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Qualisys Holding (QSYS) Fair Value & Analysis

Technology · SE · Market cap 517M SEK

QH Qualisys Holding QSYS · ST
Pricekr 49.20
Fair Valuekr 61.30
Upside+24.6%
Quality67/100
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Mixed Growth
Solidly profitable · 12.7% net margin
Low debt · generates free cash flow
5.84% dividend yield
Ranks above peers (11/14)
Moderate moat 51/100
Evidence: High Range kr 39.12 – kr 95.52 Share as image

Fair value as of: Jul 17, 2026

From 24 valuation models · updated 24 days ago

Share price −4.5% over the past month.

A solid business, screening 25% undervalued on our models.

What matters now

  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (kr 39.12 to kr 95.52) leaves room in how you read the outcome.
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Price vs Fair Value (18 months)

kr 78.82 kr 44.59 Fair Value kr 61.30 Feb 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

18‑month range kr 44.59 – kr 78.82 · fair‑value band kr 39.12 – kr 95.52 · the kr 49.20 price screens below the kr 61.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Qualisys Holding (QSYS) currently trades at kr 49.20, while our model-based Fair Value estimate is kr 61.30, implying the stock looks roughly 24.6% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Qualisys Holding generated revenue of 250M SEK at a net margin of 12.8%. Revenue declined 25.3% year over year. It earns a return on equity of 19.4%. Net debt stands at 13.7M SEK. Fundamentals as of Jul 17, 2026

Our scenario range runs from kr 39.12 (bear case) to kr 95.52 (bull case); at kr 49.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high and 16% 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 25%, QSYS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF kr 24.34 kr 30.56 kr 38.09 80
Residual Income kr 20.63 kr 27.45 kr 95.52 76
Rev-Margin DCF kr 35.57 kr 54.19 kr 74.64 74
All 24 models by family
DCF Models
FCF DCF kr 24.12 kr 31.10 kr 40.03 38
Owner Earnings kr 37.55 kr 49.77 kr 65.40 31
5Y Revenue Exit kr 35.57 kr 54.28 kr 77.89 39
5Y EBITDA Exit kr 50.47 kr 81.36 kr 116.79 41
5Y P/E Exit kr 53.45 kr 86.77 kr 120.93 38
10Y Revenue Exit kr 29.55 kr 44.38 kr 63.69 36
10Y EBITDA Exit kr 39.12 kr 61.30 kr 90.09 37
10Y P/E Exit kr 40.84 kr 64.68 kr 92.91 35
Earnings-Based
Graham-Dodd kr 24.90 kr 66.89 kr 87.55 54
Lynch FV kr 13.05 kr 18.64 kr 24.23 50
PEG = 1.0 kr 13.05 kr 18.64 kr 24.23 46
EPV kr 33.75 kr 37.50 kr 40.63 59
Multiples
P/E Multiple kr 76.91 kr 102.54 kr 128.18 63
P/S Multiple kr 46.69 kr 62.26 kr 77.82 58
P/B Multiple kr 46.69 kr 62.26 kr 77.82 55
EV/EBIT kr 84.59 kr 110.71 kr 136.83 53
EV/EBITDA kr 77.41 kr 101.13 kr 124.85 54
EV/Revenue kr 45.85 kr 62.83 kr 79.80 43
Asset-Based
NCAV (Graham) kr 8.40 kr 11.26 kr 16.81 50
Growth DCF
Growth DCF kr 24.34 kr 30.56 kr 38.09 80
Rev-Margin DCF kr 35.57 kr 54.19 kr 74.64 74
Economic Profit
Residual Income kr 20.63 kr 27.45 kr 95.52 76
ROIC Compounder kr 34.91 kr 40.22 kr 45.60 72
Growth Earnings
Growth-Adj P/E kr 59.27 kr 84.68 kr 110.08 68

Widest divergence: Growth Earnings (kr 84.68) versus Asset-Based (kr 11.26). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 250M SEK
Revenue growth (YoY) -30.7%
Net margin 12.7%
Return on equity 19.4%
Free cash flow 19.7M SEK FY2025
P/E ratio 16.3
More key figures
Operating margin -16.5%
EPS (TTM) kr 3.18
Dividend yield 5.8%
EPS growth (YoY) +18.9%
Net debt 13.7M SEK FY2022

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 69 · Market factors (momentum, volatility) 39

Profitability 80
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 95
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Qualisys Holding AB (publ) provides precision motion capture and 3D positioning tracking systems in Europe, the Middle East, Africa, the United States, and the Asia-Pacific. The company offers camera products, such as Aryus, Miqus, Miqus video, Miqus hybrid, Arqus MRI, and under water products.

