Deutsche Lufthansa AG (LHA) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Deutsche Lufthansa AG stock €10.00, price €8.19, upside +22.1%, quality 40 out of 100. Rating: undervalued. Calculated from audited financials with 14 of our 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 4, 2026.
How to read this chart
60‑month range €4.70 – €10.09 · fair‑value band €8.79 – €13.17 · the €8.19 price screens below the €10.00 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. As of Nov 4, 2026.
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Deutsche Lufthansa AG operates as an aviation company in Europe, North America, Central and South America, Aisa/Pacific, the Middle East, and Africa.
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It operates in three segments: Passenger Airlines; Logistics; and Maintenance, Repair and Overhaul (MRO). The Passenger Airlines segment offers products and services to passengers of Lufthansa Airlines, SWISS, Austrian Airlines, Brussels Airlines, and Eurowings.
The Logistics segment provides airfreight container management, time-critical shipments, and customs clearance services; and digital and modular logistics solutions for cross-border e-commerce solutions.
The MRO segment provides maintenance, repair, and overhaul services for civil commercial aircraft serving original equipment manufacturers, aircraft leasing companies, VIP jet operators, government, armed forces, and airlines.
It also sells flight tickets and related ancillary services through agents, its own websites, or other airlines; offers vocational and professional training for cockpit and cabin crew; and IT solutions. The company operates a fleet of 737 aircraft.
Deutsche Lufthansa AG was founded in 1926 and is headquartered in Cologne, Germany.
Stock analysis
Deutsche Lufthansa AG (LHA) currently trades at €8.19, while our model-based Fair Value estimate is €10.00, implying the stock looks roughly 18% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €20.26 per share, and 7 of the 13 models we run sit above the €8.19 price.
Bear case: the Dividend Discount group reads lowest at €4.18, and 6 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: €8.79 (bear) to €13.17 (bull), the price of €8.19 sits below 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 40/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Deutsche Lufthansa AG reported revenue of €39.6B in FY2025 versus €16.8B in FY2021, a compound +23.9%/yr. Reported net income was €1.3B in FY2025.
Key figures
Market cap €10.1B Large · P/E ratio 14.6 · P/S ratio 0.25 · EPS (TTM) €0.5600 · Dividend yield 4.0% · Net margin 1.6% · Return on equity 6.2% · Return on assets (EBIT) 0.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at 22%, LHA screens cheaper than that median.
Fair Value models
Bear€8.79Fair Value €10.00Bull€13.17
Price €8.19 · Upside +22.1%
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 2025 figures (about 10 months old). Earnings retained since then (€0.1953 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.45/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.4%
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.
+8.6%
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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.
+7.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.8%
Dividend (yield on the price)4.0%
Per share before 2021divided by the spin-off factor 1.4012
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.3.8% vs −1.8%, picking up
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.−45% → 2%
News mood ⓘNews mood, the average tone of recent news (89 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.Very negative
AI conclusion: The airline gains network synergies from its TAP Air Portugal partnership yet struggles with high leverage and negative free cash flow amid sector competition.
Main risk: Ryanair and similar low-cost carriers with lower unit costs and point-to-point networks could capture more European short-haul passengers from Lufthansa and force sustained price pressure on its core routes.
Bull case: Lufthansa could deepen its premium long-haul network and TAP synergies while accelerating its own low-cost arm Eurowings to match rivals' efficiency and retain high-yield customers.
Bear case: If low-cost carriers continue gaining share and EU rules add unhedgeable costs, Lufthansa might lose significant short-haul volume and face structurally thinner margins across its European operations.
Lufthansa’s selection as strategic partner for TAP Air Portugal adds direct access to key routes into Brazil and Latin America while expanding its European footprint. The deal promises network synergies across the group but brings execution risks in integrating fleets and operations at a time of ongoing route adjustments elsewhere. Our models see the stock as undervalued, yet does the long-term growth from these new markets outweigh potential delays in realizing those benefits?
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.Airlines · 52 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside+22.1% · Above median
Profitability
Return on equity (12 months)6.2% · Below median
Return on assets2.7% · Below median
Net margin (12 months)1.6% · Below median
Operating margin (12 months)−1.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)7.9% · Below median
Dividend yield (12 months)4.0% · Top 25%
Balance sheet
Debt / equity0.80× · Above median
Valuation Multiplesvs Airlines median · lower = cheaper
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). "Deutsche Lufthansa AG Fair Value". https://www.fairvalue-calculator.com/stock/LHA
Frequently asked questions
Is Deutsche Lufthansa AG (LHA) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €10.00 versus a price of €8.19, about +22% upside (undervalued).
What is the fair value of LHA?
Our model-based fair value for Deutsche Lufthansa AG is €10.00 (as of Nov 4, 2026), built from audited fundamentals. The current price: €8.19.
What is the quality score of LHA?
Deutsche Lufthansa AG has a Quality Score of 40/100. 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 Deutsche Lufthansa AG (LHA)?
Our model-based price target is the fair value of €10.00 (as of Nov 4, 2026) from 14 valuation models. Cautious scenario €8.79, optimistic scenario €13.17. It is a calculation from audited fundamentals, not an analyst target.
What is the Deutsche Lufthansa AG stock forecast for 2026?
