Sandoz Group AG (SDZ) fair value: what the stock is really worth
As of Oct 8, 2026: fair value of Sandoz Group AG CHF 40.32, price CHF 69.32, upside -41.8%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
36‑month range CHF 22.61 – CHF 74.90 · fair‑value band CHF 23.13 – CHF 50.40 · the CHF 69.32 price screens above the CHF 40.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Sandoz Group AG develops, manufactures, and markets generic and biosimilars worldwide.
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Sandoz Group AG develops, manufactures, and markets generic and biosimilars worldwide. The company covers therapeutic areas, including cardiovascular, central nervous system, oncology, infectious diseases, pain and respiratory, supportive care, rare diseases, diabetes, immunology, endocrinology, neurology, osteoporosis, nephrology, hematology, and ophthalmology. It also provides a portfolio of active pharmaceutical ingredients and finished dosage forms. Sandoz Group AG was founded in 1886 and is headquartered in Basel, Switzerland.
Stock analysis
Sandoz Group AG (SDZ) currently trades at CHF 69.32, while our model-based Fair Value estimate is CHF 40.32, 41.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of CHF 40.06 per share, and 0 of the 26 models we run sit above the CHF 69.32 price.
Bear case: the Dividend Discount group reads lowest at CHF 9.76, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 23.13 (bear) to CHF 50.40 (bull), the price of CHF 69.32 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 56/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Sandoz Group AG reported revenue of $11.6B in FY2025 versus $8.8B in FY2021, a compound +7.1%/yr. Reported net income was $957M in FY2025, compounding +3.7%/yr from FY2021.
Key figures
Market cap CHF 30.3B · P/E ratio 41.0 · P/S ratio 3.38 · EPS (TTM) CHF 1.69 · Dividend yield 1.5% · Net margin 8.2% · Return on equity 10.4% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 7% below its 52-week high and 46% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at −42%, SDZ screens richer than that median.
Fair Value models
Bear CHF 23.13Fair Value CHF 40.32Bull CHF 50.40
Price CHF 69.32 · Upside -41.8%
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 (CHF 0.5261 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.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
FCF DCFCHF 18.23CHF 35.71CHF 64.9877
Residual IncomeCHF 15.99CHF 17.83CHF 23.0876
Growth DCFCHF 18.23CHF 34.74CHF 61.9275
All 26 models by family
DCF Models
FCF DCFCHF 18.23CHF 35.71CHF 64.9877
Owner EarningsCHF 16.04CHF 31.92CHF 58.5273
5Y Revenue ExitCHF 22.70CHF 44.63CHF 74.1170
5Y EBITDA ExitCHF 31.03CHF 61.31CHF 98.8173
5Y P/E ExitCHF 20.80CHF 40.81CHF 63.1569
10Y Revenue ExitCHF 19.91CHF 40.06CHF 70.2264
10Y EBITDA ExitCHF 26.41CHF 52.09CHF 90.3466
10Y P/E ExitCHF 19.70CHF 37.31CHF 61.2962
Earnings-Based
Graham-DoddCHF 12.53CHF 52.44CHF 71.5364
Lynch FVCHF 13.29CHF 18.98CHF 24.6861
PEG = 1.0CHF 13.29CHF 18.98CHF 24.6857
EPVCHF 21.43CHF 25.95CHF 29.9074
Dividend Discount
Gordon GGMCHF 5.57CHF 11.58CHF 18.3666
DDM Multi-StageCHF 5.57CHF 9.76CHF 12.1566
Multiples
P/E MultipleCHF 30.41CHF 40.55CHF 50.6963
P/S MultipleCHF 23.50CHF 31.33CHF 39.1758
P/B MultipleCHF 23.50CHF 31.33CHF 39.1755
EV/EBITCHF 38.15CHF 52.76CHF 67.3766
EV/EBITDACHF 41.43CHF 57.13CHF 72.8467
EV/RevenueCHF 25.60CHF 39.01CHF 52.4253
Asset-Based
NCAV (Graham)CHF 9.03CHF 12.10CHF 18.0654
Growth DCF
Growth DCFCHF 18.23CHF 34.74CHF 61.9275
Rev-Margin DCFCHF 22.70CHF 44.05CHF 70.7070
Economic Profit
Residual IncomeCHF 15.99CHF 17.83CHF 23.0876
ROIC CompounderCHF 22.84CHF 32.55CHF 46.1871
Growth Earnings
Growth-Adj P/ECHF 23.26CHF 33.23CHF 43.2067
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
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.67/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+27.3%
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.
