and 10% above the low of $52.70 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $50.69 is for.
Which stocks are comparable to KONE Oyj?
From the same area (Industrials) we also value GE Vernova Inc, SIE, 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 KONE Oyj stock attractive at the current price?
The data as of Sep 29, 2026: price $58.05, calculated fair value $50.69 (−13%), Quality Score 77/100, 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 KNYJF calculated?
We run KONE Oyj 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 $50.69, 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. KONE Oyj 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 KONE Oyj (KNYJF)?
The closing price on Oct 2, 2026 was $58.05. Our model-based fair value is $50.69, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KONE Oyj right now?
A fairly wide model range ($34.68 to $66.16) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of KONE Oyj (KNYJF) come from?
Earnings per share at KONE Oyj grew +0.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.3 %, EBIT margin −2.6 %, tax rate −0.1 %, residual (interest, one-offs) −0.4 %. 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 KONE Oyj

How large is the market capitalisation of KONE Oyj (KNYJF)?
The market capitalisation of KONE Oyj is $30.1B. 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/E ratio of KONE Oyj (KNYJF)?
The price-to-earnings ratio of KONE Oyj is 25.9 (as of Jun 21, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of KONE Oyj (KNYJF)?
The price-to-sales ratio of KONE Oyj is 2.26 (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 KONE Oyj (KNYJF)?
Earnings per share at KONE Oyj are $2.19 (price ÷ EPS = P/E 25.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KONE Oyj (KNYJF)?
The dividend yield of KONE Oyj is 3.1% (payout 82.2%). 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 KONE Oyj (KNYJF)?
The net margin of KONE Oyj is 8.7% (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 KONE Oyj (KNYJF)?
The return on equity (ROE) of KONE Oyj is 46.6% (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 KONE Oyj (KNYJF)?
On an EBIT basis the return on assets of KONE Oyj is 13.3% (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 KONE Oyj (KNYJF)?
The operating margin of KONE Oyj is 10.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KONE Oyj (KNYJF)?
Revenue at KONE Oyj is growing +1.3% versus a year earlier (3y avg +1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does KONE Oyj (KNYJF) carry?
The net debt of KONE Oyj is €417M (fiscal year 2025, ≈ 0.4 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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