Santen Pharmaceutical Co (SNPHY) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Santen Pharmaceutical Co stock $15.56, price $11.95, upside +30.2%, quality 76 out of 100. Rating: undervalued. 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. As of Nov 8, 2026.
How to read this chart
60‑month range $5.73 – $13.77 · fair‑value band $11.02 – $21.41 · the $11.95 price screens below the $15.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Santen Pharmaceutical Co., Ltd. engages in the research and development, manufacturing, and marketing of pharmaceuticals and medical devices in Japan, China, Asia, Europe, the Middle East, Africa, and internationally.
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Its product portfolio includes tafluprost/timolol maleate, a prostaglandin F2a derivative and a beta-adrenergic receptor blocker for the treatment of glaucoma and ocular hypertension; ciclosporin, an ophthalmic emulsion for the treatment of vernal keratoconjunctivitis, as well as latanoprost, an ophthalmic emulsion of a prostaglandin F2a derivative filed for marketing approval for the treatment of glaucoma and ocular hypertension; and epinastine hydrochloride, a histamine H1 receptor antagonist filed for marketing approval to treat allergic conjunctivitis.
The company also offers netarsudil mesylate/latanoprost, a fixed dose combination drug of a ROCK inhibitor and a prostaglandin F2a derivative which is in phase III clinical trial for the treatment of glaucoma and ocular hypertension; and sepetaprost, a prostaglandin analogue eye drop drug that is in phase III clinical trials for the treatment of glaucoma and ocular hypertension.
In addition, it develops oxymetazoline hydrochloride, a direct-acting alpha adrenergic receptor agonist which is in phase III clinical trial for treatment of ptosis; and omidenepag isopropyl, an EP2 receptor agonist that is in phase III clinical trial for the treatment of glaucoma and ocular hypertension.
Further, the company offers atropine sulfate, a non-selective muscarinic antagonist that is in phase II/III clinical trials for the treatment of juvenile myopia; olodaterol hydrochloride, a ß2 receptor agonist that has completed phase 1/2a clinical trial for the treatment of a dry eye; and sirolimus, an ophthalmic suspension which is in phase 2a clinical trial for the treatment of fuchs endothelial corneal dystrophy and meibomian gland dysfunction.
The company was founded in 1890 and is headquartered in Osaka, Japan.
Stock analysis
Santen Pharmaceutical Co (SNPHY) currently trades at $11.95, while our model-based Fair Value estimate is $15.56, implying the stock looks roughly 23% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $17.05 per share, and 18 of the 26 models we run sit above the $11.95 price.
Bear case: the Asset-Based group reads lowest at $2.03, and 8 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: $11.02 (bear) to $21.41 (bull), the price of $11.95 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 76/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Santen Pharmaceutical Co reported revenue of ¥309B in FY2026 versus ¥266B in FY2022, a compound +3.8%/yr. Reported net income was ¥39.6B in FY2026, compounding +9.8%/yr from FY2022.
Key figures
Market cap $3.9B Mid · P/E ratio 15.5 · P/S ratio 1.99 · EPS (TTM) $0.7700 · Dividend yield 2.0% · Net margin 12.8% · Return on equity 13.4% · Return on assets (EBIT) 7.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −11% fair-value upside, at 30%, SNPHY screens cheaper than that median.
Fair Value models
Bear$11.02Fair Value $15.56Bull$21.41
Price $11.95 · Upside +30.2%
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 2026 figures (about 7 months old). Earnings retained since then ($0.3237 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.77/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.1%
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.
+3.5%
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.
+4.4%
Start year 2021 (pandemic). Over 10 years: +4.7% a year
Revenue growth 21 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.
+5.9%
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What shareholders gained per year (last 5 years), in JPY ⓘ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. Basis: EBIT basis. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.6%
Dividend (yield on the price)2.0%
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.15.8% vs 7.8%, picking up
Profit margin 2021 to 2026 ⓘ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.15% → 16%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what 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).