+9.4%
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.
+6.3%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−21.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−23.0%
Dividend (yield on the price)1.5%
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.8% → 15%
2025 sits 2,324% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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).
+17.6%
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.
+4.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +16.9% a year for the price and +4.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (94 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.Positive
Recent news coverage is more positive than average.
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.Drug Manufacturers - Specialty & Generic · 586 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−41.8% · Below median
Profitability
Return on equity (TTM)10.4% · Above median
Return on assets4.3% · Above median
Net margin (TTM)8.2% · Above median
Operating margin (TTM)14.3% · Above median
Growth and dividend
Revenue growth10.7% · Above median
Dividend yield (TTM)1.5% · Below median
Balance sheet
Debt / equity0.50× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
P/E (TTM)41.0× · Pricier than median
P/B3.89× · 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.
P/S (TTM)3.27× · Pricier than median
P/FCF45.0× · Priciest 25%
EV/EBITDA20.8× · Pricier than median
PEG0.86× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 19
FUTURE (revenue growth)54· sector 24
PAST (return on equity)42· sector 27
HEALTH (low debt)75· sector 96
DIVIDEND (yield)29· sector 31
VALUE 0: the price sits above our fair-value range.
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). "Sandoz Group AG Fair Value". https://www.fairvalue-calculator.com/stock/SDZ
Frequently asked questions
Is Sandoz Group AG (SDZ) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of CHF 40.32 versus a price of CHF 69.32, about −42% upside (overvalued).
What is the fair value of SDZ?
Our model-based fair value for Sandoz Group AG is CHF 40.32 (as of Sep 27, 2026), built from audited fundamentals. The current price: CHF 69.32.
What is the quality score of SDZ?
Sandoz Group AG has a Quality Score of 56/100. 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 Sandoz Group AG (SDZ)?
Our model-based price target is the fair value of CHF 40.32 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario CHF 23.13, optimistic scenario CHF 50.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Sandoz Group AG stock forecast for 2026?
Our models put fair value at CHF 40.32, about −42% upside versus a price of CHF 69.32 (overvalued). Cautious scenario CHF 23.13, optimistic scenario CHF 50.40. The calculation is refreshed regularly with new filings.
What is the revenue of Sandoz Group AG (SDZ)?
Sandoz Group AG reported trailing-twelve-month revenue of about CHF 11.2B (latest available figure, as of Sep 27, 2026).
Does Sandoz Group AG pay a dividend?
Sandoz Group AG currently shows a dividend yield of about 1.46% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Sandoz Group AG (SDZ)?
For today's price to be fair in a discounted-cash-flow model, Sandoz Group AG would have to grow free cash flow by +17.6 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of SDZ use?
Our models discount Sandoz Group AG at 7.9 %: a base by market capitalisation (large), damped by beta 0.50, country premium for Switzerland. 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 Sandoz Group AG that is +17.6 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Sandoz Group AG (SDZ) delivered so far?
Over the past 5 years revenue at Sandoz Group AG grew +6.3 % a year. The price currently implies +17.6 % 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 Sandoz Group AG (SDZ) growing?
The median revenue growth in the sector is +0.9 % a year. That is the yardstick for the growth priced into Sandoz Group AG (+17.6 % 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 Sandoz Group AG (SDZ)?
