Keyence (KYCCF) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Keyence stock $528, price $440, upside +20.1%, quality 73 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $310.00 – $667.03 · fair‑value band $354.58 – $804.62 · the $440.00 price screens below the $528.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Keyence Corporation, together with its subsidiaries, manufactures and sells electronic application equipment in Japan and internationally.
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The company offers photoelectric, fiber optic, laser, inductive proximity, positioning, vision, and specific solution sensors, as well as network communication units; laser profiler/3D laser snapshot sensor, laser displacement sensors, optical micrometer/laser micrometer, spectral interference displacement sensor, inductive displacement sensors, and LVDT/contact displacement sensors; machine vision products; and flow sensors/flow meters, pressure sensors, temperature sensors, and level sensors.
It also provides pneumatic components; safety light curtains, laser scanners, interlock switches, and controller; microscopes/laser microscopes; optical comparator; coordinate measuring machine, 3D scanner, and 3D optical profilometers; programmable logic controller, micro PLC /small PLC, HMI, servo motors/servo systems, and other control products; and marking/coding, barcode reader, mobile computers/handheld computers, data acquisition, static control, additive manufacturing, and RPA/desktop automation software products.
The company's products are used in automotive, metals, semiconductors/LCDs, electronic devices, plastics, films/sheets, food/pharmaceutical, medical technology, and logistics applications. The company was founded in 1972 and is headquartered in Osaka, Japan.
Stock analysis
Keyence (KYCCF) currently trades at $440.00, while our model-based Fair Value estimate is $528.38, implying the stock looks roughly 17% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $305.61 per share, and 1 of the 26 models we run sit above the $440.00 price.
Bear case: the Economic Profit group reads lowest at $103.92, and 25 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $354.58 (bear) to $804.62 (bull), the price of $440.00 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 73/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Keyence reported revenue of ¥1.2T in FY2026 versus ¥755B in FY2022, a compound +11.7%/yr. Reported net income was ¥448B in FY2026, compounding +10.2%/yr from FY2022.
Key figures
Market cap $106B Large · P/E ratio 35.8 · P/S ratio 13.6 · EPS (TTM) $12.29 · Dividend yield 0.8% · Net margin 38.1% · Return on equity 13.5% · Return on assets (EBIT) 17.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 79 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 34% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −45% fair-value upside, at 20%, KYCCF screens cheaper than that median.
Fair Value models
Bear$354.58Fair Value $528.38Bull$804.62
Price $440.00 · Upside +20.1%
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. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($5.31 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.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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.1%
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.
+8.5%
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.
+16.9%
Start year 2021 (pandemic). Over 10 years: +12.0% 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.
+12.1%
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What shareholders gained per year (last 5 years), in JPY ⓘ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. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+18.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.7%
Dividend (yield on the price)0.8%
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.17.7% vs 12.6%, picking up
Profit margin 2021 to 2026 ⓘ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.51% → 51%
Pace: the 5-year rate starts in 2021 (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).
+20.3%
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.
+12.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +17.8% a year for the price and +10.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (42 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.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: High margins and zero debt form the core strength, while limited public signals leave most moat factors unassessed.
Main risk: Rapid advances in open-source and edge AI plus customer-trained models could reduce demand for Keyence's proprietary 3D vision sensors and inspection hardware by enabling cheaper or in-house alternatives on standard industrial cameras.
Bull case: Keyence could integrate open AI frameworks into its platforms and use its direct-sales model plus fabless production to offer hybrid solutions combining proprietary hardware with retrainable models and sustain margins through faster deployment and support.
Bear case: If open AI and lower-cost rivals gain factory-grade reliability, Keyence's dedicated sensors and vision systems could face commoditisation, leading to lost market share in quality-control automation and sustained pressure on prices and margins.
Keyence completed the acquisition of TraceParts, a French CAD data platform serving over 6.5 million engineers. The move builds on its prior digital software purchase and aims to combine physical automation expertise with design-stage data services. Does this expand the addressable market in a meaningful way or remain a modest side activity alongside the established high-margin hardware business?
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.Scientific & Technical Instruments · 158 stocks
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). "Keyence Fair Value". https://www.fairvalue-calculator.com/stock/KYCCF
Frequently asked questions
Is Keyence (KYCCF) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $528.38 versus a price of $440.00, about +20% upside (undervalued).
What is the fair value of KYCCF?
Our model-based fair value for Keyence is $528.38 (as of Nov 6, 2026), built from audited fundamentals. The current price: $440.00.
What is the quality score of KYCCF?
Keyence has a Quality Score of 73/100. 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 Keyence (KYCCF)?
