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Onward Medical N.V. (ONWD) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Onward Medical N.V. €0.64, price €2.70, upside -76.3%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · BE · ISIN NL0015000HT4

OM Thin data Sep 23, 2026

Onward Medical N.V.

ONWD · BR

Weakest SetupStrongly overvalued and low quality.

!Fair value €0.6400 · Strongly overvalued (−76%)
!Quality 41/100
!Mixed Growth (revenue 5y +45.5 %/yr)
!Low debt · negative free cash flow
!Trails peers (1/8)
!Narrow moat 9/100
!Evidence only low, so the estimate is less certain
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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

€12.90 €2.08 Fair Value €0.6400 Oct 2021 Sep 2026

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

59‑month range €2.08 – €12.90 · fair‑value band €0.4300 – €0.8100 · the €2.70 price screens above the €0.6400 fair value. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Onward Medical N.V., a medical technology company, develops and commercializes therapies to enable functional recovery for people with spinal cord injury (SCI) in the United States, Europe, and internationally.

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Onward Medical N.V., a medical technology company, develops and commercializes therapies to enable functional recovery for people with spinal cord injury (SCI) in the United States, Europe, and internationally. The company offers ARCEX System, an external stimulator that is intended to improve hand strength and sensation following SCI; ARCIM System, an implantable system currently used to explore potential indications in clinical feasibility studies; ARCBCI System, an implantable system currently being investigated to enable thought driven movement of the legs and upper extremities. Onward Medical N.V. was founded in 2014 and is headquartered in Eindhoven, Netherlands.

Stock analysis

Onward Medical N.V. (ONWD) currently trades at €2.70, while our model-based Fair Value estimate is €0.6400, implying the stock looks roughly 321.1% 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 evidence level at low.

Scenario range: €0.4300 (bear) to €0.8100 (bull), the price of €2.70 sits above 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 Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Onward Medical N.V. reported revenue of €3.8M in FY2025 versus €1.2M in FY2021, a compound +32.7%/yr. Reported net income was −€41.8M in FY2025.

Key figures

Market cap €170M · P/S ratio 31.5 · EPS (TTM) €−0.9000 · Return on equity −80.9% · Return on assets (EBIT) −47.9% · Operating margin −494% · Revenue (TTM) €5.4M · Revenue growth (YoY) +176%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 51% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −76%, ONWD screens richer than that median.

Fair Value models

Bear €0.4300 Fair Value €0.6400 Bull €0.8100
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. 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.
Highest evidence
NCAV (Graham) €0.4000 €0.5300 €0.8000 54
All 1 models by family
Asset-Based
NCAV (Graham) €0.4000 €0.5300 €0.8000 54

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Quality Score breakdown

Overall quality 41/100

Of which business quality 41 · Market factors (momentum, volatility) 27

Profitability 1
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 74
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+22.1%
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.
+45.5%
Start year 2020 (pandemic)
Revenue growth 7 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.
+34.5%
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.
−2,290.2% (2020) → −1,082.4% (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

ONWD screens 321% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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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.Biotechnology · 649 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 41 · Below median
Fair Value upside −77% · Bottom 25%
Profitability
Return on assets −32% · Bottom 25%
Growth and dividend
Revenue growth 176% · Top 25%
Balance sheet
Debt / equity 0.24× · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 3.50× · Pricier than median
P/S (TTM) 35.81× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)88 · sector 97
DIVIDEND (yield)0 · sector 23

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 Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $516.34 $567.97 +10%
Regeneron Pharmaceuticals, Inc REGN $801.82 $1,252 +56%
argenx SE ARGX $963.79 $918.60 −5%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
CSL Limited CSL A$179.12 A$197.03 +10%
Alnylam Pharmaceuticals, Inc ALNY $251.65 $218.36 −13%
Royalty Pharma plc RPRX $58.52 $24.22 −59%
BeOne Medicines AG 6160 HK$218.20 HK$169.72 −22%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
BioNTech SE BNTX $100.87 $63.62 −37%

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Onward Medical N.V. · Fair Value
€0.6400 −321%Fair Value
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Cite: Fair Value Calculator (2026). "Onward Medical N.V. Fair Value". https://www.fairvalue-calculator.com/stock/ONWD