The free-cash-flow yield on the price is 2.68 %: that much free cash flow Sandoz Group AG produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sandoz Group AG (SDZ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sandoz Group AG it is CHF 40.32 per share (as of Sep 27, 2026), against a price of CHF 69.32. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Sandoz Group AG stock overvalued or undervalued in 2026?
As of Sep 27, 2026, SDZ trades above its calculated fair value: price CHF 69.32, fair value CHF 40.32, a gap of about −42% (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 SDZ?
No. The price is what the market pays today (CHF 69.32); the fair value is what the company's own numbers justify (CHF 40.32). For Sandoz Group AG the two are CHF 29.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sandoz Group AG worth?
The market values Sandoz Group AG at about CHF 30.3B (market capitalisation, as of Sep 27, 2026). Per share that is CHF 69.32; our models calculate a fair value of CHF 40.32 per share.
What do the bullish and bearish scenarios say about SDZ?
Our models span a range for Sandoz Group AG: cautious scenario CHF 23.13, base CHF 40.32, optimistic CHF 50.40 per share (as of Sep 27, 2026, price CHF 69.32). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SDZ?
Sandoz Group AG trades at a price-to-earnings ratio of 41.0 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 40.32 is built from several models across several years. Other multiples: PEG 0.9, P/B 3.9, P/S 3.3, EV/EBITDA 20.8.
What is the PEG ratio of SDZ?
The PEG ratio of Sandoz Group AG is 0.86 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Sandoz Group AG (SDZ)?
Balance-sheet figures for Sandoz Group AG (as of Sep 27, 2026): return on equity 10.4%, debt of 0.50 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is SDZ from its 52-week high?
Sandoz Group AG trades at CHF 69.32, about 7% below its 52-week high of CHF 74.90 and 46% above the low of CHF 47.59 (as of Oct 8, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 40.32 is for.
Which stocks are comparable to Sandoz Group AG?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Teva Pharmaceutical Industries Limited, Sun Pharmaceutical Industries 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 Sandoz Group AG stock attractive at the current price?
The data as of Sep 27, 2026: price CHF 69.32, calculated fair value CHF 40.32 (−42%), Quality Score 56/100, 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 SDZ calculated?
We run Sandoz Group AG 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 CHF 40.32, 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 14.5 % above its aggregate fair value. Sandoz Group AG 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 Sandoz Group AG (SDZ)?
The closing price on Oct 8, 2026 was CHF 69.32. Our model-based fair value is CHF 40.32, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sandoz Group AG right now?
The price sits above even our optimistic bull case (CHF 50.40). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 23.13 to CHF 50.40) leaves room in how you read the outcome.
Key figures of Sandoz Group AG
How large is the market capitalisation of Sandoz Group AG (SDZ)?
The market capitalisation of Sandoz Group AG is CHF 30.3B. 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 Sandoz Group AG (SDZ)?
The price-to-sales ratio of Sandoz Group AG is 3.38 (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 Sandoz Group AG (SDZ)?
Earnings per share at Sandoz Group AG are CHF 1.69 (price ÷ EPS = P/E 41.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sandoz Group AG (SDZ)?
The dividend yield of Sandoz Group AG is 1.5% (payout 59.7%). 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 Sandoz Group AG (SDZ)?
The net margin of Sandoz Group AG is 8.2% (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 Sandoz Group AG (SDZ)?
The return on equity (ROE) of Sandoz Group AG is 10.4% (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 Sandoz Group AG (SDZ)?
On an EBIT basis the return on assets of Sandoz Group AG is 0.5% (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 Sandoz Group AG (SDZ)?
The operating margin of Sandoz Group AG is 14.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sandoz Group AG (SDZ)?
Revenue at Sandoz Group AG is growing +10.7% versus a year earlier (3y avg +9.4%). 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 Sandoz Group AG (SDZ)?
Earnings per share at Sandoz Group AG are growing +150% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sandoz Group AG (SDZ) carry?
The net debt of Sandoz Group AG is CHF 3.9B (fiscal year 2025, ≈ 4.9 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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