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Starpharma Holdings Ltd (SPL) fair value: what the stock is really worth

As of Nov 11, 2026: fair value (intrinsic value) of Starpharma Holdings Ltd stock A$0.27, price A$0.43, that is 36.8% below the price, quality 57 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare AU · ISIN AU000000SPL0

SH Starpharma Holdings Ltd logo Thin data Nov 10, 2026

Starpharma Holdings Ltd

SPL · AU
Solid, but very expensive

Our calculation puts a fair price 37% below what the stock costs today.

Low debt
Quality 57/100
Mixed Growth (revenue 3y +60.1 %/yr in AUD)
Revenue last quarter 56% below a year ago.
Fair value A$0.2686 · Strongly overvalued
Loss-making · -58.9% net margin (TTM)
Negative free cash flow
Trails peers (2/9)
Narrow moat 6/100 · thin data
Thin data
Estimate
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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

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Price vs Fair Value

A$1.48 A$0.0860 Fair Value A$0.2686 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range A$0.0860 – A$1.48 · fair‑value band A$0.2014 – A$0.3357 · the A$0.4250 price screens above the A$0.2686 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Starpharma Holdings Limited, a biopharmaceutical company, engages in the research, development and commercialization of dendrimer technology for pharmaceutical, healthcare applications, life science, and other applications in Australia and internationally.

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The company's products include VivaGel BV, a non-antibiotic vaginal gel for the treatment of bacterial vaginosis (BV) and prevention of recurrent BV; VIRALEZE, an antiviral nasal spray; and VivaGel condom, an antiviral condom coating.

It also involved in the development of a dendrimer-enhanced product (DEP) delivery platform, consisting of DEP SN38 for the treatment of ovarian and colorectal cancer that is in Phase II clinical trial; DEP cabazitaxel for prostate and ovarian cancer treatment that is in Phase II clinical trial; and DEP docetaxel to treat pancreatic and other cancers that is in Phase II clinical trial.

In addition, the company is developing DEP HER2 radiodiagnostic and DEP HER2 ADC to treat solid tumors; DEP technology for antibody-drug conjugates; SPL7013 for vaginal gel, a treatment of bacterial vaginosis and prevention of recurrent BV, and an antiviral condom; and DEP HER2 radiodiagnostic.

It has a collaboration agreement with Medicxi to develop petalion therapeutics, a novel cancer therapy using Starpharma's dendrimer technology. Starpharma Holdings Limited was incorporated in 1997 and is headquartered in Abbotsford, Australia.

Stock analysis

Starpharma Holdings Ltd (SPL) currently trades at A$0.4250, while our estimate is A$0.2686, 37% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: A$0.2014 (bear) to A$0.3357 (bull), the price of A$0.4250 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 57/100 (solid quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Starpharma Holdings Ltd reported revenue of A$12.1M in FY2026 versus A$4.7M in FY2022, a compound +26.7%/yr. Reported net income was −A$7.5M in FY2026.

Key figures

Market cap A$204M (≈ $140M) Micro · P/S ratio 17.0 · EPS (TTM) A$−0.0200 · Net margin −58.9% · Return on equity −45.6% · Return on assets (EBIT) −54.6% (5-year average) · Operating margin −584% · Revenue (TTM) A$12.7M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 51% below its 52-week high and 33% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −37%, SPL screens richer than that median.

Fair Value

Bear A$0.2014 Fair Value A$0.2686 Bull A$0.3357
Price A$0.4250 · Downside -36.8%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 57/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 28
How much profit the company makes from its sales and capital
Quality Growth 90
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 99
Does it invest with discipline instead of growing at any price?
Low Volatility 42
How calm the share price moves, does not count
Price momentum 33
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 28
Distance to the 52-week high, does not count
New shares 55
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+145.3%
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.
+60.1%
Revenue growth 26 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.
+8.0%
Profit margin (trend) ⓘ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.
−1,594.5% (2021) → −159.6% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

SPL screens overvalued: fair value 37% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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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.Biotechnology · 849 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 57 · Top 25%
Fair Value upside −36.8% · Below median
Profitability
Return on assets −39.3% · Below median
Net margin (12 months) −58.9% · Below median
Growth and dividend
Revenue growth (quarter YoY) −55.8% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 14.80× · Priciest 25%
P/S (12 months) 16.10× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 20

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

Context: sector, industry, market

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 Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs SPL
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs SPL
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs SPL
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs SPL
argenx SE ARGX $971.55 $908.40 −7% vs SPL
CSL Limited CSL A$201.68 A$181.40 −10% vs SPL
Moderna, Inc MRNA $250.83 $158.70 −37% vs SPL
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs SPL
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs SPL
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs SPL

