NFON AG (NFN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of NFON AG €3.80, price €3.63, upside +4.7%, quality 59 out of 100. 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, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €3.14 – €19.65 · fair‑value band €2.85 – €4.75 · the €3.63 price screens below the €3.80 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. Dashed = 300-day average. As of Sep 23, 2026.
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NFON AG engages in the provision of integrated cloud business communication in Germany, Austria, the United Kingdom, Italy, the Netherlands, Poland, Spain, France, and Switzerland.
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NFON AG engages in the provision of integrated cloud business communication in Germany, Austria, the United Kingdom, Italy, the Netherlands, Poland, Spain, France, and Switzerland. It offers business telephony products, such as cloud telephony, cloud telephony details, sip trunk, sip trunk details, and devices; intelligent assistants, including Nia, Nia FrontDesk, botario, AI Essentials, and AI Capabilities; integrations, which includes Microsoft teams integration for cloud telephony, CRM integrations, telephony integrations, and application programming interface; and add-ons, such as queue monitoring, reception, hospitality, and call recording. In addition, the company provides solutions for industries, comprising health and wellness, retail and e-commerce, finance legal and insurance, travel and hospitality, and public sectors. The company was founded in 2007 and is headquartered in Munich, Germany.
Stock analysis
NFON AG (NFN) currently trades at €3.63, while our model-based Fair Value estimate is €3.80, implying the stock looks roughly 4.5% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €5.95 per share, and 13 of the 24 models we run sit above the €3.63 price.
Bear case: the Earnings-Based group reads lowest at €1.22, and 11 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: €2.85 (bear) to €4.75 (bull), the price of €3.63 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 59/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
NFON AG reported revenue of €89.1M in FY2025 versus €75.9M in FY2021, a compound +4.1%/yr. Reported net income was €2.2M in FY2025.
Key figures
Market cap €60.1M · P/E ratio 40.0 · P/S ratio 1.01 · EPS (TTM) €0.0900 · Net margin 2.5% · Return on equity 2.9% · Return on assets (EBIT) −4.3% · Operating margin −0.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 16% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at 5%, NFN screens cheaper than that median.
Fair Value models
Bear €2.85Fair Value €3.80Bull €4.75
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 (€0.0661 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.70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.0%
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.
+3.3%
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.
+5.7%
Start year 2020 (pandemic). Over 10 years: +15.6% a year
Revenue growth 10 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.
+15.6%
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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.
−2.5% (2020) → 3.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−7.2%
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.
+10.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −9.2% a year for the price and +7.8% for the forecasts.
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.Software - Infrastructure · 383 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+14% · Above median
Profitability
Return on equity (TTM)3% · Below median
Return on assets3% · Above median
Net margin (TTM)2% · Below median
Operating margin (TTM)−1% · Below median
Growth and dividend
Revenue growth−2% · Bottom 25%
Balance sheet
Debt / equity0.07× · Above median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (TTM)40.0× · Pricier than median
P/B1.40× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "NFON AG Fair Value". https://www.fairvalue-calculator.com/stock/NFN
Frequently asked questions
Is NFON AG (NFN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €3.80 versus a price of €3.63, about +5% upside (fairly valued).
What is the fair value of NFN?
Our model-based fair value for NFON AG is €3.80 (as of Sep 23, 2026), built from audited fundamentals. The current price: €3.63.
What is the quality score of NFN?
NFON AG has a Quality Score of 59/100. 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 NFON AG (NFN)?
Our model-based price target is the fair value of €3.80 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario €2.85, optimistic scenario €4.75. It is a calculation from audited fundamentals, not an analyst target.
What is the NFON AG stock forecast for 2026?
Our models put fair value at €3.80, about +5% upside versus a price of €3.63 (fairly valued). Cautious scenario €2.85, optimistic scenario €4.75. The calculation is refreshed regularly with new filings.
What is the revenue of NFON AG (NFN)?
NFON AG reported trailing-twelve-month revenue of about €88.6M (latest available figure, as of Sep 23, 2026).
What growth is priced into NFON AG (NFN)?
For today's price to be fair in a discounted-cash-flow model, NFON AG would have to grow free cash flow by -7.2 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NFN use?
Our models discount NFON AG at 11.3 %: a base by market capitalisation (micro), damped by beta 0.61, country premium for Germany. 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 NFON AG that is -7.2 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has NFON AG (NFN) delivered so far?
Over the past 5 years revenue at NFON AG grew +5.7 % a year. The price currently implies -7.2 % 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 NFON AG (NFN) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into NFON AG (-7.2 % 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 NFON AG (NFN)?
The free-cash-flow yield on the price is 13.10 %: that much free cash flow NFON AG produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NFON AG (NFN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NFON AG it is €3.80 per share (as of Sep 23, 2026), against a price of €3.63. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is NFON AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NFN trades below its calculated fair value: price €3.63, fair value €3.80, a gap of about +5% (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 NFN?
No. The price is what the market pays today (€3.63); the fair value is what the company's own numbers justify (€3.80). For NFON AG the two are €0.1700 per share apart. That gap is exactly why we show both numbers side by side.
How much is NFON AG worth?
The market values NFON AG at about €60.1M (market capitalisation, as of Sep 23, 2026). Per share that is €3.63; our models calculate a fair value of €3.80 per share.
What do the bullish and bearish scenarios say about NFN?
Our models span a range for NFON AG: cautious scenario €2.85, base €3.80, optimistic €4.75 per share (as of Sep 23, 2026, price €3.63). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NFN?
NFON AG trades at a price-to-earnings ratio of 40.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.80 is built from several models across several years. Other multiples: P/B 1.4, P/S 0.8, EV/EBITDA 10.7.
How solid is the balance sheet of NFON AG (NFN)?
Balance-sheet figures for NFON AG (as of Sep 23, 2026): return on equity 2.9%, debt of 0.07 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is NFN from its 52-week high?
NFON AG trades at €3.63, about 40% below its 52-week high of €6.10 and 16% above the low of €3.14 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €3.80 is for.
Which stocks are comparable to NFON AG?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, 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 NFON AG stock attractive at the current price?
The data as of Sep 23, 2026: price €3.63, calculated fair value €3.80 (+5%), Quality Score 59/100, 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 NFN calculated?
We run NFON AG 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 €3.80, 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 13.0 % above its aggregate fair value. NFON AG currently trades 5 % 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 NFON AG (NFN)?
The closing price on Sep 24, 2026 was €3.63. Our model-based fair value is €3.80, about +5% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NFON AG right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of NFON AG
How large is the market capitalisation of NFON AG (NFN)?
The market capitalisation of NFON AG is €60.1M. 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 NFON AG (NFN)?
The price-to-sales ratio of NFON AG is 1.01 (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 NFON AG (NFN)?
Earnings per share at NFON AG are €0.0900 (price ÷ EPS = P/E 40.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of NFON AG (NFN)?
The net margin of NFON AG is 2.5% (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 NFON AG (NFN)?
The return on equity (ROE) of NFON AG is 2.9% (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 NFON AG (NFN)?
On an EBIT basis the return on assets of NFON AG is −4.3% (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 NFON AG (NFN)?
The operating margin of NFON AG is −0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NFON AG (NFN)?
Revenue at NFON AG is growing −2.3% versus a year earlier (3y avg +3.3%). 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 NFON AG (NFN)?
Earnings per share at NFON AG are growing +200% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NFON AG (NFN) carry?
The net debt of NFON AG is €7.9M (fiscal year 2025, ≈ 1.0 yrs of FCF). 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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