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Kudelski (KUD) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Kudelski stock CHF 0.92, price CHF 1.36, that is 32.4% below the price, quality 41 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Technology CH · ISIN CH0012268360

K Kudelski logo Thin data Nov 9, 2026

Kudelski

KUD · SW
Expensive, weak quality

Our calculation puts a fair price 32% below what the stock costs today.

Low debt
Quality 41/100
Fair value CHF 0.9200 · Overvalued
Weak Growth (revenue 5y −12.0 %/yr in USD)
Loss-making · -8.1% net margin (TTM)
Negative free cash flow
Trails peers (4/11)
Narrow moat 12/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

CHF 4.11 CHF 1.11 Fair Value CHF 0.9200 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range CHF 1.11 – CHF 4.11 · fair‑value band CHF 0.6900 – CHF 1.37 · the CHF 1.36 price screens above the CHF 0.9200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.

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Company profile

Kudelski SA, together with its subsidiaries, provides digital access and security solutions for digital television and interactive applications in Switzerland, the United States, France, Germany, Netherlands, and internationally.

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It operates through three segments: Core Digital Security, Cybersecurity, and Internet of Things (IoT). The company offers middleware software solutions for set-top boxes and other consumer devices, as well as engages in intellectual property activities.

It also provides cybersecurity solutions, including advisory services, technology and resale services, and managed security solutions.

In addition, the company offers watermarking solutions; smartcards and digital TV sales and support services; finance services; research and development; Middleware for set-top-boxes; and digital broadcasting solutions, as well as operates a travel agency.

Kudelski SA was founded in 1951 and is headquartered in Cheseaux-sur-Lausanne, Switzerland.

Stock analysis

Kudelski (KUD) currently trades at CHF 1.36, while our model-based Fair Value estimate is CHF 0.9200, 32% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: CHF 0.6900 (bear) to CHF 1.37 (bull), the price of CHF 1.36 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 41/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Kudelski reported revenue of $384M in FY2025 versus $754M in FY2021, a compound −15.5%/yr. Reported net income was −$44.4M in FY2025.

Key figures

Market cap CHF 133M Micro · P/S ratio 0.36 · EPS (TTM) CHF −0.4200 · Net margin −8.1% · Return on equity −9.1% · Return on assets (EBIT) −5.3% (5-year average) · Operating margin −10.2% · Revenue (TTM) $364M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 3% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −32%, KUD screens richer than that median.

Fair Value models

Bear CHF 0.6900 Fair Value CHF 0.9200 Bull CHF 1.37
Price CHF 1.36 · Downside -32.4%
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.
Best data coverage
NCAV (Graham) CHF 0.6900 CHF 0.9200 CHF 1.37 54
All 1 models by family
Asset-Based
NCAV (Graham) CHF 0.6900 CHF 0.9200 CHF 1.37 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 41/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 12
How much profit the company makes from its sales and capital
Quality Growth 25
Are margins and returns getting better?
Cashflow 1
Do the profits arrive as real cash?
Financial strength 60
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 77
How calm the share price moves, does not count
Price momentum 49
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 59
Distance to the 52-week high, does not count
New shares 81
Buys back shares or issues new ones?

Open the full quality analysis →

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. 6/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.1%
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.
−18.4%
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.
−12.0%
Start year 2020 (pandemic). Over 10 years: −8.5% a year
Revenue growth 21 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.
−1.5%
Profit margin (trend) ⓘ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.
2.2% (2020) → −8.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

KUD screens overvalued: fair value 32% below the price. Compare with SAP SE →

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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.Software - Application · 628 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside −32.4% · Below median
Profitability
Return on assets −7.9% · Bottom 25%
Net margin (12 months) −8.1% · Bottom 25%
Operating margin (12 months) −10.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −1.5% · Below median

Valuation Multiplesvs Software - Application median · lower = cheaper

P/B 0.53× · Cheapest 25%
P/S (12 months) 0.44× · Cheapest 25%
PEG 0.16× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 29
FUTURE (revenue growth)0 · sector 41
PAST (return on equity)0 · sector 20
HEALTH (low debt)100 · sector 98
DIVIDEND (yield)0 · sector 29

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

Context: sector, industry, market

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 Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Adobe Inc ADBE $239.30 $463.72 +94% vs KUD
Salesforce, Inc CRM $213.65 $342.73 +60% vs KUD
Uber Technologies, Inc UBER $68.59 $101.28 +48% vs KUD
Intuit Inc INTU $341.50 $459.14 +34% vs KUD
ServiceNow, Inc NOW $101.97 $112.17 +10% vs KUD
SAP SE SAP €210.75 €173.59 −18% vs KUD
Cadence Design Systems, Inc CDNS $319.92 $225.48 −30% vs KUD
Automatic Data Processing, Inc ADP $303.35 $150.40 −50% vs KUD
Shopify Inc SHOP $148.91 $64.96 −56% vs KUD
Snowflake Inc SNOW $275.88 $73.81 −73% vs KUD

