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Sonova Holding AG (SONVF) Fair Value & Analysis

Healthcare · US · Market cap $14.5B · ISIN US83569C1027

What is Sonova Holding AG really worth?

SH Sonova Holding AG logo Sonova Holding AG SONVF · US
Price$284.51
Fair Value$199.30
Upside−30.0%
Quality71/100

A solid business, but trading 43% above our fair value of $199.30.

As of Aug 21, 2026, the fair value of Sonova Holding AG is $199.30 per share against a price of $284.51, so the fair value sits 30% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

✓Solidly profitable · 11.9% net margin
✓Moderate debt · generates free cash flow
✓Wide moat 65/100

Risks

!Mixed Growth (revenue 5y +6.8 %/yr)
!Mixed vs. peers (8/15)
!Weak on dividend: 27 out of 100

For context

·1.36% dividend yield
Evidence: High Range $121.86 – $249.45

Fair value as of: Aug 21, 2026

From 26 valuation models · updated 16 days ago

Fair value updated Aug 21, 2026, revised from $196.21 to $199.30 (+1.6%) since Aug 13, 2026. Share price +4.0% over the past month.

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 →

What matters now

  • A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case ($249.45). The favourable scenario is already priced in.
  • A fairly wide model range ($121.86 to $249.45) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

$406.57 $133.29 Fair Value $199.30 Sep 2017 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range $133.29 – $406.57 · fair‑value band $121.86 – $249.45 · the $284.51 price screens above the $199.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Sonova Holding AG (SONVF) currently trades at $284.51, while our model-based Fair Value estimate is $199.30, implying the stock looks roughly 42.8% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of $164.17 per share, and 0 of the 26 models we run sit above the $284.51 price. Bear case: the Asset-Based group reads lowest at $29.48, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Sonova Holding AG generated revenue of $3.6B at a net margin of 11.9%. Revenue declined 1.0% year over year. It earns a return on equity of 20.5%. Net debt stands at $990M. Fundamentals as of Aug 21, 2026

Our scenario range runs from $121.86 (bear case) to $249.45 (bull case); at $284.51, the current price sits above 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 9% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −34% fair-value upside, at −30%, SONVF screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly $3.18 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF $104.85 $169.17 $267.34 79
Growth DCF $106.84 $163.78 $245.39 78
Owner Earnings $105.83 $170.70 $269.69 75
All 26 models by family
DCF Models
FCF DCF $104.85 $169.17 $267.34 79
Owner Earnings $105.83 $170.70 $269.69 75
5Y Revenue Exit $93.95 $154.77 $231.98 72
5Y EBITDA Exit $125.58 $213.95 $316.91 74
5Y P/E Exit $98.97 $164.17 $232.19 70
10Y Revenue Exit $93.65 $150.13 $225.29 66
10Y EBITDA Exit $116.98 $191.22 $290.12 67
10Y P/E Exit $100.01 $156.66 $225.46 63
Earnings-Based
Graham-Dodd $49.29 $153.37 $203.98 65
Lynch FV $33.34 $47.62 $61.91 61
PEG = 1.0 $33.34 $47.62 $61.91 57
EPV $82.40 $97.90 $111.47 74
Dividend Discount
Gordon GGM $40.54 $84.30 $133.73 66
DDM Multi-Stage $40.54 $67.03 $88.47 66
Multiples
P/E Multiple $119.60 $159.47 $199.34 63
P/S Multiple $92.42 $123.23 $154.03 58
P/B Multiple $92.42 $123.23 $154.03 55
EV/EBIT $134.45 $182.81 $231.16 66
EV/EBITDA $154.86 $210.02 $265.18 67
EV/Revenue $92.92 $137.30 $181.67 53
Asset-Based
NCAV (Graham) $22.00 $29.48 $44.00 54
Growth DCF
Growth DCF $106.84 $163.78 $245.39 78
Rev-Margin DCF $93.95 $155.07 $225.41 72
Economic Profit
Residual Income $47.31 $59.18 $137.20 70
ROIC Compounder $88.88 $115.73 $147.53 72
Growth Earnings
Growth-Adj P/E $98.41 $140.58 $182.76 67

Widest divergence: DCF Models ($164.17) versus Asset-Based ($29.48). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 25.5
P/S ratio 3.03 P/E × margin
EPS (TTM) $11.17 price ÷ EPS = P/E 25.5
Dividend yield 1.4% payout 34.7%
Net margin 11.9% FY2026
Return on equity 20.5% TTM
More key figures
Profitability
Return on assets (EBIT) 12.6% avg 5y
Operating margin 19.6% TTM
Growth
Revenue (TTM) $3.6B TTM
Revenue growth (YoY) −1.0% 3y avg −1.1%
EPS growth (YoY) −8.4%
Balance sheet & cash flow
Free cash flow $604M FY2026
Net debt $990M FY2026 · ≈ 1.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 69 · Market factors (momentum, volatility) 45

Profitability 59
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 75
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Sonova Holding AG manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Hearing Instruments, Cochlear Implants, and Lifestyle-Aligned segments.