Full company description

Qualisys Holding AB (publ) provides precision motion capture and 3D positioning tracking systems in Europe, the Middle East, Africa, the United States, and the Asia-Pacific. The company offers camera products, such as Aryus, Miqus, Miqus video, Miqus hybrid, Arqus MRI, and under water products. It provides Qualisys track manager, a solution for tracking 3D data collected through the company's camera solutions and other non-optical accessories integrated into the system; QTM Connect for Unreal, a real-time stream skeleton, 3D marker data, and rigid bodies; QTM Connect for Unity, includes functionality for real-time streaming of skeletons, 3D marker data, rigid body objects, gaze vectors, and analog data; QTM Connect for Maya, includes functionality for real-time streaming of skeletons, 3D marker data, and rigid bodies; QTM Connect for MotionBuilder, a plugin for MotionBuilder that enables streaming real-time skeletal and optical data; Project Automation Framework, a framework used to create QTM projects with analysis modules; and real-time SDK. In addition, the company offers analysis products, including online reporting, baseball analysis, cycling analysis, functional assessment, gait analysis, golf analysis, and running analysis. Its products are used in human biomechanics, sports research, equine lameness, sound and motion, animal biomechanics, MRI, swimming, automotive, OEM, robotics and UAV, marine vessels and structures, wind power, virtual reality, and animation and VFX applications. The company was founded in 1989 and is headquartered in Gothenburg, Sweden. Qualisys Holding AB (publ) is a subsidiary of Vätterledens Invest AB.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Qualisys Holding reported revenue of kr 269M in FY2025 versus kr 233M in FY2022, a compound +4.9%/yr. Reported net income was kr 36.6M in FY2025, compounding −6.5%/yr from FY2022.

Growth Quality 65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
269M SEK
Latest YoY
+5.9%
Avg. growth/yr (3Y) 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.
+4.9%
Revenue +4.9%/yr
FY22 kr 233M
FY23 kr 249M
FY24 kr 254M
FY25 kr 269M
Net income −6.5%/yr
FY22 kr 44.8M
FY23 kr 39.1M
FY24 kr 39.8M
FY25 kr 36.6M

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Cite: Fair Value Calculator (2026). "Qualisys Holding Fair Value". https://www.fairvalue-calculator.com/stock/QSYS

Peer Group

Scientific & Technical Instruments · 161 stocks

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.

Quality Score 67 · Top 25%
Fair Value upside +25% · Top 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 13% · Above median
Operating margin (TTM) -17% · Bottom 25%
Revenue growth -31% · Bottom 25%
Dividend yield (TTM) 5.8% · Top 25%

Valuation Multiples vs Scientific & Technical Instruments median · lower = cheaper

P/E (TTM) 16.3× · Cheaper than 75% of peers
P/B 3.08× · Pricier than median
P/S (TTM) 2.07× · Cheaper than median
P/FCF 2.8× · Cheaper than median
EV/EBITDA 12.3× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 66 · sector 0
FUTURE 0 · sector 34
PAST 78 · sector 25
HEALTH 100 · sector 98
DIVIDEND 100 · sector 24

Insider activity: 45/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Scientific & Technical Instruments stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Keysight Technologies, Inc KEYS $315.90 $84.16 -73%
Garmin Ltd GRMN $241.76 $146.67 -39%
Teledyne Technologies Incorporated TDY $635.52 $367.58 -42%
Chroma ATE Inc 2360 1,905 TWD 286.15 TWD -85%
Hexagon AB HEXAB kr 80.10 kr 52.93 -34%
MKS Inc MKSI $324.69 $77.46 -76%
AVIC Chengdu Aircraft Company 302132 ¥52.91 ¥34.47 -35%
Fortive Corporation FTV $61.78 $33.84 -45%
Trimble Inc TRMB $52.72 $24.47 -54%
Cognex Corporation CGNX $64.07 $13.75 -79%

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Frequently asked questions

Is Qualisys Holding (QSYS) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of kr 61.30 versus a price of kr 49.20, about +25% (undervalued).
What is the fair value of QSYS?
Our model-based fair value for Qualisys Holding is kr 61.30 (as of Jul 17, 2026), built from audited fundamentals. The current price is kr 49.20.
What is the quality score of QSYS?
Qualisys Holding has a Quality Score of 67/100. 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 revenue of Qualisys Holding (QSYS)?
Qualisys Holding reported trailing-twelve-month revenue of about 250M SEK (latest available figure, as of Jul 17, 2026).
What is the net profit margin of QSYS?
The net profit margin of Qualisys Holding is about 12.8%, meaning it keeps roughly 12.8% of revenue as net income. Based on the latest reported figures.
Does Qualisys Holding pay a dividend?
Qualisys Holding currently shows a dividend yield of about 6.29% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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