Our models put fair value at €10.00, about +22% upside versus a price of €8.19 (undervalued). Cautious scenario €8.79, optimistic scenario €13.17. The calculation is refreshed regularly with new filings.
What is the revenue of Deutsche Lufthansa AG (LHA)?
Deutsche Lufthansa AG reported trailing-twelve-month revenue of about €41.1B (latest available figure, as of Nov 4, 2026).
Does Deutsche Lufthansa AG pay a dividend?
Deutsche Lufthansa AG currently shows a dividend yield of 4.03% relative to its recent price (as of Nov 4, 2026).
What is the intrinsic value of Deutsche Lufthansa AG (LHA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Deutsche Lufthansa AG it is €10.00 per share (as of Nov 4, 2026), against a price of €8.19. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Deutsche Lufthansa AG stock overvalued or undervalued in 2026?
As of Nov 4, 2026, LHA trades below its calculated fair value: price €8.19, fair value €10.00, a gap of about +22% (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 LHA?
No. The price is what the market pays today (€8.19); the fair value is what the company's own numbers justify (€10.00). For Deutsche Lufthansa AG the two are €1.81 per share apart. That gap is exactly why we show both numbers side by side.
How much is Deutsche Lufthansa AG worth?
The market values Deutsche Lufthansa AG at about €10.1B (market capitalisation, as of Nov 4, 2026). Per share that is €8.19; our models calculate a fair value of €10.00 per share.
What do the bullish and bearish scenarios say about LHA?
Our models span a range for Deutsche Lufthansa AG: cautious scenario €8.79, base €10.00, optimistic €13.17 per share (as of Nov 4, 2026, price €8.19). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LHA?
Deutsche Lufthansa AG trades at a price-to-earnings ratio of 14.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €10.00 is built from several models across several years. Other multiples: PEG 0.6, P/B 0.9, P/S 0.2, EV/EBITDA 5.7.
What is the PEG ratio of LHA?
The PEG ratio of Deutsche Lufthansa AG is 0.60 (P/E divided by earnings growth, as of Nov 4, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Deutsche Lufthansa AG (LHA)?
Balance-sheet figures for Deutsche Lufthansa AG (as of Nov 4, 2026): return on equity 6.2%, debt of 0.80 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is LHA from its 52-week high?
Deutsche Lufthansa AG trades at €8.19, about 19% below its 52-week high of €10.09 and 20% above the low of €6.84 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €10.00 is for.
Which stocks are comparable to Deutsche Lufthansa AG?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, InterGlobe Aviation 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 Deutsche Lufthansa AG stock attractive at the current price?
The data as of Nov 4, 2026: price €8.19, calculated fair value €10.00 (+22%), Quality Score 40/100, from 14 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 LHA calculated?
We run Deutsche Lufthansa AG through 14 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 €10.00, 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. Deutsche Lufthansa AG currently trades 18% 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 Deutsche Lufthansa AG (LHA)?
The closing price on Nov 5, 2026 was €8.19. Our model-based fair value is €10.00, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Deutsche Lufthansa AG right now?
The price is below even our cautious bear case (€8.79). The market is more pessimistic than our downside scenario. The price sits below our cautious bear case: the market assumes less than even our pessimistic scenario. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Deutsche Lufthansa AG (LHA) come from?
Earnings per share at Deutsche Lufthansa AG grew −0.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share −1.0 %, EBIT margin −7.8 %, tax rate −0.1 %, residual (interest, one-offs) +9.0 %. 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 Deutsche Lufthansa AG
How large is the market capitalisation of Deutsche Lufthansa AG (LHA)?
The market capitalisation of Deutsche Lufthansa AG is €10.1B. 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/S ratio of Deutsche Lufthansa AG (LHA)?
The price-to-sales ratio of Deutsche Lufthansa AG is 0.25 (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 Deutsche Lufthansa AG (LHA)?
Earnings per share at Deutsche Lufthansa AG are €0.5600 (price ÷ EPS = P/E 14.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Deutsche Lufthansa AG (LHA)?
The dividend yield of Deutsche Lufthansa AG is 4.0% (payout 58.9%). 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 Deutsche Lufthansa AG (LHA)?
The net margin of Deutsche Lufthansa AG is 1.6% (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 Deutsche Lufthansa AG (LHA)?
The return on equity (ROE) of Deutsche Lufthansa AG is 6.2% (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 Deutsche Lufthansa AG (LHA)?
On an EBIT basis the return on assets of Deutsche Lufthansa AG is 0.2% (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 Deutsche Lufthansa AG (LHA)?
The operating margin of Deutsche Lufthansa AG is −1.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Deutsche Lufthansa AG (LHA)?
Revenue at Deutsche Lufthansa AG is growing +7.9% versus a year earlier (3y avg +8.6%). 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 Deutsche Lufthansa AG (LHA)?
Earnings per share at Deutsche Lufthansa AG are growing −88.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Deutsche Lufthansa AG (LHA) generate?
The free cash flow of Deutsche Lufthansa AG is −€737M (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 Deutsche Lufthansa AG (LHA) carry?
The net debt of Deutsche Lufthansa AG is €13.4B (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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Broad data
Nov 4, 2026