Sonova H Ag (SOON) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Sonova H Ag stock CHF 159, price CHF 288, that is 44.6% below the price, quality 73 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range CHF 164.03 – CHF 363.98 · fair‑value band CHF 101.23 – CHF 199.34 · the CHF 288.00 price screens above the CHF 159.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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.
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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.
Stock analysis
Sonova H Ag (SOON) currently trades at CHF 288.00, while our model-based Fair Value estimate is CHF 159.47, 45% 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 157.29 per share, and 0 of the 26 models we run sit above the CHF 288.00 price.
Bear case: the Earnings-Based group reads lowest at CHF 47.48, and 26 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 101.23 (bear) to CHF 199.34 (bull), the price of CHF 288.00 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 73/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Sonova H 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.
Key figures
Market cap CHF 17.4B Large · P/E ratio 32.0 · P/S ratio 4.84 · EPS (TTM) CHF 9.01 · Dividend yield 1.6% · Net margin 11.9% · Return on equity 20.5% · Return on assets (EBIT) 12.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (medium confidence).
What moves the price
The share trades about 1% below its 52-week high and 76% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 7% fair-value upside, at −45%, SOON screens richer than that median.
Fair Value models
BearCHF 101.23Fair Value CHF 159.47BullCHF 199.34
Price CHF 288.00 · Downside -44.6%
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 (CHF 2.60 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 is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.7%
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.
−1.2%
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.
+6.7%
Start year 2021 (pandemic). Over 10 years: +5.7% a year
Revenue growth 24 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.
+7.9%
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What shareholders gained per year (last 5 years) ⓘ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.
−3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.0%
Dividend (yield on the price)1.6%
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.−5.0% vs 2.9%, slowing
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.24% → 19%
Pace: the 5-year rate starts in 2021 (pandemic)
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).
+15.7%
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.
+6.0%
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 +15.0% a year for the price and +5.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (73 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.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: End-to-end control of the hearing technology stack from chips to software enables direct research-to-product conversion, yet limited public non-financial data leaves only moderate evidence of a durable advantage.
Main risk: Thin evidence on unique capabilities combined with insufficient retention data risks weakening the ability to maintain product-lead times against rivals using external partnerships.
Sonova keeps full end-to-end control over its hearing technology stack from chips to software. This setup turns research into products more directly than many rivals achieve. Our models currently see the stock as overvalued. Will the control mainly widen its market lead or simply offset what competitors gain through outside partnerships?
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.Medical Devices · 321 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−44.6% · Below median
Profitability
Return on equity (12 months)20.5% · Top 25%
Return on assets7.7% · Top 25%
Net margin (12 months)11.9% · Above median
Operating margin (12 months)19.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−1.0% · Bottom 25%
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.52× · Highest 25%
Valuation Multiplesvs Medical Devices median · lower = cheaper
P/E (12 months)32.0× · Pricier than median
P/B6.67× · Priciest 25%
P/S (12 months)4.84× · Pricier than median
Price / free cash flow (fiscal year)28.9× · Pricier than median
EV/EBITDA21.5× · Pricier than median
PEG1.35× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 6
FUTURE (revenue growth)0· sector 36
PAST (return on equity)82· sector 16
HEALTH (low debt)74· sector 98
DIVIDEND (yield)33· sector 34
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). "Sonova H Ag Fair Value". https://www.fairvalue-calculator.com/stock/SOON
Frequently asked questions
Is Sonova H Ag (SOON) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of CHF 159.47 versus a price of CHF 288.00, about 45% lower (overvalued).
What is the fair value of SOON?
Our model-based fair value for Sonova H Ag is CHF 159.47 (as of Nov 6, 2026), built from audited fundamentals. The current price: CHF 288.00.
What is the quality score of SOON?
Sonova H Ag has a Quality Score of 73/100. 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 H Ag (SOON)?
Our model-based price target is the fair value of CHF 159.47 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario CHF 101.23, optimistic scenario CHF 199.34. It is a calculation from audited fundamentals, not an analyst target.
What is the Sonova H Ag stock forecast for 2026?
Our models put fair value at CHF 159.47, about 45% lower versus a price of CHF 288.00 (overvalued). Cautious scenario CHF 101.23, optimistic scenario CHF 199.34. The calculation is refreshed regularly with new filings.
What is the revenue of Sonova H Ag (SOON)?
Sonova H Ag reported trailing-twelve-month revenue of about CHF 3.6B (latest available figure, as of Nov 6, 2026).
Does Sonova H Ag pay a dividend?
Sonova H Ag currently shows a dividend yield of 1.63% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Sonova H Ag (SOON)?