−0.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
+1.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about −2.5% a year for the price and −0.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (19 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.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
AI conclusion: Stable margins and cash flow form the main strength while limited data and no clear moat evidence represent the central weakness.
Main risk: Local healthcare reforms in China threaten the manufacturing joint venture and hit efforts to build scalable production outside Japan.
Santen has petitioned for bankruptcy proceedings at its Chinese manufacturing joint venture after asset sales could not cover liabilities amid local healthcare reforms. The group already provisioned for the related debts so any further earnings impact should remain small. Does this reflect a prudent exit from a challenged overseas setup or highlight ongoing difficulties in building scalable production outside Japan?
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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 - General · 74 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+30.2% · Top 25%
Profitability
Return on equity (12 months)13.4% · Above median
Return on assets9.3% · Above median
Net margin (12 months)13.3% · Above median
Operating margin (12 months)11.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)0.3% · Bottom 25%
Dividend yield (12 months)2.0% · Above median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Drug Manufacturers - General 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). "Santen Pharmaceutical Co Fair Value". https://www.fairvalue-calculator.com/stock/SNPHY
Frequently asked questions
Is Santen Pharmaceutical Co (SNPHY) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $15.56 versus a price of $11.95, about +30% upside (undervalued).
What is the fair value of SNPHY?
Our model-based fair value for Santen Pharmaceutical Co is $15.56 (as of Nov 8, 2026), built from audited fundamentals. The current price: $11.95.
What is the quality score of SNPHY?
Santen Pharmaceutical Co has a Quality Score of 76/100. 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 Santen Pharmaceutical Co (SNPHY)?
Our model-based price target is the fair value of $15.56 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario $11.02, optimistic scenario $21.41. It is a calculation from audited fundamentals, not an analyst target.
What is the Santen Pharmaceutical Co stock forecast for 2026?
Our models put fair value at $15.56, about +30% upside versus a price of $11.95 (undervalued). Cautious scenario $11.02, optimistic scenario $21.41. The calculation is refreshed regularly with new filings.
What is the revenue of Santen Pharmaceutical Co (SNPHY)?
Santen Pharmaceutical Co reported trailing-twelve-month revenue of about ¥292B (latest available figure, as of Nov 8, 2026).
Does Santen Pharmaceutical Co pay a dividend?
Santen Pharmaceutical Co currently shows a dividend yield of 2.01% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Santen Pharmaceutical Co (SNPHY) and when is the ex-dividend date?
Santen Pharmaceutical Co pays a dividend of $0.24 per share a year, a dividend yield of 2.0%. The last ex-dividend date was Mar 31, 2026. A dividend has been paid every year since at least 2011. The payout ratio is 30.8% of earnings. Free cash flow covers the dividend 3.18 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Santen Pharmaceutical Co (SNPHY)?
For today's price to be fair in a discounted-cash-flow model, Santen Pharmaceutical Co would have to grow free cash flow by -0.4 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.4 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of SNPHY use?
Our models discount Santen Pharmaceutical Co at 8.5 %: a base by market capitalisation (mid), damped by beta 0.24, country premium for USA. 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 Santen Pharmaceutical Co that is -0.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Santen Pharmaceutical Co (SNPHY) delivered so far?
Over the past 5 years revenue at Santen Pharmaceutical Co grew +4.4 % a year. The price currently implies free-cash-flow growth of -0.4 % per 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 Santen Pharmaceutical Co (SNPHY) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Santen Pharmaceutical Co (-0.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Santen Pharmaceutical Co (SNPHY)?
The free-cash-flow yield on the price is 6.38 %: that much free cash flow Santen Pharmaceutical Co produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Santen Pharmaceutical Co (SNPHY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Santen Pharmaceutical Co it is $15.56 per share (as of Nov 8, 2026), against a price of $11.95. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Santen Pharmaceutical Co stock overvalued or undervalued in 2026?
As of Nov 8, 2026, SNPHY trades below its calculated fair value: price $11.95, fair value $15.56, a gap of about +30% (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 SNPHY?
