Krka d. d (KRK) fair value: what the stock is really worth
We calculate from audited financials what Krka d. d is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 19, 2026.
How to read this chart
60‑month range 316.08 PLN – 1,180 PLN · fair‑value band 759.26 PLN – 1,543 PLN · the 1,130 PLN price screens above the 1,084 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 19, 2026.
Krka, d. d., a generic pharmaceutical company, develops, produces, markets, and sells prescription pharmaceuticals, non-prescription products, and animal health products in Slovenia, South-East Europe, East Europe, Central Europe, West Europe, and internationally.
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Krka, d. d., a generic pharmaceutical company, develops, produces, markets, and sells prescription pharmaceuticals, non-prescription products, and animal health products in Slovenia, South-East Europe, East Europe, Central Europe, West Europe, and internationally. The company offers prescription pharmaceuticals for cardiovascular, central nervous system, gastrointestinal tract, pain, diabetes, and other therapeutic areas. It also provides non-prescription products for cough, cold, cerebral, peripheral circulation, gastrointestinal tract, metabolism, and other therapeutic areas, as well as analgesics, vitamins, minerals, and vasoprotectives. In addition, the company offers animal health products, including antiparasitics, antimicrobials, and other products. Further, it provides health resort and tourist services. The company was founded in 1954 and is based in Novo Mesto, Slovenia.
Stock analysis
Krka d. d (KRK) currently trades at 1,130 PLN, while our model-based Fair Value estimate is 1,084 PLN, implying the stock looks roughly 4.3% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 247.84 PLN per share, and 0 of the 24 models we run sit above the 1,130 PLN price.
Bear case: the Economic Profit group reads lowest at 114.77 PLN, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 759.26 PLN (bear) to 1,543 PLN (bull), the price of 1,130 PLN 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 79/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Krka d. d reported revenue of €2.0B in FY2025 versus €1.6B in FY2021, a compound +6.9%/yr. Reported net income was €403M in FY2025, compounding +6.9%/yr from FY2021.
Key figures
Market cap 34.3B PLN (≈ $9.0B) · P/E ratio 22.1 · P/S ratio 4.36 · EPS (TTM) 51.19 PLN · Net margin 19.8% · Return on equity 15.2% · Return on assets (EBIT) 14.6% · Operating margin 26.8%.
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 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −18% fair-value upside, at −4%, KRK screens cheaper than that median.
Fair Value models
Bear 759.26 PLNFair Value 1,084 PLNBull 1,543 PLN
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 (36.80 PLN 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.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.9%
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.
+5.9%
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.
+5.9%
Revenue growth 15 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.
+4.8%
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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.
+7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.5%
Dividend (yield on the price)0.0%
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.8% vs 11%, 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.26% → 23%
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).
+34.5%
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.
+5.5%
Yearly sales growth analysts expect, extended to five years.
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.Drug Manufacturers - Specialty & Generic · 607 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside−3% · Above median
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets10% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)27% · Top 25%
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Krka d. d Fair Value". https://www.fairvalue-calculator.com/stock/KRK
Frequently asked questions
Is Krka d. d (KRK) overvalued or undervalued?
As of Sep 19, 2026, our model estimates a fair value of 1,084 PLN versus a price of 1,130 PLN, about −4% upside (fairly valued).
What is the fair value of KRK?
Our model-based fair value for Krka d. d is 1,084 PLN (as of Sep 19, 2026), built from audited fundamentals. The current price: 1,130 PLN.
What is the quality score of KRK?
Krka d. d has a Quality Score of 79/100. 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 Krka d. d (KRK)?
Our model-based price target is the fair value of 1,084 PLN (as of Sep 19, 2026) from 24 valuation models. Cautious scenario 759.26 PLN, optimistic scenario 1,543 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Krka d. d stock forecast for 2026?
Our models put fair value at 1,084 PLN, about −4% upside versus a price of 1,130 PLN (fairly valued). Cautious scenario 759.26 PLN, optimistic scenario 1,543 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Krka d. d (KRK)?
Krka d. d reported trailing-twelve-month revenue of about 2.1B PLN (latest available figure, as of Sep 19, 2026).
What growth is priced into Krka d. d (KRK)?
For today's price to be fair in a discounted-cash-flow model, Krka d. d would have to grow free cash flow by +34.5 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.9 % per year. As of Sep 19, 2026.