Frequently asked questions

Is Onward Medical N.V. (ONWD) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.6400 versus a price of €2.70, about −76% upside (overvalued).
What is the fair value of ONWD?
Our model-based fair value for Onward Medical N.V. is €0.6400 (as of Sep 23, 2026), built from audited fundamentals. The current price: €2.70.
What is the quality score of ONWD?
Onward Medical N.V. 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 Onward Medical N.V. (ONWD)?
Our model-based price target is the fair value of €0.6400 (as of Sep 23, 2026) from 1 valuation models. Cautious scenario €0.4300, optimistic scenario €0.8100. It is a calculation from audited fundamentals, not an analyst target.
What is the Onward Medical N.V. stock forecast for 2026?
Our models put fair value at €0.6400, about −76% upside versus a price of €2.70 (overvalued). Cautious scenario €0.4300, optimistic scenario €0.8100. The calculation is refreshed regularly with new filings.
What is the revenue of Onward Medical N.V. (ONWD)?
Onward Medical N.V. reported trailing-twelve-month revenue of about €5.4M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Onward Medical N.V. (ONWD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Onward Medical N.V. it is €0.6400 per share (as of Sep 23, 2026), against a price of €2.70. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Onward Medical N.V. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ONWD trades above its calculated fair value: price €2.70, fair value €0.6400, a gap of about −76% (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 ONWD?
No. The price is what the market pays today (€2.70); the fair value is what the company's own numbers justify (€0.6400). For Onward Medical N.V. the two are €2.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Onward Medical N.V. worth?
The market values Onward Medical N.V. at about €170M (market capitalisation, as of Sep 23, 2026). Per share that is €2.70; our models calculate a fair value of €0.6400 per share.
What do the bullish and bearish scenarios say about ONWD?
Our models span a range for Onward Medical N.V.: cautious scenario €0.4300, base €0.6400, optimistic €0.8100 per share (as of Sep 23, 2026, price €2.70). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Onward Medical N.V. (ONWD)?
Balance-sheet figures for Onward Medical N.V. (as of Sep 23, 2026): return on equity −80.9%, debt of 0.24 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is ONWD from its 52-week high?
Onward Medical N.V. trades at €2.70, about 51% below its 52-week high of €5.52 and 18% above the low of €2.29 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.6400 is for.
Which stocks are comparable to Onward Medical N.V.?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, 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 Onward Medical N.V. stock attractive at the current price?
The data as of Sep 23, 2026: price €2.70, calculated fair value €0.6400 (−76%), 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 ONWD calculated?
We run Onward Medical N.V. through 1 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 €0.6400, 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. Onward Medical N.V. 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 Onward Medical N.V. (ONWD)?
The closing price on Sep 24, 2026 was €2.70. Our model-based fair value is €0.6400, about −76% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Onward Medical N.V. right now?
The price sits above even our optimistic bull case (€0.8100). The favourable scenario is already priced in. 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 (€0.4300 to €0.8100) leaves room in how you read the outcome.

Key figures of Onward Medical N.V.

How large is the market capitalisation of Onward Medical N.V. (ONWD)?
The market capitalisation of Onward Medical N.V. is €170M. 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 Onward Medical N.V. (ONWD)?
The price-to-sales ratio of Onward Medical N.V. is 31.5 (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 Onward Medical N.V. (ONWD)?
Earnings per share at Onward Medical N.V. are €−0.9000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Onward Medical N.V. (ONWD)?
The return on equity (ROE) of Onward Medical N.V. is −80.9% (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 Onward Medical N.V. (ONWD)?
On an EBIT basis the return on assets of Onward Medical N.V. is −47.9% (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 Onward Medical N.V. (ONWD)?
The operating margin of Onward Medical N.V. is −494% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Onward Medical N.V. (ONWD)?
Revenue at Onward Medical N.V. is growing +176% versus a year earlier (3y avg +22.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Onward Medical N.V. (ONWD) generate?
The free cash flow of Onward Medical N.V. is −€39.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Onward Medical N.V. (ONWD) hold?
Onward Medical N.V. holds more cash than debt, €54.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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