No. The price is what the market pays today ($11.95); the fair value is what the company's own numbers justify ($15.56). For Santen Pharmaceutical Co the two are $3.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is Santen Pharmaceutical Co worth?
The market values Santen Pharmaceutical Co at about $3.9B (market capitalisation, as of Nov 8, 2026). Per share that is $11.95; our models calculate a fair value of $15.56 per share.
What do the bullish and bearish scenarios say about SNPHY?
Our models span a range for Santen Pharmaceutical Co: cautious scenario $11.02, base $15.56, optimistic $21.41 per share (as of Nov 8, 2026, price $11.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SNPHY?
Santen Pharmaceutical Co trades at a price-to-earnings ratio of 15.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $15.56 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings: 20.6. Other multiples: P/B 2.1, P/S 2.1, EV/EBITDA 8.2.
How solid is the balance sheet of Santen Pharmaceutical Co (SNPHY)?
Balance-sheet figures for Santen Pharmaceutical Co (as of Nov 8, 2026): return on equity 13.4%, debt of 0.01 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is SNPHY from its 52-week high?
Santen Pharmaceutical Co trades at $11.95, about 13% below its 52-week high of $13.77 and 24% above the low of $9.61 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $15.56 is for.
Which stocks are comparable to Santen Pharmaceutical Co?
From the same area (Healthcare) we also value Eli Lilly and Company, Johnson & Johnson,, AbbVie Inc, Roche Holding, 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 Santen Pharmaceutical Co stock attractive at the current price?
The data as of Nov 8, 2026: price $11.95, calculated fair value $15.56 (+30%), Quality Score 76/100, 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 SNPHY calculated?
We run Santen Pharmaceutical Co through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $15.56 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Santen Pharmaceutical Co currently trades 23% 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 Santen Pharmaceutical Co (SNPHY)?
The closing price on Nov 6, 2026 was $11.95. Our model-based fair value is $15.56, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Santen Pharmaceutical Co right now?
The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict. A fairly wide model range ($11.02 to $21.41) leaves room in how you read the outcome.
Where does the earnings growth of Santen Pharmaceutical Co (SNPHY) come from?
Earnings per share at Santen Pharmaceutical Co grew +2.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +7.7 %, EBIT margin −6.4 %, tax rate +1.9 %, residual (interest, one-offs) −0.3 %. 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 Santen Pharmaceutical Co
How large is the market capitalisation of Santen Pharmaceutical Co (SNPHY)?
The market capitalisation of Santen Pharmaceutical Co is $3.9B. 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 Santen Pharmaceutical Co (SNPHY)?
The price-to-sales ratio of Santen Pharmaceutical Co is 1.99 (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 Santen Pharmaceutical Co (SNPHY)?
Earnings per share at Santen Pharmaceutical Co are $0.7700 (price ÷ EPS = P/E 15.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Santen Pharmaceutical Co (SNPHY)?
The dividend yield of Santen Pharmaceutical Co is 2.0% (payout 31.2%). 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 Santen Pharmaceutical Co (SNPHY)?
The net margin of Santen Pharmaceutical Co is 12.8% (fiscal year 2026). 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 Santen Pharmaceutical Co (SNPHY)?
The return on equity (ROE) of Santen Pharmaceutical Co is 13.4% (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 Santen Pharmaceutical Co (SNPHY)?
On an EBIT basis the return on assets of Santen Pharmaceutical Co is 7.7% (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 Santen Pharmaceutical Co (SNPHY)?
The operating margin of Santen Pharmaceutical Co is 11.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Santen Pharmaceutical Co (SNPHY)?
Revenue at Santen Pharmaceutical Co is growing +0.3% versus a year earlier (3y avg +3.5%). 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 Santen Pharmaceutical Co (SNPHY)?
Earnings per share at Santen Pharmaceutical Co are growing +29.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Santen Pharmaceutical Co (SNPHY) hold?
Santen Pharmaceutical Co holds more cash than debt, ¥46.3B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026