What discount rate (WACC) does the fair value of KRK use?
Our models discount Krka d. d at 9.3 %: a base by market capitalisation (mid), damped by beta 0.41, country premium for Poland. 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 Krka d. d that is +34.5 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Krka d. d (KRK) delivered so far?
Over the past 5 years revenue at Krka d. d grew +5.9 % a year. The price currently implies +34.5 % 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 Krka d. d (KRK) growing?
The median revenue growth in the sector is +4.3 % a year. That is the yardstick for the growth priced into Krka d. d (+34.5 % 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 Krka d. d (KRK)?
The free-cash-flow yield on the price is 1.25 %: that much free cash flow Krka d. d produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Krka d. d (KRK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Krka d. d it is 1,084 PLN per share (as of Sep 19, 2026), against a price of 1,130 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Krka d. d stock overvalued or undervalued in 2026?
As of Sep 19, 2026, KRK trades above its calculated fair value: price 1,130 PLN, fair value 1,084 PLN, a gap of about −4% (fairly valued). 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 KRK?
No. The price is what the market pays today (1,130 PLN); the fair value is what the company's own numbers justify (1,084 PLN). For Krka d. d the two are 46.36 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Krka d. d worth?
The market values Krka d. d at about 34.3B PLN (market capitalisation, as of Sep 19, 2026). Per share that is 1,130 PLN; our models calculate a fair value of 1,084 PLN per share.
What do the bullish and bearish scenarios say about KRK?
Our models span a range for Krka d. d: cautious scenario 759.26 PLN, base 1,084 PLN, optimistic 1,543 PLN per share (as of Sep 19, 2026, price 1,130 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KRK?
Krka d. d trades at a price-to-earnings ratio of 22.1 (as of Sep 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1,084 PLN is built from several models across several years. Other multiples: P/B 4.0, P/S 4.6, EV/EBITDA 15.8.
How solid is the balance sheet of Krka d. d (KRK)?
Balance-sheet figures for Krka d. d (as of Sep 19, 2026): return on equity 15.2%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is KRK from its 52-week high?
Krka d. d trades at 1,130 PLN, about 4% below its 52-week high of 1,180 PLN and 51% above the low of 748.00 PLN (as of Sep 19, 2026). Distance from the high says nothing about value: that is what the fair value of 1,084 PLN is for.
Which stocks are comparable to Krka d. d?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries Limited, 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 Krka d. d stock attractive at the current price?
The data as of Sep 19, 2026: price 1,130 PLN, calculated fair value 1,084 PLN (−4%), Quality Score 79/100, 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 KRK calculated?
We run Krka d. d 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 1,084 PLN, 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 16.1 % above its aggregate fair value. Krka d. d 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 Krka d. d (KRK)?
The closing price on Sep 21, 2026 was 1,130 PLN. Our model-based fair value is 1,084 PLN, about −4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Krka d. d right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (759.26 PLN to 1,543 PLN) leaves room in how you read the outcome.
Where does the earnings growth of Krka d. d (KRK) come from?
Earnings per share at Krka d. d grew +11.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.3 %, EBIT margin +3.2 %, tax rate −1.0 %, residual (interest, one-offs) +2.6 %. 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 Krka d. d
How large is the market capitalisation of Krka d. d (KRK)?
The market capitalisation of Krka d. d is 34.3B PLN (≈ $9.0B). 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 Krka d. d (KRK)?
The price-to-sales ratio of Krka d. d is 4.36 (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 Krka d. d (KRK)?
Earnings per share at Krka d. d are 51.19 PLN (price ÷ EPS = P/E 22.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Krka d. d (KRK)?
The net margin of Krka d. d is 19.8% (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 Krka d. d (KRK)?
The return on equity (ROE) of Krka d. d is 15.2% (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 Krka d. d (KRK)?
On an EBIT basis the return on assets of Krka d. d is 14.6% (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 Krka d. d (KRK)?
The operating margin of Krka d. d is 26.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Krka d. d (KRK)?
Revenue at Krka d. d is growing +8.4% versus a year earlier (3y avg +5.9%). 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 Krka d. d (KRK)?
Earnings per share at Krka d. d are growing −25.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Krka d. d (KRK) hold?
Krka d. d holds more cash than debt, 330M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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