Our model-based price target is the fair value of $528.38 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario $354.58, optimistic scenario $804.62. It is a calculation from audited fundamentals, not an analyst target.
What is the Keyence stock forecast for 2026?
Our models put fair value at $528.38, about +20% upside versus a price of $440.00 (undervalued). Cautious scenario $354.58, optimistic scenario $804.62. The calculation is refreshed regularly with new filings.
What is the revenue of Keyence (KYCCF)?
Keyence reported trailing-twelve-month revenue of about ¥1.3T (latest available figure, as of Nov 6, 2026).
Does Keyence pay a dividend?
Keyence currently shows a dividend yield of 0.79% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Keyence (KYCCF)?
For today's price to be fair in a discounted-cash-flow model, Keyence would have to grow free cash flow by +20.3 % 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 +16.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of KYCCF use?
Our models discount Keyence at 9.3 %: a base by market capitalisation (large), damped by beta 1.02, 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 Keyence that is +20.3 % 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 Keyence (KYCCF) delivered so far?
Over the past 5 years revenue at Keyence grew +16.9 % a year. The price currently implies +20.3 % 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 Keyence (KYCCF) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Keyence (+20.3 % 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 Keyence (KYCCF)?
The free-cash-flow yield on the price is 2.40 %: that much free cash flow Keyence 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 Keyence (KYCCF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Keyence it is $528.38 per share (as of Nov 6, 2026), against a price of $440.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Keyence stock overvalued or undervalued in 2026?
As of Nov 6, 2026, KYCCF trades below its calculated fair value: price $440.00, fair value $528.38, a gap of about +20% (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 KYCCF?
No. The price is what the market pays today ($440.00); the fair value is what the company's own numbers justify ($528.38). For Keyence the two are $88.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Keyence worth?
The market values Keyence at about $106B (market capitalisation, as of Nov 6, 2026). Per share that is $440.00; our models calculate a fair value of $528.38 per share.
What do the bullish and bearish scenarios say about KYCCF?
Our models span a range for Keyence: cautious scenario $354.58, base $528.38, optimistic $804.62 per share (as of Nov 6, 2026, price $440.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KYCCF?
Keyence trades at a price-to-earnings ratio of 35.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $528.38 is built from several models across several years. Other multiples: PEG 2.4, P/B 4.8, P/S 13.4, EV/EBITDA 26.4.
What is the PEG ratio of KYCCF?
The PEG ratio of Keyence is 2.36 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Keyence (KYCCF)?
Balance-sheet figures for Keyence (as of Nov 6, 2026): return on equity 13.5%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is KYCCF from its 52-week high?
Keyence trades at $440.00, about 20% below its 52-week high of $550.45 and 34% above the low of $329.31 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $528.38 is for.
Which stocks are comparable to Keyence?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, 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 Keyence stock attractive at the current price?
The data as of Nov 6, 2026: price $440.00, calculated fair value $528.38 (+20%), Quality Score 73/100, 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 KYCCF calculated?
We run Keyence 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 $528.38, 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 15.5% above its aggregate fair value. Keyence currently trades 17% 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 is it worth investing now.
What is the share price of Keyence (KYCCF)?
The closing price on Nov 5, 2026 was $440.00. Our model-based fair value is $528.38, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Keyence right now?
Solid quality (73/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($354.58 to $804.62) leaves room in how you read the outcome.
Where does the earnings growth of Keyence (KYCCF) come from?
Earnings per share at Keyence grew +12.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +12.3 %, EBIT margin −0.3 %, tax rate +0.6 %, residual (interest, one-offs) +0.2 %. 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 Keyence
How large is the market capitalisation of Keyence (KYCCF)?
The market capitalisation of Keyence is $106B. 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 Keyence (KYCCF)?
The price-to-sales ratio of Keyence is 13.6 (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 Keyence (KYCCF)?
Earnings per share at Keyence are $12.29 (price ÷ EPS = P/E 35.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Keyence (KYCCF)?
The dividend yield of Keyence is 0.8% (payout 28.3%). 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 Keyence (KYCCF)?
The net margin of Keyence is 38.1% (fiscal year 2026). 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 Keyence (KYCCF)?
The return on equity (ROE) of Keyence is 13.5% (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 Keyence (KYCCF)?
On an EBIT basis the return on assets of Keyence is 17.3% (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 Keyence (KYCCF)?
The operating margin of Keyence is 54.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Keyence (KYCCF)?
Revenue at Keyence is growing +32.8% versus a year earlier (3y avg +8.5%). 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 Keyence (KYCCF)?
Earnings per share at Keyence are growing +51.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Keyence (KYCCF) hold?
Keyence holds more cash than debt, ¥601B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026