Substrate AI S.A. (SUIAF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Substrate AI S.A. $0.06, price $0.05, upside +13.1%, quality 19 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
42‑month range $0.0253 – $0.6440 · fair‑value band $0.0487 – $0.0617 · the $0.0488 price screens below the $0.0552 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Substrate Artificial Inteligence, S.A., together with its subsidiaries, engages in the creation and development of artificial intelligence systems in Spain, the United Kingdom, the United States, and Latin America.
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Substrate Artificial Inteligence, S.A., together with its subsidiaries, engages in the creation and development of artificial intelligence systems in Spain, the United Kingdom, the United States, and Latin America. The company offers compute and cloud; storage and data fabric; networking; security and governance; AI platforms and agents; and developer access. Its products are used in AI and technology, gaming and simulation, healthcare, finance, telecommunications, public sector, manufacturing, smart cities, education and research, and energy and sustainability industries. The company was formerly known as Substrate AI S.A. and changed its name to Substrate Artificial Inteligence, S.A. in July 2021. Substrate Artificial Inteligence, S.A. was incorporated in 2010 and is based in Valencia, Spain.
Stock analysis
Substrate AI S.A. (SUIAF) currently trades at $0.0488, while our model-based Fair Value estimate is $0.0552, implying the stock looks roughly 11.6% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $0.1500 per share, and 6 of the 6 models we run sit above the $0.0488 price.
Bear case: the Earnings-Based group reads lowest at $0.0500, and 0 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.0487 (bear) to $0.0617 (bull), the price of $0.0488 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 19/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Substrate AI S.A. reported revenue of €18.0M in FY2025 versus €1.6M in FY2021, a compound +83.2%/yr. Reported net income was −€7.4M in FY2025.
Key figures
Market cap $16.2M · P/S ratio 0.49 · EPS (TTM) $−0.0700 · Net margin −41.3% · Return on equity 19.5% · Return on assets (EBIT) −326% · Operating margin 12.1% · Revenue (TTM) €19.6M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 66% below its 52-week high and 93% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −23% fair-value upside, at 13%, SUIAF screens cheaper than that median.
Fair Value models
Bear $0.0487Fair Value $0.0552Bull $0.0617
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.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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.8%
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.
+79.1%
’21
’22
’23
’24
’25
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.
−62.1% (2021) → 10.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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.Software - Infrastructure · 355 stocks
Beats the industry median on 9/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score19 · Bottom 25%
Fair Value upside+92.8% · Top 25%
Profitability
Return on equity (TTM)19.5% · Top 25%
Return on assets4.2% · Above median
Net margin (TTM)38.6% · Top 25%
Operating margin (TTM)12.1% · Above median
Growth and dividend
Revenue growth36.2% · Top 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Software - Infrastructure 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). "Substrate AI S.A. Fair Value". https://www.fairvalue-calculator.com/stock/SUIAF
Frequently asked questions
Is Substrate AI S.A. (SUIAF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $0.0552 versus a price of $0.0488, about +13% upside (undervalued).
What is the fair value of SUIAF?
Our model-based fair value for Substrate AI S.A. is $0.0552 (as of Sep 24, 2026), built from audited fundamentals. The current price: $0.0488.
What is the quality score of SUIAF?
Substrate AI S.A. has a Quality Score of 19/100. 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 Substrate AI S.A. (SUIAF)?
Our model-based price target is the fair value of $0.0552 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $0.0487, optimistic scenario $0.0617. It is a calculation from audited fundamentals, not an analyst target.
What is the Substrate AI S.A. stock forecast for 2026?
Our models put fair value at $0.0552, about +13% upside versus a price of $0.0488 (undervalued). Cautious scenario $0.0487, optimistic scenario $0.0617. The calculation is refreshed regularly with new filings.
What is the revenue of Substrate AI S.A. (SUIAF)?
Substrate AI S.A. reported trailing-twelve-month revenue of about €19.6M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Substrate AI S.A. (SUIAF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Substrate AI S.A. it is $0.0552 per share (as of Sep 24, 2026), against a price of $0.0488. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Substrate AI S.A. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SUIAF trades below its calculated fair value: price $0.0488, fair value $0.0552, a gap of about +13% (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 SUIAF?
No. The price is what the market pays today ($0.0488); the fair value is what the company's own numbers justify ($0.0552). For Substrate AI S.A. the two are $0.0064 per share apart. That gap is exactly why we show both numbers side by side.
How much is Substrate AI S.A. worth?
The market values Substrate AI S.A. at about $16.2M (market capitalisation, as of Sep 24, 2026). Per share that is $0.0488; our models calculate a fair value of $0.0552 per share.
What do the bullish and bearish scenarios say about SUIAF?
Our models span a range for Substrate AI S.A.: cautious scenario $0.0487, base $0.0552, optimistic $0.0617 per share (as of Sep 24, 2026, price $0.0488). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Substrate AI S.A. (SUIAF)?
Balance-sheet figures for Substrate AI S.A. (as of Sep 24, 2026): return on equity 19.5%, debt of 0.08 per unit of equity. They feed the Quality Score of 19/100, which measures business quality independently of the share price.
How far is SUIAF from its 52-week high?
Substrate AI S.A. trades at $0.0488, about 66% below its 52-week high of $0.1442 and 93% above the low of $0.0253 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $0.0552 is for.
Which stocks are comparable to Substrate AI S.A.?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, 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 Substrate AI S.A. stock attractive at the current price?
The data as of Sep 24, 2026: price $0.0488, calculated fair value $0.0552 (+13%), Quality Score 19/100, from 6 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 SUIAF calculated?
We run Substrate AI S.A. through 6 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 $0.0552, 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. Substrate AI S.A. currently trades 12 % 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 Substrate AI S.A. (SUIAF)?
The closing price on Oct 2, 2026 was $0.0488. Our model-based fair value is $0.0552, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Substrate AI S.A. right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Substrate AI S.A.
How large is the market capitalisation of Substrate AI S.A. (SUIAF)?
The market capitalisation of Substrate AI S.A. is $16.2M. 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 Substrate AI S.A. (SUIAF)?
The price-to-sales ratio of Substrate AI S.A. is 0.49 (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 Substrate AI S.A. (SUIAF)?
Earnings per share at Substrate AI S.A. are $−0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Substrate AI S.A. (SUIAF)?
The net margin of Substrate AI S.A. is −41.3% (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 Substrate AI S.A. (SUIAF)?
The return on equity (ROE) of Substrate AI S.A. is 19.5% (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 Substrate AI S.A. (SUIAF)?
On an EBIT basis the return on assets of Substrate AI S.A. is −326% (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 Substrate AI S.A. (SUIAF)?
The operating margin of Substrate AI S.A. is 12.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Substrate AI S.A. (SUIAF)?
Revenue at Substrate AI S.A. is growing +36.2% versus a year earlier (3y avg +79.1%). 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 Substrate AI S.A. (SUIAF)?
Earnings per share at Substrate AI S.A. are growing +718% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Substrate AI S.A. (SUIAF) generate?
The free cash flow of Substrate AI S.A. is −€4.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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Thin data
Sep 24, 2026