Krones AG (KRN) fair value: what the stock is really worth
We calculate from audited financials what Krones AG 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, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
Watch it or check another stockalert when fair value or trend changes
Industrials · DE · Market cap €3.6B · ISIN DE0006335003
At a glance
KAKrones AGKRN · XETRA
Price€112.60
Fair Value€198.88
Upside+76.6%
Quality60/100
A solid business, trading 43% below our fair value of €198.88.
As of Sep 9, 2026, the fair value of Krones AG is €198.88 per share against a price of €112.60, so the fair value sits 77% above the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +11.0 %/yr)
!Thin margins · 5.1% net margin
✓Low debt · generates free cash flow
·2.49% dividend yield
✓Ranks above peers (11/15)
!Narrow moat 44/100
Evidence: HighRange €138.57 to €245.53
Fair value as of: Sep 9, 2026
From 26 valuation models · updated 2 days ago
Share price −2.8% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case (€138.57). The market is more pessimistic than our downside scenario.
Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 9, 2026.
How to read this chart
60‑month range €63.25 – €140.63 · fair‑value band €138.57 – €245.53 · the €112.60 price screens below the €198.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 9, 2026.
Krones AG (KRN) currently trades at €112.60, while our model-based Fair Value estimate is €198.88, implying the stock looks roughly 43.4% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of €204.08 per share, and 18 of the 26 models we run sit above the €112.60 price. Bear case: the Dividend Discount group reads lowest at €37.59, and 8 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Krones AG generated revenue of €5.7B at a net margin of 5.1%. Revenue declined 2.5% year over year. It earns a return on equity of 13.9%. The balance sheet holds a net cash position of €401M. Fundamentals as of Sep 9, 2026
Scenario range: €138.57 (bear) to €245.53 (bull), the price of €112.60 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 22% below its 52-week high and 3% 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 77%, KRN screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (€4.47 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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
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Key figures & financial health
P/E ratio12.3
P/S ratio0.65P/E × margin
EPS (TTM)€9.17price ÷ EPS = P/E 12.3
Dividend yield2.5%payout 30.5%
Net margin5.3%FY2025
Return on equity13.9%TTM
More key figures
Profitability
Return on assets (EBIT)6.6%avg 5y
Operating margin4.2%TTM
Growth
Revenue (TTM)€5.7BTTM
Revenue growth (YoY)−2.5%3y avg +10.0%
EPS growth (YoY)−9.6%
Balance sheet & cash flow
Free cash flow€329MFY2025
Net cash€401MFY2025
Figures from reported company fundamentals · as of Sep 9, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality60/100
Of which business quality 61
· Market factors (momentum, volatility) 41
Profitability51
Margins and returns on capital today
Quality Growth37
Are margins and returns improving?
Cashflow51
Earnings quality: real cash, not paper profit
Fin. Strength77
Balance sheet, leverage, solvency risk
Investment72
Disciplined investing over empire-building
Low Volatility71
Calm price path (market factor)
Momentum34
Price trend over the last 3–12 months (market factor)
52W Momentum20
Distance to the 52-week high (market factor)
Net Issuance80
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Krones AG, together with its subsidiaries, plans, develops, manufactures, and sells machines and lines for the fields of process, filling, and packaging technology in Germany, the rest of Europe, the Middle East, the Asia Pacific, China, the Americas, and internationally.
Full company description
Krones AG, together with its subsidiaries, plans, develops, manufactures, and sells machines and lines for the fields of process, filling, and packaging technology in Germany, the rest of Europe, the Middle East, the Asia Pacific, China, the Americas, and internationally. It operates in three segments: Filling and Packaging Technology, Process Technology, and Intralogistics. The Filling and Packaging Technology segment offers machines and systems for producing PET bottles; recycling systems for converting used plastic bottles into food-grade recycled materials. The Process Technology segment supplies machines and lines for producing and processing beer, soft drinks, fruit juices, milk, dairy drinks, and alternative proteins; and provides water treatment solutions and components under the Evoguard and Ampco Pumps brands. The Intralogistics segment is involved in the planning and design of automated warehousing, and order-picking and material flow systems with automated guided vehicle systems and matching software tools. It also provides system and software solutions. The company also offers logistics systems, and custom IT and digitalization solutions that manage and optimize all production processes. It serves beverage producers; and companies from the food, chemical, pharmaceutical, and cosmetic industries. Krones AG was founded in 1951 and is headquartered in Neutraubling, Germany.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Krones AG reported revenue of €5.7B in FY2025 versus €3.7B in FY2021, a compound +11.3%/yr. Reported net income was €299M in FY2025, compounding +20.6%/yr from FY2021.
Growth Quality 83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€5.7B
Latest YoY
+7.0%
Avg. revenue growth/yr (3Y) ⓘ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.
+10.0%
Avg. revenue growth/yr (5Y) ⓘ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.
+11.0%
Avg. revenue growth/yr (21Y) ⓘ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.
+6.5%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+34.2%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+31.7%
Dividend yield2.5%
Trend ⓘ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.5Y 31.7% vs 10Y 6.6%, picking up
Operating margin (EBIT) ⓘ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.0.0% (2020) → 6.1% (2025) · rising
Worst earnings drop153% (2020) (loss year, drop beyond 100%) · in EUR
Revenue+11.3%/yr
FY21€3.7B
FY22€4.3B
FY23€4.7B
FY24€5.3B
FY25€5.7B
Net income+20.6%/yr
FY21€141M
FY22€187M
FY23€225M
FY24€277M
FY25€299M
Character of growth · EPS growth decomposed (2014-2025)+6.2 % p.a.