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Starpharma Holdings Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Starpharma Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/SPL

Frequently asked questions

Is Starpharma Holdings Ltd (SPL) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is A$0.2686 versus a price of A$0.4250, about 37% lower (overvalued).
What is the fair value of SPL?
Our estimate for Starpharma Holdings Ltd is A$0.2686 (as of Nov 10, 2026), built from audited fundamentals. The current price: A$0.4250.
What is the quality score of SPL?
Starpharma Holdings Ltd has a Quality Score of 57/100. 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 Starpharma Holdings Ltd (SPL)?
Our calculated price target is the estimate of A$0.2686 (as of Nov 10, 2026). Cautious scenario A$0.2014, optimistic scenario A$0.3357. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Starpharma Holdings Ltd stock forecast for 2026?
Our estimate puts fair value at A$0.2686, about 37% lower versus a price of A$0.4250 (overvalued). Cautious scenario A$0.2014, optimistic scenario A$0.3357. The calculation is refreshed regularly with new filings.
What is the revenue of Starpharma Holdings Ltd (SPL)?
Starpharma Holdings Ltd reported trailing-twelve-month revenue of about A$12.7M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Starpharma Holdings Ltd (SPL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Starpharma Holdings Ltd it is A$0.2686 per share (as of Nov 10, 2026), against a price of A$0.4250.
Is Starpharma Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, SPL trades above its calculated fair value: price A$0.4250, fair value A$0.2686, a gap of about −37% (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 SPL?
No. The price is what the market pays today (A$0.4250); the fair value is what the company's own numbers justify (A$0.2686). For Starpharma Holdings Ltd the two are A$0.1564 per share apart. That gap is exactly why we show both numbers side by side.
How much is Starpharma Holdings Ltd worth?
The market values Starpharma Holdings Ltd at about A$204M (market capitalisation, as of Nov 10, 2026). Per share that is A$0.4250; our models calculate a fair value of A$0.2686 per share.
What do the bullish and bearish scenarios say about SPL?
Our models span a range for Starpharma Holdings Ltd: cautious scenario A$0.2014, base A$0.2686, optimistic A$0.3357 per share (as of Nov 10, 2026, price A$0.4250). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Starpharma Holdings Ltd (SPL)?
Balance-sheet figures for Starpharma Holdings Ltd (as of Nov 10, 2026): return on equity −45.6%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is SPL from its 52-week high?
Starpharma Holdings Ltd trades at A$0.4250, about 51% below its 52-week high of A$0.8700 and 33% above the low of A$0.3200 (as of Nov 11, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.2686 is for.
Which stocks are comparable to Starpharma Holdings Ltd?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL 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 Starpharma Holdings Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price A$0.4250, calculated fair value A$0.2686 (−37%), Quality Score 57/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Starpharma Holdings Ltd 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 Starpharma Holdings Ltd (SPL)?
The closing price on Nov 11, 2026 was A$0.4250. Our estimate is A$0.2686, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Starpharma Holdings Ltd right now?
The price sits above even our optimistic bull case (A$0.3357). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Starpharma Holdings Ltd

How large is the market capitalisation of Starpharma Holdings Ltd (SPL)?
The market capitalisation of Starpharma Holdings Ltd is A$204M (≈ $140M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Starpharma Holdings Ltd (SPL)?
The price-to-sales ratio of Starpharma Holdings Ltd is 17.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Starpharma Holdings Ltd (SPL)?
Earnings per share at Starpharma Holdings Ltd are A$−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Starpharma Holdings Ltd (SPL)?
The net margin of Starpharma Holdings Ltd is −58.9% (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 Starpharma Holdings Ltd (SPL)?
The return on equity (ROE) of Starpharma Holdings Ltd is −45.6% (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 Starpharma Holdings Ltd (SPL)?
On an EBIT basis the return on assets of Starpharma Holdings Ltd is −54.6% (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 Starpharma Holdings Ltd (SPL)?
The operating margin of Starpharma Holdings Ltd is −584% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Starpharma Holdings Ltd (SPL)?
Revenue at Starpharma Holdings Ltd is growing −55.8% versus a year earlier (3y avg +60.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Starpharma Holdings Ltd (SPL) generate?
The free cash flow of Starpharma Holdings Ltd is −A$3.5M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Starpharma Holdings Ltd (SPL) hold?
Starpharma Holdings Ltd holds more cash than debt, A$10.3M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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