Full company description

Sonova Holding AG manufactures and sells hearing care solutions for children and adults in Switzerland, the United States, rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Hearing Instruments, Cochlear Implants, and Lifestyle-Aligned segments. The Hearing Instruments segment engages in the design, development, manufacture, distribution, and service of hearing instruments and related products, as well as wireless headsets, speech-enhanced hearables, and audiophile headphones under the Phonak, Unitron, Hansaton, and Sennheiser brand names; and audiological care services under the AudioNova, Audition Santé, Boots Hearingcare, Connect Hearing, Geers, Hansaton, Lapperre, Schoonenberg, and Triton Hearing brands. The Cochlear Implants segment is involved in the design, development, manufacture, distribution, and service of hearing instruments and related products under the Advanced Bionics brand. The Lifestyle-Aligned segment designs connected solutions and integrating AI and digital capabilities. It sells its products directly to end consumers through its own store network; wholesales to independent audiologists, third party retail chains, and multinational and government customers; and provides hearing care services through a network of stores and clinics. The company was formerly known as Phonak Holding AG and changed its name to Sonova Holding AG in August 2007. Sonova Holding AG was founded in 1947 and is headquartered in Stäfa, Switzerland.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Sonova Holding AG reported revenue of CHF 3.6B in FY2026 versus CHF 3.4B in FY2022, a compound +1.8%/yr. Reported net income was CHF 431M in FY2026, compounding −9.7%/yr from FY2022.

Growth Quality 77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
$3.6B
Latest YoY
−6.5%
Avg. revenue 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.
−1.1%
Avg. revenue growth/yr (5Y) ⓘ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.
+6.8%
Avg. revenue growth/yr (24Y) ⓘ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.
+8.0%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−3.6% · in USD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−5.0%
Dividend yield1.4%
Trend ⓘ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.5Y −5.0% vs 10Y 3.0%, flattening
Operating margin (EBIT) ⓘ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.21.5% (2021) → 18.7% (2026) · falling
Worst earnings drop56% (2013) · in USD
Revenue +1.8%/yr
FY22 CHF 3.4B
FY23 CHF 3.7B
FY24 CHF 3.6B
FY25 CHF 3.9B
FY26 CHF 3.6B
Net income −9.7%/yr
FY22 CHF 649M
FY23 CHF 648M
FY24 CHF 601M
FY25 CHF 541M
FY26 CHF 431M
Character of growth · EPS growth decomposed (2015-2026) +5.9 % p.a.
Revenue per share +7.4 %

of which total revenue +6.1 % · buybacks/dilution +1.2 %

EBIT margin −0.9 %
Tax rate +0.1 %
Residual (interest, one-offs) −0.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

SONVF screens 43% overvalued. Compare with Abbott Laboratories, →

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Sonova Holding AG · Fair Value
$199.30 −43%Fair Value
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Cite: Fair Value Calculator (2026). "Sonova Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/SONVF

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Medical Devices · 352 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 71 · Top 25%
Fair Value upside −30% · Above median
Return on equity (TTM) 21% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth −1% · Below median
Dividend yield (TTM) 1.4% · Below median
Debt / equity 0.52× · Higher than 75% of peers

Valuation Multiples vs Medical Devices median · lower = cheaper

P/E (TTM) 25.5× · Cheaper than median
P/B 5.54× · Pricier than 75% of peers
P/S (TTM) 4.02× · Pricier than median
P/FCF 24.0× · Pricier than 75% of peers
EV/EBITDA 18.0× · Pricier than median
PEG 1.18× · Cheaper than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE0 · sector 32
PAST82 · sector 5
HEALTH74 · sector 97
DIVIDEND27 · sector 35

VALUE 0: the price sits above our fair-value range.

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 Medical Devices stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
Abbott Laboratories, ABT $112.47 $74.79 −34%
Stryker Corporation SYK $322.12 $186.28 −42%
Medtronic plc MDT $89.97 $65.57 −27%
Boston Scientific Corporation BSX $46.84 $30.73 −34%
Edwards Lifesciences Corporation EW $89.78 $41.02 −54%
Siemens Healthineers AG SHL €39.52 €33.87 −14%
DexCom, Inc DXCM $90.82 $38.95 −57%
GE HealthCare Technologies Inc GEHC $74.82 $64.13 −14%
Koninklijke Philips N.V PHIA €23.69 €14.36 −39%
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥150.63 ¥147.63 −2%

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Frequently asked questions

Is Sonova Holding AG (SONVF) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of $199.30 versus a price of $284.51, about −30% upside (overvalued).
What is the fair value of SONVF?
Our model-based fair value for Sonova Holding AG is $199.30 (as of Aug 21, 2026), built from audited fundamentals. The current price: $284.51.
What is the quality score of SONVF?
Sonova Holding AG has a Quality Score of 71/100. 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 Sonova Holding AG (SONVF)?
Our model-based price target is the fair value of $199.30 (as of Aug 21, 2026) from 26 valuation models. Cautious scenario $121.86, optimistic scenario $249.45. It is a calculation from audited fundamentals, not an analyst target.
What is the Sonova Holding AG stock forecast for 2026?
Our models put fair value at $199.30, about −30% upside versus a price of $284.51 (overvalued). Cautious scenario $121.86, optimistic scenario $249.45. The calculation is refreshed regularly with new filings.
What is the revenue of Sonova Holding AG (SONVF)?
Sonova Holding AG reported trailing-twelve-month revenue of about $3.6B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of SONVF?
The net profit margin of Sonova Holding AG is about 11.9%, meaning it keeps roughly 11.9% of revenue as net income. Based on the latest reported figures.
Does Sonova Holding AG pay a dividend?
Sonova Holding AG currently shows a dividend yield of about 1.36% relative to its recent price (as of Aug 21, 2026).
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