Revenue per share+5.6 %
of which total revenue +5.6 % · buybacks/dilution +0.0 %
EBIT margin−0.3 %
Tax rate+0.2 %
Residual (interest, one-offs)+0.8 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Krones AG Fair Value". https://www.fairvalue-calculator.com/stock/KRN
Peer Group
Specialty Industrial Machinery · 806 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
Quality Score60 · Above median
Fair Value upside+70% · Top 25%
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets5% · Above median
Net margin (TTM)5% · Below median
Operating margin (TTM)4% · Below median
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)2.5% · Above median
Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper
P/E (TTM)12.3× · Cheapest 25%
P/B1.92× · Cheaper than median
P/S (TTM)0.72× · Cheapest 25%
P/FCF12.5× · Pricier than median
EV/EBITDA7.2× · Cheapest 25%
PEG0.66× · Cheapest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Krones AG deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years-3.8 % per year
Achieved revenue growth, 5 years+11.0 % p.a.
Sector median revenue growth+4.6 %
FCF yield on price9.23 %
Discount rate (WACC) in the models9.3 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
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.
This stockSector peers
VALUE100· sector 0
FUTURE0· sector 21
PAST56· sector 28
HEALTH100· sector 96
DIVIDEND50· sector 27
Insider activity: 45/100
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 Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Sep 9, 2026).
As of Sep 9, 2026, our model estimates a fair value of €198.88 versus a price of €112.60, about +77% upside (undervalued).
What is the fair value of KRN?
Our model-based fair value for Krones AG is €198.88 (as of Sep 9, 2026), built from audited fundamentals. The current price: €112.60.
What is the quality score of KRN?
Krones AG has a Quality Score of 60/100. 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 Krones AG (KRN)?
Our model-based price target is the fair value of €198.88 (as of Sep 9, 2026) from 26 valuation models. Cautious scenario €138.57, optimistic scenario €245.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Krones AG stock forecast for 2026?
Our models put fair value at €198.88, about +77% upside versus a price of €112.60 (undervalued). Cautious scenario €138.57, optimistic scenario €245.53. The calculation is refreshed regularly with new filings.
What is the revenue of Krones AG (KRN)?
Krones AG reported trailing-twelve-month revenue of about €5.7B (latest available figure, as of Sep 9, 2026).
What is the net profit margin of KRN?
The net profit margin of Krones AG is about 5.1%, meaning it keeps roughly 5.1% of revenue as net income. Based on the latest reported figures.
Does Krones AG pay a dividend?
Krones AG currently shows a dividend yield of about 2.49% relative to its recent price (as of Sep 9, 2026).
What growth is priced into Krones AG (KRN)?
For today's price to be fair in a discounted-cash-flow model, Krones AG would have to grow free cash flow by -3.8 % per year for ten years (discount rate 9.3 %, then 2 % perpetual growth). Over the last 5 years revenue grew +11.0 % per year. As of Sep 9, 2026.
What discount rate (WACC) does the fair value of KRN use?
Our models discount Krones AG at 9.3 %: a base by market capitalisation (mid), damped by beta 0.93, country premium for Germany. The same rate applies in all 26 models.
What is the intrinsic value of Krones AG (KRN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Krones AG it is €198.88 per share (as of Sep 9, 2026), against a price of €112.60. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Krones AG stock overvalued or undervalued in 2026?
As of Sep 9, 2026, KRN trades below its calculated fair value: price €112.60, fair value €198.88, a gap of about +77% (undervalued). 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 KRN?
No. The price is what the market pays today (€112.60); the fair value is what the company's own numbers justify (€198.88). For Krones AG the two are €86.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Krones AG worth?
The market values Krones AG at about €3.6B (market capitalisation, as of Sep 9, 2026). Per share that is €112.60; our models calculate a fair value of €198.88 per share.
What do the bullish and bearish scenarios say about KRN?
Our models span a range for Krones AG: cautious scenario €138.57, base €198.88, optimistic €245.53 per share (as of Sep 9, 2026, price €112.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KRN?
Krones AG trades at a price-to-earnings ratio of 12.3 (as of Sep 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €198.88 is built from several models across several years. Other multiples: PEG 0.7, P/B 1.9, P/S 0.7, EV/EBITDA 7.2.
What is the PEG ratio of KRN?
The PEG ratio of Krones AG is 0.66 (P/E divided by earnings growth, as of Sep 9, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Krones AG (KRN)?
Balance-sheet figures for Krones AG (as of Sep 9, 2026): return on equity 13.9%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is KRN from its 52-week high?
Krones AG trades at €112.60, about 22% below its 52-week high of €144.60 and 3% above the low of €109.20 (as of Sep 9, 2026). Distance from the high says nothing about value: that is what the fair value of €198.88 is for.
Which stocks are comparable to Krones AG?
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 Krones AG stock attractive at the current price?
The data as of Sep 9, 2026: price €112.60, calculated fair value €198.88 (+77%), Quality Score 60/100, 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 KRN calculated?
We run Krones AG through 26 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 €198.88, 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 32.6 % above its aggregate fair value. Krones AG currently trades 77 % below its own fair value, and the market average says nothing about that. 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 <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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