For today's price to be fair in a discounted-cash-flow model, Sonova H Ag would have to grow free cash flow by +15.7 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.7 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of SOON use?
Our models discount Sonova H Ag at 9.2 %: a base by market capitalisation (large), damped by beta 1.08, 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 Sonova H Ag that is +15.7 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has Sonova H Ag (SOON) delivered so far?
Over the past 5 years revenue at Sonova H Ag grew +6.7 % a year. The price currently implies +15.7 % 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 Sonova H Ag (SOON) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Sonova H Ag (+15.7 % 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 Sonova H Ag (SOON)?
The free-cash-flow yield on the price is 3.46 %: that much free cash flow Sonova H Ag produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sonova H Ag (SOON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sonova H Ag it is CHF 159.47 per share (as of Nov 6, 2026), against a price of CHF 288.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Sonova H Ag stock overvalued or undervalued in 2026?
As of Nov 6, 2026, SOON trades above its calculated fair value: price CHF 288.00, fair value CHF 159.47, a gap of about −45% (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 SOON?
No. The price is what the market pays today (CHF 288.00); the fair value is what the company's own numbers justify (CHF 159.47). For Sonova H Ag the two are CHF 128.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sonova H Ag worth?
The market values Sonova H Ag at about CHF 17.4B (market capitalisation, as of Nov 6, 2026). Per share that is CHF 288.00; our models calculate a fair value of CHF 159.47 per share.
What do the bullish and bearish scenarios say about SOON?
Our models span a range for Sonova H Ag: cautious scenario CHF 101.23, base CHF 159.47, optimistic CHF 199.34 per share (as of Nov 6, 2026, price CHF 288.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SOON?
Sonova H Ag trades at a price-to-earnings ratio of 32.0 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 159.47 is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2021 to 2026), reported earnings: 26.6. Other multiples: PEG 1.4, P/B 6.7, P/S 4.8, EV/EBITDA 21.5.
What is the PEG ratio of SOON?
The PEG ratio of Sonova H Ag is 1.35 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Sonova H Ag (SOON)?
Balance-sheet figures for Sonova H Ag (as of Nov 6, 2026): return on equity 20.5%, debt of 0.52 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is SOON from its 52-week high?
Sonova H Ag trades at CHF 288.00, about 1% below its 52-week high of CHF 292.20 and 76% above the low of CHF 164.03 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 159.47 is for.
Which stocks are comparable to Sonova H Ag?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, 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 Sonova H Ag stock attractive at the current price?
The data as of Nov 6, 2026: price CHF 288.00, calculated fair value CHF 159.47 (−45%), Quality Score 73/100, 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 SOON calculated?
We run Sonova H 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 159.47, 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 15.5% above its aggregate fair value. Sonova H 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 Sonova H Ag (SOON)?
The closing price on Nov 6, 2026 was CHF 288.00. Our model-based fair value is CHF 159.47, about 45% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sonova H Ag right now?
The price sits above even our optimistic bull case (CHF 199.34). The favourable scenario is already priced in. Solid but not exceptional quality (73/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 101.23 to CHF 199.34) leaves room in how you read the outcome.
Where does the earnings growth of Sonova H Ag (SOON) come from?
Earnings per share at Sonova H Ag grew +5.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +7.3 %, EBIT margin −0.4 %, tax rate +0.1 %, residual (interest, one-offs) −1.1 %. 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 Sonova H Ag
How large is the market capitalisation of Sonova H Ag (SOON)?
The market capitalisation of Sonova H Ag is CHF 17.4B. 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 Sonova H Ag (SOON)?
The price-to-sales ratio of Sonova H Ag is 4.84 (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 Sonova H Ag (SOON)?
Earnings per share at Sonova H Ag are CHF 9.01 (price ÷ EPS = P/E 32.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sonova H Ag (SOON)?
The dividend yield of Sonova H Ag is 1.6% (payout 52.2%). 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 Sonova H Ag (SOON)?
The net margin of Sonova H Ag is 11.9% (last twelve months). 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 Sonova H Ag (SOON)?
The return on equity (ROE) of Sonova H Ag is 20.5% (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 Sonova H Ag (SOON)?
On an EBIT basis the return on assets of Sonova H Ag is 12.6% (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 Sonova H Ag (SOON)?
The operating margin of Sonova H Ag is 19.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sonova H Ag (SOON)?
Revenue at Sonova H Ag is growing −1.0% versus a year earlier (3y avg −1.2%). 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 Sonova H Ag (SOON)?
Earnings per share at Sonova H Ag are growing −8.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sonova H Ag (SOON) carry?
The net debt of Sonova H Ag is CHF 990M (fiscal year 2026, ≈ 1.6 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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Broad data
Nov 6, 2026