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Kudelski: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Kudelski Fair Value". https://www.fairvalue-calculator.com/stock/KUD

Frequently asked questions

Is Kudelski (KUD) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of CHF 0.9200 versus a price of CHF 1.36, about 32% lower (overvalued).
What is the fair value of KUD?
Our model-based fair value for Kudelski is CHF 0.9200 (as of Nov 9, 2026), built from audited fundamentals. The current price: CHF 1.36.
What is the quality score of KUD?
Kudelski has a Quality Score of 41/100. 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 Kudelski (KUD)?
Our model-based price target is the fair value of CHF 0.9200 (as of Nov 9, 2026) from 1 valuation models. Cautious scenario CHF 0.6900, optimistic scenario CHF 1.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Kudelski stock forecast for 2026?
Our models put fair value at CHF 0.9200, about 32% lower versus a price of CHF 1.36 (overvalued). Cautious scenario CHF 0.6900, optimistic scenario CHF 1.37. The calculation is refreshed regularly with new filings.
What is the revenue of Kudelski (KUD)?
Kudelski reported trailing-twelve-month revenue of about $364M (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Kudelski (KUD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kudelski it is CHF 0.9200 per share (as of Nov 9, 2026), against a price of CHF 1.36. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Kudelski stock overvalued or undervalued in 2026?
As of Nov 9, 2026, KUD trades above its calculated fair value: price CHF 1.36, fair value CHF 0.9200, a gap of about −32% (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 KUD?
No. The price is what the market pays today (CHF 1.36); the fair value is what the company's own numbers justify (CHF 0.9200). For Kudelski the two are CHF 0.4400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kudelski worth?
The market values Kudelski at about CHF 133M (market capitalisation, as of Nov 9, 2026). Per share that is CHF 1.36; our models calculate a fair value of CHF 0.9200 per share.
What do the bullish and bearish scenarios say about KUD?
Our models span a range for Kudelski: cautious scenario CHF 0.6900, base CHF 0.9200, optimistic CHF 1.37 per share (as of Nov 9, 2026, price CHF 1.36). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of KUD?
The PEG ratio of Kudelski is 0.16 (P/E divided by earnings growth, as of Nov 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 Kudelski (KUD)?
Balance-sheet figures for Kudelski (as of Nov 9, 2026): return on equity −9.1%. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is KUD from its 52-week high?
Kudelski trades at CHF 1.36, about 3% below its 52-week high of CHF 1.40 and 23% above the low of CHF 1.11 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 0.9200 is for.
Which stocks are comparable to Kudelski?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, 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 Kudelski stock attractive at the current price?
The data as of Nov 9, 2026: price CHF 1.36, calculated fair value CHF 0.9200 (−32%), Quality Score 41/100, from 1 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 KUD calculated?
We run Kudelski through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of CHF 0.9200 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 13.3% above its aggregate fair value. Kudelski 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 Kudelski (KUD)?
The closing price on Nov 6, 2026 was CHF 1.36. Our model-based fair value is CHF 0.9200, about 32% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kudelski right now?
Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (CHF 0.6900 to CHF 1.37) leaves room in how you read the outcome.

Key figures of Kudelski

How large is the market capitalisation of Kudelski (KUD)?
The market capitalisation of Kudelski is CHF 133M. 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 Kudelski (KUD)?
The price-to-sales ratio of Kudelski is 0.36 (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 Kudelski (KUD)?
Earnings per share at Kudelski are CHF −0.4200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kudelski (KUD)?
The net margin of Kudelski is −8.1% (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 Kudelski (KUD)?
The return on equity (ROE) of Kudelski is −9.1% (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 Kudelski (KUD)?
On an EBIT basis the return on assets of Kudelski is −5.3% (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 Kudelski (KUD)?
The operating margin of Kudelski is −10.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kudelski (KUD)?
Revenue at Kudelski is growing −1.5% versus a year earlier (3y avg −18.4%). 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 Kudelski (KUD)?
Earnings per share at Kudelski are growing +348% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kudelski (KUD) generate?
The free cash flow of Kudelski is −$19.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kudelski (KUD) carry?
The net debt of Kudelski is $29.6M (fiscal year 2025). 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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